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Side-by-side financial comparison of Applied Digital Corp. (APLD) and HIVE Digital Technologies Ltd. (HIVE). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $93.1M, roughly 1.4× HIVE Digital Technologies Ltd.). Applied Digital Corp. runs the higher net margin — -11.4% vs -98.1%, a 86.7% gap on every dollar of revenue. On growth, HIVE Digital Technologies Ltd. posted the faster year-over-year revenue change (218.6% vs 98.2%). Over the past eight quarters, HIVE Digital Technologies Ltd.'s revenue compounded faster (102.2% CAGR vs 70.9%).
BAE Systems Digital Intelligence is an international defence and security technology firm owned by BAE Systems. They specialize in delivering digital solutions that enable rapid, data-driven decision-making. Their services, solutions and products span customers in Law Enforcement, National Security, Government Departments and Government Enterprises, Critical National Infrastructure, Telecommunications, the Military, and Space.
Mastech Digital, Inc. is a digital transformation and information technology (IT) services company headquartered in Pittsburgh, Pennsylvania, providing services to corporations across North America, Middle East, Asian, and Japan.
APLD vs HIVE — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $93.1M |
| Net Profit | $-14.4M | $-91.3M |
| Gross Margin | 20.6% | -27.1% |
| Operating Margin | -24.5% | — |
| Net Margin | -11.4% | -98.1% |
| Revenue YoY | 98.2% | 218.6% |
| Net Profit YoY | 89.6% | -234.0% |
| EPS (diluted) | $-0.07 | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $126.6M | $93.1M | ||
| Q3 25 | $64.2M | $87.3M | ||
| Q2 25 | $-33.3M | $45.6M | ||
| Q1 25 | $52.9M | — | ||
| Q4 24 | $63.9M | $29.2M | ||
| Q3 24 | $60.7M | $22.6M | ||
| Q2 24 | $43.7M | $32.2M | ||
| Q1 24 | $43.3M | — |
| Q4 25 | $-14.4M | $-91.3M | ||
| Q3 25 | $-16.9M | $-15.8M | ||
| Q2 25 | $-52.5M | $35.0M | ||
| Q1 25 | $-35.6M | — | ||
| Q4 24 | $-138.7M | $68.2M | ||
| Q3 24 | $-4.2M | $80.0K | ||
| Q2 24 | $-64.5M | $-18.3M | ||
| Q1 24 | $-62.8M | — |
| Q4 25 | 20.6% | -27.1% | ||
| Q3 25 | 13.4% | 4.7% | ||
| Q2 25 | — | -13.6% | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | -43.7% | ||
| Q3 24 | -0.6% | -66.1% | ||
| Q2 24 | -9.1% | -7.4% | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | — | ||
| Q3 25 | -34.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -35.8% | — | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | — | ||
| Q2 24 | -68.4% | — | ||
| Q1 24 | -128.8% | — |
| Q4 25 | -11.4% | -98.1% | ||
| Q3 25 | -26.4% | -18.1% | ||
| Q2 25 | 157.8% | 76.8% | ||
| Q1 25 | -67.2% | — | ||
| Q4 24 | -217.2% | 233.2% | ||
| Q3 24 | -7.0% | 0.4% | ||
| Q2 24 | -147.5% | -56.7% | ||
| Q1 24 | -145.0% | — |
| Q4 25 | $-0.07 | $-0.38 | ||
| Q3 25 | $-0.07 | $-0.07 | ||
| Q2 25 | $-0.31 | $0.18 | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | $0.52 | ||
| Q3 24 | $-0.03 | $0.00 | ||
| Q2 24 | $-0.57 | $-0.17 | ||
| Q1 24 | $-0.52 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $559.3M |
| Total Assets | $5.2B | $624.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | $40.5M | ||
| Q3 24 | $58.2M | $31.7M | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | — |
| Q4 25 | $1.4B | $559.3M | ||
| Q3 25 | $1.0B | $624.6M | ||
| Q2 25 | $497.7M | $560.5M | ||
| Q1 25 | $454.6M | — | ||
| Q4 24 | $434.6M | $430.9M | ||
| Q3 24 | $241.8M | $275.5M | ||
| Q2 24 | $124.8M | $268.6M | ||
| Q1 24 | $118.5M | — |
| Q4 25 | $5.2B | $624.0M | ||
| Q3 25 | $2.4B | $693.0M | ||
| Q2 25 | $1.9B | $628.7M | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $478.6M | ||
| Q3 24 | $937.7M | $334.7M | ||
| Q2 24 | $762.9M | — | ||
| Q1 24 | $643.2M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.8M | $46.0M |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $46.0M | ||
| Q3 25 | $-82.0M | $-10.6M | ||
| Q2 25 | $6.9M | $10.2M | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $-52.3M | $-28.5M | ||
| Q3 24 | $-75.9M | $-2.2M | ||
| Q2 24 | $-34.1M | $-4.4M | ||
| Q1 24 | $38.8M | — |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | $-55.5M | ||
| Q3 24 | $-130.7M | $-34.7M | ||
| Q2 24 | $-88.9M | — | ||
| Q1 24 | $-2.3M | — |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | -189.9% | ||
| Q3 24 | -215.3% | -153.4% | ||
| Q2 24 | -203.5% | — | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | 92.5% | ||
| Q3 24 | 90.3% | 143.9% | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.42× | ||
| Q3 24 | — | -26.94× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
HIVE
Segment breakdown not available.
