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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $126.6M, roughly 1.2× Applied Digital Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -452.0%, a 440.6% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 7.2%). Applied Digital Corp. produced more free cash flow last quarter ($-567.9M vs $-774.3M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 38.8%).
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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
APLD vs RIOT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $152.8M |
| Net Profit | $-14.4M | $-690.7M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -447.9% |
| Net Margin | -11.4% | -452.0% |
| Revenue YoY | 98.2% | 7.2% |
| Net Profit YoY | 89.6% | -606.3% |
| EPS (diluted) | $-0.07 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $64.2M | $180.2M | ||
| Q2 25 | $-33.3M | $153.0M | ||
| Q1 25 | $52.9M | $161.4M | ||
| Q4 24 | $63.9M | $142.6M | ||
| Q3 24 | $60.7M | $84.8M | ||
| Q2 24 | $43.7M | $70.0M | ||
| Q1 24 | $43.3M | $79.3M |
| Q4 25 | $-14.4M | $-690.7M | ||
| Q3 25 | $-16.9M | $104.5M | ||
| Q2 25 | $-52.5M | $219.5M | ||
| Q1 25 | $-35.6M | $-296.4M | ||
| Q4 24 | $-138.7M | $136.4M | ||
| Q3 24 | $-4.2M | $-154.4M | ||
| Q2 24 | $-64.5M | $-84.4M | ||
| Q1 24 | $-62.8M | $211.8M |
| 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% | -447.9% | ||
| Q3 25 | -34.7% | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | -35.8% | -144.9% | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | -143.3% | ||
| Q2 24 | -68.4% | -167.2% | ||
| Q1 24 | -128.8% | — |
| Q4 25 | -11.4% | -452.0% | ||
| Q3 25 | -26.4% | 58.0% | ||
| Q2 25 | 157.8% | 143.4% | ||
| Q1 25 | -67.2% | -183.6% | ||
| Q4 24 | -217.2% | 95.7% | ||
| Q3 24 | -7.0% | -182.1% | ||
| Q2 24 | -147.5% | -120.6% | ||
| Q1 24 | -145.0% | 267.1% |
| Q4 25 | $-0.07 | $-1.89 | ||
| Q3 25 | $-0.07 | $0.26 | ||
| Q2 25 | $-0.31 | $0.58 | ||
| Q1 25 | $-0.16 | $-0.90 | ||
| Q4 24 | $-0.66 | $0.39 | ||
| Q3 24 | $-0.03 | $-0.54 | ||
| Q2 24 | $-0.57 | $-0.32 | ||
| Q1 24 | $-0.52 | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $1.4B | $2.9B |
| Total Assets | $5.2B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $233.5M | ||
| Q3 25 | $73.9M | $330.7M | ||
| Q2 25 | $41.6M | $255.4M | ||
| Q1 25 | $68.7M | $163.7M | ||
| Q4 24 | $286.2M | $277.9M | ||
| Q3 24 | $58.2M | $355.7M | ||
| Q2 24 | $3.3M | $481.2M | ||
| Q1 24 | $4.4M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $2.9B | ||
| Q3 25 | $1.0B | $3.5B | ||
| Q2 25 | $497.7M | $3.3B | ||
| Q1 25 | $454.6M | $2.9B | ||
| Q4 24 | $434.6M | $3.1B | ||
| Q3 24 | $241.8M | $2.7B | ||
| Q2 24 | $124.8M | $2.6B | ||
| Q1 24 | $118.5M | $2.5B |
| Q4 25 | $5.2B | $3.9B | ||
| Q3 25 | $2.4B | $4.5B | ||
| Q2 25 | $1.9B | $4.3B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.5B | $3.9B | ||
| Q3 24 | $937.7M | $2.9B | ||
| Q2 24 | $762.9M | $2.7B | ||
| Q1 24 | $643.2M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| 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 | $-572.9M |
| Free Cash FlowOCF − Capex | $-567.9M | $-774.3M |
| FCF MarginFCF / Revenue | -448.6% | -506.6% |
| Capex IntensityCapex / Revenue | 436.1% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-572.9M | ||
| Q3 25 | $-82.0M | $-114.0M | ||
| Q2 25 | $6.9M | $-231.3M | ||
| Q1 25 | $5.9M | $-122.1M | ||
| Q4 24 | $-52.3M | $-255.1M | ||
| Q3 24 | $-75.9M | $-56.3M | ||
| Q2 24 | $-34.1M | $-42.5M | ||
| Q1 24 | $38.8M | $-57.9M |
| Q4 25 | $-567.9M | $-774.3M | ||
| Q3 25 | $-331.4M | $-139.7M | ||
| Q2 25 | $-191.4M | $-291.7M | ||
| Q1 25 | $-251.6M | $-154.9M | ||
| Q4 24 | $-223.3M | $-495.4M | ||
| Q3 24 | $-130.7M | $-127.6M | ||
| Q2 24 | $-88.9M | $-96.1M | ||
| Q1 24 | $-2.3M | $-115.2M |
| Q4 25 | -448.6% | -506.6% | ||
| Q3 25 | -516.1% | -77.5% | ||
| Q2 25 | 574.8% | -190.7% | ||
| Q1 25 | -475.4% | -96.0% | ||
| Q4 24 | -349.6% | -347.5% | ||
| Q3 24 | -215.3% | -150.5% | ||
| Q2 24 | -203.5% | -137.2% | ||
| Q1 24 | -5.4% | -145.2% |
| Q4 25 | 436.1% | 131.8% | ||
| Q3 25 | 388.4% | 14.3% | ||
| Q2 25 | -595.4% | 39.5% | ||
| Q1 25 | 486.6% | 20.4% | ||
| Q4 24 | 267.8% | 168.6% | ||
| Q3 24 | 90.3% | 84.1% | ||
| Q2 24 | 125.4% | 76.5% | ||
| Q1 24 | 95.0% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
