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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $126.6M, roughly 1.9× Applied Digital Corp.). Tecnoglass Inc. runs the higher net margin — 10.6% vs -11.4%, a 22.1% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 2.4%). Tecnoglass Inc. produced more free cash flow last quarter ($11.4M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 12.8%).
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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
APLD vs TGLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $245.3M |
| Net Profit | $-14.4M | $26.1M |
| Gross Margin | 20.6% | 40.0% |
| Operating Margin | -24.5% | 18.3% |
| Net Margin | -11.4% | 10.6% |
| Revenue YoY | 98.2% | 2.4% |
| Net Profit YoY | 89.6% | -44.5% |
| EPS (diluted) | $-0.07 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $64.2M | $260.5M | ||
| Q2 25 | $-33.3M | $255.5M | ||
| Q1 25 | $52.9M | $222.3M | ||
| Q4 24 | $63.9M | $239.6M | ||
| Q3 24 | $60.7M | $238.3M | ||
| Q2 24 | $43.7M | $219.7M | ||
| Q1 24 | $43.3M | $192.6M |
| Q4 25 | $-14.4M | $26.1M | ||
| Q3 25 | $-16.9M | $47.2M | ||
| Q2 25 | $-52.5M | $44.1M | ||
| Q1 25 | $-35.6M | $42.2M | ||
| Q4 24 | $-138.7M | $47.0M | ||
| Q3 24 | $-4.2M | $49.5M | ||
| Q2 24 | $-64.5M | $35.0M | ||
| Q1 24 | $-62.8M | $29.7M |
| Q4 25 | 20.6% | 40.0% | ||
| Q3 25 | 13.4% | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | 7.1% | 43.9% | ||
| Q4 24 | 18.0% | 44.5% | ||
| Q3 24 | -0.6% | 45.8% | ||
| Q2 24 | -9.1% | 40.8% | ||
| Q1 24 | -8.6% | 38.8% |
| Q4 25 | -24.5% | 18.3% | ||
| Q3 25 | -34.7% | 25.1% | ||
| Q2 25 | — | 24.0% | ||
| Q1 25 | -35.8% | 26.7% | ||
| Q4 24 | -29.1% | 28.0% | ||
| Q3 24 | 15.6% | 28.4% | ||
| Q2 24 | -68.4% | 23.3% | ||
| Q1 24 | -128.8% | 21.3% |
| Q4 25 | -11.4% | 10.6% | ||
| Q3 25 | -26.4% | 18.1% | ||
| Q2 25 | 157.8% | 17.3% | ||
| Q1 25 | -67.2% | 19.0% | ||
| Q4 24 | -217.2% | 19.6% | ||
| Q3 24 | -7.0% | 20.8% | ||
| Q2 24 | -147.5% | 15.9% | ||
| Q1 24 | -145.0% | 15.4% |
| Q4 25 | $-0.07 | $0.57 | ||
| Q3 25 | $-0.07 | $1.01 | ||
| Q2 25 | $-0.31 | $0.94 | ||
| Q1 25 | $-0.16 | $0.90 | ||
| Q4 24 | $-0.66 | $1.00 | ||
| Q3 24 | $-0.03 | $1.05 | ||
| Q2 24 | $-0.57 | $0.75 | ||
| Q1 24 | $-0.52 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $1.4B | $713.1M |
| Total Assets | $5.2B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $104.1M | ||
| Q3 25 | $73.9M | $127.1M | ||
| Q2 25 | $41.6M | $140.9M | ||
| Q1 25 | $68.7M | $160.2M | ||
| Q4 24 | $286.2M | $137.5M | ||
| Q3 24 | $58.2M | $124.8M | ||
| Q2 24 | $3.3M | $129.5M | ||
| Q1 24 | $4.4M | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $1.4B | $713.1M | ||
| Q3 25 | $1.0B | $764.0M | ||
| Q2 25 | $497.7M | $736.0M | ||
| Q1 25 | $454.6M | $685.1M | ||
| Q4 24 | $434.6M | $631.2M | ||
| Q3 24 | $241.8M | $613.3M | ||
| Q2 24 | $124.8M | $574.8M | ||
| Q1 24 | $118.5M | $573.6M |
| Q4 25 | $5.2B | $1.3B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $937.7M | $996.3M | ||
| Q2 24 | $762.9M | $942.5M | ||
| Q1 24 | $643.2M | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $-567.9M | $11.4M |
| FCF MarginFCF / Revenue | -448.6% | 4.7% |
| Capex IntensityCapex / Revenue | 436.1% | 8.0% |
| Cash ConversionOCF / Net Profit | — | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $31.0M | ||
| Q3 25 | $-82.0M | $40.0M | ||
| Q2 25 | $6.9M | $17.9M | ||
| Q1 25 | $5.9M | $46.9M | ||
| Q4 24 | $-52.3M | $61.1M | ||
| Q3 24 | $-75.9M | $41.5M | ||
| Q2 24 | $-34.1M | $34.5M | ||
| Q1 24 | $38.8M | $33.4M |
| Q4 25 | $-567.9M | $11.4M | ||
| Q3 25 | $-331.4M | $21.2M | ||
| Q2 25 | $-191.4M | $-14.7M | ||
| Q1 25 | $-251.6M | $16.5M | ||
| Q4 24 | $-223.3M | $35.4M | ||
| Q3 24 | $-130.7M | $17.8M | ||
| Q2 24 | $-88.9M | $14.2M | ||
| Q1 24 | $-2.3M | $23.6M |
| Q4 25 | -448.6% | 4.7% | ||
| Q3 25 | -516.1% | 8.2% | ||
| Q2 25 | 574.8% | -5.7% | ||
| Q1 25 | -475.4% | 7.4% | ||
| Q4 24 | -349.6% | 14.8% | ||
| Q3 24 | -215.3% | 7.5% | ||
| Q2 24 | -203.5% | 6.5% | ||
| Q1 24 | -5.4% | 12.2% |
| Q4 25 | 436.1% | 8.0% | ||
| Q3 25 | 388.4% | 7.2% | ||
| Q2 25 | -595.4% | 12.7% | ||
| Q1 25 | 486.6% | 13.7% | ||
| Q4 24 | 267.8% | 10.7% | ||
| Q3 24 | 90.3% | 9.9% | ||
| Q2 24 | 125.4% | 9.2% | ||
| Q1 24 | 95.0% | 5.1% |
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | — | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
