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Side-by-side financial comparison of IonQ, Inc. (IONQ) 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 $61.9M, roughly 1.4× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 1.4%, a 1216.4% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-83.3M).
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
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.
IONQ vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $86.0M |
| Net Profit | $753.7M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | -369.4% | -3.1% |
| Net Margin | 1217.8% | 1.4% |
| Revenue YoY | 428.5% | -5.8% |
| Net Profit YoY | 473.1% | -68.5% |
| EPS (diluted) | $2.60 | $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 | $61.9M | $86.0M | ||
| Q3 25 | $39.9M | $92.8M | ||
| Q2 25 | $20.7M | $85.8M | ||
| Q1 25 | — | $65.6M | ||
| Q4 24 | $11.7M | $91.4M | ||
| Q3 24 | $12.4M | $63.2M | ||
| Q2 24 | $11.4M | $73.8M | ||
| Q1 24 | — | $83.1M |
| Q4 25 | $753.7M | $1.2M | ||
| Q3 25 | $-1.1B | $3.0M | ||
| Q2 25 | $-176.8M | $21.4M | ||
| Q1 25 | — | $-24.2M | ||
| Q4 24 | $-202.0M | $3.7M | ||
| Q3 24 | $-52.5M | $-98.0K | ||
| Q2 24 | $-37.6M | $-430.0K | ||
| Q1 24 | — | $-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 | -369.4% | -3.1% | ||
| Q3 25 | -423.5% | 5.8% | ||
| Q2 25 | -776.0% | -0.1% | ||
| Q1 25 | — | -10.8% | ||
| Q4 24 | -661.9% | 3.9% | ||
| Q3 24 | -428.5% | -7.8% | ||
| Q2 24 | -430.0% | 4.8% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1217.8% | 1.4% | ||
| Q3 25 | -2646.3% | 3.2% | ||
| Q2 25 | -854.5% | 24.9% | ||
| Q1 25 | — | -37.0% | ||
| Q4 24 | -1725.0% | 4.1% | ||
| Q3 24 | -423.4% | -0.2% | ||
| Q2 24 | -330.0% | -0.6% | ||
| Q1 24 | — | -0.3% |
| Q4 25 | $2.60 | $0.03 | ||
| Q3 25 | $-3.58 | $0.08 | ||
| Q2 25 | $-0.70 | $0.54 | ||
| Q1 25 | — | $-0.62 | ||
| Q4 24 | $-0.95 | $0.10 | ||
| Q3 24 | $-0.24 | $0.00 | ||
| Q2 24 | $-0.18 | $-0.01 | ||
| Q1 24 | — | $-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 | $2.4B | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $3.8B | $239.7M |
| Total Assets | $6.6B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $22.6M | ||
| Q3 25 | $1.1B | $5.1M | ||
| Q2 25 | $546.9M | $4.3M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | $340.3M | $1.6M | ||
| Q3 24 | $365.7M | $7.2M | ||
| Q2 24 | $369.8M | $6.3M | ||
| Q1 24 | — | $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 | $3.8B | $239.7M | ||
| Q3 25 | $2.3B | $239.9M | ||
| Q2 25 | $1.2B | $240.5M | ||
| Q1 25 | — | $219.9M | ||
| Q4 24 | $383.9M | $243.8M | ||
| Q3 24 | $435.7M | $243.6M | ||
| Q2 24 | $463.3M | $242.9M | ||
| Q1 24 | — | $242.5M |
| Q4 25 | $6.6B | $340.0M | ||
| Q3 25 | $4.3B | $343.1M | ||
| Q2 25 | $1.3B | $345.8M | ||
| Q1 25 | — | $326.9M | ||
| Q4 24 | $508.4M | $341.5M | ||
| Q3 24 | $497.9M | $335.8M | ||
| Q2 24 | $517.4M | $341.8M | ||
| Q1 24 | — | $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 | $-74.5M | $22.4M |
| Free Cash FlowOCF − Capex | $-83.3M | $20.4M |
| FCF MarginFCF / Revenue | -134.6% | 23.7% |
| Capex IntensityCapex / Revenue | 14.2% | 2.3% |
| Cash ConversionOCF / Net Profit | -0.10× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $22.4M | ||
| Q3 25 | $-123.1M | $18.2M | ||
| Q2 25 | $-52.6M | $-5.1M | ||
| Q1 25 | — | $8.7M | ||
| Q4 24 | $-39.4M | $1.0M | ||
| Q3 24 | $-19.2M | $5.8M | ||
| Q2 24 | $-26.6M | $14.9M | ||
| Q1 24 | — | $-3.9M |
| Q4 25 | $-83.3M | $20.4M | ||
| Q3 25 | $-127.2M | $14.8M | ||
| Q2 25 | $-53.8M | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | $-43.0M | $-840.0K | ||
| Q3 24 | $-23.0M | $3.7M | ||
| Q2 24 | $-34.1M | $13.5M | ||
| Q1 24 | — | $-5.5M |
| Q4 25 | -134.6% | 23.7% | ||
| Q3 25 | -319.1% | 15.9% | ||
| Q2 25 | -259.8% | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | -367.4% | -0.9% | ||
| Q3 24 | -185.3% | 5.8% | ||
| Q2 24 | -299.3% | 18.3% | ||
| Q1 24 | — | -6.6% |
| Q4 25 | 14.2% | 2.3% | ||
| Q3 25 | 10.4% | 3.6% | ||
| Q2 25 | 5.8% | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | 30.7% | 2.1% | ||
| Q3 24 | 30.4% | 3.4% | ||
| Q2 24 | 65.8% | 1.8% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | -0.10× | 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
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
