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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $92.9M, roughly 1.4× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -11.4%, a 36.4% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 34.6%).
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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
APLD vs VCEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $92.9M |
| Net Profit | $-14.4M | $23.2M |
| Gross Margin | 20.6% | 78.7% |
| Operating Margin | -24.5% | 24.1% |
| Net Margin | -11.4% | 25.0% |
| Revenue YoY | 98.2% | 23.3% |
| Net Profit YoY | 89.6% | 17.3% |
| EPS (diluted) | $-0.07 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $64.2M | $67.5M | ||
| Q2 25 | $-33.3M | $63.2M | ||
| Q1 25 | $52.9M | $52.6M | ||
| Q4 24 | $63.9M | $75.4M | ||
| Q3 24 | $60.7M | $57.9M | ||
| Q2 24 | $43.7M | $52.7M | ||
| Q1 24 | $43.3M | $51.3M |
| Q4 25 | $-14.4M | $23.2M | ||
| Q3 25 | $-16.9M | $5.1M | ||
| Q2 25 | $-52.5M | $-553.0K | ||
| Q1 25 | $-35.6M | $-11.2M | ||
| Q4 24 | $-138.7M | $19.8M | ||
| Q3 24 | $-4.2M | $-901.0K | ||
| Q2 24 | $-64.5M | $-4.7M | ||
| Q1 24 | $-62.8M | $-3.9M |
| Q4 25 | 20.6% | 78.7% | ||
| Q3 25 | 13.4% | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | 7.1% | 69.0% | ||
| Q4 24 | 18.0% | 77.6% | ||
| Q3 24 | -0.6% | 71.9% | ||
| Q2 24 | -9.1% | 69.5% | ||
| Q1 24 | -8.6% | 68.9% |
| Q4 25 | -24.5% | 24.1% | ||
| Q3 25 | -34.7% | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | -35.8% | -24.3% | ||
| Q4 24 | -29.1% | 24.5% | ||
| Q3 24 | 15.6% | -4.3% | ||
| Q2 24 | -68.4% | -11.5% | ||
| Q1 24 | -128.8% | -10.7% |
| Q4 25 | -11.4% | 25.0% | ||
| Q3 25 | -26.4% | 7.5% | ||
| Q2 25 | 157.8% | -0.9% | ||
| Q1 25 | -67.2% | -21.4% | ||
| Q4 24 | -217.2% | 26.3% | ||
| Q3 24 | -7.0% | -1.6% | ||
| Q2 24 | -147.5% | -8.9% | ||
| Q1 24 | -145.0% | -7.5% |
| Q4 25 | $-0.07 | $0.46 | ||
| Q3 25 | $-0.07 | $0.10 | ||
| Q2 25 | $-0.31 | $-0.01 | ||
| Q1 25 | $-0.16 | $-0.23 | ||
| Q4 24 | $-0.66 | $0.40 | ||
| Q3 24 | $-0.03 | $-0.02 | ||
| Q2 24 | $-0.57 | $-0.10 | ||
| Q1 24 | $-0.52 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $354.6M |
| Total Assets | $5.2B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $137.5M | ||
| Q3 25 | $73.9M | $135.4M | ||
| Q2 25 | $41.6M | $116.9M | ||
| Q1 25 | $68.7M | $112.9M | ||
| Q4 24 | $286.2M | $116.2M | ||
| Q3 24 | $58.2M | $101.7M | ||
| Q2 24 | $3.3M | $102.5M | ||
| Q1 24 | $4.4M | $110.6M |
| Q4 25 | $1.4B | $354.6M | ||
| Q3 25 | $1.0B | $321.9M | ||
| Q2 25 | $497.7M | $306.8M | ||
| Q1 25 | $454.6M | $295.5M | ||
| Q4 24 | $434.6M | $292.0M | ||
| Q3 24 | $241.8M | $257.5M | ||
| Q2 24 | $124.8M | $243.0M | ||
| Q1 24 | $118.5M | $233.9M |
| Q4 25 | $5.2B | $488.0M | ||
| Q3 25 | $2.4B | $453.3M | ||
| Q2 25 | $1.9B | $435.6M | ||
| Q1 25 | $1.7B | $424.6M | ||
| Q4 24 | $1.5B | $432.7M | ||
| Q3 24 | $937.7M | $390.4M | ||
| Q2 24 | $762.9M | $376.8M | ||
| Q1 24 | $643.2M | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-567.9M | $12.8M |
| FCF MarginFCF / Revenue | -448.6% | 13.8% |
| Capex IntensityCapex / Revenue | 436.1% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $15.0M | ||
| Q3 25 | $-82.0M | $22.1M | ||
| Q2 25 | $6.9M | $8.2M | ||
| Q1 25 | $5.9M | $6.6M | ||
| Q4 24 | $-52.3M | $22.2M | ||
| Q3 24 | $-75.9M | $10.2M | ||
| Q2 24 | $-34.1M | $18.5M | ||
| Q1 24 | $38.8M | $7.2M |
| Q4 25 | $-567.9M | $12.8M | ||
| Q3 25 | $-331.4M | $19.5M | ||
| Q2 25 | $-191.4M | $81.0K | ||
| Q1 25 | $-251.6M | $-7.6M | ||
| Q4 24 | $-223.3M | $8.5M | ||
| Q3 24 | $-130.7M | $-9.2M | ||
| Q2 24 | $-88.9M | $1.8M | ||
| Q1 24 | $-2.3M | $-6.8M |
| Q4 25 | -448.6% | 13.8% | ||
| Q3 25 | -516.1% | 28.8% | ||
| Q2 25 | 574.8% | 0.1% | ||
| Q1 25 | -475.4% | -14.5% | ||
| Q4 24 | -349.6% | 11.2% | ||
| Q3 24 | -215.3% | -15.9% | ||
| Q2 24 | -203.5% | 3.4% | ||
| Q1 24 | -5.4% | -13.3% |
| Q4 25 | 436.1% | 2.4% | ||
| Q3 25 | 388.4% | 3.9% | ||
| Q2 25 | -595.4% | 12.9% | ||
| Q1 25 | 486.6% | 27.0% | ||
| Q4 24 | 267.8% | 18.3% | ||
| Q3 24 | 90.3% | 33.5% | ||
| Q2 24 | 125.4% | 31.8% | ||
| Q1 24 | 95.0% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
