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Side-by-side financial comparison of Applied Digital Corp. (APLD) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $126.6M, roughly 1.5× Applied Digital Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -84.1%, a 72.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 59.0%). IREN Ltd produced more free cash flow last quarter ($-468.0M vs $-567.9M).
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.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
APLD vs IREN — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $184.7M |
| Net Profit | $-14.4M | $-155.4M |
| Gross Margin | 20.6% | 64.4% |
| Operating Margin | -24.5% | -63.0% |
| Net Margin | -11.4% | -84.1% |
| Revenue YoY | 98.2% | 59.0% |
| Net Profit YoY | 89.6% | -610.0% |
| EPS (diluted) | $-0.07 | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $64.2M | $240.3M | ||
| Q2 25 | $-33.3M | — | ||
| Q1 25 | $52.9M | — | ||
| Q4 24 | $63.9M | $116.1M | ||
| Q3 24 | $60.7M | $52.8M | ||
| Q2 24 | $43.7M | — | ||
| Q1 24 | $43.3M | $54.3M |
| Q4 25 | $-14.4M | $-155.4M | ||
| Q3 25 | $-16.9M | $384.6M | ||
| Q2 25 | $-52.5M | — | ||
| Q1 25 | $-35.6M | — | ||
| Q4 24 | $-138.7M | $-21.9M | ||
| Q3 24 | $-4.2M | $-51.7M | ||
| Q2 24 | $-64.5M | — | ||
| Q1 24 | $-62.8M | $8.6M |
| Q4 25 | 20.6% | 64.4% | ||
| Q3 25 | 13.4% | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | 72.2% | ||
| Q3 24 | -0.6% | 39.6% | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | -63.0% | ||
| Q3 25 | -34.7% | -31.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | -35.8% | — | ||
| Q4 24 | -29.1% | 14.9% | ||
| Q3 24 | 15.6% | -89.2% | ||
| Q2 24 | -68.4% | — | ||
| Q1 24 | -128.8% | 11.1% |
| Q4 25 | -11.4% | -84.1% | ||
| Q3 25 | -26.4% | 160.1% | ||
| Q2 25 | 157.8% | — | ||
| Q1 25 | -67.2% | — | ||
| Q4 24 | -217.2% | -18.8% | ||
| Q3 24 | -7.0% | -98.0% | ||
| Q2 24 | -147.5% | — | ||
| Q1 24 | -145.0% | 15.9% |
| Q4 25 | $-0.07 | $-0.52 | ||
| Q3 25 | $-0.07 | $1.08 | ||
| Q2 25 | $-0.31 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | $-0.10 | ||
| Q3 24 | $-0.03 | $-0.27 | ||
| Q2 24 | $-0.57 | — | ||
| Q1 24 | $-0.52 | $0.00 |
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 | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $2.5B |
| Total Assets | $5.2B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $3.3B | ||
| Q3 25 | $73.9M | $1.0B | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | $427.3M | ||
| Q3 24 | $58.2M | $98.6M | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | $259.7M |
| Q4 25 | $1.4B | $2.5B | ||
| Q3 25 | $1.0B | $2.9B | ||
| Q2 25 | $497.7M | — | ||
| Q1 25 | $454.6M | — | ||
| Q4 24 | $434.6M | $1.2B | ||
| Q3 24 | $241.8M | $1.1B | ||
| Q2 24 | $124.8M | — | ||
| Q1 24 | $118.5M | $677.2M |
| Q4 25 | $5.2B | $7.0B | ||
| Q3 25 | $2.4B | $4.3B | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $937.7M | $1.3B | ||
| Q2 24 | $762.9M | — | ||
| Q1 24 | $643.2M | $723.6M |
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 | $71.7M |
| Free Cash FlowOCF − Capex | $-567.9M | $-468.0M |
| FCF MarginFCF / Revenue | -448.6% | -253.4% |
| Capex IntensityCapex / Revenue | 436.1% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $71.7M | ||
| Q3 25 | $-82.0M | $142.4M | ||
| Q2 25 | $6.9M | — | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $-52.3M | $53.6M | ||
| Q3 24 | $-75.9M | $-3.9M | ||
| Q2 24 | $-34.1M | — | ||
| Q1 24 | $38.8M | $-27.1M |
| Q4 25 | $-567.9M | $-468.0M | ||
| Q3 25 | $-331.4M | $-38.0M | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | $-85.5M | ||
| Q3 24 | $-130.7M | $-109.7M | ||
| Q2 24 | $-88.9M | — | ||
| Q1 24 | $-2.3M | $-108.3M |
| Q4 25 | -448.6% | -253.4% | ||
| Q3 25 | -516.1% | -15.8% | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | -73.6% | ||
| Q3 24 | -215.3% | -208.0% | ||
| Q2 24 | -203.5% | — | ||
| Q1 24 | -5.4% | -199.4% |
| Q4 25 | 436.1% | 292.2% | ||
| Q3 25 | 388.4% | 75.0% | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | 119.7% | ||
| Q3 24 | 90.3% | 200.6% | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
