vs
Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($140.6M vs $86.0M, roughly 1.6× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -0.2%, a 1.6% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (74.9% vs -5.8%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (19.0% CAGR vs 1.8%).
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
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.
SHLS vs SND — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.6M | $86.0M |
| Net Profit | $-297.0K | $1.2M |
| Gross Margin | 29.2% | 13.0% |
| Operating Margin | 5.5% | -3.1% |
| Net Margin | -0.2% | 1.4% |
| Revenue YoY | 74.9% | -5.8% |
| Net Profit YoY | -5.3% | -68.5% |
| EPS (diluted) | $0.00 | $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.
| Q1 26 | $140.6M | — | ||
| Q4 25 | $148.3M | $86.0M | ||
| Q3 25 | $135.8M | $92.8M | ||
| Q2 25 | $110.8M | $85.8M | ||
| Q1 25 | $80.4M | $65.6M | ||
| Q4 24 | $107.0M | $91.4M | ||
| Q3 24 | $102.2M | $63.2M | ||
| Q2 24 | $99.2M | $73.8M |
| Q1 26 | $-297.0K | — | ||
| Q4 25 | $8.1M | $1.2M | ||
| Q3 25 | $11.9M | $3.0M | ||
| Q2 25 | $13.9M | $21.4M | ||
| Q1 25 | $-282.0K | $-24.2M | ||
| Q4 24 | $7.8M | $3.7M | ||
| Q3 24 | $-267.0K | $-98.0K | ||
| Q2 24 | $11.8M | $-430.0K |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 31.6% | 13.0% | ||
| Q3 25 | 37.0% | 16.1% | ||
| Q2 25 | 37.2% | 10.4% | ||
| Q1 25 | 35.0% | 4.2% | ||
| Q4 24 | 37.6% | 14.7% | ||
| Q3 24 | 24.8% | 10.3% | ||
| Q2 24 | 40.3% | 17.7% |
| Q1 26 | 5.5% | — | ||
| Q4 25 | 11.7% | -3.1% | ||
| Q3 25 | 13.7% | 5.8% | ||
| Q2 25 | 14.4% | -0.1% | ||
| Q1 25 | 5.4% | -10.8% | ||
| Q4 24 | 15.4% | 3.9% | ||
| Q3 24 | 4.4% | -7.8% | ||
| Q2 24 | 18.7% | 4.8% |
| Q1 26 | -0.2% | — | ||
| Q4 25 | 5.5% | 1.4% | ||
| Q3 25 | 8.7% | 3.2% | ||
| Q2 25 | 12.5% | 24.9% | ||
| Q1 25 | -0.4% | -37.0% | ||
| Q4 24 | 7.3% | 4.1% | ||
| Q3 24 | -0.3% | -0.2% | ||
| Q2 24 | 11.9% | -0.6% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.05 | $0.03 | ||
| Q3 25 | $0.07 | $0.08 | ||
| Q2 25 | $0.08 | $0.54 | ||
| Q1 25 | $0.00 | $-0.62 | ||
| Q4 24 | $0.04 | $0.10 | ||
| Q3 24 | $0.00 | $0.00 | ||
| Q2 24 | $0.07 | $-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 | $1.9M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $601.6M | $239.7M |
| Total Assets | $1.0B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.9M | — | ||
| Q4 25 | $7.3M | $22.6M | ||
| Q3 25 | $8.6M | $5.1M | ||
| Q2 25 | $4.7M | $4.3M | ||
| Q1 25 | $35.6M | $5.1M | ||
| Q4 24 | $23.5M | $1.6M | ||
| Q3 24 | $11.1M | $7.2M | ||
| Q2 24 | $3.2M | $6.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | $141.8M | $13.7M | ||
| Q4 24 | $141.8M | $14.7M | ||
| Q3 24 | $141.8M | $15.7M | ||
| Q2 24 | $146.8M | $17.1M |
| Q1 26 | $601.6M | — | ||
| Q4 25 | $600.0M | $239.7M | ||
| Q3 25 | $589.6M | $239.9M | ||
| Q2 25 | $575.4M | $240.5M | ||
| Q1 25 | $558.9M | $219.9M | ||
| Q4 24 | $556.8M | $243.8M | ||
| Q3 24 | $545.2M | $243.6M | ||
| Q2 24 | $544.6M | $242.9M |
| Q1 26 | $1.0B | — | ||
| Q4 25 | $904.1M | $340.0M | ||
| Q3 25 | $851.8M | $343.1M | ||
| Q2 25 | $795.0M | $345.8M | ||
| Q1 25 | $788.4M | $326.9M | ||
| Q4 24 | $793.1M | $341.5M | ||
| Q3 24 | $801.3M | $335.8M | ||
| Q2 24 | $788.4M | $341.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | 0.25× | 0.06× | ||
| Q4 24 | 0.25× | 0.06× | ||
| Q3 24 | 0.26× | 0.06× | ||
| Q2 24 | 0.27× | 0.07× |
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 | — | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-4.1M | $22.4M | ||
| Q3 25 | $19.4M | $18.2M | ||
| Q2 25 | $-13.8M | $-5.1M | ||
| Q1 25 | $15.6M | $8.7M | ||
| Q4 24 | $14.0M | $1.0M | ||
| Q3 24 | $15.7M | $5.8M | ||
| Q2 24 | $37.8M | $14.9M |
| Q1 26 | — | — | ||
| Q4 25 | $-11.3M | $20.4M | ||
| Q3 25 | $9.0M | $14.8M | ||
| Q2 25 | $-26.0M | $-7.8M | ||
| Q1 25 | $12.3M | $5.2M | ||
| Q4 24 | $12.5M | $-840.0K | ||
| Q3 24 | $13.3M | $3.7M | ||
| Q2 24 | $35.8M | $13.5M |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 23.7% | ||
| Q3 25 | 6.6% | 15.9% | ||
| Q2 25 | -23.5% | -9.1% | ||
| Q1 25 | 15.4% | 7.9% | ||
| Q4 24 | 11.6% | -0.9% | ||
| Q3 24 | 13.0% | 5.8% | ||
| Q2 24 | 36.1% | 18.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | 2.3% | ||
| Q3 25 | 7.7% | 3.6% | ||
| Q2 25 | 11.0% | 3.1% | ||
| Q1 25 | 4.0% | 5.4% | ||
| Q4 24 | 1.4% | 2.1% | ||
| Q3 24 | 2.3% | 3.4% | ||
| Q2 24 | 2.0% | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | -0.50× | 18.99× | ||
| Q3 25 | 1.63× | 6.05× | ||
| Q2 25 | -1.00× | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.79× | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHLS
Segment breakdown not available.
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
