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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Katapult Holdings, Inc. (KPLT). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $73.9M, roughly 1.7× Katapult Holdings, Inc.). Katapult Holdings, Inc. runs the higher net margin — 26.8% vs -11.4%, a 38.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 17.3%). Katapult Holdings, Inc. produced more free cash flow last quarter ($-12.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 6.6%).
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.
Katapult Holdings, Inc. is a U.S.-based fintech company that provides accessible point-of-sale lease-to-purchase solutions for consumers with limited or no traditional credit history. It partners with a wide network of e-commerce platforms and brick-and-mortar retail merchants across segments including electronics, furniture and home goods to offer flexible payment plans for customers to obtain needed products.
APLD vs KPLT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $73.9M |
| Net Profit | $-14.4M | $19.8M |
| Gross Margin | 20.6% | 15.6% |
| Operating Margin | -24.5% | -1.4% |
| Net Margin | -11.4% | 26.8% |
| Revenue YoY | 98.2% | 17.3% |
| Net Profit YoY | 89.6% | 307.3% |
| EPS (diluted) | $-0.07 | $3.69 |
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 | $73.9M | ||
| Q3 25 | $64.2M | $74.0M | ||
| Q2 25 | $-33.3M | $71.9M | ||
| Q1 25 | $52.9M | $71.9M | ||
| Q4 24 | $63.9M | $63.0M | ||
| Q3 24 | $60.7M | $60.3M | ||
| Q2 24 | $43.7M | $58.9M | ||
| Q1 24 | $43.3M | $65.1M |
| Q4 25 | $-14.4M | $19.8M | ||
| Q3 25 | $-16.9M | $-4.9M | ||
| Q2 25 | $-52.5M | $-7.8M | ||
| Q1 25 | $-35.6M | $-5.7M | ||
| Q4 24 | $-138.7M | $-9.6M | ||
| Q3 24 | $-4.2M | $-8.9M | ||
| Q2 24 | $-64.5M | $-6.9M | ||
| Q1 24 | $-62.8M | $-570.0K |
| Q4 25 | 20.6% | 15.6% | ||
| Q3 25 | 13.4% | 19.7% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | 7.1% | 19.9% | ||
| Q4 24 | 18.0% | 11.8% | ||
| Q3 24 | -0.6% | 19.8% | ||
| Q2 24 | -9.1% | 16.9% | ||
| Q1 24 | -8.6% | 25.3% |
| Q4 25 | -24.5% | -1.4% | ||
| Q3 25 | -34.7% | 3.3% | ||
| Q2 25 | — | -2.0% | ||
| Q1 25 | -35.8% | -0.7% | ||
| Q4 24 | -29.1% | -7.7% | ||
| Q3 24 | 15.6% | -7.4% | ||
| Q2 24 | -68.4% | -4.5% | ||
| Q1 24 | -128.8% | 5.8% |
| Q4 25 | -11.4% | 26.8% | ||
| Q3 25 | -26.4% | -6.7% | ||
| Q2 25 | 157.8% | -10.9% | ||
| Q1 25 | -67.2% | -7.9% | ||
| Q4 24 | -217.2% | -15.2% | ||
| Q3 24 | -7.0% | -14.7% | ||
| Q2 24 | -147.5% | -11.7% | ||
| Q1 24 | -145.0% | -0.9% |
| Q4 25 | $-0.07 | $3.69 | ||
| Q3 25 | $-0.07 | $-0.94 | ||
| Q2 25 | $-0.31 | $-1.63 | ||
| Q1 25 | $-0.16 | $-1.23 | ||
| Q4 24 | $-0.66 | $-2.17 | ||
| Q3 24 | $-0.03 | $-2.05 | ||
| Q2 24 | $-0.57 | $-1.61 | ||
| Q1 24 | $-0.52 | $-0.13 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $-38.1M |
| Total Assets | $5.2B | $107.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $22.4M | ||
| Q3 25 | $73.9M | $3.4M | ||
| Q2 25 | $41.6M | $3.7M | ||
| Q1 25 | $68.7M | $6.0M | ||
| Q4 24 | $286.2M | $3.5M | ||
| Q3 24 | $58.2M | $25.9M | ||
| Q2 24 | $3.3M | $33.7M | ||
| Q1 24 | $4.4M | $31.2M |
| Q4 25 | $1.4B | $-38.1M | ||
| Q3 25 | $1.0B | $-58.4M | ||
| Q2 25 | $497.7M | $-54.1M | ||
| Q1 25 | $454.6M | $-51.7M | ||
| Q4 24 | $434.6M | $-46.8M | ||
| Q3 24 | $241.8M | $-40.3M | ||
| Q2 24 | $124.8M | $-32.9M | ||
| Q1 24 | $118.5M | $-27.5M |
| Q4 25 | $5.2B | $107.9M | ||
| Q3 25 | $2.4B | $85.9M | ||
| Q2 25 | $1.9B | $90.6M | ||
| Q1 25 | $1.7B | $88.5M | ||
| Q4 24 | $1.5B | $93.2M | ||
| Q3 24 | $937.7M | $92.0M | ||
| Q2 24 | $762.9M | $106.6M | ||
| Q1 24 | $643.2M | $106.6M |
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 | $-11.9M |
| Free Cash FlowOCF − Capex | $-567.9M | $-12.0M |
| FCF MarginFCF / Revenue | -448.6% | -16.2% |
| Capex IntensityCapex / Revenue | 436.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | -0.60× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-11.9M | ||
| Q3 25 | $-82.0M | $4.0M | ||
| Q2 25 | $6.9M | $-6.6M | ||
| Q1 25 | $5.9M | $3.4M | ||
| Q4 24 | $-52.3M | $-32.6M | ||
| Q3 24 | $-75.9M | $-5.4M | ||
| Q2 24 | $-34.1M | $-628.0K | ||
| Q1 24 | $38.8M | $2.0M |
| Q4 25 | $-567.9M | $-12.0M | ||
| Q3 25 | $-331.4M | $4.0M | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | $3.4M | ||
| Q4 24 | $-223.3M | $-32.6M | ||
| Q3 24 | $-130.7M | $-5.4M | ||
| Q2 24 | $-88.9M | $-653.0K | ||
| Q1 24 | $-2.3M | — |
| Q4 25 | -448.6% | -16.2% | ||
| Q3 25 | -516.1% | 5.4% | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | 4.7% | ||
| Q4 24 | -349.6% | -51.8% | ||
| Q3 24 | -215.3% | -9.0% | ||
| Q2 24 | -203.5% | -1.1% | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 436.1% | 0.0% | ||
| Q3 25 | 388.4% | 0.0% | ||
| Q2 25 | -595.4% | 0.0% | ||
| Q1 25 | 486.6% | 0.0% | ||
| Q4 24 | 267.8% | 0.1% | ||
| Q3 24 | 90.3% | 0.0% | ||
| Q2 24 | 125.4% | 0.0% | ||
| Q1 24 | 95.0% | 0.0% |
| Q4 25 | — | -0.60× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
KPLT
Segment breakdown not available.
