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Side-by-side financial comparison of Applied Digital Corp. (APLD) and iQSTEL Inc (IQST). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $84.2M, roughly 1.5× iQSTEL Inc). iQSTEL Inc runs the higher net margin — -3.2% vs -11.4%, a 8.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -14.9%). iQSTEL Inc produced more free cash flow last quarter ($-1.2M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 28.0%).
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.
iQSTEL Inc is a technology holding company operating three core segments: telecommunications, Internet of Things (IoT), and fintech. It offers connectivity services, smart IoT monitoring solutions, and digital financial tools, mainly serving small and medium-sized enterprises and retail customers in North and South American markets.
APLD vs IQST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $84.2M |
| Net Profit | $-14.4M | $-2.7M |
| Gross Margin | 20.6% | 3.5% |
| Operating Margin | -24.5% | -2.9% |
| Net Margin | -11.4% | -3.2% |
| Revenue YoY | 98.2% | -14.9% |
| Net Profit YoY | 89.6% | -44.5% |
| EPS (diluted) | $-0.07 | $-0.92 |
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 | $84.2M | ||
| Q3 25 | $64.2M | $102.9M | ||
| Q2 25 | $-33.3M | $72.2M | ||
| Q1 25 | $52.9M | $57.6M | ||
| Q4 24 | $63.9M | $98.9M | ||
| Q3 24 | $60.7M | $54.2M | ||
| Q2 24 | $43.7M | $78.6M | ||
| Q1 24 | $43.3M | $51.4M |
| Q4 25 | $-14.4M | $-2.7M | ||
| Q3 25 | $-16.9M | $-2.3M | ||
| Q2 25 | $-52.5M | $-2.3M | ||
| Q1 25 | $-35.6M | $-1.1M | ||
| Q4 24 | $-138.7M | $-1.9M | ||
| Q3 24 | $-4.2M | $-773.0K | ||
| Q2 24 | $-64.5M | $-2.0M | ||
| Q1 24 | $-62.8M | $-580.2K |
| Q4 25 | 20.6% | 3.5% | ||
| Q3 25 | 13.4% | 2.7% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | 7.1% | 3.4% | ||
| Q4 24 | 18.0% | 2.7% | ||
| Q3 24 | -0.6% | 3.7% | ||
| Q2 24 | -9.1% | 2.8% | ||
| Q1 24 | -8.6% | 2.7% |
| Q4 25 | -24.5% | -2.9% | ||
| Q3 25 | -34.7% | -0.5% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | -35.8% | -1.0% | ||
| Q4 24 | -29.1% | -0.3% | ||
| Q3 24 | 15.6% | -0.1% | ||
| Q2 24 | -68.4% | -0.4% | ||
| Q1 24 | -128.8% | -0.4% |
| Q4 25 | -11.4% | -3.2% | ||
| Q3 25 | -26.4% | -2.3% | ||
| Q2 25 | 157.8% | -3.3% | ||
| Q1 25 | -67.2% | -2.0% | ||
| Q4 24 | -217.2% | -1.9% | ||
| Q3 24 | -7.0% | -1.4% | ||
| Q2 24 | -147.5% | -2.5% | ||
| Q1 24 | -145.0% | -1.1% |
| Q4 25 | $-0.07 | $-0.92 | ||
| Q3 25 | $-0.07 | $-0.68 | ||
| Q2 25 | $-0.31 | $-0.82 | ||
| Q1 25 | $-0.16 | $-0.44 | ||
| Q4 24 | $-0.66 | $-1.19 | ||
| Q3 24 | $-0.03 | $-0.40 | ||
| Q2 24 | $-0.57 | $-0.90 | ||
| Q1 24 | $-0.52 | $-0.37 |
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 | $2.2M |
| Total DebtLower is stronger | — | $4.1M |
| Stockholders' EquityBook value | $1.4B | $16.3M |
| Total Assets | $5.2B | $51.1M |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $2.2M | ||
| Q3 25 | $73.9M | $2.3M | ||
| Q2 25 | $41.6M | $2.0M | ||
| Q1 25 | $68.7M | $1.1M | ||
| Q4 24 | $286.2M | $2.5M | ||
| Q3 24 | $58.2M | $2.1M | ||
| Q2 24 | $3.3M | $797.2K | ||
| Q1 24 | $4.4M | $2.7M |
| Q4 25 | — | $4.1M | ||
| Q3 25 | — | $2.7M | ||
| Q2 25 | — | $4.5M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | — | $3.2M | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $194.0K |
| Q4 25 | $1.4B | $16.3M | ||
| Q3 25 | $1.0B | $17.9M | ||
| Q2 25 | $497.7M | $14.3M | ||
| Q1 25 | $454.6M | $11.6M | ||
| Q4 24 | $434.6M | $11.9M | ||
| Q3 24 | $241.8M | $8.1M | ||
| Q2 24 | $124.8M | $7.6M | ||
| Q1 24 | $118.5M | $8.4M |
| Q4 25 | $5.2B | $51.1M | ||
| Q3 25 | $2.4B | $46.9M | ||
| Q2 25 | $1.9B | $51.4M | ||
| Q1 25 | $1.7B | $42.0M | ||
| Q4 24 | $1.5B | $79.0M | ||
| Q3 24 | $937.7M | $32.4M | ||
| Q2 24 | $762.9M | $30.0M | ||
| Q1 24 | $643.2M | $22.1M |
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.34× | ||
| Q1 24 | — | 0.02× |
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 | $-1.2M |
| Free Cash FlowOCF − Capex | $-567.9M | $-1.2M |
| FCF MarginFCF / Revenue | -448.6% | -1.5% |
| Capex IntensityCapex / Revenue | 436.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-1.2M | ||
| Q3 25 | $-82.0M | $-953.0K | ||
| Q2 25 | $6.9M | $257.7K | ||
| Q1 25 | $5.9M | $-1.9M | ||
| Q4 24 | $-52.3M | $-403.7K | ||
| Q3 24 | $-75.9M | $625.0K | ||
| Q2 24 | $-34.1M | $-2.6M | ||
| Q1 24 | $38.8M | $-536.9K |
| Q4 25 | $-567.9M | $-1.2M | ||
| Q3 25 | $-331.4M | $-969.2K | ||
| Q2 25 | $-191.4M | $211.7K | ||
| Q1 25 | $-251.6M | $-2.0M | ||
| Q4 24 | $-223.3M | $-421.3K | ||
| Q3 24 | $-130.7M | $594.5K | ||
| Q2 24 | $-88.9M | $-2.6M | ||
| Q1 24 | $-2.3M | $-608.5K |
| Q4 25 | -448.6% | -1.5% | ||
| Q3 25 | -516.1% | -0.9% | ||
| Q2 25 | 574.8% | 0.3% | ||
| Q1 25 | -475.4% | -3.4% | ||
| Q4 24 | -349.6% | -0.4% | ||
| Q3 24 | -215.3% | 1.1% | ||
| Q2 24 | -203.5% | -3.4% | ||
| Q1 24 | -5.4% | -1.2% |
| Q4 25 | 436.1% | 0.0% | ||
| Q3 25 | 388.4% | 0.0% | ||
| Q2 25 | -595.4% | 0.1% | ||
| Q1 25 | 486.6% | 0.1% | ||
| Q4 24 | 267.8% | 0.0% | ||
| Q3 24 | 90.3% | 0.1% | ||
| Q2 24 | 125.4% | 0.0% | ||
| Q1 24 | 95.0% | 0.1% |
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% |
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
