vs
Side-by-side financial comparison of CBAK Energy Technology, Inc. (CBAT) 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 $58.8M, roughly 1.5× CBAK Energy Technology, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -12.5%, a 13.9% gap on every dollar of revenue. On growth, CBAK Energy Technology, Inc. posted the faster year-over-year revenue change (131.8% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $16.1M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -0.0%).
CBAK Energy Technology, Inc. is a global supplier of lithium-ion battery products including high-performance cells, modules and battery packs. It serves key segments such as electric vehicles, stationary energy storage systems and consumer electronics, with core operations in China and a worldwide customer base.
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.
CBAT vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.8M | $86.0M |
| Net Profit | $-7.4M | $1.2M |
| Gross Margin | 7.3% | 13.0% |
| Operating Margin | -13.6% | -3.1% |
| Net Margin | -12.5% | 1.4% |
| Revenue YoY | 131.8% | -5.8% |
| Net Profit YoY | -63.6% | -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 | $58.8M | $86.0M | ||
| Q3 25 | $60.9M | $92.8M | ||
| Q2 25 | $40.5M | $85.8M | ||
| Q1 25 | $34.9M | $65.6M | ||
| Q4 24 | $25.4M | $91.4M | ||
| Q3 24 | $44.6M | $63.2M | ||
| Q2 24 | $47.8M | $73.8M | ||
| Q1 24 | $58.8M | $83.1M |
| Q4 25 | $-7.4M | $1.2M | ||
| Q3 25 | $2.7M | $3.0M | ||
| Q2 25 | $-3.1M | $21.4M | ||
| Q1 25 | $-1.6M | $-24.2M | ||
| Q4 24 | $-4.5M | $3.7M | ||
| Q3 24 | $17.6K | $-98.0K | ||
| Q2 24 | $6.4M | $-430.0K | ||
| Q1 24 | $9.8M | $-216.0K |
| Q4 25 | 7.3% | 13.0% | ||
| Q3 25 | 8.0% | 16.1% | ||
| Q2 25 | 11.0% | 10.4% | ||
| Q1 25 | 13.7% | 4.2% | ||
| Q4 24 | 13.1% | 14.7% | ||
| Q3 24 | 15.6% | 10.3% | ||
| Q2 24 | 26.6% | 17.7% | ||
| Q1 24 | 31.9% | 14.2% |
| Q4 25 | -13.6% | -3.1% | ||
| Q3 25 | -6.6% | 5.8% | ||
| Q2 25 | -8.7% | -0.1% | ||
| Q1 25 | -8.2% | -10.8% | ||
| Q4 24 | -26.0% | 3.9% | ||
| Q3 24 | -1.9% | -7.8% | ||
| Q2 24 | 12.4% | 4.8% | ||
| Q1 24 | 17.4% | 0.9% |
| Q4 25 | -12.5% | 1.4% | ||
| Q3 25 | 4.4% | 3.2% | ||
| Q2 25 | -7.6% | 24.9% | ||
| Q1 25 | -4.5% | -37.0% | ||
| Q4 24 | -17.8% | 4.1% | ||
| Q3 24 | 0.0% | -0.2% | ||
| Q2 24 | 13.5% | -0.6% | ||
| Q1 24 | 16.7% | -0.3% |
| Q4 25 | $-0.08 | $0.03 | ||
| Q3 25 | $0.03 | $0.08 | ||
| Q2 25 | $-0.03 | $0.54 | ||
| Q1 25 | $-0.02 | $-0.62 | ||
| Q4 24 | $-0.05 | $0.10 | ||
| Q3 24 | $0.00 | $0.00 | ||
| Q2 24 | $0.07 | $-0.01 | ||
| Q1 24 | $0.11 | $-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 | $8.3M | $22.6M |
| Total DebtLower is stronger | $4.1M | $15.0M |
| Stockholders' EquityBook value | $112.7M | $239.7M |
| Total Assets | $426.2M | $340.0M |
| Debt / EquityLower = less leverage | 0.04× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $22.6M | ||
| Q3 25 | $10.5M | $5.1M | ||
| Q2 25 | $45.7M | $4.3M | ||
| Q1 25 | $9.6M | $5.1M | ||
| Q4 24 | $11.0M | $1.6M | ||
| Q3 24 | $24.2M | $7.2M | ||
| Q2 24 | $44.1M | $6.3M | ||
| Q1 24 | $23.8M | $4.6M |
| Q4 25 | $4.1M | $15.0M | ||
| Q3 25 | $4.8M | $14.3M | ||
| Q2 25 | $4.9M | $23.5M | ||
| Q1 25 | $4.1M | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $112.7M | $239.7M | ||
| Q3 25 | $121.4M | $239.9M | ||
| Q2 25 | $118.2M | $240.5M | ||
| Q1 25 | $120.8M | $219.9M | ||
| Q4 24 | $121.7M | $243.8M | ||
| Q3 24 | $131.2M | $243.6M | ||
| Q2 24 | $126.6M | $242.9M | ||
| Q1 24 | $120.9M | $242.5M |
| Q4 25 | $426.2M | $340.0M | ||
| Q3 25 | $363.9M | $343.1M | ||
| Q2 25 | $333.1M | $345.8M | ||
| Q1 25 | $311.5M | $326.9M | ||
| Q4 24 | $302.2M | $341.5M | ||
| Q3 24 | $293.5M | $335.8M | ||
| Q2 24 | $279.6M | $341.8M | ||
| Q1 24 | $286.5M | $349.3M |
| Q4 25 | 0.04× | 0.06× | ||
| Q3 25 | 0.04× | 0.06× | ||
| Q2 25 | 0.04× | 0.10× | ||
| Q1 25 | 0.03× | 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 | $29.8M | $22.4M |
| Free Cash FlowOCF − Capex | $16.1M | $20.4M |
| FCF MarginFCF / Revenue | 27.3% | 23.7% |
| Capex IntensityCapex / Revenue | 23.4% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $3.9M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.8M | $22.4M | ||
| Q3 25 | $14.6M | $18.2M | ||
| Q2 25 | $13.8M | $-5.1M | ||
| Q1 25 | $-9.6M | $8.7M | ||
| Q4 24 | $9.6M | $1.0M | ||
| Q3 24 | $19.7M | $5.8M | ||
| Q2 24 | $2.9M | $14.9M | ||
| Q1 24 | $7.4M | $-3.9M |
| Q4 25 | $16.1M | $20.4M | ||
| Q3 25 | $6.0M | $14.8M | ||
| Q2 25 | $4.1M | $-7.8M | ||
| Q1 25 | $-22.3M | $5.2M | ||
| Q4 24 | $3.9M | $-840.0K | ||
| Q3 24 | $16.5M | $3.7M | ||
| Q2 24 | $2.5M | $13.5M | ||
| Q1 24 | $-454.0K | $-5.5M |
| Q4 25 | 27.3% | 23.7% | ||
| Q3 25 | 9.9% | 15.9% | ||
| Q2 25 | 10.2% | -9.1% | ||
| Q1 25 | -63.9% | 7.9% | ||
| Q4 24 | 15.5% | -0.9% | ||
| Q3 24 | 37.1% | 5.8% | ||
| Q2 24 | 5.2% | 18.3% | ||
| Q1 24 | -0.8% | -6.6% |
| Q4 25 | 23.4% | 2.3% | ||
| Q3 25 | 14.1% | 3.6% | ||
| Q2 25 | 23.8% | 3.1% | ||
| Q1 25 | 36.3% | 5.4% | ||
| Q4 24 | 22.5% | 2.1% | ||
| Q3 24 | 7.0% | 3.4% | ||
| Q2 24 | 0.9% | 1.8% | ||
| Q1 24 | 13.4% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | 5.51× | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | 1115.72× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.76× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBAT
| Manufacturing Lithium Batteries | $28.0M | 48% |
| Residential Energy Supply And Uninterruptable Supplies | $17.8M | 30% |
| Light Electric Vehicles | $12.9M | 22% |
| Precursor | $108.0K | 0% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
