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Side-by-side financial comparison of IMAX CORP (IMAX) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
IMAX CORP is the larger business by last-quarter revenue ($125.2M vs $86.0M, roughly 1.5× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs 0.5%, a 0.9% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs -5.8%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $20.4M). Over the past eight quarters, IMAX CORP's revenue compounded faster (25.8% CAGR vs 1.8%).
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
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.
IMAX vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $86.0M |
| Net Profit | $637.0K | $1.2M |
| Gross Margin | 57.6% | 13.0% |
| Operating Margin | 19.3% | -3.1% |
| Net Margin | 0.5% | 1.4% |
| Revenue YoY | 35.1% | -5.8% |
| Net Profit YoY | -88.0% | -68.5% |
| EPS (diluted) | $0.02 | $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 | $125.2M | $86.0M | ||
| Q3 25 | $106.7M | $92.8M | ||
| Q2 25 | $91.7M | $85.8M | ||
| Q1 25 | $86.7M | $65.6M | ||
| Q4 24 | $92.7M | $91.4M | ||
| Q3 24 | $91.5M | $63.2M | ||
| Q2 24 | $89.0M | $73.8M | ||
| Q1 24 | $79.1M | $83.1M |
| Q4 25 | $637.0K | $1.2M | ||
| Q3 25 | $20.7M | $3.0M | ||
| Q2 25 | $11.3M | $21.4M | ||
| Q1 25 | $2.3M | $-24.2M | ||
| Q4 24 | $5.3M | $3.7M | ||
| Q3 24 | $13.9M | $-98.0K | ||
| Q2 24 | $3.6M | $-430.0K | ||
| Q1 24 | $3.3M | $-216.0K |
| Q4 25 | 57.6% | 13.0% | ||
| Q3 25 | 63.1% | 16.1% | ||
| Q2 25 | 58.5% | 10.4% | ||
| Q1 25 | 61.4% | 4.2% | ||
| Q4 24 | 52.2% | 14.7% | ||
| Q3 24 | 55.8% | 10.3% | ||
| Q2 24 | 49.4% | 17.7% | ||
| Q1 24 | 59.3% | 14.2% |
| Q4 25 | 19.3% | -3.1% | ||
| Q3 25 | 27.2% | 5.8% | ||
| Q2 25 | 15.6% | -0.1% | ||
| Q1 25 | 19.3% | -10.8% | ||
| Q4 24 | 10.3% | 3.9% | ||
| Q3 24 | 21.2% | -7.8% | ||
| Q2 24 | 3.2% | 4.8% | ||
| Q1 24 | 15.3% | 0.9% |
| Q4 25 | 0.5% | 1.4% | ||
| Q3 25 | 19.4% | 3.2% | ||
| Q2 25 | 12.3% | 24.9% | ||
| Q1 25 | 2.7% | -37.0% | ||
| Q4 24 | 5.7% | 4.1% | ||
| Q3 24 | 15.2% | -0.2% | ||
| Q2 24 | 4.0% | -0.6% | ||
| Q1 24 | 4.1% | -0.3% |
| Q4 25 | $0.02 | $0.03 | ||
| Q3 25 | $0.37 | $0.08 | ||
| Q2 25 | $0.20 | $0.54 | ||
| Q1 25 | $0.04 | $-0.62 | ||
| Q4 24 | $0.09 | $0.10 | ||
| Q3 24 | $0.26 | $0.00 | ||
| Q2 24 | $0.07 | $-0.01 | ||
| Q1 24 | $0.06 | $-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 | $151.2M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $337.9M | $239.7M |
| Total Assets | $894.0M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.2M | $22.6M | ||
| Q3 25 | $143.1M | $5.1M | ||
| Q2 25 | $109.3M | $4.3M | ||
| Q1 25 | $97.1M | $5.1M | ||
| Q4 24 | $100.6M | $1.6M | ||
| Q3 24 | $104.5M | $7.2M | ||
| Q2 24 | $91.6M | $6.3M | ||
| Q1 24 | $81.0M | $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 | $337.9M | $239.7M | ||
| Q3 25 | $349.5M | $239.9M | ||
| Q2 25 | $320.4M | $240.5M | ||
| Q1 25 | $299.5M | $219.9M | ||
| Q4 24 | $299.5M | $243.8M | ||
| Q3 24 | $289.4M | $243.6M | ||
| Q2 24 | $267.2M | $242.9M | ||
| Q1 24 | $258.8M | $242.5M |
| Q4 25 | $894.0M | $340.0M | ||
| Q3 25 | $889.6M | $343.1M | ||
| Q2 25 | $868.6M | $345.8M | ||
| Q1 25 | $848.3M | $326.9M | ||
| Q4 24 | $830.4M | $341.5M | ||
| Q3 24 | $847.6M | $335.8M | ||
| Q2 24 | $827.4M | $341.8M | ||
| Q1 24 | $824.1M | $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 | $29.4M | $22.4M |
| Free Cash FlowOCF − Capex | $28.0M | $20.4M |
| FCF MarginFCF / Revenue | 22.3% | 23.7% |
| Capex IntensityCapex / Revenue | 1.1% | 2.3% |
| Cash ConversionOCF / Net Profit | 46.11× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.4M | $22.4M | ||
| Q3 25 | $67.5M | $18.2M | ||
| Q2 25 | $23.2M | $-5.1M | ||
| Q1 25 | $7.0M | $8.7M | ||
| Q4 24 | $11.5M | $1.0M | ||
| Q3 24 | $35.3M | $5.8M | ||
| Q2 24 | $35.0M | $14.9M | ||
| Q1 24 | $-11.0M | $-3.9M |
| Q4 25 | $28.0M | $20.4M | ||
| Q3 25 | $64.8M | $14.8M | ||
| Q2 25 | $20.9M | $-7.8M | ||
| Q1 25 | $5.3M | $5.2M | ||
| Q4 24 | $6.9M | $-840.0K | ||
| Q3 24 | $34.2M | $3.7M | ||
| Q2 24 | $33.5M | $13.5M | ||
| Q1 24 | $-12.1M | $-5.5M |
| Q4 25 | 22.3% | 23.7% | ||
| Q3 25 | 60.7% | 15.9% | ||
| Q2 25 | 22.8% | -9.1% | ||
| Q1 25 | 6.1% | 7.9% | ||
| Q4 24 | 7.4% | -0.9% | ||
| Q3 24 | 37.3% | 5.8% | ||
| Q2 24 | 37.6% | 18.3% | ||
| Q1 24 | -15.3% | -6.6% |
| Q4 25 | 1.1% | 2.3% | ||
| Q3 25 | 2.6% | 3.6% | ||
| Q2 25 | 2.6% | 3.1% | ||
| Q1 25 | 1.9% | 5.4% | ||
| Q4 24 | 5.0% | 2.1% | ||
| Q3 24 | 1.2% | 3.4% | ||
| Q2 24 | 1.8% | 1.8% | ||
| Q1 24 | 1.4% | 2.0% |
| Q4 25 | 46.11× | 18.99× | ||
| Q3 25 | 3.27× | 6.05× | ||
| Q2 25 | 2.06× | -0.24× | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | 0.28× | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 9.78× | — | ||
| Q1 24 | -3.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
