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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Loar Holdings Inc. (LOAR). Click either name above to swap in a different company.
Loar Holdings Inc. is the larger business by last-quarter revenue ($131.8M vs $126.6M, roughly 1.0× Applied Digital Corp.). Loar Holdings Inc. runs the higher net margin — 9.5% vs -11.4%, a 20.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 19.3%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 19.8%).
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.
APLD vs LOAR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $131.8M |
| Net Profit | $-14.4M | $12.5M |
| Gross Margin | 20.6% | 52.1% |
| Operating Margin | -24.5% | 18.0% |
| Net Margin | -11.4% | 9.5% |
| Revenue YoY | 98.2% | 19.3% |
| Net Profit YoY | 89.6% | 239.5% |
| EPS (diluted) | $-0.07 | $0.13 |
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 | $131.8M | ||
| Q3 25 | $64.2M | $126.8M | ||
| Q2 25 | $-33.3M | $123.1M | ||
| Q1 25 | $52.9M | $114.7M | ||
| Q4 24 | $63.9M | $110.4M | ||
| Q3 24 | $60.7M | $103.5M | ||
| Q2 24 | $43.7M | $97.0M | ||
| Q1 24 | $43.3M | $91.8M |
| Q4 25 | $-14.4M | $12.5M | ||
| Q3 25 | $-16.9M | $27.6M | ||
| Q2 25 | $-52.5M | $16.7M | ||
| Q1 25 | $-35.6M | $15.3M | ||
| Q4 24 | $-138.7M | $3.7M | ||
| Q3 24 | $-4.2M | $8.7M | ||
| Q2 24 | $-64.5M | $7.6M | ||
| Q1 24 | $-62.8M | $2.2M |
| Q4 25 | 20.6% | 52.1% | ||
| Q3 25 | 13.4% | 52.7% | ||
| Q2 25 | — | 53.8% | ||
| Q1 25 | 7.1% | 52.1% | ||
| Q4 24 | 18.0% | 48.9% | ||
| Q3 24 | -0.6% | 51.1% | ||
| Q2 24 | -9.1% | 49.0% | ||
| Q1 24 | -8.6% | 48.4% |
| Q4 25 | -24.5% | 18.0% | ||
| Q3 25 | -34.7% | 22.9% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | -35.8% | 22.8% | ||
| Q4 24 | -29.1% | 19.2% | ||
| Q3 24 | 15.6% | 22.1% | ||
| Q2 24 | -68.4% | 22.9% | ||
| Q1 24 | -128.8% | 23.3% |
| Q4 25 | -11.4% | 9.5% | ||
| Q3 25 | -26.4% | 21.8% | ||
| Q2 25 | 157.8% | 13.6% | ||
| Q1 25 | -67.2% | 13.4% | ||
| Q4 24 | -217.2% | 3.3% | ||
| Q3 24 | -7.0% | 8.4% | ||
| Q2 24 | -147.5% | 7.9% | ||
| Q1 24 | -145.0% | 2.4% |
| Q4 25 | $-0.07 | $0.13 | ||
| Q3 25 | $-0.07 | $0.29 | ||
| Q2 25 | $-0.31 | $0.17 | ||
| Q1 25 | $-0.16 | $0.16 | ||
| Q4 24 | $-0.66 | $-11023.48 | ||
| Q3 24 | $-0.03 | $0.09 | ||
| Q2 24 | $-0.57 | $0.09 | ||
| Q1 24 | $-0.52 | $11023.54 |
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 | $84.8M |
| Total DebtLower is stronger | — | $715.7M |
| Stockholders' EquityBook value | $1.4B | $1.2B |
| Total Assets | $5.2B | $2.0B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $84.8M | ||
| Q3 25 | $73.9M | $99.0M | ||
| Q2 25 | $41.6M | $103.3M | ||
| Q1 25 | $68.7M | $80.5M | ||
| Q4 24 | $286.2M | $54.1M | ||
| Q3 24 | $58.2M | $55.2M | ||
| Q2 24 | $3.3M | $73.2M | ||
| Q1 24 | $4.4M | $28.2M |
| Q4 25 | — | $715.7M | ||
| Q3 25 | — | $279.4M | ||
| Q2 25 | — | $277.7M | ||
| Q1 25 | — | $277.5M | ||
| Q4 24 | — | $277.3M | ||
| Q3 24 | — | $602.1M | ||
| Q2 24 | — | $250.7M | ||
| Q1 24 | — | $534.2M |
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $497.7M | $1.1B | ||
| Q1 25 | $454.6M | $1.1B | ||
| Q4 24 | $434.6M | $1.1B | ||
| Q3 24 | $241.8M | $769.8M | ||
| Q2 24 | $124.8M | $758.4M | ||
| Q1 24 | $118.5M | $420.6M |
| Q4 25 | $5.2B | $2.0B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $937.7M | $1.5B | ||
| Q2 24 | $762.9M | $1.1B | ||
| Q1 24 | $643.2M | $1.1B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 1.27× |
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 | $30.4M |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $30.4M | ||
| Q3 25 | $-82.0M | $29.7M | ||
| Q2 25 | $6.9M | $23.8M | ||
| Q1 25 | $5.9M | $28.4M | ||
| Q4 24 | $-52.3M | $20.7M | ||
| Q3 24 | $-75.9M | $16.3M | ||
| Q2 24 | $-34.1M | $7.1M | ||
| Q1 24 | $38.8M | $10.8M |
| 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 24 | $-2.3M | — |
| 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 24 | -5.4% | — |
| 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 24 | 95.0% | — |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 5.62× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | — | 0.93× | ||
| Q1 24 | — | 4.81× |
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% |
LOAR
| Other | $76.8M | 58% |
| Commercial Aerospace | $21.2M | 16% |
| Business Jet And General Aviation | $17.6M | 13% |
| Defense | $16.2M | 12% |
