vs
Side-by-side financial comparison of Applied Digital Corp. (APLD) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $122.1M, roughly 1.0× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -11.4%, a 3.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -1.2%).
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.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
APLD vs NDLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $122.1M |
| Net Profit | $-14.4M | $-9.2M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -5.2% |
| Net Margin | -11.4% | -7.5% |
| Revenue YoY | 98.2% | -4.1% |
| Net Profit YoY | 89.6% | 32.8% |
| EPS (diluted) | $-0.07 | $-0.20 |
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 | — | ||
| Q3 25 | $64.2M | $122.1M | ||
| Q2 25 | $-33.3M | $123.8M | ||
| Q1 25 | $52.9M | — | ||
| Q4 24 | $63.9M | $122.8M | ||
| Q3 24 | $60.7M | $127.4M | ||
| Q2 24 | $43.7M | $121.4M | ||
| Q1 24 | $43.3M | $124.3M |
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $-9.2M | ||
| Q2 25 | $-52.5M | $-9.1M | ||
| Q1 25 | $-35.6M | — | ||
| Q4 24 | $-138.7M | $-6.8M | ||
| Q3 24 | $-4.2M | $-13.6M | ||
| Q2 24 | $-64.5M | $-6.1M | ||
| Q1 24 | $-62.8M | $-6.1M |
| 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 24 | -8.6% | — |
| Q4 25 | -24.5% | — | ||
| Q3 25 | -34.7% | -5.2% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | -35.8% | — | ||
| Q4 24 | -29.1% | -3.9% | ||
| Q3 24 | 15.6% | -9.0% | ||
| Q2 24 | -68.4% | -3.4% | ||
| Q1 24 | -128.8% | -3.7% |
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | -7.5% | ||
| Q2 25 | 157.8% | -7.3% | ||
| Q1 25 | -67.2% | — | ||
| Q4 24 | -217.2% | -5.5% | ||
| Q3 24 | -7.0% | -10.7% | ||
| Q2 24 | -147.5% | -5.1% | ||
| Q1 24 | -145.0% | -4.9% |
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | $-0.20 | ||
| Q2 25 | $-0.31 | $-0.20 | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | $-0.15 | ||
| Q3 24 | $-0.03 | $-0.30 | ||
| Q2 24 | $-0.57 | $-0.14 | ||
| Q1 24 | $-0.52 | $-1.64 |
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 | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $-38.9M |
| Total Assets | $5.2B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | $4.7M | ||
| Q2 25 | $41.6M | $1.4M | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | $3.3M | ||
| Q3 24 | $58.2M | $1.8M | ||
| Q2 24 | $3.3M | $1.3M | ||
| Q1 24 | $4.4M | $3.0M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.0B | $-38.9M | ||
| Q2 25 | $497.7M | $-13.9M | ||
| Q1 25 | $454.6M | — | ||
| Q4 24 | $434.6M | $3.7M | ||
| Q3 24 | $241.8M | $9.6M | ||
| Q2 24 | $124.8M | $21.9M | ||
| Q1 24 | $118.5M | $27.2M |
| Q4 25 | $5.2B | — | ||
| Q3 25 | $2.4B | $280.6M | ||
| Q2 25 | $1.9B | $319.4M | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $340.5M | ||
| Q3 24 | $937.7M | $346.3M | ||
| Q2 24 | $762.9M | $360.4M | ||
| Q1 24 | $643.2M | $368.1M |
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 | $4.3M |
| Free Cash FlowOCF − Capex | $-567.9M | $-2.8M |
| FCF MarginFCF / Revenue | -448.6% | -2.3% |
| Capex IntensityCapex / Revenue | 436.1% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | — | ||
| Q3 25 | $-82.0M | $4.3M | ||
| Q2 25 | $6.9M | $4.0M | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $-52.3M | $5.8M | ||
| Q3 24 | $-75.9M | $4.7M | ||
| Q2 24 | $-34.1M | $7.0M | ||
| Q1 24 | $38.8M | $164.0K |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | $-2.8M | ||
| Q2 25 | $-191.4M | $1.1M | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | $-1.3M | ||
| Q3 24 | $-130.7M | $-4.5M | ||
| Q2 24 | $-88.9M | $-1.6M | ||
| Q1 24 | $-2.3M | $-15.2M |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | -2.3% | ||
| Q2 25 | 574.8% | 0.9% | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | -1.1% | ||
| Q3 24 | -215.3% | -3.5% | ||
| Q2 24 | -203.5% | -1.4% | ||
| Q1 24 | -5.4% | -12.2% |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | 5.8% | ||
| Q2 25 | -595.4% | 2.4% | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | 5.8% | ||
| Q3 24 | 90.3% | 7.2% | ||
| Q2 24 | 125.4% | 7.1% | ||
| Q1 24 | 95.0% | 12.3% |
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% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
