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Side-by-side financial comparison of Applied Digital Corp. (APLD) and PTC THERAPEUTICS, INC. (PTCT). Click either name above to swap in a different company.
PTC THERAPEUTICS, INC. is the larger business by last-quarter revenue ($164.7M vs $126.6M, roughly 1.3× Applied Digital Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -82.0%, a 70.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -22.7%). PTC THERAPEUTICS, INC. produced more free cash flow last quarter ($-36.6M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -11.5%).
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.
PTC Therapeutics, Inc. is a US pharmaceutical company focused on the development of orally administered small molecule drugs and gene therapy which regulate gene expression by targeting post-transcriptional control (PTC) mechanisms in orphan diseases.
APLD vs PTCT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $164.7M |
| Net Profit | $-14.4M | $-135.0M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -43.3% |
| Net Margin | -11.4% | -82.0% |
| Revenue YoY | 98.2% | -22.7% |
| Net Profit YoY | 89.6% | -104.8% |
| EPS (diluted) | $-0.07 | $-1.63 |
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 | $164.7M | ||
| Q3 25 | $64.2M | $211.0M | ||
| Q2 25 | $-33.3M | $178.9M | ||
| Q1 25 | $52.9M | $1.2B | ||
| Q4 24 | $63.9M | $213.2M | ||
| Q3 24 | $60.7M | $196.8M | ||
| Q2 24 | $43.7M | $186.7M | ||
| Q1 24 | $43.3M | $210.1M |
| Q4 25 | $-14.4M | $-135.0M | ||
| Q3 25 | $-16.9M | $15.9M | ||
| Q2 25 | $-52.5M | $-64.8M | ||
| Q1 25 | $-35.6M | $866.6M | ||
| Q4 24 | $-138.7M | $-65.9M | ||
| Q3 24 | $-4.2M | $-106.7M | ||
| Q2 24 | $-64.5M | $-99.2M | ||
| Q1 24 | $-62.8M | $-91.6M |
| 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% | -43.3% | ||
| Q3 25 | -34.7% | 1.4% | ||
| Q2 25 | — | -19.5% | ||
| Q1 25 | -35.8% | 82.5% | ||
| Q4 24 | -29.1% | -76.2% | ||
| Q3 24 | 15.6% | -27.7% | ||
| Q2 24 | -68.4% | -21.5% | ||
| Q1 24 | -128.8% | -21.6% |
| Q4 25 | -11.4% | -82.0% | ||
| Q3 25 | -26.4% | 7.5% | ||
| Q2 25 | 157.8% | -36.3% | ||
| Q1 25 | -67.2% | 73.7% | ||
| Q4 24 | -217.2% | -30.9% | ||
| Q3 24 | -7.0% | -54.2% | ||
| Q2 24 | -147.5% | -53.1% | ||
| Q1 24 | -145.0% | -43.6% |
| Q4 25 | $-0.07 | $-1.63 | ||
| Q3 25 | $-0.07 | $0.20 | ||
| Q2 25 | $-0.31 | $-0.83 | ||
| Q1 25 | $-0.16 | $10.04 | ||
| Q4 24 | $-0.66 | $-0.85 | ||
| Q3 24 | $-0.03 | $-1.39 | ||
| Q2 24 | $-0.57 | $-1.29 | ||
| Q1 24 | $-0.52 | $-1.20 |
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 | $1.9B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $-205.3M |
| Total Assets | $5.2B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $1.9B | ||
| Q3 25 | $73.9M | $1.7B | ||
| Q2 25 | $41.6M | $2.0B | ||
| Q1 25 | $68.7M | $2.0B | ||
| Q4 24 | $286.2M | $1.1B | ||
| Q3 24 | $58.2M | $1.0B | ||
| Q2 24 | $3.3M | $1.1B | ||
| Q1 24 | $4.4M | $884.8M |
| Q4 25 | $1.4B | $-205.3M | ||
| Q3 25 | $1.0B | $-155.8M | ||
| Q2 25 | $497.7M | $-206.5M | ||
| Q1 25 | $454.6M | $-185.8M | ||
| Q4 24 | $434.6M | $-1.1B | ||
| Q3 24 | $241.8M | $-1.1B | ||
| Q2 24 | $124.8M | $-980.2M | ||
| Q1 24 | $118.5M | $-893.9M |
| Q4 25 | $5.2B | $2.9B | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $1.9B | $2.6B | ||
| Q1 25 | $1.7B | $2.7B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $937.7M | $1.8B | ||
| Q2 24 | $762.9M | $1.9B | ||
| Q1 24 | $643.2M | $1.8B |
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 | $-34.3M |
| Free Cash FlowOCF − Capex | $-567.9M | $-36.6M |
| FCF MarginFCF / Revenue | -448.6% | -22.3% |
| Capex IntensityCapex / Revenue | 436.1% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $702.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-34.3M | ||
| Q3 25 | $-82.0M | $-66.3M | ||
| Q2 25 | $6.9M | $-58.3M | ||
| Q1 25 | $5.9M | $870.1M | ||
| Q4 24 | $-52.3M | $-30.0M | ||
| Q3 24 | $-75.9M | $-77.0M | ||
| Q2 24 | $-34.1M | $-71.5M | ||
| Q1 24 | $38.8M | $70.8M |
| Q4 25 | $-567.9M | $-36.6M | ||
| Q3 25 | $-331.4M | $-69.7M | ||
| Q2 25 | $-191.4M | $-59.6M | ||
| Q1 25 | $-251.6M | $868.4M | ||
| Q4 24 | $-223.3M | $-33.8M | ||
| Q3 24 | $-130.7M | $-77.5M | ||
| Q2 24 | $-88.9M | $-78.8M | ||
| Q1 24 | $-2.3M | $61.2M |
| Q4 25 | -448.6% | -22.3% | ||
| Q3 25 | -516.1% | -33.1% | ||
| Q2 25 | 574.8% | -33.3% | ||
| Q1 25 | -475.4% | 73.8% | ||
| Q4 24 | -349.6% | -15.8% | ||
| Q3 24 | -215.3% | -39.4% | ||
| Q2 24 | -203.5% | -42.2% | ||
| Q1 24 | -5.4% | 29.1% |
| Q4 25 | 436.1% | 1.4% | ||
| Q3 25 | 388.4% | 1.6% | ||
| Q2 25 | -595.4% | 0.7% | ||
| Q1 25 | 486.6% | 0.1% | ||
| Q4 24 | 267.8% | 1.8% | ||
| Q3 24 | 90.3% | 0.3% | ||
| Q2 24 | 125.4% | 4.0% | ||
| Q1 24 | 95.0% | 4.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | -4.17× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
PTCT
Segment breakdown not available.
