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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $86.0M, roughly 1.5× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -11.4%, a 12.8% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
APLD vs SND — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $86.0M |
| Net Profit | $-14.4M | $1.2M |
| Gross Margin | 20.6% | 13.0% |
| Operating Margin | -24.5% | -3.1% |
| Net Margin | -11.4% | 1.4% |
| Revenue YoY | 98.2% | -5.8% |
| Net Profit YoY | 89.6% | -68.5% |
| EPS (diluted) | $-0.07 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $64.2M | $92.8M | ||
| Q2 25 | $-33.3M | $85.8M | ||
| Q1 25 | $52.9M | $65.6M | ||
| Q4 24 | $63.9M | $91.4M | ||
| Q3 24 | $60.7M | $63.2M | ||
| Q2 24 | $43.7M | $73.8M | ||
| Q1 24 | $43.3M | $83.1M |
| Q4 25 | $-14.4M | $1.2M | ||
| Q3 25 | $-16.9M | $3.0M | ||
| Q2 25 | $-52.5M | $21.4M | ||
| Q1 25 | $-35.6M | $-24.2M | ||
| Q4 24 | $-138.7M | $3.7M | ||
| Q3 24 | $-4.2M | $-98.0K | ||
| Q2 24 | $-64.5M | $-430.0K | ||
| Q1 24 | $-62.8M | $-216.0K |
| Q4 25 | 20.6% | 13.0% | ||
| Q3 25 | 13.4% | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | 7.1% | 4.2% | ||
| Q4 24 | 18.0% | 14.7% | ||
| Q3 24 | -0.6% | 10.3% | ||
| Q2 24 | -9.1% | 17.7% | ||
| Q1 24 | -8.6% | 14.2% |
| Q4 25 | -24.5% | -3.1% | ||
| Q3 25 | -34.7% | 5.8% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | -35.8% | -10.8% | ||
| Q4 24 | -29.1% | 3.9% | ||
| Q3 24 | 15.6% | -7.8% | ||
| Q2 24 | -68.4% | 4.8% | ||
| Q1 24 | -128.8% | 0.9% |
| Q4 25 | -11.4% | 1.4% | ||
| Q3 25 | -26.4% | 3.2% | ||
| Q2 25 | 157.8% | 24.9% | ||
| Q1 25 | -67.2% | -37.0% | ||
| Q4 24 | -217.2% | 4.1% | ||
| Q3 24 | -7.0% | -0.2% | ||
| Q2 24 | -147.5% | -0.6% | ||
| Q1 24 | -145.0% | -0.3% |
| Q4 25 | $-0.07 | $0.03 | ||
| Q3 25 | $-0.07 | $0.08 | ||
| Q2 25 | $-0.31 | $0.54 | ||
| Q1 25 | $-0.16 | $-0.62 | ||
| Q4 24 | $-0.66 | $0.10 | ||
| Q3 24 | $-0.03 | $0.00 | ||
| Q2 24 | $-0.57 | $-0.01 | ||
| Q1 24 | $-0.52 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $1.4B | $239.7M |
| Total Assets | $5.2B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $22.6M | ||
| Q3 25 | $73.9M | $5.1M | ||
| Q2 25 | $41.6M | $4.3M | ||
| Q1 25 | $68.7M | $5.1M | ||
| Q4 24 | $286.2M | $1.6M | ||
| Q3 24 | $58.2M | $7.2M | ||
| Q2 24 | $3.3M | $6.3M | ||
| Q1 24 | $4.4M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $1.4B | $239.7M | ||
| Q3 25 | $1.0B | $239.9M | ||
| Q2 25 | $497.7M | $240.5M | ||
| Q1 25 | $454.6M | $219.9M | ||
| Q4 24 | $434.6M | $243.8M | ||
| Q3 24 | $241.8M | $243.6M | ||
| Q2 24 | $124.8M | $242.9M | ||
| Q1 24 | $118.5M | $242.5M |
| Q4 25 | $5.2B | $340.0M | ||
| Q3 25 | $2.4B | $343.1M | ||
| Q2 25 | $1.9B | $345.8M | ||
| Q1 25 | $1.7B | $326.9M | ||
| Q4 24 | $1.5B | $341.5M | ||
| Q3 24 | $937.7M | $335.8M | ||
| Q2 24 | $762.9M | $341.8M | ||
| Q1 24 | $643.2M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $20.4M |
| FCF MarginFCF / Revenue | -448.6% | 23.7% |
| Capex IntensityCapex / Revenue | 436.1% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $22.4M | ||
| Q3 25 | $-82.0M | $18.2M | ||
| Q2 25 | $6.9M | $-5.1M | ||
| Q1 25 | $5.9M | $8.7M | ||
| Q4 24 | $-52.3M | $1.0M | ||
| Q3 24 | $-75.9M | $5.8M | ||
| Q2 24 | $-34.1M | $14.9M | ||
| Q1 24 | $38.8M | $-3.9M |
| Q4 25 | $-567.9M | $20.4M | ||
| Q3 25 | $-331.4M | $14.8M | ||
| Q2 25 | $-191.4M | $-7.8M | ||
| Q1 25 | $-251.6M | $5.2M | ||
| Q4 24 | $-223.3M | $-840.0K | ||
| Q3 24 | $-130.7M | $3.7M | ||
| Q2 24 | $-88.9M | $13.5M | ||
| Q1 24 | $-2.3M | $-5.5M |
| Q4 25 | -448.6% | 23.7% | ||
| Q3 25 | -516.1% | 15.9% | ||
| Q2 25 | 574.8% | -9.1% | ||
| Q1 25 | -475.4% | 7.9% | ||
| Q4 24 | -349.6% | -0.9% | ||
| Q3 24 | -215.3% | 5.8% | ||
| Q2 24 | -203.5% | 18.3% | ||
| Q1 24 | -5.4% | -6.6% |
| Q4 25 | 436.1% | 2.3% | ||
| Q3 25 | 388.4% | 3.6% | ||
| Q2 25 | -595.4% | 3.1% | ||
| Q1 25 | 486.6% | 5.4% | ||
| Q4 24 | 267.8% | 2.1% | ||
| Q3 24 | 90.3% | 3.4% | ||
| Q2 24 | 125.4% | 1.8% | ||
| Q1 24 | 95.0% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
