Applied Digital reported $64.2M in Q1 revenue with 84% growth, while CoreWeave posted $1.36B in Q3 revenue with 134% growth. CoreWeave generated $51.9M in operating income and doubled its backlog to $55B, while Applied Digital lost $27.8M operationally. Applied Digital trades at 50x sales with negative 141% margins, while CoreWeave trades at 22x sales with improving operating leverage. CoreWeave competes with AWS, Google Cloud, and Microsoft Azure, while Applied Digital competes with Equinix and Digital Realty for hyperscale lease commitments. CoreWeave holds a $1.89B cash position for infrastructure expansion.
CoreWeave reported $1.36 billion in Q3 revenue, beating estimates by 9.6% and growing 134% year over year. The company generated positive operating income of $51.9 million and nearly doubled its revenue backlog to over $55 billion. Applied Digital posted $64.2 million in Q1 2026 revenue, crushing estimates by 32% with 84% year-over-year growth. Revenue included $26 million from tenant fit-out services in its HPC Hosting Business. Applied Digital lost $27.8 million on an operating basis compared to CoreWeave’s profit.
Applied Digital focuses on long-term lease commitments with hyperscalers. CoreWeave sells compute directly to AI labs, startups, and enterprises. Applied Digital’s profit margin sits at negative 141% compared to CoreWeave’s negative 39%. CoreWeave’s $55 billion backlog signals locked-in demand for years. CoreWeave competes with AWS, Google Cloud, and Microsoft Azure for AI workloads. CoreWeave generates positive operating income while growing faster than Applied Digital. Applied Digital trades at 50x price-to-sales ratio with a 7.1 beta indicating high volatility. CoreWeave trades at 22x price-to-sales despite being 21 times larger by revenue.
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Read more at Yahoo Finance: CoreWeave Hits Profitability While Applied Digital Burns Cash Building Data Centers