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Side-by-side financial comparison of C3.ai, Inc. (AI) 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 $75.1M, roughly 1.1× C3.ai, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -139.3%, a 140.7% gap on every dollar of revenue. On growth, Smart Sand, Inc. posted the faster year-over-year revenue change (-5.8% vs -20.3%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-46.9M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
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.
AI vs SND — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $86.0M |
| Net Profit | $-104.7M | $1.2M |
| Gross Margin | 40.4% | 13.0% |
| Operating Margin | -149.2% | -3.1% |
| Net Margin | -139.3% | 1.4% |
| Revenue YoY | -20.3% | -5.8% |
| Net Profit YoY | -58.7% | -68.5% |
| EPS (diluted) | $-0.75 | $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 | $75.1M | $86.0M | ||
| Q3 25 | $70.3M | $92.8M | ||
| Q2 25 | $108.7M | $85.8M | ||
| Q1 25 | $98.8M | $65.6M | ||
| Q4 24 | $94.3M | $91.4M | ||
| Q3 24 | $87.2M | $63.2M | ||
| Q2 24 | $86.6M | $73.8M | ||
| Q1 24 | $78.4M | $83.1M |
| Q4 25 | $-104.7M | $1.2M | ||
| Q3 25 | $-116.8M | $3.0M | ||
| Q2 25 | $-79.7M | $21.4M | ||
| Q1 25 | $-80.2M | $-24.2M | ||
| Q4 24 | $-66.0M | $3.7M | ||
| Q3 24 | $-62.8M | $-98.0K | ||
| Q2 24 | $-72.9M | $-430.0K | ||
| Q1 24 | $-72.6M | $-216.0K |
| Q4 25 | 40.4% | 13.0% | ||
| Q3 25 | 37.6% | 16.1% | ||
| Q2 25 | 62.1% | 10.4% | ||
| Q1 25 | 59.1% | 4.2% | ||
| Q4 24 | 61.3% | 14.7% | ||
| Q3 24 | 59.8% | 10.3% | ||
| Q2 24 | 59.6% | 17.7% | ||
| Q1 24 | 57.8% | 14.2% |
| Q4 25 | -149.2% | -3.1% | ||
| Q3 25 | -177.7% | 5.8% | ||
| Q2 25 | -81.8% | -0.1% | ||
| Q1 25 | -88.7% | -10.8% | ||
| Q4 24 | -79.8% | 3.9% | ||
| Q3 24 | -83.2% | -7.8% | ||
| Q2 24 | -95.1% | 4.8% | ||
| Q1 24 | -105.3% | 0.9% |
| Q4 25 | -139.3% | 1.4% | ||
| Q3 25 | -166.2% | 3.2% | ||
| Q2 25 | -73.3% | 24.9% | ||
| Q1 25 | -81.2% | -37.0% | ||
| Q4 24 | -69.9% | 4.1% | ||
| Q3 24 | -72.0% | -0.2% | ||
| Q2 24 | -84.2% | -0.6% | ||
| Q1 24 | -92.6% | -0.3% |
| Q4 25 | $-0.75 | $0.03 | ||
| Q3 25 | $-0.86 | $0.08 | ||
| Q2 25 | $-0.60 | $0.54 | ||
| Q1 25 | $-0.62 | $-0.62 | ||
| Q4 24 | $-0.52 | $0.10 | ||
| Q3 24 | $-0.50 | $0.00 | ||
| Q2 24 | $-0.59 | $-0.01 | ||
| Q1 24 | $-0.60 | $-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 | $675.0M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $771.9M | $239.7M |
| Total Assets | $961.3M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $22.6M | ||
| Q3 25 | $711.9M | $5.1M | ||
| Q2 25 | $742.7M | $4.3M | ||
| Q1 25 | $724.3M | $5.1M | ||
| Q4 24 | $730.4M | $1.6M | ||
| Q3 24 | $762.5M | $7.2M | ||
| Q2 24 | $750.4M | $6.3M | ||
| Q1 24 | $723.3M | $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 | $771.9M | $239.7M | ||
| Q3 25 | $798.8M | $239.9M | ||
| Q2 25 | $838.3M | $240.5M | ||
| Q1 25 | $860.2M | $219.9M | ||
| Q4 24 | $859.0M | $243.8M | ||
| Q3 24 | $874.9M | $243.6M | ||
| Q2 24 | $873.4M | $242.9M | ||
| Q1 24 | $898.0M | $242.5M |
| Q4 25 | $961.3M | $340.0M | ||
| Q3 25 | $968.7M | $343.1M | ||
| Q2 25 | $1.0B | $345.8M | ||
| Q1 25 | $1.1B | $326.9M | ||
| Q4 24 | $1.0B | $341.5M | ||
| Q3 24 | $1.1B | $335.8M | ||
| Q2 24 | $1.0B | $341.8M | ||
| Q1 24 | $1.1B | $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 | $-46.5M | $22.4M |
| Free Cash FlowOCF − Capex | $-46.9M | $20.4M |
| FCF MarginFCF / Revenue | -62.4% | 23.7% |
| Capex IntensityCapex / Revenue | 0.5% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $22.4M | ||
| Q3 25 | $-33.5M | $18.2M | ||
| Q2 25 | $11.3M | $-5.1M | ||
| Q1 25 | $-22.0M | $8.7M | ||
| Q4 24 | $-38.7M | $1.0M | ||
| Q3 24 | $8.0M | $5.8M | ||
| Q2 24 | $21.3M | $14.9M | ||
| Q1 24 | $-39.1M | $-3.9M |
| Q4 25 | $-46.9M | $20.4M | ||
| Q3 25 | $-34.3M | $14.8M | ||
| Q2 25 | $10.3M | $-7.8M | ||
| Q1 25 | $-22.4M | $5.2M | ||
| Q4 24 | $-39.5M | $-840.0K | ||
| Q3 24 | $7.1M | $3.7M | ||
| Q2 24 | $18.8M | $13.5M | ||
| Q1 24 | $-45.1M | $-5.5M |
| Q4 25 | -62.4% | 23.7% | ||
| Q3 25 | -48.8% | 15.9% | ||
| Q2 25 | 9.5% | -9.1% | ||
| Q1 25 | -22.7% | 7.9% | ||
| Q4 24 | -41.9% | -0.9% | ||
| Q3 24 | 8.2% | 5.8% | ||
| Q2 24 | 21.7% | 18.3% | ||
| Q1 24 | -57.6% | -6.6% |
| Q4 25 | 0.5% | 2.3% | ||
| Q3 25 | 1.1% | 3.6% | ||
| Q2 25 | 0.9% | 3.1% | ||
| Q1 25 | 0.4% | 5.4% | ||
| Q4 24 | 0.9% | 2.1% | ||
| Q3 24 | 1.1% | 3.4% | ||
| Q2 24 | 2.9% | 1.8% | ||
| Q1 24 | 7.8% | 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
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
