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Side-by-side financial comparison of Applied Digital Corp. (APLD) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
BRC Group Holdings, Inc. is the larger business by last-quarter revenue ($188.3M vs $126.6M, roughly 1.5× Applied Digital Corp.). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs -11.4%, a 59.4% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -21.9%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -15.4%).
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 RILY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $188.3M |
| Net Profit | $-14.4M | $90.3M |
| Gross Margin | 20.6% | 79.5% |
| Operating Margin | -24.5% | 32.3% |
| Net Margin | -11.4% | 47.9% |
| Revenue YoY | 98.2% | -21.9% |
| Net Profit YoY | 89.6% | 1710.8% |
| EPS (diluted) | $-0.07 | $2.78 |
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 | $188.3M | ||
| Q3 25 | $64.2M | $215.3M | ||
| Q2 25 | $-33.3M | $188.2M | ||
| Q1 25 | $52.9M | $197.2M | ||
| Q4 24 | $63.9M | $241.0M | ||
| Q3 24 | $60.7M | $225.5M | ||
| Q2 24 | $43.7M | $256.0M | ||
| Q1 24 | $43.3M | $263.4M |
| Q4 25 | $-14.4M | $90.3M | ||
| Q3 25 | $-16.9M | $91.1M | ||
| Q2 25 | $-52.5M | $139.5M | ||
| Q1 25 | $-35.6M | $-10.0M | ||
| Q4 24 | $-138.7M | $-5.6M | ||
| Q3 24 | $-4.2M | $-284.4M | ||
| Q2 24 | $-64.5M | $-433.6M | ||
| Q1 24 | $-62.8M | $-49.2M |
| Q4 25 | 20.6% | 79.5% | ||
| Q3 25 | 13.4% | 83.7% | ||
| Q2 25 | — | 81.3% | ||
| Q1 25 | 7.1% | 81.4% | ||
| Q4 24 | 18.0% | 79.8% | ||
| Q3 24 | -0.6% | 82.1% | ||
| Q2 24 | -9.1% | 84.5% | ||
| Q1 24 | -8.6% | 85.3% |
| Q4 25 | -24.5% | 32.3% | ||
| Q3 25 | -34.7% | 30.4% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | -35.8% | -31.2% | ||
| Q4 24 | -29.1% | -69.2% | ||
| Q3 24 | 15.6% | -36.4% | ||
| Q2 24 | -68.4% | -90.8% | ||
| Q1 24 | -128.8% | -6.1% |
| Q4 25 | -11.4% | 47.9% | ||
| Q3 25 | -26.4% | 42.3% | ||
| Q2 25 | 157.8% | 74.1% | ||
| Q1 25 | -67.2% | -5.1% | ||
| Q4 24 | -217.2% | -2.3% | ||
| Q3 24 | -7.0% | -126.1% | ||
| Q2 24 | -147.5% | -169.4% | ||
| Q1 24 | -145.0% | -18.7% |
| Q4 25 | $-0.07 | $2.78 | ||
| Q3 25 | $-0.07 | $2.91 | ||
| Q2 25 | $-0.31 | $4.50 | ||
| Q1 25 | $-0.16 | $-0.39 | ||
| Q4 24 | $-0.66 | $-0.01 | ||
| Q3 24 | $-0.03 | $-9.39 | ||
| Q2 24 | $-0.57 | $-14.35 | ||
| Q1 24 | $-0.52 | $-1.71 |
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 | $226.6M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $1.4B | $-171.5M |
| Total Assets | $5.2B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $226.6M | ||
| Q3 25 | $73.9M | $184.2M | ||
| Q2 25 | $41.6M | $267.4M | ||
| Q1 25 | $68.7M | $138.3M | ||
| Q4 24 | $286.2M | $146.9M | ||
| Q3 24 | $58.2M | $159.2M | ||
| Q2 24 | $3.3M | $236.9M | ||
| Q1 24 | $4.4M | $190.7M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $-171.5M | ||
| Q3 25 | $1.0B | $-260.5M | ||
| Q2 25 | $497.7M | $-351.7M | ||
| Q1 25 | $454.6M | $-496.8M | ||
| Q4 24 | $434.6M | $-488.2M | ||
| Q3 24 | $241.8M | $-497.6M | ||
| Q2 24 | $124.8M | $-218.3M | ||
| Q1 24 | $118.5M | $228.4M |
| Q4 25 | $5.2B | $1.7B | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $937.7M | $2.2B | ||
| Q2 24 | $762.9M | $3.2B | ||
| Q1 24 | $643.2M | $5.0B |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $26.2M | ||
| Q3 25 | $-82.0M | $-60.6M | ||
| Q2 25 | $6.9M | $-25.6M | ||
| Q1 25 | $5.9M | $184.0K | ||
| Q4 24 | $-52.3M | $-2.7M | ||
| Q3 24 | $-75.9M | $19.5M | ||
| Q2 24 | $-34.1M | $111.5M | ||
| Q1 24 | $38.8M | $135.4M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | — | ||
| Q1 24 | $-2.3M | — |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | — | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | — |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | -0.66× | ||
| Q2 25 | — | -0.18× | ||
| Q1 25 | — | — | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
