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Side-by-side financial comparison of Applied Digital Corp. (APLD) and RADIANT LOGISTICS, INC (RLGT). Click either name above to swap in a different company.
RADIANT LOGISTICS, INC is the larger business by last-quarter revenue ($232.1M vs $126.6M, roughly 1.8× Applied Digital Corp.). RADIANT LOGISTICS, INC runs the higher net margin — 2.3% vs -11.4%, a 13.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -12.3%). RADIANT LOGISTICS, INC produced more free cash flow last quarter ($11.6M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 12.1%).
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.
Radiant Logistics, Inc. is a leading third-party logistics provider offering end-to-end supply chain solutions, domestic and international freight forwarding, warehousing, and last-mile delivery services. It primarily serves North American markets, with key client segments including retail, manufacturing, e-commerce, and industrial sectors, helping businesses optimize logistics workflows and cut operational costs.
APLD vs RLGT — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $232.1M |
| Net Profit | $-14.4M | $5.3M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 3.2% |
| Net Margin | -11.4% | 2.3% |
| Revenue YoY | 98.2% | -12.3% |
| Net Profit YoY | 89.6% | -18.0% |
| EPS (diluted) | $-0.07 | $0.11 |
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 | $232.1M | ||
| Q3 25 | $64.2M | $226.7M | ||
| Q2 25 | $-33.3M | $220.6M | ||
| Q1 25 | $52.9M | $214.0M | ||
| Q4 24 | $63.9M | $264.5M | ||
| Q3 24 | $60.7M | $203.6M | ||
| Q2 24 | $43.7M | $206.0M | ||
| Q1 24 | $43.3M | $184.6M |
| Q4 25 | $-14.4M | $5.3M | ||
| Q3 25 | $-16.9M | $1.3M | ||
| Q2 25 | $-52.5M | $4.9M | ||
| Q1 25 | $-35.6M | $2.5M | ||
| Q4 24 | $-138.7M | $6.5M | ||
| Q3 24 | $-4.2M | $3.4M | ||
| Q2 24 | $-64.5M | $4.8M | ||
| Q1 24 | $-62.8M | $-703.0K |
| 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% | 3.2% | ||
| Q3 25 | -34.7% | 0.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | -35.8% | 1.6% | ||
| Q4 24 | -29.1% | 3.3% | ||
| Q3 24 | 15.6% | 1.9% | ||
| Q2 24 | -68.4% | 2.4% | ||
| Q1 24 | -128.8% | -0.5% |
| Q4 25 | -11.4% | 2.3% | ||
| Q3 25 | -26.4% | 0.6% | ||
| Q2 25 | 157.8% | 2.2% | ||
| Q1 25 | -67.2% | 1.2% | ||
| Q4 24 | -217.2% | 2.4% | ||
| Q3 24 | -7.0% | 1.7% | ||
| Q2 24 | -147.5% | 2.3% | ||
| Q1 24 | -145.0% | -0.4% |
| Q4 25 | $-0.07 | $0.11 | ||
| Q3 25 | $-0.07 | $0.03 | ||
| Q2 25 | $-0.31 | $0.10 | ||
| Q1 25 | $-0.16 | $0.05 | ||
| Q4 24 | $-0.66 | $0.13 | ||
| Q3 24 | $-0.03 | $0.07 | ||
| Q2 24 | $-0.57 | $0.11 | ||
| Q1 24 | $-0.52 | $-0.02 |
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 | $31.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $229.8M |
| Total Assets | $5.2B | $439.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $31.9M | ||
| Q3 25 | $73.9M | $28.1M | ||
| Q2 25 | $41.6M | $22.9M | ||
| Q1 25 | $68.7M | $19.0M | ||
| Q4 24 | $286.2M | $19.9M | ||
| Q3 24 | $58.2M | $10.4M | ||
| Q2 24 | $3.3M | $24.9M | ||
| Q1 24 | $4.4M | $31.2M |
| Q4 25 | $1.4B | $229.8M | ||
| Q3 25 | $1.0B | $225.7M | ||
| Q2 25 | $497.7M | $226.0M | ||
| Q1 25 | $454.6M | $218.2M | ||
| Q4 24 | $434.6M | $214.4M | ||
| Q3 24 | $241.8M | $212.4M | ||
| Q2 24 | $124.8M | $209.4M | ||
| Q1 24 | $118.5M | $206.0M |
| Q4 25 | $5.2B | $439.4M | ||
| Q3 25 | $2.4B | $445.3M | ||
| Q2 25 | $1.9B | $426.8M | ||
| Q1 25 | $1.7B | $414.5M | ||
| Q4 24 | $1.5B | $386.8M | ||
| Q3 24 | $937.7M | $375.3M | ||
| Q2 24 | $762.9M | $371.2M | ||
| Q1 24 | $643.2M | $364.0M |
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 | $12.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $11.6M |
| FCF MarginFCF / Revenue | -448.6% | 5.0% |
| Capex IntensityCapex / Revenue | 436.1% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $8.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $12.4M | ||
| Q3 25 | $-82.0M | $2.5M | ||
| Q2 25 | $6.9M | $3.1M | ||
| Q1 25 | $5.9M | $-5.7M | ||
| Q4 24 | $-52.3M | $15.7M | ||
| Q3 24 | $-75.9M | $205.0K | ||
| Q2 24 | $-34.1M | $1.3M | ||
| Q1 24 | $38.8M | $3.9M |
| Q4 25 | $-567.9M | $11.6M | ||
| Q3 25 | $-331.4M | $977.0K | ||
| Q2 25 | $-191.4M | $2.2M | ||
| Q1 25 | $-251.6M | $-6.4M | ||
| Q4 24 | $-223.3M | $14.1M | ||
| Q3 24 | $-130.7M | $-1.9M | ||
| Q2 24 | $-88.9M | $-185.0K | ||
| Q1 24 | $-2.3M | $1.8M |
| Q4 25 | -448.6% | 5.0% | ||
| Q3 25 | -516.1% | 0.4% | ||
| Q2 25 | 574.8% | 1.0% | ||
| Q1 25 | -475.4% | -3.0% | ||
| Q4 24 | -349.6% | 5.3% | ||
| Q3 24 | -215.3% | -0.9% | ||
| Q2 24 | -203.5% | -0.1% | ||
| Q1 24 | -5.4% | 1.0% |
| Q4 25 | 436.1% | 0.3% | ||
| Q3 25 | 388.4% | 0.7% | ||
| Q2 25 | -595.4% | 0.4% | ||
| Q1 25 | 486.6% | 0.3% | ||
| Q4 24 | 267.8% | 0.6% | ||
| Q3 24 | 90.3% | 1.0% | ||
| Q2 24 | 125.4% | 0.7% | ||
| Q1 24 | 95.0% | 1.2% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.90× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | -2.26× | ||
| Q4 24 | — | 2.43× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.26× | ||
| 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% |
RLGT
| Transferred Over Time | $201.2M | 87% |
| Other | $25.0M | 11% |
| Value Added Services | $4.2M | 2% |
| Transferred At Point In Time | $1.8M | 1% |
