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Side-by-side financial comparison of Applied Digital Corp. (APLD) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $126.6M, roughly 1.3× Applied Digital Corp.). On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 2.5%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 2.2%).
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.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
APLD vs IRT — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $165.3M |
| Net Profit | $-14.4M | — |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | — |
| Net Margin | -11.4% | — |
| Revenue YoY | 98.2% | 2.5% |
| Net Profit YoY | 89.6% | — |
| EPS (diluted) | $-0.07 | $0.00 |
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 | — | $165.3M | ||
| Q4 25 | $126.6M | $167.1M | ||
| Q3 25 | $64.2M | $167.1M | ||
| Q2 25 | $-33.3M | $162.2M | ||
| Q1 25 | $52.9M | $161.2M | ||
| Q4 24 | $63.9M | $161.0M | ||
| Q3 24 | $60.7M | $160.1M | ||
| Q2 24 | $43.7M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-14.4M | $33.3M | ||
| Q3 25 | $-16.9M | $6.9M | ||
| Q2 25 | $-52.5M | $8.0M | ||
| Q1 25 | $-35.6M | $8.4M | ||
| Q4 24 | $-138.7M | $-1.0M | ||
| Q3 24 | $-4.2M | $12.4M | ||
| Q2 24 | $-64.5M | $10.4M |
| 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 | — | — | ||
| Q4 25 | -24.5% | — | ||
| Q3 25 | -34.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -35.8% | — | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | — | ||
| Q2 24 | -68.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | -11.4% | 19.9% | ||
| Q3 25 | -26.4% | 4.1% | ||
| Q2 25 | 157.8% | 5.0% | ||
| Q1 25 | -67.2% | 5.2% | ||
| Q4 24 | -217.2% | -0.6% | ||
| Q3 24 | -7.0% | 7.7% | ||
| Q2 24 | -147.5% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $-0.07 | $0.14 | ||
| Q3 25 | $-0.07 | $0.03 | ||
| Q2 25 | $-0.31 | $0.03 | ||
| Q1 25 | $-0.16 | $0.04 | ||
| Q4 24 | $-0.66 | $-0.01 | ||
| Q3 24 | $-0.03 | $0.05 | ||
| Q2 24 | $-0.57 | $0.05 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $3.4B |
| Total Assets | $5.2B | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | $1.9B | $23.6M | ||
| Q3 25 | $73.9M | $23.3M | ||
| Q2 25 | $41.6M | $19.5M | ||
| Q1 25 | $68.7M | $29.1M | ||
| Q4 24 | $286.2M | $21.2M | ||
| Q3 24 | $58.2M | $17.6M | ||
| Q2 24 | $3.3M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.4B | $3.5B | ||
| Q3 25 | $1.0B | $3.5B | ||
| Q2 25 | $497.7M | $3.4B | ||
| Q1 25 | $454.6M | $3.5B | ||
| Q4 24 | $434.6M | $3.4B | ||
| Q3 24 | $241.8M | $3.4B | ||
| Q2 24 | $124.8M | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | $5.2B | $6.0B | ||
| Q3 25 | $2.4B | $6.1B | ||
| Q2 25 | $1.9B | $6.0B | ||
| Q1 25 | $1.7B | $6.0B | ||
| Q4 24 | $1.5B | $6.1B | ||
| Q3 24 | $937.7M | $5.9B | ||
| Q2 24 | $762.9M | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
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% | — |
| 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 | $282.1M | ||
| Q3 25 | $-82.0M | $79.3M | ||
| Q2 25 | $6.9M | $82.2M | ||
| Q1 25 | $5.9M | $60.4M | ||
| Q4 24 | $-52.3M | $259.8M | ||
| Q3 24 | $-75.9M | $69.2M | ||
| Q2 24 | $-34.1M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.48× | ||
| Q3 25 | — | 11.51× | ||
| Q2 25 | — | 10.22× | ||
| Q1 25 | — | 7.23× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.60× | ||
| Q2 24 | — | 8.02× |
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% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
