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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $126.6M, roughly 1.7× Applied Digital Corp.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -11.4%, a 21.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 1.9%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 4.4%).
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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
APLD vs IRDM — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $219.1M |
| Net Profit | $-14.4M | $21.6M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 23.2% |
| Net Margin | -11.4% | 9.9% |
| Revenue YoY | 98.2% | 1.9% |
| 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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $126.6M | $212.9M | ||
| Q3 25 | $64.2M | $226.9M | ||
| Q2 25 | $-33.3M | $216.9M | ||
| Q1 25 | $52.9M | $214.9M | ||
| Q4 24 | $63.9M | $213.0M | ||
| Q3 24 | $60.7M | $212.8M | ||
| Q2 24 | $43.7M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-14.4M | $24.9M | ||
| Q3 25 | $-16.9M | $37.1M | ||
| Q2 25 | $-52.5M | $22.0M | ||
| Q1 25 | $-35.6M | $30.4M | ||
| Q4 24 | $-138.7M | $36.3M | ||
| Q3 24 | $-4.2M | $24.4M | ||
| Q2 24 | $-64.5M | $32.3M |
| Q1 26 | — | — | ||
| 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 26 | — | 23.2% | ||
| Q4 25 | -24.5% | 25.9% | ||
| Q3 25 | -34.7% | 30.9% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | -35.8% | 28.1% | ||
| Q4 24 | -29.1% | 24.5% | ||
| Q3 24 | 15.6% | 25.8% | ||
| Q2 24 | -68.4% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | -11.4% | 11.7% | ||
| Q3 25 | -26.4% | 16.4% | ||
| Q2 25 | 157.8% | 10.1% | ||
| Q1 25 | -67.2% | 14.2% | ||
| Q4 24 | -217.2% | 17.1% | ||
| Q3 24 | -7.0% | 11.5% | ||
| Q2 24 | -147.5% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.07 | $0.24 | ||
| Q3 25 | $-0.07 | $0.35 | ||
| Q2 25 | $-0.31 | $0.20 | ||
| Q1 25 | $-0.16 | $0.27 | ||
| Q4 24 | $-0.66 | $0.30 | ||
| Q3 24 | $-0.03 | $0.21 | ||
| Q2 24 | $-0.57 | $0.27 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | — |
| Total Assets | $5.2B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $96.5M | ||
| Q3 25 | $73.9M | $88.5M | ||
| Q2 25 | $41.6M | $79.3M | ||
| Q1 25 | $68.7M | $50.9M | ||
| Q4 24 | $286.2M | $93.5M | ||
| Q3 24 | $58.2M | $159.6M | ||
| Q2 24 | $3.3M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $462.6M | ||
| Q3 25 | $1.0B | $450.5M | ||
| Q2 25 | $497.7M | $473.6M | ||
| Q1 25 | $454.6M | $518.4M | ||
| Q4 24 | $434.6M | $576.6M | ||
| Q3 24 | $241.8M | $663.8M | ||
| Q2 24 | $124.8M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $2.5B | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $1.9B | $2.6B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $937.7M | $2.8B | ||
| Q2 24 | $762.9M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $108.6M | ||
| Q3 25 | $-82.0M | $100.8M | ||
| Q2 25 | $6.9M | $129.6M | ||
| Q1 25 | $5.9M | $61.1M | ||
| Q4 24 | $-52.3M | $104.8M | ||
| Q3 24 | $-75.9M | $118.6M | ||
| Q2 24 | $-34.1M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | $75.1M | ||
| Q3 25 | $-331.4M | $79.2M | ||
| Q2 25 | $-191.4M | $108.9M | ||
| Q1 25 | $-251.6M | $36.5M | ||
| Q4 24 | $-223.3M | $80.5M | ||
| Q3 24 | $-130.7M | $100.0M | ||
| Q2 24 | $-88.9M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | 35.3% | ||
| Q3 25 | -516.1% | 34.9% | ||
| Q2 25 | 574.8% | 50.2% | ||
| Q1 25 | -475.4% | 17.0% | ||
| Q4 24 | -349.6% | 37.8% | ||
| Q3 24 | -215.3% | 47.0% | ||
| Q2 24 | -203.5% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 436.1% | 15.7% | ||
| Q3 25 | 388.4% | 9.5% | ||
| Q2 25 | -595.4% | 9.5% | ||
| Q1 25 | 486.6% | 11.4% | ||
| Q4 24 | 267.8% | 11.4% | ||
| Q3 24 | 90.3% | 8.7% | ||
| Q2 24 | 125.4% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
