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Side-by-side financial comparison of Applied Digital Corp. (APLD) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $88.4M, roughly 1.4× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -11.4%, a 29.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 18.7%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 17.6%).
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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
APLD vs OPAL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $88.4M |
| Net Profit | $-14.4M | $16.2M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 7.5% |
| Net Margin | -11.4% | 18.3% |
| Revenue YoY | 98.2% | 18.7% |
| Net Profit YoY | 89.6% | 401.5% |
| EPS (diluted) | $-0.07 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $64.2M | $77.9M | ||
| Q2 25 | $-33.3M | $77.4M | ||
| Q1 25 | $52.9M | $83.0M | ||
| Q4 24 | $63.9M | $74.5M | ||
| Q3 24 | $60.7M | $82.6M | ||
| Q2 24 | $43.7M | $69.8M | ||
| Q1 24 | $43.3M | $64.0M |
| Q4 25 | $-14.4M | $16.2M | ||
| Q3 25 | $-16.9M | $11.4M | ||
| Q2 25 | $-52.5M | $7.6M | ||
| Q1 25 | $-35.6M | $1.3M | ||
| Q4 24 | $-138.7M | $-5.4M | ||
| Q3 24 | $-4.2M | $17.1M | ||
| Q2 24 | $-64.5M | $1.9M | ||
| Q1 24 | $-62.8M | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | -34.7% | 4.6% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | -35.8% | -2.3% | ||
| Q4 24 | -29.1% | -0.5% | ||
| Q3 24 | 15.6% | 14.9% | ||
| Q2 24 | -68.4% | 8.1% | ||
| Q1 24 | -128.8% | 5.6% |
| Q4 25 | -11.4% | 18.3% | ||
| Q3 25 | -26.4% | 14.6% | ||
| Q2 25 | 157.8% | 9.8% | ||
| Q1 25 | -67.2% | 1.5% | ||
| Q4 24 | -217.2% | -7.2% | ||
| Q3 24 | -7.0% | 20.7% | ||
| Q2 24 | -147.5% | 2.7% | ||
| Q1 24 | -145.0% | 1.1% |
| Q4 25 | $-0.07 | $0.08 | ||
| Q3 25 | $-0.07 | $0.05 | ||
| Q2 25 | $-0.31 | $0.03 | ||
| Q1 25 | $-0.16 | $-0.01 | ||
| Q4 24 | $-0.66 | $-0.05 | ||
| Q3 24 | $-0.03 | $0.09 | ||
| 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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $1.4B | $-12.9M |
| Total Assets | $5.2B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $24.4M | ||
| Q3 25 | $73.9M | $29.9M | ||
| Q2 25 | $41.6M | $29.3M | ||
| Q1 25 | $68.7M | $40.1M | ||
| Q4 24 | $286.2M | $24.3M | ||
| Q3 24 | $58.2M | $31.0M | ||
| Q2 24 | $3.3M | $27.6M | ||
| Q1 24 | $4.4M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $1.4B | $-12.9M | ||
| Q3 25 | $1.0B | $7.5M | ||
| Q2 25 | $497.7M | $-25.0M | ||
| Q1 25 | $454.6M | $57.1M | ||
| Q4 24 | $434.6M | $-148.4M | ||
| Q3 24 | $241.8M | $-180.1M | ||
| Q2 24 | $124.8M | $-273.0M | ||
| Q1 24 | $118.5M | $-382.4M |
| Q4 25 | $5.2B | $959.5M | ||
| Q3 25 | $2.4B | $916.7M | ||
| Q2 25 | $1.9B | $905.5M | ||
| Q1 25 | $1.7B | $884.9M | ||
| Q4 24 | $1.5B | $881.1M | ||
| Q3 24 | $937.7M | $831.1M | ||
| Q2 24 | $762.9M | $782.3M | ||
| Q1 24 | $643.2M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-567.9M | $-13.4M |
| FCF MarginFCF / Revenue | -448.6% | -15.1% |
| Capex IntensityCapex / Revenue | 436.1% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-3.5M | ||
| Q3 25 | $-82.0M | $18.2M | ||
| Q2 25 | $6.9M | $-7.9M | ||
| Q1 25 | $5.9M | $29.7M | ||
| Q4 24 | $-52.3M | $-532.0K | ||
| Q3 24 | $-75.9M | $17.7M | ||
| Q2 24 | $-34.1M | $533.0K | ||
| Q1 24 | $38.8M | $13.7M |
| Q4 25 | $-567.9M | $-13.4M | ||
| Q3 25 | $-331.4M | $-9.3M | ||
| Q2 25 | $-191.4M | $-29.7M | ||
| Q1 25 | $-251.6M | $18.1M | ||
| Q4 24 | $-223.3M | $-55.0M | ||
| Q3 24 | $-130.7M | $-5.4M | ||
| Q2 24 | $-88.9M | $-22.5M | ||
| Q1 24 | $-2.3M | $-13.0M |
| Q4 25 | -448.6% | -15.1% | ||
| Q3 25 | -516.1% | -11.9% | ||
| Q2 25 | 574.8% | -38.4% | ||
| Q1 25 | -475.4% | 21.8% | ||
| Q4 24 | -349.6% | -73.8% | ||
| Q3 24 | -215.3% | -6.5% | ||
| Q2 24 | -203.5% | -32.2% | ||
| Q1 24 | -5.4% | -20.4% |
| Q4 25 | 436.1% | 11.1% | ||
| Q3 25 | 388.4% | 35.3% | ||
| Q2 25 | -595.4% | 28.2% | ||
| Q1 25 | 486.6% | 13.9% | ||
| Q4 24 | 267.8% | 73.1% | ||
| Q3 24 | 90.3% | 27.9% | ||
| Q2 24 | 125.4% | 32.9% | ||
| Q1 24 | 95.0% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
