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Side-by-side financial comparison of Applied Digital Corp. (APLD) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $126.6M, roughly 1.6× Applied Digital Corp.). H2O AMERICA runs the higher net margin — 8.1% vs -11.4%, a 19.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 1.5%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 15.3%).
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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
APLD vs HTO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $199.4M |
| Net Profit | $-14.4M | $16.2M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 16.6% |
| Net Margin | -11.4% | 8.1% |
| Revenue YoY | 98.2% | 1.5% |
| Net Profit YoY | 89.6% | -29.2% |
| EPS (diluted) | $-0.07 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $64.2M | $243.5M | ||
| Q2 25 | $-33.3M | $197.8M | ||
| Q1 25 | $52.9M | $164.9M | ||
| Q4 24 | $63.9M | $196.5M | ||
| Q3 24 | $60.7M | $216.7M | ||
| Q2 24 | $43.7M | $173.1M | ||
| Q1 24 | $43.3M | $150.0M |
| Q4 25 | $-14.4M | $16.2M | ||
| Q3 25 | $-16.9M | $45.1M | ||
| Q2 25 | $-52.5M | $24.7M | ||
| Q1 25 | $-35.6M | $16.6M | ||
| Q4 24 | $-138.7M | $22.9M | ||
| Q3 24 | $-4.2M | $38.7M | ||
| Q2 24 | $-64.5M | $20.7M | ||
| Q1 24 | $-62.8M | $11.7M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | 16.6% | ||
| Q3 25 | -34.7% | 26.5% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | -35.8% | 21.8% | ||
| Q4 24 | -29.1% | 22.2% | ||
| Q3 24 | 15.6% | 26.9% | ||
| Q2 24 | -68.4% | 23.4% | ||
| Q1 24 | -128.8% | 18.6% |
| Q4 25 | -11.4% | 8.1% | ||
| Q3 25 | -26.4% | 18.5% | ||
| Q2 25 | 157.8% | 12.5% | ||
| Q1 25 | -67.2% | 10.0% | ||
| Q4 24 | -217.2% | 11.7% | ||
| Q3 24 | -7.0% | 17.8% | ||
| Q2 24 | -147.5% | 12.0% | ||
| Q1 24 | -145.0% | 7.8% |
| Q4 25 | $-0.07 | $0.45 | ||
| Q3 25 | $-0.07 | $1.27 | ||
| Q2 25 | $-0.31 | $0.71 | ||
| Q1 25 | $-0.16 | $0.49 | ||
| Q4 24 | $-0.66 | $0.70 | ||
| Q3 24 | $-0.03 | $1.17 | ||
| Q2 24 | $-0.57 | $0.64 | ||
| Q1 24 | $-0.52 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $1.4B | $1.5B |
| Total Assets | $5.2B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $20.7M | ||
| Q3 25 | $73.9M | $11.3M | ||
| Q2 25 | $41.6M | $19.8M | ||
| Q1 25 | $68.7M | $23.7M | ||
| Q4 24 | $286.2M | $11.1M | ||
| Q3 24 | $58.2M | $4.0M | ||
| Q2 24 | $3.3M | $22.8M | ||
| Q1 24 | $4.4M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $497.7M | $1.5B | ||
| Q1 25 | $454.6M | $1.4B | ||
| Q4 24 | $434.6M | $1.4B | ||
| Q3 24 | $241.8M | $1.3B | ||
| Q2 24 | $124.8M | $1.3B | ||
| Q1 24 | $118.5M | $1.2B |
| Q4 25 | $5.2B | $5.1B | ||
| Q3 25 | $2.4B | $5.0B | ||
| Q2 25 | $1.9B | $4.8B | ||
| Q1 25 | $1.7B | $4.7B | ||
| Q4 24 | $1.5B | $4.7B | ||
| Q3 24 | $937.7M | $4.6B | ||
| Q2 24 | $762.9M | $4.4B | ||
| Q1 24 | $643.2M | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $63.5M |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $63.5M | ||
| Q3 25 | $-82.0M | $77.3M | ||
| Q2 25 | $6.9M | $60.8M | ||
| Q1 25 | $5.9M | $43.2M | ||
| Q4 24 | $-52.3M | $41.5M | ||
| Q3 24 | $-75.9M | $53.5M | ||
| Q2 24 | $-34.1M | $49.3M | ||
| Q1 24 | $38.8M | $51.2M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| 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% | — | ||
| Q3 24 | -215.3% | — | ||
| 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% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | — |
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
