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Side-by-side financial comparison of Applied Digital Corp. (APLD) and IMAX CORP (IMAX). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $125.2M, roughly 1.0× IMAX CORP). IMAX CORP runs the higher net margin — 0.5% vs -11.4%, a 11.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 35.1%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 25.8%).
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.
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
APLD vs IMAX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $125.2M |
| Net Profit | $-14.4M | $637.0K |
| Gross Margin | 20.6% | 57.6% |
| Operating Margin | -24.5% | 19.3% |
| Net Margin | -11.4% | 0.5% |
| Revenue YoY | 98.2% | 35.1% |
| Net Profit YoY | 89.6% | -88.0% |
| 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 | $125.2M | ||
| Q3 25 | $64.2M | $106.7M | ||
| Q2 25 | $-33.3M | $91.7M | ||
| Q1 25 | $52.9M | $86.7M | ||
| Q4 24 | $63.9M | $92.7M | ||
| Q3 24 | $60.7M | $91.5M | ||
| Q2 24 | $43.7M | $89.0M | ||
| Q1 24 | $43.3M | $79.1M |
| Q4 25 | $-14.4M | $637.0K | ||
| Q3 25 | $-16.9M | $20.7M | ||
| Q2 25 | $-52.5M | $11.3M | ||
| Q1 25 | $-35.6M | $2.3M | ||
| Q4 24 | $-138.7M | $5.3M | ||
| Q3 24 | $-4.2M | $13.9M | ||
| Q2 24 | $-64.5M | $3.6M | ||
| Q1 24 | $-62.8M | $3.3M |
| Q4 25 | 20.6% | 57.6% | ||
| Q3 25 | 13.4% | 63.1% | ||
| Q2 25 | — | 58.5% | ||
| Q1 25 | 7.1% | 61.4% | ||
| Q4 24 | 18.0% | 52.2% | ||
| Q3 24 | -0.6% | 55.8% | ||
| Q2 24 | -9.1% | 49.4% | ||
| Q1 24 | -8.6% | 59.3% |
| Q4 25 | -24.5% | 19.3% | ||
| Q3 25 | -34.7% | 27.2% | ||
| Q2 25 | — | 15.6% | ||
| Q1 25 | -35.8% | 19.3% | ||
| Q4 24 | -29.1% | 10.3% | ||
| Q3 24 | 15.6% | 21.2% | ||
| Q2 24 | -68.4% | 3.2% | ||
| Q1 24 | -128.8% | 15.3% |
| Q4 25 | -11.4% | 0.5% | ||
| Q3 25 | -26.4% | 19.4% | ||
| Q2 25 | 157.8% | 12.3% | ||
| Q1 25 | -67.2% | 2.7% | ||
| Q4 24 | -217.2% | 5.7% | ||
| Q3 24 | -7.0% | 15.2% | ||
| Q2 24 | -147.5% | 4.0% | ||
| Q1 24 | -145.0% | 4.1% |
| Q4 25 | $-0.07 | $0.02 | ||
| Q3 25 | $-0.07 | $0.37 | ||
| Q2 25 | $-0.31 | $0.20 | ||
| Q1 25 | $-0.16 | $0.04 | ||
| Q4 24 | $-0.66 | $0.09 | ||
| Q3 24 | $-0.03 | $0.26 | ||
| Q2 24 | $-0.57 | $0.07 | ||
| Q1 24 | $-0.52 | $0.06 |
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 | $151.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $337.9M |
| Total Assets | $5.2B | $894.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $151.2M | ||
| Q3 25 | $73.9M | $143.1M | ||
| Q2 25 | $41.6M | $109.3M | ||
| Q1 25 | $68.7M | $97.1M | ||
| Q4 24 | $286.2M | $100.6M | ||
| Q3 24 | $58.2M | $104.5M | ||
| Q2 24 | $3.3M | $91.6M | ||
| Q1 24 | $4.4M | $81.0M |
| Q4 25 | $1.4B | $337.9M | ||
| Q3 25 | $1.0B | $349.5M | ||
| Q2 25 | $497.7M | $320.4M | ||
| Q1 25 | $454.6M | $299.5M | ||
| Q4 24 | $434.6M | $299.5M | ||
| Q3 24 | $241.8M | $289.4M | ||
| Q2 24 | $124.8M | $267.2M | ||
| Q1 24 | $118.5M | $258.8M |
| Q4 25 | $5.2B | $894.0M | ||
| Q3 25 | $2.4B | $889.6M | ||
| Q2 25 | $1.9B | $868.6M | ||
| Q1 25 | $1.7B | $848.3M | ||
| Q4 24 | $1.5B | $830.4M | ||
| Q3 24 | $937.7M | $847.6M | ||
| Q2 24 | $762.9M | $827.4M | ||
| Q1 24 | $643.2M | $824.1M |
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 | $29.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $28.0M |
| FCF MarginFCF / Revenue | -448.6% | 22.3% |
| Capex IntensityCapex / Revenue | 436.1% | 1.1% |
| Cash ConversionOCF / Net Profit | — | 46.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $118.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $29.4M | ||
| Q3 25 | $-82.0M | $67.5M | ||
| Q2 25 | $6.9M | $23.2M | ||
| Q1 25 | $5.9M | $7.0M | ||
| Q4 24 | $-52.3M | $11.5M | ||
| Q3 24 | $-75.9M | $35.3M | ||
| Q2 24 | $-34.1M | $35.0M | ||
| Q1 24 | $38.8M | $-11.0M |
| Q4 25 | $-567.9M | $28.0M | ||
| Q3 25 | $-331.4M | $64.8M | ||
| Q2 25 | $-191.4M | $20.9M | ||
| Q1 25 | $-251.6M | $5.3M | ||
| Q4 24 | $-223.3M | $6.9M | ||
| Q3 24 | $-130.7M | $34.2M | ||
| Q2 24 | $-88.9M | $33.5M | ||
| Q1 24 | $-2.3M | $-12.1M |
| Q4 25 | -448.6% | 22.3% | ||
| Q3 25 | -516.1% | 60.7% | ||
| Q2 25 | 574.8% | 22.8% | ||
| Q1 25 | -475.4% | 6.1% | ||
| Q4 24 | -349.6% | 7.4% | ||
| Q3 24 | -215.3% | 37.3% | ||
| Q2 24 | -203.5% | 37.6% | ||
| Q1 24 | -5.4% | -15.3% |
| Q4 25 | 436.1% | 1.1% | ||
| Q3 25 | 388.4% | 2.6% | ||
| Q2 25 | -595.4% | 2.6% | ||
| Q1 25 | 486.6% | 1.9% | ||
| Q4 24 | 267.8% | 5.0% | ||
| Q3 24 | 90.3% | 1.2% | ||
| Q2 24 | 125.4% | 1.8% | ||
| Q1 24 | 95.0% | 1.4% |
| Q4 25 | — | 46.11× | ||
| Q3 25 | — | 3.27× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 2.99× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | — | 9.78× | ||
| Q1 24 | — | -3.35× |
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% |
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
