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Side-by-side financial comparison of AbCellera Biologics Inc. (ABCL) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $44.9M, roughly 1.9× AbCellera Biologics Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -19.9%, a 21.3% gap on every dollar of revenue. On growth, AbCellera Biologics Inc. posted the faster year-over-year revenue change (788.4% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-44.6M). Over the past eight quarters, AbCellera Biologics Inc.'s revenue compounded faster (112.3% CAGR vs 1.8%).
AbCellera Biologics Inc. is a Vancouver, British Columbia-based biotechnology company that discovers and develops antibody therapeutics. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office. AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days." Its platform for single-cell screening was initially developed at the University of British Columbia.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
ABCL vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $86.0M |
| Net Profit | $-8.9M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | -63.7% | -3.1% |
| Net Margin | -19.9% | 1.4% |
| Revenue YoY | 788.4% | -5.8% |
| Net Profit YoY | 73.9% | -68.5% |
| EPS (diluted) | $-0.03 | $0.03 |
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 | $44.9M | $86.0M | ||
| Q3 25 | $9.0M | $92.8M | ||
| Q2 25 | $17.1M | $85.8M | ||
| Q1 25 | $4.2M | $65.6M | ||
| Q4 24 | $5.0M | $91.4M | ||
| Q3 24 | $6.5M | $63.2M | ||
| Q2 24 | $7.3M | $73.8M | ||
| Q1 24 | $10.0M | $83.1M |
| Q4 25 | $-8.9M | $1.2M | ||
| Q3 25 | $-57.1M | $3.0M | ||
| Q2 25 | $-34.7M | $21.4M | ||
| Q1 25 | $-45.6M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $-51.1M | $-98.0K | ||
| Q2 24 | $-36.9M | $-430.0K | ||
| Q1 24 | $-40.6M | $-216.0K |
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | -63.7% | -3.1% | ||
| Q3 25 | -851.8% | 5.8% | ||
| Q2 25 | -290.2% | -0.1% | ||
| Q1 25 | -1479.6% | -10.8% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | -1439.4% | -7.8% | ||
| Q2 24 | -1276.2% | 4.8% | ||
| Q1 24 | -551.5% | 0.9% |
| Q4 25 | -19.9% | 1.4% | ||
| Q3 25 | -637.8% | 3.2% | ||
| Q2 25 | -203.3% | 24.9% | ||
| Q1 25 | -1077.2% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | -785.4% | -0.2% | ||
| Q2 24 | -504.3% | -0.6% | ||
| Q1 24 | -408.0% | -0.3% |
| Q4 25 | $-0.03 | $0.03 | ||
| Q3 25 | $-0.19 | $0.08 | ||
| Q2 25 | $-0.12 | $0.54 | ||
| Q1 25 | $-0.15 | $-0.62 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | $-0.17 | $0.00 | ||
| Q2 24 | $-0.13 | $-0.01 | ||
| Q1 24 | $-0.14 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $128.5M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $966.9M | $239.7M |
| Total Assets | $1.4B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.5M | $22.6M | ||
| Q3 25 | $83.2M | $5.1M | ||
| Q2 25 | $92.4M | $4.3M | ||
| Q1 25 | $159.3M | $5.1M | ||
| Q4 24 | $156.3M | $1.6M | ||
| Q3 24 | $126.6M | $7.2M | ||
| Q2 24 | $148.3M | $6.3M | ||
| Q1 24 | $123.6M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $966.9M | $239.7M | ||
| Q3 25 | $964.0M | $239.9M | ||
| Q2 25 | $1.0B | $240.5M | ||
| Q1 25 | $1.0B | $219.9M | ||
| Q4 24 | $1.1B | $243.8M | ||
| Q3 24 | $1.1B | $243.6M | ||
| Q2 24 | $1.1B | $242.9M | ||
| Q1 24 | $1.1B | $242.5M |
| Q4 25 | $1.4B | $340.0M | ||
| Q3 25 | $1.4B | $343.1M | ||
| Q2 25 | $1.4B | $345.8M | ||
| Q1 25 | $1.3B | $326.9M | ||
| Q4 24 | $1.4B | $341.5M | ||
| Q3 24 | $1.4B | $335.8M | ||
| Q2 24 | $1.4B | $341.8M | ||
| Q1 24 | $1.5B | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $-34.7M | $22.4M |
| Free Cash FlowOCF − Capex | $-44.6M | $20.4M |
| FCF MarginFCF / Revenue | -99.4% | 23.7% |
| Capex IntensityCapex / Revenue | 21.9% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-174.1M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.7M | $22.4M | ||
| Q3 25 | $-52.6M | $18.2M | ||
| Q2 25 | $-32.4M | $-5.1M | ||
| Q1 25 | $-11.6M | $8.7M | ||
| Q4 24 | $-108.6M | $1.0M | ||
| Q3 24 | $-28.9M | $5.8M | ||
| Q2 24 | $-30.0M | $14.9M | ||
| Q1 24 | $-41.7M | $-3.9M |
| Q4 25 | $-44.6M | $20.4M | ||
| Q3 25 | $-61.5M | $14.8M | ||
| Q2 25 | $-45.8M | $-7.8M | ||
| Q1 25 | $-22.2M | $5.2M | ||
| Q4 24 | $-187.0M | $-840.0K | ||
| Q3 24 | $-47.4M | $3.7M | ||
| Q2 24 | $-50.1M | $13.5M | ||
| Q1 24 | $-65.8M | $-5.5M |
| Q4 25 | -99.4% | 23.7% | ||
| Q3 25 | -687.0% | 15.9% | ||
| Q2 25 | -267.9% | -9.1% | ||
| Q1 25 | -524.0% | 7.9% | ||
| Q4 24 | -3702.8% | -0.9% | ||
| Q3 24 | -728.4% | 5.8% | ||
| Q2 24 | -683.8% | 18.3% | ||
| Q1 24 | -661.5% | -6.6% |
| Q4 25 | 21.9% | 2.3% | ||
| Q3 25 | 99.7% | 3.6% | ||
| Q2 25 | 78.2% | 3.1% | ||
| Q1 25 | 251.1% | 5.4% | ||
| Q4 24 | 1552.7% | 2.1% | ||
| Q3 24 | 284.6% | 3.4% | ||
| Q2 24 | 274.6% | 1.8% | ||
| Q1 24 | 242.5% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ABCL
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
