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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $113.9M, roughly 1.1× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -11.4%, a 9.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 0.7%).
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.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
APLD vs ILPT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $113.9M |
| Net Profit | $-14.4M | $-1.8M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -22.1% |
| Net Margin | -11.4% | -1.6% |
| Revenue YoY | 98.2% | 3.1% |
| Net Profit YoY | 89.6% | 92.6% |
| EPS (diluted) | $-0.07 | $-0.02 |
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 | $113.9M | ||
| Q3 25 | $64.2M | $110.9M | ||
| Q2 25 | $-33.3M | $112.1M | ||
| Q1 25 | $52.9M | $111.9M | ||
| Q4 24 | $63.9M | $110.5M | ||
| Q3 24 | $60.7M | $108.9M | ||
| Q2 24 | $43.7M | $110.6M | ||
| Q1 24 | $43.3M | $112.2M |
| Q4 25 | $-14.4M | $-1.8M | ||
| Q3 25 | $-16.9M | $-21.6M | ||
| Q2 25 | $-52.5M | $-21.3M | ||
| Q1 25 | $-35.6M | $-21.5M | ||
| Q4 24 | $-138.7M | $-24.1M | ||
| Q3 24 | $-4.2M | $-25.0M | ||
| Q2 24 | $-64.5M | $-23.2M | ||
| Q1 24 | $-62.8M | $-23.4M |
| 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% | -22.1% | ||
| Q3 25 | -34.7% | -29.4% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | -35.8% | -26.9% | ||
| Q4 24 | -29.1% | -31.1% | ||
| Q3 24 | 15.6% | -33.5% | ||
| Q2 24 | -68.4% | -32.4% | ||
| Q1 24 | -128.8% | -31.7% |
| Q4 25 | -11.4% | -1.6% | ||
| Q3 25 | -26.4% | -19.4% | ||
| Q2 25 | 157.8% | -19.0% | ||
| Q1 25 | -67.2% | -19.2% | ||
| Q4 24 | -217.2% | -21.8% | ||
| Q3 24 | -7.0% | -22.9% | ||
| Q2 24 | -147.5% | -20.9% | ||
| Q1 24 | -145.0% | -20.9% |
| Q4 25 | $-0.07 | $-0.02 | ||
| Q3 25 | $-0.07 | $-0.33 | ||
| Q2 25 | $-0.31 | $-0.32 | ||
| Q1 25 | $-0.16 | $-0.33 | ||
| Q4 24 | $-0.66 | $-0.37 | ||
| Q3 24 | $-0.03 | $-0.38 | ||
| Q2 24 | $-0.57 | $-0.35 | ||
| 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 | $94.8M |
| Total DebtLower is stronger | — | $4.2B |
| Stockholders' EquityBook value | $1.4B | $489.7M |
| Total Assets | $5.2B | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $94.8M | ||
| Q3 25 | $73.9M | $83.2M | ||
| Q2 25 | $41.6M | $58.6M | ||
| Q1 25 | $68.7M | $108.0M | ||
| Q4 24 | $286.2M | $131.7M | ||
| Q3 24 | $58.2M | $153.9M | ||
| Q2 24 | $3.3M | $146.2M | ||
| Q1 24 | $4.4M | $128.4M |
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
| Q4 25 | $1.4B | $489.7M | ||
| Q3 25 | $1.0B | $494.1M | ||
| Q2 25 | $497.7M | $519.1M | ||
| Q1 25 | $454.6M | $539.5M | ||
| Q4 24 | $434.6M | $562.0M | ||
| Q3 24 | $241.8M | $585.9M | ||
| Q2 24 | $124.8M | $618.3M | ||
| Q1 24 | $118.5M | $643.2M |
| Q4 25 | $5.2B | $5.2B | ||
| Q3 25 | $2.4B | $5.2B | ||
| Q2 25 | $1.9B | $5.2B | ||
| Q1 25 | $1.7B | $5.4B | ||
| Q4 24 | $1.5B | $5.4B | ||
| Q3 24 | $937.7M | $5.5B | ||
| Q2 24 | $762.9M | $5.5B | ||
| Q1 24 | $643.2M | $5.5B |
| Q4 25 | — | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | — | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $-567.9M | $42.0M |
| FCF MarginFCF / Revenue | -448.6% | 36.9% |
| Capex IntensityCapex / Revenue | 436.1% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $60.7M | ||
| Q3 25 | $-82.0M | $22.7M | ||
| Q2 25 | $6.9M | $18.4M | ||
| Q1 25 | $5.9M | $11.4M | ||
| Q4 24 | $-52.3M | $2.0M | ||
| Q3 24 | $-75.9M | $-3.4M | ||
| Q2 24 | $-34.1M | $10.8M | ||
| Q1 24 | $38.8M | $8.0M |
| Q4 25 | $-567.9M | $42.0M | ||
| Q3 25 | $-331.4M | $17.6M | ||
| Q2 25 | $-191.4M | $15.2M | ||
| Q1 25 | $-251.6M | $5.0M | ||
| Q4 24 | $-223.3M | $-3.7M | ||
| Q3 24 | $-130.7M | $-5.9M | ||
| Q2 24 | $-88.9M | $9.4M | ||
| Q1 24 | $-2.3M | $5.9M |
| Q4 25 | -448.6% | 36.9% | ||
| Q3 25 | -516.1% | 15.9% | ||
| Q2 25 | 574.8% | 13.5% | ||
| Q1 25 | -475.4% | 4.5% | ||
| Q4 24 | -349.6% | -3.4% | ||
| Q3 24 | -215.3% | -5.5% | ||
| Q2 24 | -203.5% | 8.5% | ||
| Q1 24 | -5.4% | 5.2% |
| Q4 25 | 436.1% | 16.4% | ||
| Q3 25 | 388.4% | 4.6% | ||
| Q2 25 | -595.4% | 2.9% | ||
| Q1 25 | 486.6% | 5.7% | ||
| Q4 24 | 267.8% | 5.2% | ||
| Q3 24 | 90.3% | 2.3% | ||
| Q2 24 | 125.4% | 1.3% | ||
| Q1 24 | 95.0% | 1.9% |
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% |
ILPT
Segment breakdown not available.
