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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $126.6M, roughly 1.5× Applied Digital Corp.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -11.4%, a 18.0% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 30.1%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 25.3%).
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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
APLD vs LMB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $186.9M |
| Net Profit | $-14.4M | $12.3M |
| Gross Margin | 20.6% | 25.7% |
| Operating Margin | -24.5% | 9.4% |
| Net Margin | -11.4% | 6.6% |
| Revenue YoY | 98.2% | 30.1% |
| Net Profit YoY | 89.6% | 25.0% |
| EPS (diluted) | $-0.07 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $64.2M | $184.6M | ||
| Q2 25 | $-33.3M | $142.2M | ||
| Q1 25 | $52.9M | $133.1M | ||
| Q4 24 | $63.9M | $143.7M | ||
| Q3 24 | $60.7M | $133.9M | ||
| Q2 24 | $43.7M | $122.2M | ||
| Q1 24 | $43.3M | $119.0M |
| Q4 25 | $-14.4M | $12.3M | ||
| Q3 25 | $-16.9M | $8.8M | ||
| Q2 25 | $-52.5M | $7.8M | ||
| Q1 25 | $-35.6M | $10.2M | ||
| Q4 24 | $-138.7M | $9.8M | ||
| Q3 24 | $-4.2M | $7.5M | ||
| Q2 24 | $-64.5M | $6.0M | ||
| Q1 24 | $-62.8M | $7.6M |
| Q4 25 | 20.6% | 25.7% | ||
| Q3 25 | 13.4% | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | 7.1% | 27.6% | ||
| Q4 24 | 18.0% | 30.3% | ||
| Q3 24 | -0.6% | 27.0% | ||
| Q2 24 | -9.1% | 27.4% | ||
| Q1 24 | -8.6% | 26.1% |
| Q4 25 | -24.5% | 9.4% | ||
| Q3 25 | -34.7% | 7.2% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | -35.8% | 5.9% | ||
| Q4 24 | -29.1% | 9.1% | ||
| Q3 24 | 15.6% | 8.1% | ||
| Q2 24 | -68.4% | 6.7% | ||
| Q1 24 | -128.8% | 5.5% |
| Q4 25 | -11.4% | 6.6% | ||
| Q3 25 | -26.4% | 4.8% | ||
| Q2 25 | 157.8% | 5.5% | ||
| Q1 25 | -67.2% | 7.7% | ||
| Q4 24 | -217.2% | 6.9% | ||
| Q3 24 | -7.0% | 5.6% | ||
| Q2 24 | -147.5% | 4.9% | ||
| Q1 24 | -145.0% | 6.4% |
| Q4 25 | $-0.07 | $1.01 | ||
| Q3 25 | $-0.07 | $0.73 | ||
| Q2 25 | $-0.31 | $0.64 | ||
| Q1 25 | $-0.16 | $0.85 | ||
| Q4 24 | $-0.66 | $0.81 | ||
| Q3 24 | $-0.03 | $0.62 | ||
| Q2 24 | $-0.57 | $0.50 | ||
| Q1 24 | $-0.52 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $1.4B | $195.7M |
| Total Assets | $5.2B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $11.3M | ||
| Q3 25 | $73.9M | $9.8M | ||
| Q2 25 | $41.6M | $38.9M | ||
| Q1 25 | $68.7M | $38.1M | ||
| Q4 24 | $286.2M | $44.9M | ||
| Q3 24 | $58.2M | $51.2M | ||
| Q2 24 | $3.3M | $59.5M | ||
| Q1 24 | $4.4M | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $1.4B | $195.7M | ||
| Q3 25 | $1.0B | $181.6M | ||
| Q2 25 | $497.7M | $170.5M | ||
| Q1 25 | $454.6M | $161.1M | ||
| Q4 24 | $434.6M | $153.5M | ||
| Q3 24 | $241.8M | $142.2M | ||
| Q2 24 | $124.8M | $133.0M | ||
| Q1 24 | $118.5M | $125.5M |
| Q4 25 | $5.2B | $381.1M | ||
| Q3 25 | $2.4B | $409.1M | ||
| Q2 25 | $1.9B | $343.0M | ||
| Q1 25 | $1.7B | $336.4M | ||
| Q4 24 | $1.5B | $352.1M | ||
| Q3 24 | $937.7M | $324.4M | ||
| Q2 24 | $762.9M | $303.9M | ||
| Q1 24 | $643.2M | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $-567.9M | $27.9M |
| FCF MarginFCF / Revenue | -448.6% | 14.9% |
| Capex IntensityCapex / Revenue | 436.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $28.1M | ||
| Q3 25 | $-82.0M | $13.3M | ||
| Q2 25 | $6.9M | $2.0M | ||
| Q1 25 | $5.9M | $2.2M | ||
| Q4 24 | $-52.3M | $19.3M | ||
| Q3 24 | $-75.9M | $4.9M | ||
| Q2 24 | $-34.1M | $16.5M | ||
| Q1 24 | $38.8M | $-3.9M |
| Q4 25 | $-567.9M | $27.9M | ||
| Q3 25 | $-331.4M | $12.8M | ||
| Q2 25 | $-191.4M | $1.2M | ||
| Q1 25 | $-251.6M | $11.0K | ||
| Q4 24 | $-223.3M | $18.0M | ||
| Q3 24 | $-130.7M | $4.6M | ||
| Q2 24 | $-88.9M | $13.2M | ||
| Q1 24 | $-2.3M | $-6.5M |
| Q4 25 | -448.6% | 14.9% | ||
| Q3 25 | -516.1% | 7.0% | ||
| Q2 25 | 574.8% | 0.8% | ||
| Q1 25 | -475.4% | 0.0% | ||
| Q4 24 | -349.6% | 12.5% | ||
| Q3 24 | -215.3% | 3.4% | ||
| Q2 24 | -203.5% | 10.8% | ||
| Q1 24 | -5.4% | -5.5% |
| Q4 25 | 436.1% | 0.1% | ||
| Q3 25 | 388.4% | 0.3% | ||
| Q2 25 | -595.4% | 0.6% | ||
| Q1 25 | 486.6% | 1.7% | ||
| Q4 24 | 267.8% | 0.9% | ||
| Q3 24 | 90.3% | 0.3% | ||
| Q2 24 | 125.4% | 2.7% | ||
| Q1 24 | 95.0% | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 2.77× | ||
| Q1 24 | — | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
