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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Sezzle Inc. (SEZL). Click either name above to swap in a different company.
Sezzle Inc. is the larger business by last-quarter revenue ($135.5M vs $126.6M, roughly 1.1× Applied Digital Corp.). Sezzle Inc. runs the higher net margin — 37.9% vs -11.4%, a 49.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 29.2%). Over the past eight quarters, Sezzle Inc.'s revenue compounded faster (111.9% CAGR vs 70.9%).
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.
Sezzle is a publicly traded financial technology company headquartered in Minneapolis, U.S, with operations in the United States and Canada. The company provides an alternative payment platform offering interest-free installment plans at selected online stores. As of June 2021, the Sezzle platform had over 10 million user sign-ups and over 48,000 participating merchants.
APLD vs SEZL — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $135.5M |
| Net Profit | $-14.4M | $51.3M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 50.9% |
| Net Margin | -11.4% | 37.9% |
| Revenue YoY | 98.2% | 29.2% |
| Net Profit YoY | 89.6% | 41.9% |
| EPS (diluted) | $-0.07 | — |
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.
| Q1 26 | — | $135.5M | ||
| Q4 25 | $126.6M | $78.2M | ||
| Q3 25 | $64.2M | $57.5M | ||
| Q2 25 | $-33.3M | $52.0M | ||
| Q1 25 | $52.9M | $48.2M | ||
| Q4 24 | $63.9M | $48.4M | ||
| Q3 24 | $60.7M | $35.6M | ||
| Q2 24 | $43.7M | $30.2M |
| Q1 26 | — | $51.3M | ||
| Q4 25 | $-14.4M | $42.7M | ||
| Q3 25 | $-16.9M | $26.7M | ||
| Q2 25 | $-52.5M | $27.6M | ||
| Q1 25 | $-35.6M | $36.2M | ||
| Q4 24 | $-138.7M | $25.4M | ||
| Q3 24 | $-4.2M | $15.4M | ||
| Q2 24 | $-64.5M | $29.7M |
| Q1 26 | — | — | ||
| 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 26 | — | 50.9% | ||
| Q4 25 | -24.5% | 70.6% | ||
| Q3 25 | -34.7% | 61.9% | ||
| Q2 25 | — | 69.4% | ||
| Q1 25 | -35.8% | — | ||
| Q4 24 | -29.1% | 63.8% | ||
| Q3 24 | 15.6% | 58.6% | ||
| Q2 24 | -68.4% | 55.3% |
| Q1 26 | — | 37.9% | ||
| Q4 25 | -11.4% | 54.6% | ||
| Q3 25 | -26.4% | 46.4% | ||
| Q2 25 | 157.8% | 53.1% | ||
| Q1 25 | -67.2% | 75.1% | ||
| Q4 24 | -217.2% | 52.4% | ||
| Q3 24 | -7.0% | 43.4% | ||
| Q2 24 | -147.5% | 98.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.07 | $1.19 | ||
| Q3 25 | $-0.07 | $0.75 | ||
| Q2 25 | $-0.31 | $0.78 | ||
| Q1 25 | $-0.16 | $1.00 | ||
| Q4 24 | $-0.66 | $0.71 | ||
| Q3 24 | $-0.03 | $0.44 | ||
| Q2 24 | $-0.57 | $0.82 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $196.7M |
| Total Assets | $5.2B | $454.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $64.1M | ||
| Q3 25 | $73.9M | $104.1M | ||
| Q2 25 | $41.6M | $88.9M | ||
| Q1 25 | $68.7M | $88.9M | ||
| Q4 24 | $286.2M | $73.2M | ||
| Q3 24 | $58.2M | $80.1M | ||
| Q2 24 | $3.3M | $58.0M |
| Q1 26 | — | $196.7M | ||
| Q4 25 | $1.4B | $169.8M | ||
| Q3 25 | $1.0B | $155.3M | ||
| Q2 25 | $497.7M | $130.4M | ||
| Q1 25 | $454.6M | $125.8M | ||
| Q4 24 | $434.6M | $87.8M | ||
| Q3 24 | $241.8M | $61.1M | ||
| Q2 24 | $124.8M | $50.3M |
| Q1 26 | — | $454.3M | ||
| Q4 25 | $5.2B | $400.2M | ||
| Q3 25 | $2.4B | $367.0M | ||
| Q2 25 | $1.9B | $350.6M | ||
| Q1 25 | $1.7B | $298.1M | ||
| Q4 24 | $1.5B | $298.4M | ||
| Q3 24 | $937.7M | $252.9M | ||
| Q2 24 | $762.9M | $212.1M |
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 | — |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $70.6M | ||
| Q3 25 | $-82.0M | $63.7M | ||
| Q2 25 | $6.9M | $23.1M | ||
| Q1 25 | $5.9M | $52.5M | ||
| Q4 24 | $-52.3M | $57.4M | ||
| Q3 24 | $-75.9M | $35.1M | ||
| Q2 24 | $-34.1M | $22.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | $70.6M | ||
| Q3 25 | $-331.4M | $63.6M | ||
| Q2 25 | $-191.4M | $22.7M | ||
| Q1 25 | $-251.6M | $52.5M | ||
| Q4 24 | $-223.3M | $57.4M | ||
| Q3 24 | $-130.7M | $35.1M | ||
| Q2 24 | $-88.9M | $22.2M |
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | 90.2% | ||
| Q3 25 | -516.1% | 110.6% | ||
| Q2 25 | 574.8% | 43.6% | ||
| Q1 25 | -475.4% | 108.9% | ||
| Q4 24 | -349.6% | 118.5% | ||
| Q3 24 | -215.3% | 98.6% | ||
| Q2 24 | -203.5% | 73.4% |
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 0.1% | ||
| Q3 25 | 388.4% | 0.3% | ||
| Q2 25 | -595.4% | 0.8% | ||
| Q1 25 | 486.6% | 0.1% | ||
| Q4 24 | 267.8% | 0.1% | ||
| Q3 24 | 90.3% | 0.0% | ||
| Q2 24 | 125.4% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 2.39× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 1.45× | ||
| Q4 24 | — | 2.26× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 0.75× |
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% |
SEZL
Segment breakdown not available.
