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Side-by-side financial comparison of Applied Digital Corp. (APLD) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $91.6M, roughly 1.4× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -11.4%, a 5.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 7.2%). SHENANDOAH TELECOMMUNICATIONS CO produced more free cash flow last quarter ($-78.6M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 15.0%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
APLD vs SHEN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $91.6M |
| Net Profit | $-14.4M | $-5.4M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -1.0% |
| Net Margin | -11.4% | -5.9% |
| Revenue YoY | 98.2% | 7.2% |
| Net Profit YoY | 89.6% | -95.8% |
| EPS (diluted) | $-0.07 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $64.2M | $89.8M | ||
| Q2 25 | $-33.3M | $88.6M | ||
| Q1 25 | $52.9M | $87.9M | ||
| Q4 24 | $63.9M | $85.4M | ||
| Q3 24 | $60.7M | $87.6M | ||
| Q2 24 | $43.7M | $85.8M | ||
| Q1 24 | $43.3M | $69.2M |
| Q4 25 | $-14.4M | $-5.4M | ||
| Q3 25 | $-16.9M | $-9.4M | ||
| Q2 25 | $-52.5M | $-9.0M | ||
| Q1 25 | $-35.6M | $-9.1M | ||
| Q4 24 | $-138.7M | $-2.7M | ||
| Q3 24 | $-4.2M | $-5.3M | ||
| Q2 24 | $-64.5M | $-12.9M | ||
| Q1 24 | $-62.8M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | -34.7% | -8.0% | ||
| Q2 25 | — | -10.3% | ||
| Q1 25 | -35.8% | -6.9% | ||
| Q4 24 | -29.1% | -6.7% | ||
| Q3 24 | 15.6% | -4.8% | ||
| Q2 24 | -68.4% | -18.5% | ||
| Q1 24 | -128.8% | -4.0% |
| Q4 25 | -11.4% | -5.9% | ||
| Q3 25 | -26.4% | -10.5% | ||
| Q2 25 | 157.8% | -10.2% | ||
| Q1 25 | -67.2% | -10.4% | ||
| Q4 24 | -217.2% | -3.2% | ||
| Q3 24 | -7.0% | -6.0% | ||
| Q2 24 | -147.5% | -15.0% | ||
| Q1 24 | -145.0% | 310.0% |
| Q4 25 | $-0.07 | $-0.13 | ||
| Q3 25 | $-0.07 | $-0.20 | ||
| Q2 25 | $-0.31 | $-0.19 | ||
| Q1 25 | $-0.16 | $-0.19 | ||
| Q4 24 | $-0.66 | $-0.34 | ||
| Q3 24 | $-0.03 | $-0.13 | ||
| Q2 24 | $-0.57 | $-0.24 | ||
| Q1 24 | $-0.52 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $1.4B | $880.8M |
| Total Assets | $5.2B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $27.3M | ||
| Q3 25 | $73.9M | $22.6M | ||
| Q2 25 | $41.6M | $29.1M | ||
| Q1 25 | $68.7M | $87.5M | ||
| Q4 24 | $286.2M | $46.3M | ||
| Q3 24 | $58.2M | $43.1M | ||
| Q2 24 | $3.3M | $43.8M | ||
| Q1 24 | $4.4M | $389.7M |
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $1.4B | $880.8M | ||
| Q3 25 | $1.0B | $892.7M | ||
| Q2 25 | $497.7M | $902.0M | ||
| Q1 25 | $454.6M | $910.5M | ||
| Q4 24 | $434.6M | $918.6M | ||
| Q3 24 | $241.8M | $925.4M | ||
| Q2 24 | $124.8M | $933.1M | ||
| Q1 24 | $118.5M | $871.6M |
| Q4 25 | $5.2B | $1.9B | ||
| Q3 25 | $2.4B | $1.9B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $937.7M | $1.7B | ||
| Q2 24 | $762.9M | $1.7B | ||
| Q1 24 | $643.2M | $1.4B |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-567.9M | $-78.6M |
| FCF MarginFCF / Revenue | -448.6% | -85.8% |
| Capex IntensityCapex / Revenue | 436.1% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $28.8M | ||
| Q3 25 | $-82.0M | $30.7M | ||
| Q2 25 | $6.9M | $20.9M | ||
| Q1 25 | $5.9M | $20.5M | ||
| Q4 24 | $-52.3M | $20.6M | ||
| Q3 24 | $-75.9M | $24.3M | ||
| Q2 24 | $-34.1M | $2.5M | ||
| Q1 24 | $38.8M | $15.2M |
| Q4 25 | $-567.9M | $-78.6M | ||
| Q3 25 | $-331.4M | $-51.4M | ||
| Q2 25 | $-191.4M | $-65.3M | ||
| Q1 25 | $-251.6M | $-62.7M | ||
| Q4 24 | $-223.3M | $-72.0M | ||
| Q3 24 | $-130.7M | $-51.3M | ||
| Q2 24 | $-88.9M | $-78.3M | ||
| Q1 24 | $-2.3M | $-54.9M |
| Q4 25 | -448.6% | -85.8% | ||
| Q3 25 | -516.1% | -57.2% | ||
| Q2 25 | 574.8% | -73.7% | ||
| Q1 25 | -475.4% | -71.3% | ||
| Q4 24 | -349.6% | -84.3% | ||
| Q3 24 | -215.3% | -58.5% | ||
| Q2 24 | -203.5% | -91.3% | ||
| Q1 24 | -5.4% | -79.3% |
| Q4 25 | 436.1% | 117.2% | ||
| Q3 25 | 388.4% | 91.4% | ||
| Q2 25 | -595.4% | 97.3% | ||
| Q1 25 | 486.6% | 94.7% | ||
| Q4 24 | 267.8% | 108.4% | ||
| Q3 24 | 90.3% | 86.2% | ||
| Q2 24 | 125.4% | 94.2% | ||
| Q1 24 | 95.0% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
