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Side-by-side financial comparison of Applied Digital Corp. (APLD) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
XPLR Infrastructure, LP is the larger business by last-quarter revenue ($249.0M vs $126.6M, roughly 2.0× Applied Digital Corp.). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs -11.4%, a 22.7% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -15.3%). XPLR Infrastructure, LP produced more free cash flow last quarter ($-88.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -1.6%).
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.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
APLD vs XIFR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $249.0M |
| Net Profit | $-14.4M | $28.0M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -19.3% |
| Net Margin | -11.4% | 11.2% |
| Revenue YoY | 98.2% | -15.3% |
| Net Profit YoY | 89.6% | 124.3% |
| EPS (diluted) | $-0.07 | — |
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 | $249.0M | ||
| Q3 25 | $64.2M | $315.0M | ||
| Q2 25 | $-33.3M | $342.0M | ||
| Q1 25 | $52.9M | $282.0M | ||
| Q4 24 | $63.9M | $294.0M | ||
| Q3 24 | $60.7M | $319.0M | ||
| Q2 24 | $43.7M | $360.0M | ||
| Q1 24 | $43.3M | $257.0M |
| Q4 25 | $-14.4M | $28.0M | ||
| Q3 25 | $-16.9M | $-37.0M | ||
| Q2 25 | $-52.5M | $79.0M | ||
| Q1 25 | $-35.6M | $-98.0M | ||
| Q4 24 | $-138.7M | $-115.0M | ||
| Q3 24 | $-4.2M | $-40.0M | ||
| Q2 24 | $-64.5M | $62.0M | ||
| Q1 24 | $-62.8M | $70.0M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | -19.3% | ||
| Q3 25 | -34.7% | 1.6% | ||
| Q2 25 | — | 26.3% | ||
| Q1 25 | -35.8% | -82.6% | ||
| Q4 24 | -29.1% | -188.1% | ||
| Q3 24 | 15.6% | 15.4% | ||
| Q2 24 | -68.4% | 18.3% | ||
| Q1 24 | -128.8% | -8.2% |
| Q4 25 | -11.4% | 11.2% | ||
| Q3 25 | -26.4% | -11.7% | ||
| Q2 25 | 157.8% | 23.1% | ||
| Q1 25 | -67.2% | -34.8% | ||
| Q4 24 | -217.2% | -39.1% | ||
| Q3 24 | -7.0% | -12.5% | ||
| Q2 24 | -147.5% | 17.2% | ||
| Q1 24 | -145.0% | 27.2% |
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | $-0.40 | ||
| Q2 25 | $-0.31 | $0.84 | ||
| Q1 25 | $-0.16 | $-1.05 | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | $-0.43 | ||
| Q2 24 | $-0.57 | $0.66 | ||
| Q1 24 | $-0.52 | $0.75 |
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 | $960.0M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $1.4B | $10.9B |
| Total Assets | $5.2B | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $960.0M | ||
| Q3 25 | $73.9M | $711.0M | ||
| Q2 25 | $41.6M | $880.0M | ||
| Q1 25 | $68.7M | $1.5B | ||
| Q4 24 | $286.2M | $283.0M | ||
| Q3 24 | $58.2M | $290.0M | ||
| Q2 24 | $3.3M | $281.0M | ||
| Q1 24 | $4.4M | $245.0M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $10.9B | ||
| Q3 25 | $1.0B | $11.0B | ||
| Q2 25 | $497.7M | $11.3B | ||
| Q1 25 | $454.6M | $12.6B | ||
| Q4 24 | $434.6M | $12.9B | ||
| Q3 24 | $241.8M | $13.6B | ||
| Q2 24 | $124.8M | $13.9B | ||
| Q1 24 | $118.5M | $14.0B |
| Q4 25 | $5.2B | $19.6B | ||
| Q3 25 | $2.4B | $19.1B | ||
| Q2 25 | $1.9B | $20.5B | ||
| Q1 25 | $1.7B | $21.4B | ||
| Q4 24 | $1.5B | $20.3B | ||
| Q3 24 | $937.7M | $20.9B | ||
| Q2 24 | $762.9M | $21.7B | ||
| Q1 24 | $643.2M | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $186.0M |
| Free Cash FlowOCF − Capex | $-567.9M | $-88.0M |
| FCF MarginFCF / Revenue | -448.6% | -35.3% |
| Capex IntensityCapex / Revenue | 436.1% | 110.0% |
| Cash ConversionOCF / Net Profit | — | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $186.0M | ||
| Q3 25 | $-82.0M | $231.0M | ||
| Q2 25 | $6.9M | $232.0M | ||
| Q1 25 | $5.9M | $90.0M | ||
| Q4 24 | $-52.3M | $283.0M | ||
| Q3 24 | $-75.9M | $208.0M | ||
| Q2 24 | $-34.1M | $231.0M | ||
| Q1 24 | $38.8M | $78.0M |
| Q4 25 | $-567.9M | $-88.0M | ||
| Q3 25 | $-331.4M | $-283.0M | ||
| Q2 25 | $-191.4M | $151.0M | ||
| Q1 25 | $-251.6M | $1.0M | ||
| Q4 24 | $-223.3M | $231.0M | ||
| Q3 24 | $-130.7M | $152.0M | ||
| Q2 24 | $-88.9M | $162.0M | ||
| Q1 24 | $-2.3M | $14.0M |
| Q4 25 | -448.6% | -35.3% | ||
| Q3 25 | -516.1% | -89.8% | ||
| Q2 25 | 574.8% | 44.2% | ||
| Q1 25 | -475.4% | 0.4% | ||
| Q4 24 | -349.6% | 78.6% | ||
| Q3 24 | -215.3% | 47.6% | ||
| Q2 24 | -203.5% | 45.0% | ||
| Q1 24 | -5.4% | 5.4% |
| Q4 25 | 436.1% | 110.0% | ||
| Q3 25 | 388.4% | 163.2% | ||
| Q2 25 | -595.4% | 23.7% | ||
| Q1 25 | 486.6% | 31.6% | ||
| Q4 24 | 267.8% | 17.7% | ||
| Q3 24 | 90.3% | 17.6% | ||
| Q2 24 | 125.4% | 19.2% | ||
| Q1 24 | 95.0% | 24.9% |
| Q4 25 | — | 6.64× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 1.11× |
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% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
