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Side-by-side financial comparison of Applied Digital Corp. (APLD) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
CPI Card Group Inc. is the larger business by last-quarter revenue ($153.1M vs $126.6M, roughly 1.2× Applied Digital Corp.). CPI Card Group Inc. runs the higher net margin — 4.8% vs -11.4%, a 16.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 22.3%). CPI Card Group Inc. produced more free cash flow last quarter ($35.2M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 16.9%).
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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
APLD vs PMTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $153.1M |
| Net Profit | $-14.4M | $7.3M |
| Gross Margin | 20.6% | 31.5% |
| Operating Margin | -24.5% | 12.0% |
| Net Margin | -11.4% | 4.8% |
| Revenue YoY | 98.2% | 22.3% |
| Net Profit YoY | 89.6% | 8.5% |
| EPS (diluted) | $-0.07 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $64.2M | $138.0M | ||
| Q2 25 | $-33.3M | $129.8M | ||
| Q1 25 | $52.9M | $122.8M | ||
| Q4 24 | $63.9M | $125.1M | ||
| Q3 24 | $60.7M | $124.8M | ||
| Q2 24 | $43.7M | $118.8M | ||
| Q1 24 | $43.3M | $111.9M |
| Q4 25 | $-14.4M | $7.3M | ||
| Q3 25 | $-16.9M | $2.3M | ||
| Q2 25 | $-52.5M | $518.0K | ||
| Q1 25 | $-35.6M | $4.8M | ||
| Q4 24 | $-138.7M | $6.8M | ||
| Q3 24 | $-4.2M | $1.3M | ||
| Q2 24 | $-64.5M | $6.0M | ||
| Q1 24 | $-62.8M | $5.5M |
| Q4 25 | 20.6% | 31.5% | ||
| Q3 25 | 13.4% | 29.7% | ||
| Q2 25 | — | 30.9% | ||
| Q1 25 | 7.1% | 33.2% | ||
| Q4 24 | 18.0% | 34.1% | ||
| Q3 24 | -0.6% | 35.8% | ||
| Q2 24 | -9.1% | 35.7% | ||
| Q1 24 | -8.6% | 37.1% |
| Q4 25 | -24.5% | 12.0% | ||
| Q3 25 | -34.7% | 9.4% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | -35.8% | 11.5% | ||
| Q4 24 | -29.1% | 12.7% | ||
| Q3 24 | 15.6% | 14.3% | ||
| Q2 24 | -68.4% | 12.5% | ||
| Q1 24 | -128.8% | 12.6% |
| Q4 25 | -11.4% | 4.8% | ||
| Q3 25 | -26.4% | 1.7% | ||
| Q2 25 | 157.8% | 0.4% | ||
| Q1 25 | -67.2% | 3.9% | ||
| Q4 24 | -217.2% | 5.4% | ||
| Q3 24 | -7.0% | 1.0% | ||
| Q2 24 | -147.5% | 5.1% | ||
| Q1 24 | -145.0% | 4.9% |
| Q4 25 | $-0.07 | $0.62 | ||
| Q3 25 | $-0.07 | $0.19 | ||
| Q2 25 | $-0.31 | $0.04 | ||
| Q1 25 | $-0.16 | $0.40 | ||
| Q4 24 | $-0.66 | $0.56 | ||
| Q3 24 | $-0.03 | $0.11 | ||
| Q2 24 | $-0.57 | $0.51 | ||
| Q1 24 | $-0.52 | $0.46 |
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 | $21.7M |
| Total DebtLower is stronger | — | $286.7M |
| Stockholders' EquityBook value | $1.4B | $-17.3M |
| Total Assets | $5.2B | $403.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $21.7M | ||
| Q3 25 | $73.9M | $16.0M | ||
| Q2 25 | $41.6M | $17.1M | ||
| Q1 25 | $68.7M | $31.5M | ||
| Q4 24 | $286.2M | $33.5M | ||
| Q3 24 | $58.2M | $14.7M | ||
| Q2 24 | $3.3M | $7.5M | ||
| Q1 24 | $4.4M | $17.1M |
| Q4 25 | — | $286.7M | ||
| Q3 25 | — | $308.4M | ||
| Q2 25 | — | $310.9M | ||
| Q1 25 | — | $280.7M | ||
| Q4 24 | — | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | — | $269.7M | ||
| Q1 24 | — | $265.3M |
| Q4 25 | $1.4B | $-17.3M | ||
| Q3 25 | $1.0B | $-25.7M | ||
| Q2 25 | $497.7M | $-29.0M | ||
| Q1 25 | $454.6M | $-29.7M | ||
| Q4 24 | $434.6M | $-35.6M | ||
| Q3 24 | $241.8M | $-42.8M | ||
| Q2 24 | $124.8M | $-44.6M | ||
| Q1 24 | $118.5M | $-48.5M |
| Q4 25 | $5.2B | $403.2M | ||
| Q3 25 | $2.4B | $407.1M | ||
| Q2 25 | $1.9B | $399.8M | ||
| Q1 25 | $1.7B | $351.9M | ||
| Q4 24 | $1.5B | $349.7M | ||
| Q3 24 | $937.7M | $342.3M | ||
| Q2 24 | $762.9M | $321.4M | ||
| Q1 24 | $643.2M | $319.8M |
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 | $39.6M |
| Free Cash FlowOCF − Capex | $-567.9M | $35.2M |
| FCF MarginFCF / Revenue | -448.6% | 23.0% |
| Capex IntensityCapex / Revenue | 436.1% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $39.6M | ||
| Q3 25 | $-82.0M | $10.0M | ||
| Q2 25 | $6.9M | $4.3M | ||
| Q1 25 | $5.9M | $5.6M | ||
| Q4 24 | $-52.3M | $26.7M | ||
| Q3 24 | $-75.9M | $12.5M | ||
| Q2 24 | $-34.1M | $-4.8M | ||
| Q1 24 | $38.8M | $8.9M |
| Q4 25 | $-567.9M | $35.2M | ||
| Q3 25 | $-331.4M | $5.3M | ||
| Q2 25 | $-191.4M | $533.0K | ||
| Q1 25 | $-251.6M | $292.0K | ||
| Q4 24 | $-223.3M | $21.6M | ||
| Q3 24 | $-130.7M | $11.1M | ||
| Q2 24 | $-88.9M | $-6.0M | ||
| Q1 24 | $-2.3M | $7.4M |
| Q4 25 | -448.6% | 23.0% | ||
| Q3 25 | -516.1% | 3.8% | ||
| Q2 25 | 574.8% | 0.4% | ||
| Q1 25 | -475.4% | 0.2% | ||
| Q4 24 | -349.6% | 17.3% | ||
| Q3 24 | -215.3% | 8.9% | ||
| Q2 24 | -203.5% | -5.0% | ||
| Q1 24 | -5.4% | 6.6% |
| Q4 25 | 436.1% | 2.9% | ||
| Q3 25 | 388.4% | 3.4% | ||
| Q2 25 | -595.4% | 2.9% | ||
| Q1 25 | 486.6% | 4.3% | ||
| Q4 24 | 267.8% | 4.0% | ||
| Q3 24 | 90.3% | 1.2% | ||
| Q2 24 | 125.4% | 1.0% | ||
| Q1 24 | 95.0% | 1.3% |
| Q4 25 | — | 5.39× | ||
| Q3 25 | — | 4.32× | ||
| Q2 25 | — | 8.39× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 3.94× | ||
| Q3 24 | — | 9.70× | ||
| Q2 24 | — | -0.79× | ||
| Q1 24 | — | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
