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Side-by-side financial comparison of Applied Digital Corp. (APLD) and INSTEEL INDUSTRIES INC (IIIN). Click either name above to swap in a different company.
INSTEEL INDUSTRIES INC is the larger business by last-quarter revenue ($159.9M vs $126.6M, roughly 1.3× Applied Digital Corp.). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs -11.4%, a 16.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 23.3%). INSTEEL INDUSTRIES INC produced more free cash flow last quarter ($-2.2M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 12.0%).
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.
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
APLD vs IIIN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $159.9M |
| Net Profit | $-14.4M | $7.6M |
| Gross Margin | 20.6% | 11.3% |
| Operating Margin | -24.5% | 6.0% |
| Net Margin | -11.4% | 4.7% |
| Revenue YoY | 98.2% | 23.3% |
| Net Profit YoY | 89.6% | 602.4% |
| EPS (diluted) | $-0.07 | $0.39 |
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 | $159.9M | ||
| Q3 25 | $64.2M | $177.4M | ||
| Q2 25 | $-33.3M | $179.9M | ||
| Q1 25 | $52.9M | $160.7M | ||
| Q4 24 | $63.9M | $129.7M | ||
| Q3 24 | $60.7M | $134.3M | ||
| Q2 24 | $43.7M | $145.8M | ||
| Q1 24 | $43.3M | $127.4M |
| Q4 25 | $-14.4M | $7.6M | ||
| Q3 25 | $-16.9M | $14.6M | ||
| Q2 25 | $-52.5M | $15.2M | ||
| Q1 25 | $-35.6M | $10.2M | ||
| Q4 24 | $-138.7M | $1.1M | ||
| Q3 24 | $-4.2M | $4.7M | ||
| Q2 24 | $-64.5M | $6.6M | ||
| Q1 24 | $-62.8M | $6.9M |
| Q4 25 | 20.6% | 11.3% | ||
| Q3 25 | 13.4% | 16.1% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | 7.1% | 15.3% | ||
| Q4 24 | 18.0% | 7.3% | ||
| Q3 24 | -0.6% | 9.1% | ||
| Q2 24 | -9.1% | 10.6% | ||
| Q1 24 | -8.6% | 12.3% |
| Q4 25 | -24.5% | 6.0% | ||
| Q3 25 | -34.7% | 10.8% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | -35.8% | 8.3% | ||
| Q4 24 | -29.1% | 1.1% | ||
| Q3 24 | 15.6% | 4.5% | ||
| Q2 24 | -68.4% | 6.0% | ||
| Q1 24 | -128.8% | 7.0% |
| Q4 25 | -11.4% | 4.7% | ||
| Q3 25 | -26.4% | 8.2% | ||
| Q2 25 | 157.8% | 8.4% | ||
| Q1 25 | -67.2% | 6.4% | ||
| Q4 24 | -217.2% | 0.8% | ||
| Q3 24 | -7.0% | 3.5% | ||
| Q2 24 | -147.5% | 4.5% | ||
| Q1 24 | -145.0% | 5.4% |
| Q4 25 | $-0.07 | $0.39 | ||
| Q3 25 | $-0.07 | $0.74 | ||
| Q2 25 | $-0.31 | $0.78 | ||
| Q1 25 | $-0.16 | $0.52 | ||
| Q4 24 | $-0.66 | $0.06 | ||
| Q3 24 | $-0.03 | $0.24 | ||
| Q2 24 | $-0.57 | $0.34 | ||
| Q1 24 | $-0.52 | $0.35 |
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 | $15.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $358.8M |
| Total Assets | $5.2B | $456.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $15.6M | ||
| Q3 25 | $73.9M | $38.6M | ||
| Q2 25 | $41.6M | $53.7M | ||
| Q1 25 | $68.7M | $28.4M | ||
| Q4 24 | $286.2M | $36.0M | ||
| Q3 24 | $58.2M | $111.5M | ||
| Q2 24 | $3.3M | $97.7M | ||
| Q1 24 | $4.4M | $83.9M |
| Q4 25 | $1.4B | $358.8M | ||
| Q3 25 | $1.0B | $371.5M | ||
| Q2 25 | $497.7M | $356.2M | ||
| Q1 25 | $454.6M | $341.4M | ||
| Q4 24 | $434.6M | $331.6M | ||
| Q3 24 | $241.8M | $350.9M | ||
| Q2 24 | $124.8M | $346.0M | ||
| Q1 24 | $118.5M | $340.6M |
| Q4 25 | $5.2B | $456.1M | ||
| Q3 25 | $2.4B | $462.6M | ||
| Q2 25 | $1.9B | $471.9M | ||
| Q1 25 | $1.7B | $421.9M | ||
| Q4 24 | $1.5B | $404.7M | ||
| Q3 24 | $937.7M | $422.6M | ||
| Q2 24 | $762.9M | $414.6M | ||
| Q1 24 | $643.2M | $397.2M |
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 | $-701.0K |
| Free Cash FlowOCF − Capex | $-567.9M | $-2.2M |
| FCF MarginFCF / Revenue | -448.6% | -1.4% |
| Capex IntensityCapex / Revenue | 436.1% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-701.0K | ||
| Q3 25 | $-82.0M | $-17.0M | ||
| Q2 25 | $6.9M | $28.5M | ||
| Q1 25 | $5.9M | $-3.3M | ||
| Q4 24 | $-52.3M | $19.0M | ||
| Q3 24 | $-75.9M | $16.2M | ||
| Q2 24 | $-34.1M | $18.8M | ||
| Q1 24 | $38.8M | $1.4M |
| Q4 25 | $-567.9M | $-2.2M | ||
| Q3 25 | $-331.4M | $-18.7M | ||
| Q2 25 | $-191.4M | $26.9M | ||
| Q1 25 | $-251.6M | $-5.5M | ||
| Q4 24 | $-223.3M | $16.3M | ||
| Q3 24 | $-130.7M | $14.5M | ||
| Q2 24 | $-88.9M | $15.5M | ||
| Q1 24 | $-2.3M | $-580.0K |
| Q4 25 | -448.6% | -1.4% | ||
| Q3 25 | -516.1% | -10.6% | ||
| Q2 25 | 574.8% | 15.0% | ||
| Q1 25 | -475.4% | -3.5% | ||
| Q4 24 | -349.6% | 12.6% | ||
| Q3 24 | -215.3% | 10.8% | ||
| Q2 24 | -203.5% | 10.7% | ||
| Q1 24 | -5.4% | -0.5% |
| Q4 25 | 436.1% | 0.9% | ||
| Q3 25 | 388.4% | 1.0% | ||
| Q2 25 | -595.4% | 0.9% | ||
| Q1 25 | 486.6% | 1.4% | ||
| Q4 24 | 267.8% | 2.1% | ||
| Q3 24 | 90.3% | 1.3% | ||
| Q2 24 | 125.4% | 2.2% | ||
| Q1 24 | 95.0% | 1.5% |
| Q4 25 | — | -0.09× | ||
| Q3 25 | — | -1.17× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | -0.32× | ||
| Q4 24 | — | 17.56× | ||
| Q3 24 | — | 3.48× | ||
| Q2 24 | — | 2.86× | ||
| Q1 24 | — | 0.20× |
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% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
