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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) 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 $70.9M, roughly 1.2× Adaptive Biotechnologies Corp). Adaptive Biotechnologies Corp runs the higher net margin — 4.7% vs 1.4%, a 3.4% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (35.1% vs -5.8%). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (28.1% CAGR vs 1.8%).
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
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.
ADPT vs SND — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $70.9M | $86.0M |
| Net Profit | $3.4M | $1.2M |
| Gross Margin | 73.6% | 13.0% |
| Operating Margin | -27.1% | -3.1% |
| Net Margin | 4.7% | 1.4% |
| Revenue YoY | 35.1% | -5.8% |
| Net Profit YoY | — | -68.5% |
| EPS (diluted) | — | $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.
| Q1 26 | $70.9M | — | ||
| Q4 25 | $71.7M | $86.0M | ||
| Q3 25 | $94.0M | $92.8M | ||
| Q2 25 | $58.9M | $85.8M | ||
| Q1 25 | $52.4M | $65.6M | ||
| Q4 24 | $47.5M | $91.4M | ||
| Q3 24 | $46.4M | $63.2M | ||
| Q2 24 | $43.2M | $73.8M |
| Q1 26 | $3.4M | — | ||
| Q4 25 | $-13.6M | $1.2M | ||
| Q3 25 | $9.5M | $3.0M | ||
| Q2 25 | $-25.6M | $21.4M | ||
| Q1 25 | $-29.9M | $-24.2M | ||
| Q4 24 | $-33.7M | $3.7M | ||
| Q3 24 | $-32.1M | $-98.0K | ||
| Q2 24 | $-46.2M | $-430.0K |
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.6% | 13.0% | ||
| Q3 25 | 80.7% | 16.1% | ||
| Q2 25 | 69.4% | 10.4% | ||
| Q1 25 | 67.6% | 4.2% | ||
| Q4 24 | 62.0% | 14.7% | ||
| Q3 24 | 64.1% | 10.3% | ||
| Q2 24 | 55.3% | 17.7% |
| Q1 26 | -27.1% | — | ||
| Q4 25 | -17.8% | -3.1% | ||
| Q3 25 | 10.9% | 5.8% | ||
| Q2 25 | -42.5% | -0.1% | ||
| Q1 25 | -56.4% | -10.8% | ||
| Q4 24 | -71.3% | 3.9% | ||
| Q3 24 | -70.3% | -7.8% | ||
| Q2 24 | -109.6% | 4.8% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | -18.9% | 1.4% | ||
| Q3 25 | 10.2% | 3.2% | ||
| Q2 25 | -43.5% | 24.9% | ||
| Q1 25 | -56.9% | -37.0% | ||
| Q4 24 | -71.0% | 4.1% | ||
| Q3 24 | -69.1% | -0.2% | ||
| Q2 24 | -107.0% | -0.6% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.08 | $0.03 | ||
| Q3 25 | $0.06 | $0.08 | ||
| Q2 25 | $-0.17 | $0.54 | ||
| Q1 25 | $-0.20 | $-0.62 | ||
| Q4 24 | $-0.22 | $0.10 | ||
| Q3 24 | $-0.22 | $0.00 | ||
| Q2 24 | $-0.31 | $-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 | $77.6M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | — | $239.7M |
| Total Assets | $505.9M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $77.6M | — | ||
| Q4 25 | $70.5M | $22.6M | ||
| Q3 25 | $55.0M | $5.1M | ||
| Q2 25 | $43.2M | $4.3M | ||
| Q1 25 | $50.6M | $5.1M | ||
| Q4 24 | $47.9M | $1.6M | ||
| Q3 24 | $38.1M | $7.2M | ||
| Q2 24 | $59.8M | $6.3M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $218.8M | $239.7M | ||
| Q3 25 | $204.4M | $239.9M | ||
| Q2 25 | $179.7M | $240.5M | ||
| Q1 25 | $190.4M | $219.9M | ||
| Q4 24 | $202.7M | $243.8M | ||
| Q3 24 | $223.8M | $243.6M | ||
| Q2 24 | $241.6M | $242.9M |
| Q1 26 | $505.9M | — | ||
| Q4 25 | $512.7M | $340.0M | ||
| Q3 25 | $490.6M | $343.1M | ||
| Q2 25 | $496.6M | $345.8M | ||
| Q1 25 | $510.9M | $326.9M | ||
| Q4 24 | $539.4M | $341.5M | ||
| Q3 24 | $558.5M | $335.8M | ||
| Q2 24 | $584.9M | $341.8M |
| Q1 26 | — | — | ||
| 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× |
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 | — | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.1M | $22.4M | ||
| Q3 25 | $-7.1M | $18.2M | ||
| Q2 25 | $-12.4M | $-5.1M | ||
| Q1 25 | $-28.5M | $8.7M | ||
| Q4 24 | $-12.5M | $1.0M | ||
| Q3 24 | $-27.1M | $5.8M | ||
| Q2 24 | $-17.3M | $14.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4M | $20.4M | ||
| Q3 25 | $-7.5M | $14.8M | ||
| Q2 25 | $-13.1M | $-7.8M | ||
| Q1 25 | $-29.7M | $5.2M | ||
| Q4 24 | $-12.6M | $-840.0K | ||
| Q3 24 | $-27.4M | $3.7M | ||
| Q2 24 | $-19.0M | $13.5M |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 23.7% | ||
| Q3 25 | -8.0% | 15.9% | ||
| Q2 25 | -22.2% | -9.1% | ||
| Q1 25 | -56.7% | 7.9% | ||
| Q4 24 | -26.5% | -0.9% | ||
| Q3 24 | -59.0% | 5.8% | ||
| Q2 24 | -44.1% | 18.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.9% | 2.3% | ||
| Q3 25 | 0.4% | 3.6% | ||
| Q2 25 | 1.1% | 3.1% | ||
| Q1 25 | 2.4% | 5.4% | ||
| Q4 24 | 0.2% | 2.1% | ||
| Q3 24 | 0.7% | 3.4% | ||
| Q2 24 | 4.0% | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 18.99× | ||
| Q3 25 | -0.75× | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADPT
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
