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Side-by-side financial comparison of Applied Digital Corp. (APLD) and PUMA BIOTECHNOLOGY, INC. (PBYI). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $75.5M, roughly 1.7× PUMA BIOTECHNOLOGY, INC.). On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 27.7%). PUMA BIOTECHNOLOGY, INC. produced more free cash flow last quarter ($14.4M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 31.3%).
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.
Puma Biotechnology is a publicly traded biopharmaceutical company headquartered in Los Angeles, CA.
APLD vs PBYI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $75.5M |
| Net Profit | $-14.4M | — |
| Gross Margin | 20.6% | 69.3% |
| Operating Margin | -24.5% | 22.7% |
| Net Margin | -11.4% | — |
| Revenue YoY | 98.2% | 27.7% |
| Net Profit YoY | 89.6% | — |
| EPS (diluted) | $-0.07 | $0.26 |
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 | $75.5M | ||
| Q3 25 | $64.2M | $54.5M | ||
| Q2 25 | $-33.3M | $52.4M | ||
| Q1 25 | $52.9M | $46.0M | ||
| Q4 24 | $63.9M | $59.1M | ||
| Q3 24 | $60.7M | $80.5M | ||
| Q2 24 | $43.7M | $47.1M | ||
| Q1 24 | $43.3M | $43.8M |
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $8.8M | ||
| Q2 25 | $-52.5M | $5.9M | ||
| Q1 25 | $-35.6M | $3.0M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $20.3M | ||
| Q2 24 | $-64.5M | $-4.5M | ||
| Q1 24 | $-62.8M | $-4.8M |
| Q4 25 | 20.6% | 69.3% | ||
| Q3 25 | 13.4% | 77.7% | ||
| Q2 25 | — | 76.5% | ||
| Q1 25 | 7.1% | 77.1% | ||
| Q4 24 | 18.0% | 76.4% | ||
| Q3 24 | -0.6% | 63.9% | ||
| Q2 24 | -9.1% | 77.4% | ||
| Q1 24 | -8.6% | 75.5% |
| Q4 25 | -24.5% | 22.7% | ||
| Q3 25 | -34.7% | 17.6% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | -35.8% | 8.7% | ||
| Q4 24 | -29.1% | 22.6% | ||
| Q3 24 | 15.6% | 27.4% | ||
| Q2 24 | -68.4% | -4.6% | ||
| Q1 24 | -128.8% | -5.3% |
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | 16.2% | ||
| Q2 25 | 157.8% | 11.2% | ||
| Q1 25 | -67.2% | 6.5% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | 25.2% | ||
| Q2 24 | -147.5% | -9.6% | ||
| Q1 24 | -145.0% | -11.0% |
| Q4 25 | $-0.07 | $0.26 | ||
| Q3 25 | $-0.07 | $0.17 | ||
| Q2 25 | $-0.31 | $0.12 | ||
| Q1 25 | $-0.16 | $0.06 | ||
| Q4 24 | $-0.66 | $0.40 | ||
| Q3 24 | $-0.03 | $0.41 | ||
| Q2 24 | $-0.57 | $-0.09 | ||
| Q1 24 | $-0.52 | $-0.10 |
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 | $97.5M |
| Total DebtLower is stronger | — | $22.7M |
| Stockholders' EquityBook value | $1.4B | $130.3M |
| Total Assets | $5.2B | $216.3M |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $97.5M | ||
| Q3 25 | $73.9M | $94.4M | ||
| Q2 25 | $41.6M | $96.0M | ||
| Q1 25 | $68.7M | $93.2M | ||
| Q4 24 | $286.2M | $101.0M | ||
| Q3 24 | $58.2M | $96.7M | ||
| Q2 24 | $3.3M | $96.8M | ||
| Q1 24 | $4.4M | $107.2M |
| Q4 25 | — | $22.7M | ||
| Q3 25 | — | $34.0M | ||
| Q2 25 | — | $45.3M | ||
| Q1 25 | — | $56.7M | ||
| Q4 24 | — | $68.0M | ||
| Q3 24 | — | $79.3M | ||
| Q2 24 | — | $90.7M | ||
| Q1 24 | — | $102.0M |
| Q4 25 | $1.4B | $130.3M | ||
| Q3 25 | $1.0B | $115.3M | ||
| Q2 25 | $497.7M | $104.7M | ||
| Q1 25 | $454.6M | $97.1M | ||
| Q4 24 | $434.6M | $92.1M | ||
| Q3 24 | $241.8M | $71.1M | ||
| Q2 24 | $124.8M | $48.5M | ||
| Q1 24 | $118.5M | $51.0M |
| Q4 25 | $5.2B | $216.3M | ||
| Q3 25 | $2.4B | $202.9M | ||
| Q2 25 | $1.9B | $194.9M | ||
| Q1 25 | $1.7B | $196.2M | ||
| Q4 24 | $1.5B | $213.3M | ||
| Q3 24 | $937.7M | $220.7M | ||
| Q2 24 | $762.9M | $205.0M | ||
| Q1 24 | $643.2M | $214.1M |
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.87× | ||
| Q1 24 | — | 2.00× |
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 | $14.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $14.4M |
| FCF MarginFCF / Revenue | -448.6% | 19.1% |
| Capex IntensityCapex / Revenue | 436.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $41.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $14.4M | ||
| Q3 25 | $-82.0M | $9.7M | ||
| Q2 25 | $6.9M | $14.1M | ||
| Q1 25 | $5.9M | $3.6M | ||
| Q4 24 | $-52.3M | $15.6M | ||
| Q3 24 | $-75.9M | $11.0M | ||
| Q2 24 | $-34.1M | $1.0M | ||
| Q1 24 | $38.8M | $11.2M |
| Q4 25 | $-567.9M | $14.4M | ||
| Q3 25 | $-331.4M | $9.7M | ||
| Q2 25 | $-191.4M | $14.1M | ||
| Q1 25 | $-251.6M | $3.6M | ||
| Q4 24 | $-223.3M | $15.6M | ||
| Q3 24 | $-130.7M | $11.0M | ||
| Q2 24 | $-88.9M | $1.0M | ||
| Q1 24 | $-2.3M | — |
| Q4 25 | -448.6% | 19.1% | ||
| Q3 25 | -516.1% | 17.7% | ||
| Q2 25 | 574.8% | 26.8% | ||
| Q1 25 | -475.4% | 7.7% | ||
| Q4 24 | -349.6% | 26.4% | ||
| Q3 24 | -215.3% | 13.7% | ||
| Q2 24 | -203.5% | 2.1% | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 436.1% | 0.0% | ||
| Q3 25 | 388.4% | 0.0% | ||
| Q2 25 | -595.4% | 0.0% | ||
| Q1 25 | 486.6% | 0.1% | ||
| Q4 24 | 267.8% | 0.0% | ||
| Q3 24 | 90.3% | 0.0% | ||
| Q2 24 | 125.4% | 0.0% | ||
| Q1 24 | 95.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | 1.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
PBYI
Segment breakdown not available.
