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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $126.6M, roughly 1.5× Applied Digital Corp.). Applied Digital Corp. runs the higher net margin — -11.4% vs -15.7%, a 4.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
APLD vs UP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $183.8M |
| Net Profit | $-14.4M | $-28.9M |
| Gross Margin | 20.6% | 14.3% |
| Operating Margin | -24.5% | -0.9% |
| Net Margin | -11.4% | -15.7% |
| Revenue YoY | 98.2% | -10.2% |
| Net Profit YoY | 89.6% | 67.0% |
| EPS (diluted) | $-0.07 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $64.2M | $185.5M | ||
| Q2 25 | $-33.3M | $189.6M | ||
| Q1 25 | $52.9M | $177.5M | ||
| Q4 24 | $63.9M | $204.8M | ||
| Q3 24 | $60.7M | $193.9M | ||
| Q2 24 | $43.7M | $196.3M | ||
| Q1 24 | $43.3M | $197.1M |
| Q4 25 | $-14.4M | $-28.9M | ||
| Q3 25 | $-16.9M | $-83.7M | ||
| Q2 25 | $-52.5M | $-82.3M | ||
| Q1 25 | $-35.6M | $-99.3M | ||
| Q4 24 | $-138.7M | $-87.5M | ||
| Q3 24 | $-4.2M | $-57.7M | ||
| Q2 24 | $-64.5M | $-97.0M | ||
| Q1 24 | $-62.8M | $-97.4M |
| Q4 25 | 20.6% | 14.3% | ||
| Q3 25 | 13.4% | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | 7.1% | 10.8% | ||
| Q4 24 | 18.0% | 13.9% | ||
| Q3 24 | -0.6% | 13.9% | ||
| Q2 24 | -9.1% | 2.3% | ||
| Q1 24 | -8.6% | -0.6% |
| Q4 25 | -24.5% | -0.9% | ||
| Q3 25 | -34.7% | -33.1% | ||
| Q2 25 | — | -31.4% | ||
| Q1 25 | -35.8% | -45.5% | ||
| Q4 24 | -29.1% | -26.0% | ||
| Q3 24 | 15.6% | -21.6% | ||
| Q2 24 | -68.4% | -40.3% | ||
| Q1 24 | -128.8% | -42.9% |
| Q4 25 | -11.4% | -15.7% | ||
| Q3 25 | -26.4% | -45.1% | ||
| Q2 25 | 157.8% | -43.4% | ||
| Q1 25 | -67.2% | -55.9% | ||
| Q4 24 | -217.2% | -42.7% | ||
| Q3 24 | -7.0% | -29.8% | ||
| Q2 24 | -147.5% | -49.4% | ||
| Q1 24 | -145.0% | -49.4% |
| Q4 25 | $-0.07 | $-0.04 | ||
| Q3 25 | $-0.07 | $-0.12 | ||
| Q2 25 | $-0.31 | $-0.12 | ||
| Q1 25 | $-0.16 | $-0.14 | ||
| Q4 24 | $-0.66 | $-0.13 | ||
| Q3 24 | $-0.03 | $-0.08 | ||
| Q2 24 | $-0.57 | $-0.14 | ||
| Q1 24 | $-0.52 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $1.4B | $-392.1M |
| Total Assets | $5.2B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $133.9M | ||
| Q3 25 | $73.9M | $125.3M | ||
| Q2 25 | $41.6M | $107.0M | ||
| Q1 25 | $68.7M | $171.8M | ||
| Q4 24 | $286.2M | $216.4M | ||
| Q3 24 | $58.2M | $115.9M | ||
| Q2 24 | $3.3M | $141.5M | ||
| Q1 24 | $4.4M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $1.4B | $-392.1M | ||
| Q3 25 | $1.0B | $-374.5M | ||
| Q2 25 | $497.7M | $-347.8M | ||
| Q1 25 | $454.6M | $-288.1M | ||
| Q4 24 | $434.6M | $-202.1M | ||
| Q3 24 | $241.8M | $-117.7M | ||
| Q2 24 | $124.8M | $-72.2M | ||
| Q1 24 | $118.5M | $936.0K |
| Q4 25 | $5.2B | $968.8M | ||
| Q3 25 | $2.4B | $973.0M | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $937.7M | $1.0B | ||
| Q2 24 | $762.9M | $1.1B | ||
| Q1 24 | $643.2M | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $-58.3M |
| FCF MarginFCF / Revenue | -448.6% | -31.7% |
| Capex IntensityCapex / Revenue | 436.1% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-18.4M | ||
| Q3 25 | $-82.0M | $-37.1M | ||
| Q2 25 | $6.9M | $-62.9M | ||
| Q1 25 | $5.9M | $-47.9M | ||
| Q4 24 | $-52.3M | $37.9M | ||
| Q3 24 | $-75.9M | $-16.9M | ||
| Q2 24 | $-34.1M | $-25.2M | ||
| Q1 24 | $38.8M | $-73.8M |
| Q4 25 | $-567.9M | $-58.3M | ||
| Q3 25 | $-331.4M | $-60.4M | ||
| Q2 25 | $-191.4M | $-78.6M | ||
| Q1 25 | $-251.6M | $-62.6M | ||
| Q4 24 | $-223.3M | $-70.2M | ||
| Q3 24 | $-130.7M | $-21.9M | ||
| Q2 24 | $-88.9M | $-30.8M | ||
| Q1 24 | $-2.3M | $-77.8M |
| Q4 25 | -448.6% | -31.7% | ||
| Q3 25 | -516.1% | -32.6% | ||
| Q2 25 | 574.8% | -41.5% | ||
| Q1 25 | -475.4% | -35.3% | ||
| Q4 24 | -349.6% | -34.3% | ||
| Q3 24 | -215.3% | -11.3% | ||
| Q2 24 | -203.5% | -15.7% | ||
| Q1 24 | -5.4% | -39.5% |
| Q4 25 | 436.1% | 21.7% | ||
| Q3 25 | 388.4% | 12.5% | ||
| Q2 25 | -595.4% | 8.3% | ||
| Q1 25 | 486.6% | 8.3% | ||
| Q4 24 | 267.8% | 52.8% | ||
| Q3 24 | 90.3% | 2.6% | ||
| Q2 24 | 125.4% | 2.9% | ||
| Q1 24 | 95.0% | 2.0% |
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% |
UP
Segment breakdown not available.
