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Side-by-side financial comparison of AEMETIS, INC (AMTX) 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 $43.3M, roughly 2.0× AEMETIS, INC). On growth, Smart Sand, Inc. posted the faster year-over-year revenue change (-5.8% vs -7.9%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-10.8M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -22.8%).
Aemetis, Inc. is a renewable fuels and sustainable biochemicals producer operating across North America and India. Its core products include low-carbon ethanol, renewable natural gas and biodiesel, serving transportation, industrial and agricultural sectors with decarbonization solutions for commercial clients.
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.
AMTX vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.3M | $86.0M |
| Net Profit | — | $1.2M |
| Gross Margin | 17.8% | 13.0% |
| Operating Margin | -5.7% | -3.1% |
| Net Margin | — | 1.4% |
| Revenue YoY | -7.9% | -5.8% |
| Net Profit YoY | — | -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 | $43.3M | $86.0M | ||
| Q3 25 | $59.2M | $92.8M | ||
| Q2 25 | $52.2M | $85.8M | ||
| Q1 25 | $42.9M | $65.6M | ||
| Q4 24 | $47.0M | $91.4M | ||
| Q3 24 | $81.4M | $63.2M | ||
| Q2 24 | $66.6M | $73.8M | ||
| Q1 24 | $72.6M | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $-23.7M | $3.0M | ||
| Q2 25 | $-23.4M | $21.4M | ||
| Q1 25 | $-24.5M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $-17.9M | $-98.0K | ||
| Q2 24 | $-29.2M | $-430.0K | ||
| Q1 24 | $-24.2M | $-216.0K |
| Q4 25 | 17.8% | 13.0% | ||
| Q3 25 | -0.1% | 16.1% | ||
| Q2 25 | -6.4% | 10.4% | ||
| Q1 25 | -11.8% | 4.2% | ||
| Q4 24 | -4.3% | 14.7% | ||
| Q3 24 | 4.8% | 10.3% | ||
| Q2 24 | -2.7% | 17.7% | ||
| Q1 24 | -0.8% | 14.2% |
| Q4 25 | -5.7% | -3.1% | ||
| Q3 25 | -14.4% | 5.8% | ||
| Q2 25 | -20.4% | -0.1% | ||
| Q1 25 | -36.3% | -10.8% | ||
| Q4 24 | -28.7% | 3.9% | ||
| Q3 24 | -4.8% | -7.8% | ||
| Q2 24 | -20.4% | 4.8% | ||
| Q1 24 | -13.0% | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | -40.1% | 3.2% | ||
| Q2 25 | -44.8% | 24.9% | ||
| Q1 25 | -57.2% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | -22.0% | -0.2% | ||
| Q2 24 | -43.8% | -0.6% | ||
| Q1 24 | -33.4% | -0.3% |
| Q4 25 | $-0.03 | $0.03 | ||
| Q3 25 | $-0.37 | $0.08 | ||
| Q2 25 | $-0.41 | $0.54 | ||
| Q1 25 | $-0.47 | $-0.62 | ||
| Q4 24 | $-0.29 | $0.10 | ||
| Q3 24 | $-0.38 | $0.00 | ||
| Q2 24 | $-0.66 | $-0.01 | ||
| Q1 24 | $-0.58 | $-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 | $4.9M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $-306.8M | $239.7M |
| Total Assets | $259.8M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $22.6M | ||
| Q3 25 | $5.6M | $5.1M | ||
| Q2 25 | $1.6M | $4.3M | ||
| Q1 25 | $499.0K | $5.1M | ||
| Q4 24 | $898.0K | $1.6M | ||
| Q3 24 | $296.0K | $7.2M | ||
| Q2 24 | $234.0K | $6.3M | ||
| Q1 24 | $1.6M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | $338.1M | $14.7M | ||
| Q3 24 | $322.2M | $15.7M | ||
| Q2 24 | $309.0M | $17.1M | ||
| Q1 24 | $307.2M | $25.5M |
| Q4 25 | $-306.8M | $239.7M | ||
| Q3 25 | $-304.9M | $239.9M | ||
| Q2 25 | $-289.3M | $240.5M | ||
| Q1 25 | $-280.7M | $219.9M | ||
| Q4 24 | $-263.9M | $243.8M | ||
| Q3 24 | $-258.9M | $243.6M | ||
| Q2 24 | $-249.0M | $242.9M | ||
| Q1 24 | $-232.1M | $242.5M |
| Q4 25 | $259.8M | $340.0M | ||
| Q3 25 | $241.1M | $343.1M | ||
| Q2 25 | $240.0M | $345.8M | ||
| Q1 25 | $242.5M | $326.9M | ||
| Q4 24 | $259.3M | $341.5M | ||
| Q3 24 | $259.3M | $335.8M | ||
| Q2 24 | $259.3M | $341.8M | ||
| Q1 24 | $259.3M | $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 | $5.8M | $22.4M |
| Free Cash FlowOCF − Capex | $-10.8M | $20.4M |
| FCF MarginFCF / Revenue | -24.9% | 23.7% |
| Capex IntensityCapex / Revenue | 38.2% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-22.7M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8M | $22.4M | ||
| Q3 25 | $3.1M | $18.2M | ||
| Q2 25 | $-5.7M | $-5.1M | ||
| Q1 25 | $160.0K | $8.7M | ||
| Q4 24 | $-12.6M | $1.0M | ||
| Q3 24 | $-5.0M | $5.8M | ||
| Q2 24 | $-5.1M | $14.9M | ||
| Q1 24 | $-10.3M | $-3.9M |
| Q4 25 | $-10.8M | $20.4M | ||
| Q3 25 | $-1.0M | $14.8M | ||
| Q2 25 | $-9.3M | $-7.8M | ||
| Q1 25 | $-1.7M | $5.2M | ||
| Q4 24 | $-19.4M | $-840.0K | ||
| Q3 24 | $-9.5M | $3.7M | ||
| Q2 24 | $-10.5M | $13.5M | ||
| Q1 24 | $-13.9M | $-5.5M |
| Q4 25 | -24.9% | 23.7% | ||
| Q3 25 | -1.7% | 15.9% | ||
| Q2 25 | -17.7% | -9.1% | ||
| Q1 25 | -3.9% | 7.9% | ||
| Q4 24 | -41.2% | -0.9% | ||
| Q3 24 | -11.6% | 5.8% | ||
| Q2 24 | -15.8% | 18.3% | ||
| Q1 24 | -19.1% | -6.6% |
| Q4 25 | 38.2% | 2.3% | ||
| Q3 25 | 6.9% | 3.6% | ||
| Q2 25 | 6.7% | 3.1% | ||
| Q1 25 | 4.3% | 5.4% | ||
| Q4 24 | 14.4% | 2.1% | ||
| Q3 24 | 5.5% | 3.4% | ||
| Q2 24 | 8.1% | 1.8% | ||
| Q1 24 | 4.9% | 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
AMTX
| Ethanol Sales | $28.8M | 66% |
| Wet Distillers Grains | $6.8M | 16% |
| California Dairy Renewable Natural Gas | $5.2M | 12% |
| Other | $1.8M | 4% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
