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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $78.6M, roughly 1.6× Repay Holdings Corp). Applied Digital Corp. runs the higher net margin — -11.4% vs -178.3%, a 166.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
APLD vs RPAY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $78.6M |
| Net Profit | $-14.4M | $-140.1M |
| Gross Margin | 20.6% | 74.2% |
| Operating Margin | -24.5% | -182.2% |
| Net Margin | -11.4% | -178.3% |
| Revenue YoY | 98.2% | 0.4% |
| Net Profit YoY | 89.6% | -3304.1% |
| EPS (diluted) | $-0.07 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $64.2M | $77.7M | ||
| Q2 25 | $-33.3M | $75.6M | ||
| Q1 25 | $52.9M | $77.3M | ||
| Q4 24 | $63.9M | $78.3M | ||
| Q3 24 | $60.7M | $79.1M | ||
| Q2 24 | $43.7M | $74.9M | ||
| Q1 24 | $43.3M | $80.7M |
| Q4 25 | $-14.4M | $-140.1M | ||
| Q3 25 | $-16.9M | $-6.4M | ||
| Q2 25 | $-52.5M | $-102.3M | ||
| Q1 25 | $-35.6M | $-7.9M | ||
| Q4 24 | $-138.7M | $-4.1M | ||
| Q3 24 | $-4.2M | $3.2M | ||
| Q2 24 | $-64.5M | $-4.1M | ||
| Q1 24 | $-62.8M | $-5.2M |
| Q4 25 | 20.6% | 74.2% | ||
| Q3 25 | 13.4% | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | 7.1% | 75.9% | ||
| Q4 24 | 18.0% | 76.3% | ||
| Q3 24 | -0.6% | 77.8% | ||
| Q2 24 | -9.1% | 78.2% | ||
| Q1 24 | -8.6% | 76.2% |
| Q4 25 | -24.5% | -182.2% | ||
| Q3 25 | -34.7% | -3.9% | ||
| Q2 25 | — | -138.7% | ||
| Q1 25 | -35.8% | -4.7% | ||
| Q4 24 | -29.1% | -1.5% | ||
| Q3 24 | 15.6% | -0.9% | ||
| Q2 24 | -68.4% | -4.6% | ||
| Q1 24 | -128.8% | -3.1% |
| Q4 25 | -11.4% | -178.3% | ||
| Q3 25 | -26.4% | -8.3% | ||
| Q2 25 | 157.8% | -135.2% | ||
| Q1 25 | -67.2% | -10.3% | ||
| Q4 24 | -217.2% | -5.3% | ||
| Q3 24 | -7.0% | 4.1% | ||
| Q2 24 | -147.5% | -5.4% | ||
| Q1 24 | -145.0% | -6.5% |
| Q4 25 | $-0.07 | $-1.68 | ||
| Q3 25 | $-0.07 | $-0.08 | ||
| Q2 25 | $-0.31 | $-1.15 | ||
| Q1 25 | $-0.16 | $-0.09 | ||
| Q4 24 | $-0.66 | $-0.04 | ||
| Q3 24 | $-0.03 | $0.03 | ||
| Q2 24 | $-0.57 | $-0.04 | ||
| Q1 24 | $-0.52 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $1.4B | $484.4M |
| Total Assets | $5.2B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $115.7M | ||
| Q3 25 | $73.9M | $95.7M | ||
| Q2 25 | $41.6M | $162.6M | ||
| Q1 25 | $68.7M | $165.5M | ||
| Q4 24 | $286.2M | $189.5M | ||
| Q3 24 | $58.2M | $168.7M | ||
| Q2 24 | $3.3M | $147.1M | ||
| Q1 24 | $4.4M | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $1.4B | $484.4M | ||
| Q3 25 | $1.0B | $616.9M | ||
| Q2 25 | $497.7M | $633.7M | ||
| Q1 25 | $454.6M | $755.7M | ||
| Q4 24 | $434.6M | $761.3M | ||
| Q3 24 | $241.8M | $754.7M | ||
| Q2 24 | $124.8M | $815.4M | ||
| Q1 24 | $118.5M | $813.8M |
| Q4 25 | $5.2B | $1.2B | ||
| Q3 25 | $2.4B | $1.3B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $937.7M | $1.6B | ||
| Q2 24 | $762.9M | $1.5B | ||
| Q1 24 | $643.2M | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-567.9M | $23.2M |
| FCF MarginFCF / Revenue | -448.6% | 29.6% |
| Capex IntensityCapex / Revenue | 436.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $23.3M | ||
| Q3 25 | $-82.0M | $32.2M | ||
| Q2 25 | $6.9M | $33.1M | ||
| Q1 25 | $5.9M | $2.5M | ||
| Q4 24 | $-52.3M | $34.3M | ||
| Q3 24 | $-75.9M | $60.1M | ||
| Q2 24 | $-34.1M | $31.0M | ||
| Q1 24 | $38.8M | $24.8M |
| Q4 25 | $-567.9M | $23.2M | ||
| Q3 25 | $-331.4M | $32.1M | ||
| Q2 25 | $-191.4M | $33.0M | ||
| Q1 25 | $-251.6M | $2.4M | ||
| Q4 24 | $-223.3M | $34.0M | ||
| Q3 24 | $-130.7M | $59.8M | ||
| Q2 24 | $-88.9M | $30.5M | ||
| Q1 24 | $-2.3M | $24.7M |
| Q4 25 | -448.6% | 29.6% | ||
| Q3 25 | -516.1% | 41.3% | ||
| Q2 25 | 574.8% | 43.6% | ||
| Q1 25 | -475.4% | 3.0% | ||
| Q4 24 | -349.6% | 43.5% | ||
| Q3 24 | -215.3% | 75.6% | ||
| Q2 24 | -203.5% | 40.7% | ||
| Q1 24 | -5.4% | 30.6% |
| Q4 25 | 436.1% | 0.1% | ||
| Q3 25 | 388.4% | 0.2% | ||
| Q2 25 | -595.4% | 0.1% | ||
| Q1 25 | 486.6% | 0.2% | ||
| Q4 24 | 267.8% | 0.3% | ||
| Q3 24 | 90.3% | 0.3% | ||
| Q2 24 | 125.4% | 0.6% | ||
| Q1 24 | 95.0% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
