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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $73.5M, roughly 1.7× Target Hospitality Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -20.3%, a 8.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 22.0%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
APLD vs TH — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $73.5M |
| Net Profit | $-14.4M | $-14.9M |
| Gross Margin | 20.6% | 9.6% |
| Operating Margin | -24.5% | -22.9% |
| Net Margin | -11.4% | -20.3% |
| Revenue YoY | 98.2% | 22.0% |
| Net Profit YoY | 89.6% | -219.1% |
| EPS (diluted) | $-0.07 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $64.2M | $91.6M | ||
| Q2 25 | $-33.3M | $54.9M | ||
| Q1 25 | $52.9M | $54.9M | ||
| Q4 24 | $63.9M | $60.2M | ||
| Q3 24 | $60.7M | $65.8M | ||
| Q2 24 | $43.7M | $67.5M | ||
| Q1 24 | $43.3M | $72.4M |
| Q4 25 | $-14.4M | $-14.9M | ||
| Q3 25 | $-16.9M | $-795.0K | ||
| Q2 25 | $-52.5M | $-14.9M | ||
| Q1 25 | $-35.6M | $-6.5M | ||
| Q4 24 | $-138.7M | $12.5M | ||
| Q3 24 | $-4.2M | $20.0M | ||
| Q2 24 | $-64.5M | $18.4M | ||
| Q1 24 | $-62.8M | $20.4M |
| Q4 25 | 20.6% | 9.6% | ||
| Q3 25 | 13.4% | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | 7.1% | 32.7% | ||
| Q4 24 | 18.0% | 61.5% | ||
| Q3 24 | -0.6% | 68.7% | ||
| Q2 24 | -9.1% | 69.4% | ||
| Q1 24 | -8.6% | 67.8% |
| Q4 25 | -24.5% | -22.9% | ||
| Q3 25 | -34.7% | 0.1% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | -35.8% | -2.0% | ||
| Q4 24 | -29.1% | 34.5% | ||
| Q3 24 | 15.6% | 42.5% | ||
| Q2 24 | -68.4% | 43.8% | ||
| Q1 24 | -128.8% | 42.0% |
| Q4 25 | -11.4% | -20.3% | ||
| Q3 25 | -26.4% | -0.9% | ||
| Q2 25 | 157.8% | -27.2% | ||
| Q1 25 | -67.2% | -11.8% | ||
| Q4 24 | -217.2% | 20.8% | ||
| Q3 24 | -7.0% | 30.4% | ||
| Q2 24 | -147.5% | 27.2% | ||
| Q1 24 | -145.0% | 28.2% |
| Q4 25 | $-0.07 | $-0.14 | ||
| Q3 25 | $-0.07 | $-0.01 | ||
| Q2 25 | $-0.31 | $-0.15 | ||
| Q1 25 | $-0.16 | $-0.07 | ||
| Q4 24 | $-0.66 | $0.12 | ||
| Q3 24 | $-0.03 | $0.20 | ||
| Q2 24 | $-0.57 | $0.18 | ||
| Q1 24 | $-0.52 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $1.4B | $389.3M |
| Total Assets | $5.2B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $8.3M | ||
| Q3 25 | $73.9M | $30.4M | ||
| Q2 25 | $41.6M | $19.2M | ||
| Q1 25 | $68.7M | $34.5M | ||
| Q4 24 | $286.2M | $190.7M | ||
| Q3 24 | $58.2M | $177.7M | ||
| Q2 24 | $3.3M | $154.3M | ||
| Q1 24 | $4.4M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $1.4B | $389.3M | ||
| Q3 25 | $1.0B | $402.4M | ||
| Q2 25 | $497.7M | $401.3M | ||
| Q1 25 | $454.6M | $415.3M | ||
| Q4 24 | $434.6M | $421.1M | ||
| Q3 24 | $241.8M | $417.6M | ||
| Q2 24 | $124.8M | $397.2M | ||
| Q1 24 | $118.5M | $375.5M |
| Q4 25 | $5.2B | $530.2M | ||
| Q3 25 | $2.4B | $541.2M | ||
| Q2 25 | $1.9B | $533.7M | ||
| Q1 25 | $1.7B | $562.5M | ||
| Q4 24 | $1.5B | $725.8M | ||
| Q3 24 | $937.7M | $709.8M | ||
| Q2 24 | $762.9M | $697.0M | ||
| Q1 24 | $643.2M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| 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.
| Q4 25 | $-15.8M | $5.7M | ||
| Q3 25 | $-82.0M | $53.4M | ||
| Q2 25 | $6.9M | $11.1M | ||
| Q1 25 | $5.9M | $3.9M | ||
| Q4 24 | $-52.3M | $30.6M | ||
| Q3 24 | $-75.9M | $31.4M | ||
| Q2 24 | $-34.1M | $39.1M | ||
| Q1 24 | $38.8M | $50.6M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | $-11.6M | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | — | ||
| Q1 24 | $-2.3M | — |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | -21.1% | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | — | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | 28.2% | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
