vs
Side-by-side financial comparison of Applied Digital Corp. (APLD) and PAMT CORP (PAMT). Click either name above to swap in a different company.
PAMT CORP is the larger business by last-quarter revenue ($141.3M vs $126.6M, roughly 1.1× Applied Digital Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -20.7%, a 9.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -15.1%). PAMT CORP produced more free cash flow last quarter ($-25.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -12.0%).
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 PAMT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $141.3M |
| Net Profit | $-14.4M | $-29.3M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -27.0% |
| Net Margin | -11.4% | -20.7% |
| Revenue YoY | 98.2% | -15.1% |
| Net Profit YoY | 89.6% | 7.4% |
| EPS (diluted) | $-0.07 | $-1.38 |
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 | $141.3M | ||
| Q3 25 | $64.2M | $150.3M | ||
| Q2 25 | $-33.3M | $151.1M | ||
| Q1 25 | $52.9M | $155.3M | ||
| Q4 24 | $63.9M | $166.5M | ||
| Q3 24 | $60.7M | $182.6M | ||
| Q2 24 | $43.7M | $182.9M | ||
| Q1 24 | $43.3M | $182.6M |
| Q4 25 | $-14.4M | $-29.3M | ||
| Q3 25 | $-16.9M | $-5.6M | ||
| Q2 25 | $-52.5M | $-9.6M | ||
| Q1 25 | $-35.6M | $-8.1M | ||
| Q4 24 | $-138.7M | $-31.6M | ||
| Q3 24 | $-4.2M | $2.4M | ||
| Q2 24 | $-64.5M | $-2.9M | ||
| Q1 24 | $-62.8M | $281.0K |
| 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% | -27.0% | ||
| Q3 25 | -34.7% | -3.8% | ||
| Q2 25 | — | -7.3% | ||
| Q1 25 | -35.8% | -5.9% | ||
| Q4 24 | -29.1% | -22.6% | ||
| Q3 24 | 15.6% | 1.3% | ||
| Q2 24 | -68.4% | -0.4% | ||
| Q1 24 | -128.8% | -0.4% |
| Q4 25 | -11.4% | -20.7% | ||
| Q3 25 | -26.4% | -3.7% | ||
| Q2 25 | 157.8% | -6.4% | ||
| Q1 25 | -67.2% | -5.2% | ||
| Q4 24 | -217.2% | -19.0% | ||
| Q3 24 | -7.0% | 1.3% | ||
| Q2 24 | -147.5% | -1.6% | ||
| Q1 24 | -145.0% | 0.2% |
| Q4 25 | $-0.07 | $-1.38 | ||
| Q3 25 | $-0.07 | $-0.27 | ||
| Q2 25 | $-0.31 | $-0.46 | ||
| Q1 25 | $-0.16 | $-0.37 | ||
| Q4 24 | $-0.66 | $-1.44 | ||
| Q3 24 | $-0.03 | $0.11 | ||
| Q2 24 | $-0.57 | $-0.13 | ||
| 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 | $83.7M |
| Total DebtLower is stronger | — | $333.9M |
| Stockholders' EquityBook value | $1.4B | $210.5M |
| Total Assets | $5.2B | $697.9M |
| Debt / EquityLower = less leverage | — | 1.59× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $83.7M | ||
| Q3 25 | $73.9M | $115.6M | ||
| Q2 25 | $41.6M | $117.3M | ||
| Q1 25 | $68.7M | $102.7M | ||
| Q4 24 | $286.2M | $110.7M | ||
| Q3 24 | $58.2M | $92.3M | ||
| Q2 24 | $3.3M | $114.0M | ||
| Q1 24 | $4.4M | $125.8M |
| Q4 25 | — | $333.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $325.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $210.5M | ||
| Q3 25 | $1.0B | $239.5M | ||
| Q2 25 | $497.7M | $244.9M | ||
| Q1 25 | $454.6M | $269.6M | ||
| Q4 24 | $434.6M | $277.5M | ||
| Q3 24 | $241.8M | $308.9M | ||
| Q2 24 | $124.8M | $306.7M | ||
| Q1 24 | $118.5M | $314.6M |
| Q4 25 | $5.2B | $697.9M | ||
| Q3 25 | $2.4B | $715.2M | ||
| Q2 25 | $1.9B | $707.9M | ||
| Q1 25 | $1.7B | $712.6M | ||
| Q4 24 | $1.5B | $741.7M | ||
| Q3 24 | $937.7M | $756.7M | ||
| Q2 24 | $762.9M | $733.5M | ||
| Q1 24 | $643.2M | $746.4M |
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| 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 | $-5.8M |
| Free Cash FlowOCF − Capex | $-567.9M | $-25.0M |
| FCF MarginFCF / Revenue | -448.6% | -17.7% |
| Capex IntensityCapex / Revenue | 436.1% | 13.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-23.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-5.8M | ||
| Q3 25 | $-82.0M | $5.9M | ||
| Q2 25 | $6.9M | $12.2M | ||
| Q1 25 | $5.9M | $5.0M | ||
| Q4 24 | $-52.3M | $15.2M | ||
| Q3 24 | $-75.9M | $15.5M | ||
| Q2 24 | $-34.1M | $18.7M | ||
| Q1 24 | $38.8M | $9.6M |
| Q4 25 | $-567.9M | $-25.0M | ||
| Q3 25 | $-331.4M | $2.5M | ||
| Q2 25 | $-191.4M | $5.9M | ||
| Q1 25 | $-251.6M | $-6.8M | ||
| Q4 24 | $-223.3M | $-39.9M | ||
| Q3 24 | $-130.7M | $-33.6M | ||
| Q2 24 | $-88.9M | $4.1M | ||
| Q1 24 | $-2.3M | $-12.2M |
| Q4 25 | -448.6% | -17.7% | ||
| Q3 25 | -516.1% | 1.7% | ||
| Q2 25 | 574.8% | 3.9% | ||
| Q1 25 | -475.4% | -4.4% | ||
| Q4 24 | -349.6% | -24.0% | ||
| Q3 24 | -215.3% | -18.4% | ||
| Q2 24 | -203.5% | 2.2% | ||
| Q1 24 | -5.4% | -6.7% |
| Q4 25 | 436.1% | 13.6% | ||
| Q3 25 | 388.4% | 2.3% | ||
| Q2 25 | -595.4% | 4.2% | ||
| Q1 25 | 486.6% | 7.6% | ||
| Q4 24 | 267.8% | 33.1% | ||
| Q3 24 | 90.3% | 26.9% | ||
| Q2 24 | 125.4% | 8.0% | ||
| Q1 24 | 95.0% | 12.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.44× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 34.11× |
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% |
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
