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Side-by-side financial comparison of Applied Digital Corp. (APLD) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $86.8M, roughly 1.5× IOVANCE BIOTHERAPEUTICS, INC.). On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 17.7%). IOVANCE BIOTHERAPEUTICS, INC. produced more free cash flow last quarter ($-61.9M vs $-567.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 70.9%).
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.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
APLD vs IOVA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $86.8M |
| Net Profit | $-14.4M | — |
| Gross Margin | 20.6% | 67.4% |
| Operating Margin | -24.5% | -84.7% |
| Net Margin | -11.4% | — |
| Revenue YoY | 98.2% | 17.7% |
| Net Profit YoY | 89.6% | — |
| EPS (diluted) | $-0.07 | — |
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 | $86.8M | ||
| Q3 25 | $64.2M | $67.5M | ||
| Q2 25 | $-33.3M | $60.0M | ||
| Q1 25 | $52.9M | $49.3M | ||
| Q4 24 | $63.9M | $73.7M | ||
| Q3 24 | $60.7M | $58.6M | ||
| Q2 24 | $43.7M | $31.1M | ||
| Q1 24 | $43.3M | $715.0K |
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $-91.3M | ||
| Q2 25 | $-52.5M | $-111.7M | ||
| Q1 25 | $-35.6M | $-116.2M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $-83.5M | ||
| Q2 24 | $-64.5M | $-97.1M | ||
| Q1 24 | $-62.8M | $-113.0M |
| Q4 25 | 20.6% | 67.4% | ||
| Q3 25 | 13.4% | 43.0% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | 7.1% | -0.8% | ||
| Q4 24 | 18.0% | 68.7% | ||
| Q3 24 | -0.6% | 46.2% | ||
| Q2 24 | -9.1% | -0.8% | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | -84.7% | ||
| Q3 25 | -34.7% | -140.7% | ||
| Q2 25 | — | -189.8% | ||
| Q1 25 | -35.8% | -245.8% | ||
| Q4 24 | -29.1% | -117.5% | ||
| Q3 24 | 15.6% | -152.1% | ||
| Q2 24 | -68.4% | -327.6% | ||
| Q1 24 | -128.8% | -16464.6% |
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | -135.3% | ||
| Q2 25 | 157.8% | -186.2% | ||
| Q1 25 | -67.2% | -235.5% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | -142.7% | ||
| Q2 24 | -147.5% | -312.2% | ||
| Q1 24 | -145.0% | -15800.8% |
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.31 | $-0.33 | ||
| Q1 25 | $-0.16 | $-0.36 | ||
| Q4 24 | $-0.66 | $-0.24 | ||
| Q3 24 | $-0.03 | $-0.28 | ||
| Q2 24 | $-0.57 | $-0.34 | ||
| Q1 24 | $-0.52 | $-0.42 |
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 | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $698.6M |
| Total Assets | $5.2B | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $297.0M | ||
| Q3 25 | $73.9M | $300.8M | ||
| Q2 25 | $41.6M | $301.2M | ||
| Q1 25 | $68.7M | $359.7M | ||
| Q4 24 | $286.2M | $323.8M | ||
| Q3 24 | $58.2M | $397.5M | ||
| Q2 24 | $3.3M | $412.5M | ||
| Q1 24 | $4.4M | $356.2M |
| Q4 25 | $1.4B | $698.6M | ||
| Q3 25 | $1.0B | $702.3M | ||
| Q2 25 | $497.7M | $698.5M | ||
| Q1 25 | $454.6M | $767.9M | ||
| Q4 24 | $434.6M | $710.4M | ||
| Q3 24 | $241.8M | $773.5M | ||
| Q2 24 | $124.8M | $768.5M | ||
| Q1 24 | $118.5M | $680.0M |
| Q4 25 | $5.2B | $913.2M | ||
| Q3 25 | $2.4B | $904.9M | ||
| Q2 25 | $1.9B | $907.4M | ||
| Q1 25 | $1.7B | $966.7M | ||
| Q4 24 | $1.5B | $910.4M | ||
| Q3 24 | $937.7M | $991.1M | ||
| Q2 24 | $762.9M | $964.3M | ||
| Q1 24 | $643.2M | $869.8M |
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 | $-52.6M |
| Free Cash FlowOCF − Capex | $-567.9M | $-61.9M |
| FCF MarginFCF / Revenue | -448.6% | -71.3% |
| Capex IntensityCapex / Revenue | 436.1% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-52.6M | ||
| Q3 25 | $-82.0M | $-78.7M | ||
| Q2 25 | $6.9M | $-67.4M | ||
| Q1 25 | $5.9M | $-103.7M | ||
| Q4 24 | $-52.3M | $-73.3M | ||
| Q3 24 | $-75.9M | $-59.0M | ||
| Q2 24 | $-34.1M | $-98.4M | ||
| Q1 24 | $38.8M | $-122.3M |
| Q4 25 | $-567.9M | $-61.9M | ||
| Q3 25 | $-331.4M | $-89.5M | ||
| Q2 25 | $-191.4M | $-74.9M | ||
| Q1 25 | $-251.6M | $-109.9M | ||
| Q4 24 | $-223.3M | $-77.5M | ||
| Q3 24 | $-130.7M | $-61.3M | ||
| Q2 24 | $-88.9M | $-98.9M | ||
| Q1 24 | $-2.3M | $-126.5M |
| Q4 25 | -448.6% | -71.3% | ||
| Q3 25 | -516.1% | -132.7% | ||
| Q2 25 | 574.8% | -124.9% | ||
| Q1 25 | -475.4% | -222.8% | ||
| Q4 24 | -349.6% | -105.1% | ||
| Q3 24 | -215.3% | -104.6% | ||
| Q2 24 | -203.5% | -317.9% | ||
| Q1 24 | -5.4% | -17685.3% |
| Q4 25 | 436.1% | 10.7% | ||
| Q3 25 | 388.4% | 16.1% | ||
| Q2 25 | -595.4% | 12.4% | ||
| Q1 25 | 486.6% | 12.6% | ||
| Q4 24 | 267.8% | 5.7% | ||
| Q3 24 | 90.3% | 3.9% | ||
| Q2 24 | 125.4% | 1.4% | ||
| Q1 24 | 95.0% | 583.4% |
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% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
