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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $86.0M, roughly 1.9× Smart Sand, Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs 1.4%, a 2.0% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $2.5M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
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.
BTM vs SND — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $86.0M |
| Net Profit | $5.5M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | 7.3% | -3.1% |
| Net Margin | 3.4% | 1.4% |
| Revenue YoY | 20.1% | -5.8% |
| Net Profit YoY | 690.4% | -68.5% |
| EPS (diluted) | $0.08 | $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 | — | $86.0M | ||
| Q3 25 | $162.5M | $92.8M | ||
| Q2 25 | $172.1M | $85.8M | ||
| Q1 25 | $164.2M | $65.6M | ||
| Q4 24 | — | $91.4M | ||
| Q3 24 | $135.3M | $63.2M | ||
| Q2 24 | $163.1M | $73.8M | ||
| Q1 24 | $138.5M | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $5.5M | $3.0M | ||
| Q2 25 | $6.1M | $21.4M | ||
| Q1 25 | $4.2M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $-939.0K | $-98.0K | ||
| Q2 24 | $-2.6M | $-430.0K | ||
| Q1 24 | $-1.5M | $-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 | — | -3.1% | ||
| Q3 25 | 7.3% | 5.8% | ||
| Q2 25 | 9.2% | -0.1% | ||
| Q1 25 | 10.8% | -10.8% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | 4.1% | -7.8% | ||
| Q2 24 | 4.7% | 4.8% | ||
| Q1 24 | 0.5% | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 3.4% | 3.2% | ||
| Q2 25 | 3.5% | 24.9% | ||
| Q1 25 | 2.6% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | -0.7% | -0.2% | ||
| Q2 24 | -1.6% | -0.6% | ||
| Q1 24 | -1.1% | -0.3% |
| Q4 25 | — | $0.03 | ||
| Q3 25 | $0.08 | $0.08 | ||
| Q2 25 | $0.16 | $0.54 | ||
| Q1 25 | $0.20 | $-0.62 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | $-0.05 | $0.00 | ||
| Q2 24 | $-0.13 | $-0.01 | ||
| Q1 24 | $-0.25 | $-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 | $59.3M | $22.6M |
| Total DebtLower is stronger | $67.5M | $15.0M |
| Stockholders' EquityBook value | $21.0M | $239.7M |
| Total Assets | $125.3M | $340.0M |
| Debt / EquityLower = less leverage | 3.21× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.6M | ||
| Q3 25 | $59.3M | $5.1M | ||
| Q2 25 | $48.0M | $4.3M | ||
| Q1 25 | $35.0M | $5.1M | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | $32.2M | $7.2M | ||
| Q2 24 | $43.9M | $6.3M | ||
| Q1 24 | $42.2M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | $67.5M | $14.3M | ||
| Q2 25 | $66.5M | $23.5M | ||
| Q1 25 | $56.2M | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | $44.5M | $15.7M | ||
| Q2 24 | $41.2M | $17.1M | ||
| Q1 24 | $37.6M | $25.5M |
| Q4 25 | — | $239.7M | ||
| Q3 25 | $21.0M | $239.9M | ||
| Q2 25 | $4.7M | $240.5M | ||
| Q1 25 | $-4.6M | $219.9M | ||
| Q4 24 | — | $243.8M | ||
| Q3 24 | $-7.9M | $243.6M | ||
| Q2 24 | $4.4M | $242.9M | ||
| Q1 24 | $5.0M | $242.5M |
| Q4 25 | — | $340.0M | ||
| Q3 25 | $125.3M | $343.1M | ||
| Q2 25 | $109.1M | $345.8M | ||
| Q1 25 | $89.7M | $326.9M | ||
| Q4 24 | — | $341.5M | ||
| Q3 24 | $87.4M | $335.8M | ||
| Q2 24 | $97.5M | $341.8M | ||
| Q1 24 | $90.1M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | 3.21× | 0.06× | ||
| Q2 25 | 14.18× | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | 9.27× | 0.07× | ||
| Q1 24 | 7.54× | 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 | $6.6M | $22.4M |
| Free Cash FlowOCF − Capex | $2.5M | $20.4M |
| FCF MarginFCF / Revenue | 1.6% | 23.7% |
| Capex IntensityCapex / Revenue | 2.5% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.20× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | $6.6M | $18.2M | ||
| Q2 25 | $10.2M | $-5.1M | ||
| Q1 25 | $16.3M | $8.7M | ||
| Q4 24 | — | $1.0M | ||
| Q3 24 | $5.8M | $5.8M | ||
| Q2 24 | $10.1M | $14.9M | ||
| Q1 24 | $1.3M | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | $2.5M | $14.8M | ||
| Q2 25 | $9.8M | $-7.8M | ||
| Q1 25 | $15.9M | $5.2M | ||
| Q4 24 | — | $-840.0K | ||
| Q3 24 | $-1.0M | $3.7M | ||
| Q2 24 | $7.6M | $13.5M | ||
| Q1 24 | $789.0K | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | 1.6% | 15.9% | ||
| Q2 25 | 5.7% | -9.1% | ||
| Q1 25 | 9.7% | 7.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | -0.8% | 5.8% | ||
| Q2 24 | 4.7% | 18.3% | ||
| Q1 24 | 0.6% | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 2.5% | 3.6% | ||
| Q2 25 | 0.2% | 3.1% | ||
| Q1 25 | 0.2% | 5.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 5.0% | 3.4% | ||
| Q2 24 | 1.5% | 1.8% | ||
| Q1 24 | 0.4% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | 1.20× | 6.05× | ||
| Q2 25 | 1.67× | -0.24× | ||
| Q1 25 | 3.88× | — | ||
| 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
BTM
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
