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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Inogen Inc (INGN). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $68.6M, roughly 1.8× Inogen Inc). On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 3.4%). Inogen Inc produced more free cash flow last quarter ($-1.9M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 4.2%).
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.
Inogen Inc is a medical technology firm specializing in the development, production and distribution of portable oxygen concentrators and associated respiratory care products. It caters primarily to patients with chronic respiratory conditions needing long-term oxygen therapy across North America, Europe and other global markets, focusing on home care and ambulatory patient segments to enhance users' quality of life.
APLD vs INGN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $68.6M |
| Net Profit | $-14.4M | — |
| Gross Margin | 20.6% | 51.4% |
| Operating Margin | -24.5% | -13.6% |
| Net Margin | -11.4% | — |
| Revenue YoY | 98.2% | 3.4% |
| Net Profit YoY | 89.6% | — |
| EPS (diluted) | $-0.07 | $-0.26 |
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 | $68.6M | ||
| Q3 25 | $64.2M | $79.1M | ||
| Q2 25 | $-33.3M | $79.2M | ||
| Q1 25 | $52.9M | $68.5M | ||
| Q4 24 | $63.9M | $66.3M | ||
| Q3 24 | $60.7M | $74.9M | ||
| Q2 24 | $43.7M | $74.4M | ||
| Q1 24 | $43.3M | $63.1M |
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $-5.3M | ||
| Q2 25 | $-52.5M | $-4.2M | ||
| Q1 25 | $-35.6M | $-6.2M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $-6.0M | ||
| Q2 24 | $-64.5M | $-5.6M | ||
| Q1 24 | $-62.8M | $-14.6M |
| Q4 25 | 20.6% | 51.4% | ||
| Q3 25 | 13.4% | 52.2% | ||
| Q2 25 | — | 52.2% | ||
| Q1 25 | 7.1% | 53.1% | ||
| Q4 24 | 18.0% | 54.7% | ||
| Q3 24 | -0.6% | 55.2% | ||
| Q2 24 | -9.1% | 57.4% | ||
| Q1 24 | -8.6% | 54.5% |
| Q4 25 | -24.5% | -13.6% | ||
| Q3 25 | -34.7% | -9.0% | ||
| Q2 25 | — | -7.7% | ||
| Q1 25 | -35.8% | -11.2% | ||
| Q4 24 | -29.1% | -17.2% | ||
| Q3 24 | 15.6% | -10.4% | ||
| Q2 24 | -68.4% | -9.5% | ||
| Q1 24 | -128.8% | -25.8% |
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | -6.7% | ||
| Q2 25 | 157.8% | -5.2% | ||
| Q1 25 | -67.2% | -9.0% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | -8.0% | ||
| Q2 24 | -147.5% | -7.5% | ||
| Q1 24 | -145.0% | -23.1% |
| Q4 25 | $-0.07 | $-0.26 | ||
| Q3 25 | $-0.07 | $-0.20 | ||
| Q2 25 | $-0.31 | $-0.15 | ||
| Q1 25 | $-0.16 | $-0.25 | ||
| Q4 24 | $-0.66 | $-0.41 | ||
| Q3 24 | $-0.03 | $-0.25 | ||
| Q2 24 | $-0.57 | $-0.24 | ||
| Q1 24 | $-0.52 | $-0.62 |
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 | $103.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $192.2M |
| Total Assets | $5.2B | $298.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $103.7M | ||
| Q3 25 | $73.9M | $106.5M | ||
| Q2 25 | $41.6M | $103.7M | ||
| Q1 25 | $68.7M | $118.9M | ||
| Q4 24 | $286.2M | $113.8M | ||
| Q3 24 | $58.2M | $105.7M | ||
| Q2 24 | $3.3M | $97.9M | ||
| Q1 24 | $4.4M | $107.4M |
| Q4 25 | $1.4B | $192.2M | ||
| Q3 25 | $1.0B | $197.2M | ||
| Q2 25 | $497.7M | $199.5M | ||
| Q1 25 | $454.6M | $198.0M | ||
| Q4 24 | $434.6M | $173.9M | ||
| Q3 24 | $241.8M | $185.4M | ||
| Q2 24 | $124.8M | $187.6M | ||
| Q1 24 | $118.5M | $191.9M |
| Q4 25 | $5.2B | $298.6M | ||
| Q3 25 | $2.4B | $307.0M | ||
| Q2 25 | $1.9B | $312.0M | ||
| Q1 25 | $1.7B | $308.4M | ||
| Q4 24 | $1.5B | $296.2M | ||
| Q3 24 | $937.7M | $306.2M | ||
| Q2 24 | $762.9M | $308.9M | ||
| Q1 24 | $643.2M | $315.6M |
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 | $-943.0K |
| Free Cash FlowOCF − Capex | $-567.9M | $-1.9M |
| FCF MarginFCF / Revenue | -448.6% | -2.8% |
| Capex IntensityCapex / Revenue | 436.1% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-13.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-943.0K | ||
| Q3 25 | $-82.0M | $2.2M | ||
| Q2 25 | $6.9M | $4.3M | ||
| Q1 25 | $5.9M | $-16.8M | ||
| Q4 24 | $-52.3M | $-3.0M | ||
| Q3 24 | $-75.9M | $7.0M | ||
| Q2 24 | $-34.1M | $6.7M | ||
| Q1 24 | $38.8M | $-4.7M |
| Q4 25 | $-567.9M | $-1.9M | ||
| Q3 25 | $-331.4M | $1.6M | ||
| Q2 25 | $-191.4M | $3.7M | ||
| Q1 25 | $-251.6M | $-17.1M | ||
| Q4 24 | $-223.3M | $-3.3M | ||
| Q3 24 | $-130.7M | $5.3M | ||
| Q2 24 | $-88.9M | $6.6M | ||
| Q1 24 | $-2.3M | $-6.1M |
| Q4 25 | -448.6% | -2.8% | ||
| Q3 25 | -516.1% | 2.0% | ||
| Q2 25 | 574.8% | 4.6% | ||
| Q1 25 | -475.4% | -24.9% | ||
| Q4 24 | -349.6% | -5.0% | ||
| Q3 24 | -215.3% | 7.1% | ||
| Q2 24 | -203.5% | 8.9% | ||
| Q1 24 | -5.4% | -9.6% |
| Q4 25 | 436.1% | 1.4% | ||
| Q3 25 | 388.4% | 0.7% | ||
| Q2 25 | -595.4% | 0.9% | ||
| Q1 25 | 486.6% | 0.4% | ||
| Q4 24 | 267.8% | 0.5% | ||
| Q3 24 | 90.3% | 2.2% | ||
| Q2 24 | 125.4% | 0.1% | ||
| Q1 24 | 95.0% | 2.1% |
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% |
INGN
| Other | $36.1M | 53% |
| Non Us | $32.5M | 47% |
