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Side-by-side financial comparison of Smart Sand, Inc. (SND) and TELOS CORP (TLS). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $46.8M, roughly 1.8× TELOS CORP). Smart Sand, Inc. runs the higher net margin — 1.4% vs -34.9%, a 36.2% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $8.0M). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% CAGR vs 1.8%).
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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
SND vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.0M | $46.8M |
| Net Profit | $1.2M | $-16.3M |
| Gross Margin | 13.0% | 35.0% |
| Operating Margin | -3.1% | -39.6% |
| Net Margin | 1.4% | -34.9% |
| Revenue YoY | -5.8% | 77.4% |
| Net Profit YoY | -68.5% | -74.8% |
| EPS (diluted) | $0.03 | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $92.8M | $51.4M | ||
| Q2 25 | $85.8M | $36.0M | ||
| Q1 25 | $65.6M | $30.6M | ||
| Q4 24 | $91.4M | $26.4M | ||
| Q3 24 | $63.2M | $23.8M | ||
| Q2 24 | $73.8M | $28.5M | ||
| Q1 24 | $83.1M | $29.6M |
| Q4 25 | $1.2M | $-16.3M | ||
| Q3 25 | $3.0M | $-2.1M | ||
| Q2 25 | $21.4M | $-9.5M | ||
| Q1 25 | $-24.2M | $-8.6M | ||
| Q4 24 | $3.7M | $-9.3M | ||
| Q3 24 | $-98.0K | $-28.1M | ||
| Q2 24 | $-430.0K | $-7.8M | ||
| Q1 24 | $-216.0K | $-7.4M |
| Q4 25 | 13.0% | 35.0% | ||
| Q3 25 | 16.1% | 39.9% | ||
| Q2 25 | 10.4% | 33.2% | ||
| Q1 25 | 4.2% | 39.8% | ||
| Q4 24 | 14.7% | 40.3% | ||
| Q3 24 | 10.3% | 13.2% | ||
| Q2 24 | 17.7% | 34.1% | ||
| Q1 24 | 14.2% | 37.0% |
| Q4 25 | -3.1% | -39.6% | ||
| Q3 25 | 5.8% | -4.8% | ||
| Q2 25 | -0.1% | -27.5% | ||
| Q1 25 | -10.8% | -29.5% | ||
| Q4 24 | 3.9% | -37.6% | ||
| Q3 24 | -7.8% | -121.4% | ||
| Q2 24 | 4.8% | -30.3% | ||
| Q1 24 | 0.9% | -28.5% |
| Q4 25 | 1.4% | -34.9% | ||
| Q3 25 | 3.2% | -4.1% | ||
| Q2 25 | 24.9% | -26.5% | ||
| Q1 25 | -37.0% | -28.1% | ||
| Q4 24 | 4.1% | -35.4% | ||
| Q3 24 | -0.2% | -118.0% | ||
| Q2 24 | -0.6% | -27.2% | ||
| Q1 24 | -0.3% | -24.9% |
| Q4 25 | $0.03 | $-0.22 | ||
| Q3 25 | $0.08 | $-0.03 | ||
| Q2 25 | $0.54 | $-0.13 | ||
| Q1 25 | $-0.62 | $-0.12 | ||
| Q4 24 | $0.10 | $-0.13 | ||
| Q3 24 | $0.00 | $-0.39 | ||
| Q2 24 | $-0.01 | $-0.11 | ||
| Q1 24 | $-0.01 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | $15.0M | — |
| Stockholders' EquityBook value | $239.7M | $96.0M |
| Total Assets | $340.0M | $139.9M |
| Debt / EquityLower = less leverage | 0.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | $53.2M | ||
| Q3 25 | $5.1M | $59.0M | ||
| Q2 25 | $4.3M | $57.0M | ||
| Q1 25 | $5.1M | $57.8M | ||
| Q4 24 | $1.6M | $54.6M | ||
| Q3 24 | $7.2M | $69.8M | ||
| Q2 24 | $6.3M | $80.1M | ||
| Q1 24 | $4.6M | $93.9M |
| 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 | $239.7M | $96.0M | ||
| Q3 25 | $239.9M | $119.7M | ||
| Q2 25 | $240.5M | $118.4M | ||
| Q1 25 | $219.9M | $126.1M | ||
| Q4 24 | $243.8M | $127.1M | ||
| Q3 24 | $243.6M | $129.5M | ||
| Q2 24 | $242.9M | $149.1M | ||
| Q1 24 | $242.5M | $154.4M |
| Q4 25 | $340.0M | $139.9M | ||
| Q3 25 | $343.1M | $164.3M | ||
| Q2 25 | $345.8M | $165.0M | ||
| Q1 25 | $326.9M | $158.1M | ||
| Q4 24 | $341.5M | $158.2M | ||
| Q3 24 | $335.8M | $166.3M | ||
| Q2 24 | $341.8M | $182.4M | ||
| Q1 24 | $349.3M | $195.4M |
| 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 | $22.4M | $8.0M |
| Free Cash FlowOCF − Capex | $20.4M | $8.0M |
| FCF MarginFCF / Revenue | 23.7% | 17.0% |
| Capex IntensityCapex / Revenue | 2.3% | 0.1% |
| Cash ConversionOCF / Net Profit | 18.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $32.5M | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $8.0M | ||
| Q3 25 | $18.2M | $9.1M | ||
| Q2 25 | $-5.1M | $7.0M | ||
| Q1 25 | $8.7M | $6.1M | ||
| Q4 24 | $1.0M | $-10.5M | ||
| Q3 24 | $5.8M | $-7.1M | ||
| Q2 24 | $14.9M | $-8.0M | ||
| Q1 24 | $-3.9M | $-350.0K |
| Q4 25 | $20.4M | $8.0M | ||
| Q3 25 | $14.8M | $8.7M | ||
| Q2 25 | $-7.8M | $6.8M | ||
| Q1 25 | $5.2M | $6.0M | ||
| Q4 24 | $-840.0K | $-12.4M | ||
| Q3 24 | $3.7M | $-7.1M | ||
| Q2 24 | $13.5M | $-8.2M | ||
| Q1 24 | $-5.5M | $-447.0K |
| Q4 25 | 23.7% | 17.0% | ||
| Q3 25 | 15.9% | 16.9% | ||
| Q2 25 | -9.1% | 19.0% | ||
| Q1 25 | 7.9% | 19.5% | ||
| Q4 24 | -0.9% | -47.0% | ||
| Q3 24 | 5.8% | -30.0% | ||
| Q2 24 | 18.3% | -28.9% | ||
| Q1 24 | -6.6% | -1.5% |
| Q4 25 | 2.3% | 0.1% | ||
| Q3 25 | 3.6% | 0.9% | ||
| Q2 25 | 3.1% | 0.4% | ||
| Q1 25 | 5.4% | 0.4% | ||
| Q4 24 | 2.1% | 7.1% | ||
| Q3 24 | 3.4% | 0.2% | ||
| Q2 24 | 1.8% | 0.8% | ||
| Q1 24 | 2.0% | 0.3% |
| 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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
