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Applied Digital vs Spectral Capital: APLD and FCCN compared
Applied Digital is the larger company: $342M of revenue in its latest quarter (Q1 FY27) against $318M for Spectral Capital (Q2 2026). Spectral Capital is more profitable, with an operating margin of -0.6% against -18.2%.
Where the money goes: APLD and FCCN
Applied Digital (APLD) · Q1 FY27
Applied Digital, Q1 FY27: revenue $342M (+322% year over year), operating margin -18.2%, net loss $184M, operating cash flow $63.9M. The chart follows the revenue to costs, profit and cash.
Spectral Capital (FCCN) · Q2 2026
Spectral Capital, Q2 2026: revenue $318M, operating margin -0.6%, net earnings $7.4M, operating cash flow −$1.0M. The chart follows the revenue to costs, profit and cash.
| Applied Digital (APLD) | Spectral Capital (FCCN) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q2 2026 |
| Revenue | $342M | $318M |
| Revenue growth, Y/Y | +322% | — |
| Operating margin | -18.2% | -0.6% |
| Net earnings | −$184M | $7.4M |
| Net margin | -53.8% | 2.3% |
| Operating cash flow | $63.9M | −$1.0M |
| Market value | $4.5B | — |
| Analysts’ mean target | $60.94 | — |
Where the revenue comes from
Spectral Capital
- Revenue: $318M (100%)
- Revenue, related party: $104K (0%)
- Platform Leasing, over time: $26K (0%)
Questions
Which is bigger, Applied Digital or Spectral Capital?
Applied Digital is the larger company: $342M of revenue in its latest quarter (Q1 FY27) against $318M for Spectral Capital (Q2 2026).
Is Applied Digital or Spectral Capital growing faster?
Spectral Capital is more profitable, with an operating margin of -0.6% against -18.2%.
More: Applied Digital earnings · how Applied Digital makes money · Spectral Capital earnings · how Spectral Capital makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 7, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.