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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
Purple Innovation, Inc. is the larger business by last-quarter revenue ($140.7M vs $126.6M, roughly 1.1× Applied Digital Corp.). Purple Innovation, Inc. runs the higher net margin — -2.3% vs -11.4%, a 9.1% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 9.1%). Purple Innovation, Inc. produced more free cash flow last quarter ($-7.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 8.3%).
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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
APLD vs PRPL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $140.7M |
| Net Profit | $-14.4M | $-3.2M |
| Gross Margin | 20.6% | 41.9% |
| Operating Margin | -24.5% | -1.6% |
| Net Margin | -11.4% | -2.3% |
| Revenue YoY | 98.2% | 9.1% |
| Net Profit YoY | 89.6% | 62.1% |
| EPS (diluted) | $-0.07 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $64.2M | $118.8M | ||
| Q2 25 | $-33.3M | $105.1M | ||
| Q1 25 | $52.9M | $104.2M | ||
| Q4 24 | $63.9M | $129.0M | ||
| Q3 24 | $60.7M | $118.6M | ||
| Q2 24 | $43.7M | $120.3M | ||
| Q1 24 | $43.3M | $120.0M |
| Q4 25 | $-14.4M | $-3.2M | ||
| Q3 25 | $-16.9M | $-11.7M | ||
| Q2 25 | $-52.5M | $-17.3M | ||
| Q1 25 | $-35.6M | $-19.1M | ||
| Q4 24 | $-138.7M | $-8.5M | ||
| Q3 24 | $-4.2M | $-39.2M | ||
| Q2 24 | $-64.5M | $27.0K | ||
| Q1 24 | $-62.8M | $-50.2M |
| Q4 25 | 20.6% | 41.9% | ||
| Q3 25 | 13.4% | 42.8% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | 7.1% | 39.4% | ||
| Q4 24 | 18.0% | 42.9% | ||
| Q3 24 | -0.6% | 29.7% | ||
| Q2 24 | -9.1% | 40.7% | ||
| Q1 24 | -8.6% | 34.8% |
| Q4 25 | -24.5% | -1.6% | ||
| Q3 25 | -34.7% | -10.2% | ||
| Q2 25 | — | -13.5% | ||
| Q1 25 | -35.8% | -13.9% | ||
| Q4 24 | -29.1% | -6.0% | ||
| Q3 24 | 15.6% | -39.5% | ||
| Q2 24 | -68.4% | -12.1% | ||
| Q1 24 | -128.8% | -19.3% |
| Q4 25 | -11.4% | -2.3% | ||
| Q3 25 | -26.4% | -9.9% | ||
| Q2 25 | 157.8% | -16.5% | ||
| Q1 25 | -67.2% | -18.4% | ||
| Q4 24 | -217.2% | -6.6% | ||
| Q3 24 | -7.0% | -33.1% | ||
| Q2 24 | -147.5% | 0.0% | ||
| Q1 24 | -145.0% | -41.8% |
| Q4 25 | $-0.07 | $0.03 | ||
| Q3 25 | $-0.07 | $0.11 | ||
| Q2 25 | $-0.31 | $0.16 | ||
| Q1 25 | $-0.16 | $0.18 | ||
| Q4 24 | $-0.66 | $0.08 | ||
| Q3 24 | $-0.03 | $0.36 | ||
| Q2 24 | $-0.57 | $0.00 | ||
| Q1 24 | $-0.52 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $1.4B | $-29.7M |
| Total Assets | $5.2B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $24.3M | ||
| Q3 25 | $73.9M | $32.4M | ||
| Q2 25 | $41.6M | $34.2M | ||
| Q1 25 | $68.7M | $21.6M | ||
| Q4 24 | $286.2M | $29.0M | ||
| Q3 24 | $58.2M | $23.4M | ||
| Q2 24 | $3.3M | $23.4M | ||
| Q1 24 | $4.4M | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $-29.7M | ||
| Q3 25 | $1.0B | $-26.9M | ||
| Q2 25 | $497.7M | $-15.6M | ||
| Q1 25 | $454.6M | $1.3M | ||
| Q4 24 | $434.6M | $20.2M | ||
| Q3 24 | $241.8M | $28.0M | ||
| Q2 24 | $124.8M | $66.4M | ||
| Q1 24 | $118.5M | $65.5M |
| Q4 25 | $5.2B | $296.3M | ||
| Q3 25 | $2.4B | $302.1M | ||
| Q2 25 | $1.9B | $303.8M | ||
| Q1 25 | $1.7B | $293.8M | ||
| Q4 24 | $1.5B | $307.8M | ||
| Q3 24 | $937.7M | $309.3M | ||
| Q2 24 | $762.9M | $362.1M | ||
| Q1 24 | $643.2M | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| 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 | $-7.8M |
| FCF MarginFCF / Revenue | -448.6% | -5.5% |
| Capex IntensityCapex / Revenue | 436.1% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-5.8M | ||
| Q3 25 | $-82.0M | $-968.0K | ||
| Q2 25 | $6.9M | $-4.0M | ||
| Q1 25 | $5.9M | $-23.1M | ||
| Q4 24 | $-52.3M | $6.8M | ||
| Q3 24 | $-75.9M | $1.1M | ||
| Q2 24 | $-34.1M | $-8.9M | ||
| Q1 24 | $38.8M | $-16.8M |
| Q4 25 | $-567.9M | $-7.8M | ||
| Q3 25 | $-331.4M | $-1.8M | ||
| Q2 25 | $-191.4M | $-7.0M | ||
| Q1 25 | $-251.6M | $-25.3M | ||
| Q4 24 | $-223.3M | $5.7M | ||
| Q3 24 | $-130.7M | $101.0K | ||
| Q2 24 | $-88.9M | $-11.0M | ||
| Q1 24 | $-2.3M | $-19.9M |
| Q4 25 | -448.6% | -5.5% | ||
| Q3 25 | -516.1% | -1.5% | ||
| Q2 25 | 574.8% | -6.6% | ||
| Q1 25 | -475.4% | -24.3% | ||
| Q4 24 | -349.6% | 4.4% | ||
| Q3 24 | -215.3% | 0.1% | ||
| Q2 24 | -203.5% | -9.2% | ||
| Q1 24 | -5.4% | -16.5% |
| Q4 25 | 436.1% | 1.4% | ||
| Q3 25 | 388.4% | 0.7% | ||
| Q2 25 | -595.4% | 2.8% | ||
| Q1 25 | 486.6% | 2.2% | ||
| Q4 24 | 267.8% | 0.8% | ||
| Q3 24 | 90.3% | 0.9% | ||
| Q2 24 | 125.4% | 1.7% | ||
| Q1 24 | 95.0% | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -330.22× | ||
| 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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
