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Side-by-side financial comparison of Smart Sand, Inc. (SND) and System1, Inc. (SST). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $51.9M, roughly 1.7× System1, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -26.0%, a 27.3% gap on every dollar of revenue. On growth, Smart Sand, Inc. posted the faster year-over-year revenue change (-5.8% vs -31.3%). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
SND vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.0M | $51.9M |
| Net Profit | $1.2M | $-13.5M |
| Gross Margin | 13.0% | 41.0% |
| Operating Margin | -3.1% | -33.6% |
| Net Margin | 1.4% | -26.0% |
| Revenue YoY | -5.8% | -31.3% |
| Net Profit YoY | -68.5% | 4.8% |
| EPS (diluted) | $0.03 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $92.8M | $61.6M | ||
| Q2 25 | $85.8M | $78.1M | ||
| Q1 25 | $65.6M | $74.5M | ||
| Q4 24 | $91.4M | $75.6M | ||
| Q3 24 | $63.2M | $88.8M | ||
| Q2 24 | $73.8M | $94.6M | ||
| Q1 24 | $83.1M | $84.9M |
| Q4 25 | $1.2M | $-13.5M | ||
| Q3 25 | $3.0M | $-18.5M | ||
| Q2 25 | $21.4M | $-17.5M | ||
| Q1 25 | $-24.2M | $-15.9M | ||
| Q4 24 | $3.7M | $-14.2M | ||
| Q3 24 | $-98.0K | $-23.6M | ||
| Q2 24 | $-430.0K | $-26.4M | ||
| Q1 24 | $-216.0K | $-10.5M |
| Q4 25 | 13.0% | 41.0% | ||
| Q3 25 | 16.1% | 36.9% | ||
| Q2 25 | 10.4% | 35.7% | ||
| Q1 25 | 4.2% | 38.2% | ||
| Q4 24 | 14.7% | 42.1% | ||
| Q3 24 | 10.3% | 28.0% | ||
| Q2 24 | 17.7% | 27.6% | ||
| Q1 24 | 14.2% | 21.9% |
| Q4 25 | -3.1% | -33.6% | ||
| Q3 25 | 5.8% | -25.3% | ||
| Q2 25 | -0.1% | -20.4% | ||
| Q1 25 | -10.8% | -17.6% | ||
| Q4 24 | 3.9% | -15.7% | ||
| Q3 24 | -7.8% | -24.6% | ||
| Q2 24 | 4.8% | -30.8% | ||
| Q1 24 | 0.9% | -30.4% |
| Q4 25 | 1.4% | -26.0% | ||
| Q3 25 | 3.2% | -30.1% | ||
| Q2 25 | 24.9% | -22.4% | ||
| Q1 25 | -37.0% | -21.3% | ||
| Q4 24 | 4.1% | -18.7% | ||
| Q3 24 | -0.2% | -26.6% | ||
| Q2 24 | -0.6% | -27.9% | ||
| Q1 24 | -0.3% | -12.4% |
| Q4 25 | $0.03 | $-3.58 | ||
| Q3 25 | $0.08 | $-2.30 | ||
| Q2 25 | $0.54 | $-2.23 | ||
| Q1 25 | $-0.62 | $-0.21 | ||
| Q4 24 | $0.10 | $-3.41 | ||
| Q3 24 | $0.00 | $-3.37 | ||
| Q2 24 | $-0.01 | $-3.80 | ||
| Q1 24 | $-0.01 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $22.6M | $86.9M |
| Total DebtLower is stronger | $15.0M | $305.1M |
| Stockholders' EquityBook value | $239.7M | $30.5M |
| Total Assets | $340.0M | $405.0M |
| Debt / EquityLower = less leverage | 0.06× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | $86.9M | ||
| Q3 25 | $5.1M | $54.6M | ||
| Q2 25 | $4.3M | $63.6M | ||
| Q1 25 | $5.1M | $43.9M | ||
| Q4 24 | $1.6M | $63.6M | ||
| Q3 24 | $7.2M | $69.1M | ||
| Q2 24 | $6.3M | $75.7M | ||
| Q1 24 | $4.6M | $69.9M |
| Q4 25 | $15.0M | $305.1M | ||
| Q3 25 | $14.3M | $259.2M | ||
| Q2 25 | $23.5M | $263.3M | ||
| Q1 25 | $13.7M | $267.4M | ||
| Q4 24 | $14.7M | $255.1M | ||
| Q3 24 | $15.7M | $259.2M | ||
| Q2 24 | $17.1M | $263.3M | ||
| Q1 24 | $25.5M | $268.6M |
| Q4 25 | $239.7M | $30.5M | ||
| Q3 25 | $239.9M | $42.7M | ||
| Q2 25 | $240.5M | $58.2M | ||
| Q1 25 | $219.9M | $67.2M | ||
| Q4 24 | $243.8M | $80.3M | ||
| Q3 24 | $243.6M | $90.3M | ||
| Q2 24 | $242.9M | $109.4M | ||
| Q1 24 | $242.5M | $131.7M |
| Q4 25 | $340.0M | $405.0M | ||
| Q3 25 | $343.1M | $385.2M | ||
| Q2 25 | $345.8M | $429.2M | ||
| Q1 25 | $326.9M | $419.2M | ||
| Q4 24 | $341.5M | $459.1M | ||
| Q3 24 | $335.8M | $479.3M | ||
| Q2 24 | $341.8M | $511.3M | ||
| Q1 24 | $349.3M | $521.1M |
| Q4 25 | 0.06× | 10.01× | ||
| Q3 25 | 0.06× | 6.07× | ||
| Q2 25 | 0.10× | 4.53× | ||
| Q1 25 | 0.06× | 3.98× | ||
| Q4 24 | 0.06× | 3.18× | ||
| Q3 24 | 0.06× | 2.87× | ||
| Q2 24 | 0.07× | 2.41× | ||
| Q1 24 | 0.11× | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | $20.4M | — |
| FCF MarginFCF / Revenue | 23.7% | — |
| Capex IntensityCapex / Revenue | 2.3% | 0.0% |
| Cash ConversionOCF / Net Profit | 18.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $32.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $-10.6M | ||
| Q3 25 | $18.2M | $-2.1M | ||
| Q2 25 | $-5.1M | $24.5M | ||
| Q1 25 | $8.7M | $-15.9M | ||
| Q4 24 | $1.0M | $772.0K | ||
| Q3 24 | $5.8M | $-5.0K | ||
| Q2 24 | $14.9M | $10.0M | ||
| Q1 24 | $-3.9M | $-16.0M |
| Q4 25 | $20.4M | — | ||
| Q3 25 | $14.8M | — | ||
| Q2 25 | $-7.8M | — | ||
| Q1 25 | $5.2M | $-16.0M | ||
| Q4 24 | $-840.0K | — | ||
| Q3 24 | $3.7M | $-36.0K | ||
| Q2 24 | $13.5M | — | ||
| Q1 24 | $-5.5M | — |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | -9.1% | — | ||
| Q1 25 | 7.9% | -21.5% | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | 5.8% | -0.0% | ||
| Q2 24 | 18.3% | — | ||
| Q1 24 | -6.6% | — |
| Q4 25 | 2.3% | 0.0% | ||
| Q3 25 | 3.6% | 0.0% | ||
| Q2 25 | 3.1% | 0.0% | ||
| Q1 25 | 5.4% | 0.1% | ||
| Q4 24 | 2.1% | 0.0% | ||
| Q3 24 | 3.4% | 0.0% | ||
| Q2 24 | 1.8% | 0.0% | ||
| Q1 24 | 2.0% | 0.0% |
| Q4 25 | 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
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
SST
Segment breakdown not available.
