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Side-by-side financial comparison of Applied Digital Corp. (APLD) and OLAPLEX HOLDINGS, INC. (OLPX). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $105.1M, roughly 1.2× OLAPLEX HOLDINGS, INC.). Applied Digital Corp. runs the higher net margin — -11.4% vs -12.5%, a 1.0% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 4.3%). OLAPLEX HOLDINGS, INC. produced more free cash flow last quarter ($32.6M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 3.1%).
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.
Olaplex Holdings, Inc. is a specialty beauty company developing and selling patented bond-repair hair care products. It runs three core segments: professional salon distribution, direct-to-consumer sales, and third-party retail, serving customers across North America, Europe, and Asia-Pacific with products that repair and protect damaged hair.
APLD vs OLPX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $105.1M |
| Net Profit | $-14.4M | $-13.1M |
| Gross Margin | 20.6% | 68.0% |
| Operating Margin | -24.5% | -4.3% |
| Net Margin | -11.4% | -12.5% |
| Revenue YoY | 98.2% | 4.3% |
| Net Profit YoY | 89.6% | -48.9% |
| EPS (diluted) | $-0.07 | $-0.02 |
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 | $105.1M | ||
| Q3 25 | $64.2M | $114.6M | ||
| Q2 25 | $-33.3M | $106.3M | ||
| Q1 25 | $52.9M | $97.0M | ||
| Q4 24 | $63.9M | $100.7M | ||
| Q3 24 | $60.7M | $119.1M | ||
| Q2 24 | $43.7M | $103.9M | ||
| Q1 24 | $43.3M | $98.9M |
| Q4 25 | $-14.4M | $-13.1M | ||
| Q3 25 | $-16.9M | $11.1M | ||
| Q2 25 | $-52.5M | $-7.7M | ||
| Q1 25 | $-35.6M | $465.0K | ||
| Q4 24 | $-138.7M | $-8.8M | ||
| Q3 24 | $-4.2M | $14.8M | ||
| Q2 24 | $-64.5M | $5.8M | ||
| Q1 24 | $-62.8M | $7.7M |
| Q4 25 | 20.6% | 68.0% | ||
| Q3 25 | 13.4% | 69.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | 7.1% | 69.5% | ||
| Q4 24 | 18.0% | 66.3% | ||
| Q3 24 | -0.6% | 68.6% | ||
| Q2 24 | -9.1% | 69.7% | ||
| Q1 24 | -8.6% | 72.1% |
| Q4 25 | -24.5% | -4.3% | ||
| Q3 25 | -34.7% | 3.7% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | -35.8% | 8.7% | ||
| Q4 24 | -29.1% | 3.0% | ||
| Q3 24 | 15.6% | 23.5% | ||
| Q2 24 | -68.4% | 15.7% | ||
| Q1 24 | -128.8% | 19.8% |
| Q4 25 | -11.4% | -12.5% | ||
| Q3 25 | -26.4% | 9.7% | ||
| Q2 25 | 157.8% | -7.3% | ||
| Q1 25 | -67.2% | 0.5% | ||
| Q4 24 | -217.2% | -8.7% | ||
| Q3 24 | -7.0% | 12.4% | ||
| Q2 24 | -147.5% | 5.6% | ||
| Q1 24 | -145.0% | 7.8% |
| Q4 25 | $-0.07 | $-0.02 | ||
| Q3 25 | $-0.07 | $0.02 | ||
| Q2 25 | $-0.31 | $-0.01 | ||
| Q1 25 | $-0.16 | $0.00 | ||
| Q4 24 | $-0.66 | $-0.01 | ||
| Q3 24 | $-0.03 | $0.02 | ||
| Q2 24 | $-0.57 | $0.01 | ||
| Q1 24 | $-0.52 | $0.01 |
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 | $318.7M |
| Total DebtLower is stronger | — | $352.3M |
| Stockholders' EquityBook value | $1.4B | $879.4M |
| Total Assets | $5.2B | $1.5B |
| Debt / EquityLower = less leverage | — | 0.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $318.7M | ||
| Q3 25 | $73.9M | $286.4M | ||
| Q2 25 | $41.6M | $289.3M | ||
| Q1 25 | $68.7M | $580.9M | ||
| Q4 24 | $286.2M | $586.0M | ||
| Q3 24 | $58.2M | $538.8M | ||
| Q2 24 | $3.3M | $507.9M | ||
| Q1 24 | $4.4M | $507.5M |
| Q4 25 | — | $352.3M | ||
| Q3 25 | — | $352.1M | ||
| Q2 25 | — | $351.9M | ||
| Q1 25 | — | $649.1M | ||
| Q4 24 | — | $650.5M | ||
| Q3 24 | — | $651.8M | ||
| Q2 24 | — | $653.1M | ||
| Q1 24 | — | $654.4M |
| Q4 25 | $1.4B | $879.4M | ||
| Q3 25 | $1.0B | $888.7M | ||
| Q2 25 | $497.7M | $874.2M | ||
| Q1 25 | $454.6M | $878.3M | ||
| Q4 24 | $434.6M | $874.4M | ||
| Q3 24 | $241.8M | $879.7M | ||
| Q2 24 | $124.8M | $863.3M | ||
| Q1 24 | $118.5M | $855.7M |
| Q4 25 | $5.2B | $1.5B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $937.7M | $1.8B | ||
| Q2 24 | $762.9M | $1.8B | ||
| Q1 24 | $643.2M | $1.8B |
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.76× |
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 | $32.7M |
| Free Cash FlowOCF − Capex | $-567.9M | $32.6M |
| FCF MarginFCF / Revenue | -448.6% | 31.0% |
| Capex IntensityCapex / Revenue | 436.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $58.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $32.7M | ||
| Q3 25 | $-82.0M | $8.0M | ||
| Q2 25 | $6.9M | $20.9M | ||
| Q1 25 | $5.9M | $-2.9M | ||
| Q4 24 | $-52.3M | $49.7M | ||
| Q3 24 | $-75.9M | $33.5M | ||
| Q2 24 | $-34.1M | $16.2M | ||
| Q1 24 | $38.8M | $43.7M |
| Q4 25 | $-567.9M | $32.6M | ||
| Q3 25 | $-331.4M | $7.9M | ||
| Q2 25 | $-191.4M | $20.8M | ||
| Q1 25 | $-251.6M | $-3.0M | ||
| Q4 24 | $-223.3M | $49.2M | ||
| Q3 24 | $-130.7M | $33.3M | ||
| Q2 24 | $-88.9M | $16.1M | ||
| Q1 24 | $-2.3M | $43.3M |
| Q4 25 | -448.6% | 31.0% | ||
| Q3 25 | -516.1% | 6.9% | ||
| Q2 25 | 574.8% | 19.6% | ||
| Q1 25 | -475.4% | -3.1% | ||
| Q4 24 | -349.6% | 48.9% | ||
| Q3 24 | -215.3% | 28.0% | ||
| Q2 24 | -203.5% | 15.5% | ||
| Q1 24 | -5.4% | 43.7% |
| Q4 25 | 436.1% | 0.1% | ||
| Q3 25 | 388.4% | 0.1% | ||
| Q2 25 | -595.4% | 0.1% | ||
| Q1 25 | 486.6% | 0.0% | ||
| Q4 24 | 267.8% | 0.4% | ||
| Q3 24 | 90.3% | 0.1% | ||
| Q2 24 | 125.4% | 0.1% | ||
| Q1 24 | 95.0% | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.27× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.26× | ||
| Q2 24 | — | 2.81× | ||
| Q1 24 | — | 5.64× |
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% |
OLPX
| Sales Channel Directly To Consumer | $43.6M | 42% |
| Sales Channel Through Intermediary Professional | $36.8M | 35% |
| Sales Channel Through Intermediary Specialty Retail | $24.7M | 23% |
