A file compiler on Common Lisp systems creates a representation of the source source in some machine languages (depending on the target processor) or on some virtual machine (for example, in CLISP). Then this compiled file can be loaded into the running Lisp system with the LOAD function and created source definitions (functions, classes, variables, etc.) and another code in the file executed.
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(progn (load "foo.lisp") (save-application "foo"))
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