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Side-by-side financial comparison of Applied Digital Corp. (APLD) and MERCANTILE BANK CORP (MBWM). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $67.6M, roughly 1.9× MERCANTILE BANK CORP). MERCANTILE BANK CORP runs the higher net margin — 33.6% vs -11.4%, a 45.0% gap on every dollar of revenue. Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 9.1%).
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.
Tamilnad Mercantile Bank Limited (TMB) is an Indian bank headquartered at Thoothukudi, Tamil Nadu. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community. The bank currently has 600 full branches throughout India, 12 regional offices and two link offices, two central processing centres, one service branch, four currency chests, 48 eLobby centres, 262 cash recycler machines and 1151 automated ...
APLD vs MBWM — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $67.6M |
| Net Profit | $-14.4M | $22.7M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | — |
| Net Margin | -11.4% | 33.6% |
| Revenue YoY | 98.2% | — |
| Net Profit YoY | 89.6% | 16.1% |
| EPS (diluted) | $-0.07 | $1.32 |
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 | — | $67.6M | ||
| Q4 25 | $126.6M | $62.1M | ||
| Q3 25 | $64.2M | $62.4M | ||
| Q2 25 | $-33.3M | $60.9M | ||
| Q1 25 | $52.9M | $57.3M | ||
| Q4 24 | $63.9M | $58.5M | ||
| Q3 24 | $60.7M | $58.0M | ||
| Q2 24 | $43.7M | $56.8M |
| Q1 26 | — | $22.7M | ||
| Q4 25 | $-14.4M | $22.8M | ||
| Q3 25 | $-16.9M | $23.8M | ||
| Q2 25 | $-52.5M | $22.6M | ||
| Q1 25 | $-35.6M | $19.5M | ||
| Q4 24 | $-138.7M | $19.6M | ||
| Q3 24 | $-4.2M | $19.6M | ||
| Q2 24 | $-64.5M | $18.8M |
| 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% | 42.0% | ||
| Q3 25 | -34.7% | 44.0% | ||
| Q2 25 | — | 42.6% | ||
| Q1 25 | -35.8% | 42.0% | ||
| Q4 24 | -29.1% | 39.7% | ||
| Q3 24 | 15.6% | 42.4% | ||
| Q2 24 | -68.4% | 41.4% |
| Q1 26 | — | 33.6% | ||
| Q4 25 | -11.4% | 36.8% | ||
| Q3 25 | -26.4% | 38.1% | ||
| Q2 25 | 157.8% | 37.1% | ||
| Q1 25 | -67.2% | 34.1% | ||
| Q4 24 | -217.2% | 33.5% | ||
| Q3 24 | -7.0% | 33.8% | ||
| Q2 24 | -147.5% | 33.1% |
| Q1 26 | — | $1.32 | ||
| Q4 25 | $-0.07 | $1.41 | ||
| Q3 25 | $-0.07 | $1.46 | ||
| Q2 25 | $-0.31 | $1.39 | ||
| Q1 25 | $-0.16 | $1.21 | ||
| Q4 24 | $-0.66 | $1.20 | ||
| Q3 24 | $-0.03 | $1.22 | ||
| Q2 24 | $-0.57 | $1.17 |
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 | — |
| Total DebtLower is stronger | — | $1.5M |
| Stockholders' EquityBook value | $1.4B | $736.9M |
| Total Assets | $5.2B | $6.9B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | — | ||
| Q2 24 | $3.3M | — |
| Q1 26 | — | $1.5M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $736.9M | ||
| Q4 25 | $1.4B | $724.9M | ||
| Q3 25 | $1.0B | $657.6M | ||
| Q2 25 | $497.7M | $631.5M | ||
| Q1 25 | $454.6M | $608.3M | ||
| Q4 24 | $434.6M | $584.5M | ||
| Q3 24 | $241.8M | $583.3M | ||
| Q2 24 | $124.8M | $551.2M |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $5.2B | $6.8B | ||
| Q3 25 | $2.4B | $6.3B | ||
| Q2 25 | $1.9B | $6.2B | ||
| Q1 25 | $1.7B | $6.1B | ||
| Q4 24 | $1.5B | $6.1B | ||
| Q3 24 | $937.7M | $5.9B | ||
| Q2 24 | $762.9M | $5.6B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $18.0M | ||
| Q3 25 | $-82.0M | $23.1M | ||
| Q2 25 | $6.9M | $-7.8M | ||
| Q1 25 | $5.9M | $-3.0M | ||
| Q4 24 | $-52.3M | $101.1M | ||
| Q3 24 | $-75.9M | $-8.1M | ||
| Q2 24 | $-34.1M | $9.1M |
| 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 | — | 0.79× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | -0.35× | ||
| Q1 25 | — | -0.15× | ||
| Q4 24 | — | 5.15× | ||
| Q3 24 | — | -0.41× | ||
| Q2 24 | — | 0.49× |
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% |
MBWM
| Net Interest Income | $55.9M | 83% |
| Noninterest Income | $11.7M | 17% |
