Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • Agencies
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

Smart Sand, Inc. Announces Second Quarter 2025 Results

Smart Sand, Inc. Logo (PRNewsfoto/Smart Sand, Inc.)

News provided by

Smart Sand, Inc.

Aug 12, 2025, 16:01 ET

Share this article

Share toX

Share this article

Share toX

  • 2Q 2025 revenue of $85.8 million 
  • 2Q 2025 net income of $21.4 million which includes a $(21.7) million tax benefit
  • 2Q 2025 cash flow used in operations of $(5.1) million
  • 2Q 2025 contribution margin $15.8 million
  • 2Q 2025 Adjusted EBITDA of $7.8 million
  • 2Q 2025 free cash flow of $(7.8) million

 YARDLEY, Pa., Aug. 12, 2025 /PRNewswire/ -- Smart Sand, Inc. (NASDAQ: SND) (the "Company" or "Smart Sand"), a leading supplier of premium Northern White frac sand and industrial sand and a proppant logistics solutions provider, today announced results for the second quarter of 2025.

"Smart Sand delivered robust sales volumes and improved profitability in the second quarter" stated Charles Young, Smart Sand's Chief Executive Officer. "Our sales volumes rose 33% and our Adjusted EBITDA grew by $6.3M, compared to the first quarter. Strategic investments in our Blair and Ottawa facilities and our Utica Shale terminals have driven higher frac sand sales into the Northeast United States and Canada, while our Industrial Production Solutions ("IPS") business continues to gain traction."

"In the second quarter, our IPS sales volumes increased 28% from the first quarter, accounting for 6% of our total sales volumes in the first half of 2025. Frac sand sales into the Utica basin continued to grow, representing 16% of our total sales volumes through June 30th, primarily via our Ohio terminals."

"We remain committed to returning capital to shareholders while growing our business by optimizing our industry-leading Northern White sand assets," Young added. "So far this year, we have repurchased approximately 1 million shares and declared a $0.10/share dividend, payable on August 14, 2025, bringing 2025 shareholder returns to $6.4 million through August 14, 2025. Since January 2023, we have returned a total of $19.6 million in capital to our shareholders through a combination of stock buybacks and special dividends, and we will continue to look for opportunities to provide value to our shareholders."

"Despite market volatility impacting customer activity, our strong balance sheet, low debt and ample liquidity levels position us well to navigate fluctuating oil and gas industry cycles. We expect sales volumes in the second half of 2025 to align with the first half of 2025 and we anticipate being free cash flow positive for the year," said Young. "Long term fundamentals are strong for Northern White sand, driven by natural gas development in North America, LNG investments, and growing demand for data centers to support AI. With our robust logistics network and ample capacity of fine mesh Northern White sand, we are well positioned to grow our market share in the key Montney and Duvernay shale markets of Canada, and remain a leading supplier to the Appalachian and Bakken basins."

Second Quarter 2025 Highlights

In the second quarter of 2025, tons sold totaled approximately 1,424,000, compared to 1,069,000 tons in the first quarter of 2025 and 1,274,000 tons in the second quarter of 2024, reflecting a 33% sequential increase and a 12% year-over-year increase.

Revenues in the second quarter of 2025 were $85.8 million, compared to $65.6 million in the first quarter of 2025 and $73.8 million in the second quarter of 2024. This increase sequentially was primarily driven by higher sales volumes partially offset by lower average selling prices, reflecting a more balanced supply and demand for Northern White sand currently. Revenues were higher year over year due to higher sales volumes and higher average selling prices.

Cost of goods sold increased to $76.8 million for the second quarter of 2025, up from $62.8 million for the first quarter of 2025 and $60.7 million for the second quarter of 2024, primarily reflecting an increase in sales volumes. Freight and other delivery costs were higher sequentially and year over year primarily due to delivery location for frac sand sales and increased sales volumes through third party terminals.

Gross profit for the second quarter of 2025 was $9.0 million compared to $2.8 million in the first quarter of 2025 and $13.1 million in the second quarter of 2024. Gross profit increased sequentially due to the increase in sales volumes. Gross profit was lower than second quarter of 2024 results primarily due to higher freight and transloading expenses due to the delivery location for frac sand sales.

Operating expenses in the second quarter of 2025 were $9.0 million, down from $9.8 million in the first quarter of 2025 and $9.5 million in the second quarter of 2024. In the second quarter of 2025, we had a gain on the sale of an asset of $0.7 million related to the sale of vacant land that was part of a previous acquisition.

Total other expenses for the second quarter of 2025 were $0.3 million, up from $0.2 million in both the first quarter of 2025 and the second quarter of 2024.

In the second quarter of 2025, the Company recorded a net income of $21.4 million, or $0.55 per basic and diluted share. The Company had a net loss of $(24.2) million, or $(0.62) per basic and diluted share, for the first quarter of 2025 and a net loss of $(0.4) million, or $(0.01) per basic and diluted share, for the second quarter of 2024. The fluctuations in net income are primarily driven by non-cash deferred income tax expense. Income tax expense / (benefit) often distorts our results of operations due primarily to deferred tax variances. We are required to record our interim period income tax expense / (benefit) in accordance with GAAP, which requires that we estimate our full year effective tax rate and apply that rate to the net income for the period. Our effective tax rate includes modifications from the statutory rate for items such as income tax credits, tax depletion deduction, carrybacks, and state apportionment changes, among other items. The biggest driver of our income tax expense / (benefit) is our depletion deduction calculation, which is not directly related to the net income of our Company. This tax deduction has an equally large effect on our income tax rate, which is the basis for the quarterly income tax expense / (benefit) calculation. We do not expect to be a payer of federal income tax in 2025 and we expect to pay an immaterial amount of state income taxes in 2025. Because of the difference between income tax recorded on a GAAP basis and the cash taxes we expect to pay, we use additional non-GAAP performance measures of contribution margin, Adjusted EBITDA, and free cash flow to evaluate our results of operations.

Contribution margin in the second quarter of 2025 was $15.8 million, or $11.08 per ton sold, compared to $9.6 million, or $8.96 per ton sold, in the first quarter of 2025 and $19.8 million, or $15.53 per ton sold, in the second quarter of 2024. Adjusted EBITDA was $7.8 million in the second quarter of 2025 up from $1.4 million in the first quarter of 2025 and down from $11.9 million in the second quarter of 2024.

The sequential increase in contribution margin and Adjusted EBITDA were primarily driven by higher sales volumes partially offset by lower average selling prices and an increase in cost of goods sold due to higher  production costs from higher sales volumes and increased logistics costs due to delivery location. The year-over-year decline in contribution margin and Adjusted EBITDA were primarily driven by an increase in cost of goods sold due to increased logistics and production costs.

Net cash used in operating activities in the second quarter of 2025 was $(5.1) million, a decline from $8.7 million generated in the first quarter of 2025 and net cash provided by operating activities of $14.9 million in the second quarter of 2024. The decrease sequentially and year over year was primarily due to the timing between customer collections and payables related to the increased sand shipments to our customers in the second quarter of 2025.

In the second quarter of 2025, free cash flow was $(7.8) million, net cash used in operating activities was $(5.1) million, and capital expenditures were $2.7 million. We currently project full year 2025 capital expenditures to range between $13.0 million and $17.0 million. We anticipate being free cash flow positive for 2025.

Liquidity

In the second quarter of 2025, the Company repurchased 854,779 shares of its common stock for $1.8 million under its share repurchase program. On October 3, 2024, the Smart Sand Board of Directors approved an eighteen month share repurchase program under which the Company may purchase up to $10.0 million of its ordinary shares (the "Repurchase Program"). Pursuant to the Repurchase Program, the Company may repurchase its ordinary shares from time to time, in amounts, at prices and at such times as management deems appropriate, subject to market conditions and other considerations. Management may make repurchases in the open market, privately negotiated transactions, accelerated repurchase programs or structured share repurchase programs. The Repurchase Program will be conducted in compliance with applicable legal requirements and shall be subject to market conditions and other factors. The Repurchase Program does not obligate management to acquire any particular amount of ordinary shares and the Repurchase Program may be modified or suspended at any time. The remaining amount that may be repurchased as of June 30, 2025 is $7.9 million of ordinary shares.

On July 23, 2025, the Company's board of directors declared a special cash dividend on the Company's common stock of $0.10 per share, or $4.3 million, payable on August 14, 2025, to stockholders of record as of the close of business on August 4, 2025.

The Company continues to focus on consistently returning capital back to its shareholders. Through August 14, 2025, Smart Sand will have returned a total of $6.4 million to shareholders through share repurchases and special dividends in 2025.

The Company's primary sources of liquidity include cash on hand, cash flow from operations, and available borrowings under the Company's FCB ABL Credit Facility. As of June 30, 2025, cash on hand was $4.3 million and the Company had $21.0 million in undrawn availability on the FCB ABL Credit Facility.

Additional Information

Investors are invited to view the Company's Financial Statements and Investor Presentations at www.smartsand.com. The Company also welcomes calls or emails to the Company's CFO, Lee Beckelman, with any specific questions.

Forward-looking Statements

All statements in this news release other than statements of historical facts are forward-looking statements that contain our Company's current expectations about our future results, including the Company's expectations regarding future sales. We have attempted to identify any forward-looking statements by using words such as "expect," "will," "estimate," "believe" and other similar expressions. Although we believe that the expectations reflected and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements.

Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to, fluctuations in product demand, delays in the completion of certain expansion and improvement projects at our existing facilities or failure to recognize the anticipated benefits of such projects, regulatory changes, adverse weather conditions, increased fuel prices, higher transportation costs, access to capital, increased competition, changes in economic or political conditions, and such other factors discussed or referenced in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on March 11, 2024, and in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed by the Company with the SEC on August 12, 2025.

You should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

About Smart Sand

Smart Sand is a fully integrated frac and industrial sand supply and services company, offering complete mine to wellsite proppant and logistic solutions to our frac sand customers, and a broad offering of products for industrial sand customers. The Company produces low-cost, high quality Northern White sand, which is a premium sand used as a proppant to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells. The Company's sand is also a high-quality product used in a variety of industrial applications, including glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscaping, retail, recreation and more. The Company also offers logistics solutions to our customers through its in-basin transloading terminals and our SmartSystems wellsite storage capabilities. Smart Sand owns and operates premium sand mines and related processing facilities in Wisconsin and Illinois, which have access to four Class I rail lines, allowing the Company to deliver products substantially anywhere in the United States and Canada. For more information, please visit www.smartsand.com.

SMART SAND, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



Three Months Ended


June 30, 2025


March 31, 2025


June 30, 2024


(unaudited)


(unaudited)


(unaudited)



Revenues:






Sand revenue

$           84,590


$           64,464


$           71,020

SmartSystems revenue

1,180


1,094


2,780

Total revenue

85,770


65,558


73,800

Cost of goods sold:






Sand cost of goods sold

75,673


61,673


58,903

SmartSystems cost of goods sold

1,140


1,113


1,824

Total cost of goods sold

76,813


62,786


60,727

Gross profit

8,957


2,772


13,073

Operating expenses:






Selling, general and administrative

9,110


9,243


8,871

Depreciation and amortization

604


619


671

(Gain) loss on disposal of fixed asset, net

(680)


(40)


3

Total operating expenses

9,034


9,822


9,545

Operating income

(77)


(7,050)


3,528

Other income (expenses):






Loss on extinguishment of debt

—


—


(1,310)

Interest expense, net

(316)


(342)


(393)

Other income

66


129


75

Total other expenses, net

(250)


(213)


(1,628)

(Loss) income before income tax (benefit) expense     

(327)


(7,263)


1,900

Income tax (benefit) expense

(21,723)


16,968


2,330

Net income (loss)

$           21,396


$         (24,231)


$              (430)

Net income (loss) per common share:






Basic

$               0.55


$             (0.62)


$             (0.01)

Diluted

$               0.54


$             (0.62)


$             (0.01)

Weighted-average number of common shares:






Basic

39,207


39,257


38,724

Diluted

39,378


39,257


38,724

SMART SAND, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS



June 30, 2025


December 31, 2024


(unaudited)



(in thousands)

Assets




Current assets:




Cash and cash equivalents

$             4,293


$             1,554

Accounts receivable

47,176


40,981

Unbilled receivables

1


5,311

Inventory

28,660


25,044

Prepaid expenses and other current assets

2,990


2,635

Total current assets

83,120


75,525

Property, plant and equipment, net

230,727


236,692

Operating lease right-of-use assets

26,343


23,153

Intangible assets, net

4,688


5,084

Other assets

971


1,092

Total assets

$         345,849


$         341,546

Liabilities and Stockholders' Equity




Current liabilities:




Accounts payable

$           15,580


$           16,988

Accrued expenses and other liabilities

13,976


12,561

Deferred revenue

17


54

Current portion of long-term debt

4,041


3,554

Current portion of operating lease liabilities

11,169


10,053

Total current liabilities

44,783


43,210

Long-term debt

17,594


9,130

Long-term operating lease liabilities

16,191


14,486

Deferred tax liabilities, net

4,706


9,316

Asset retirement obligations

21,854


21,292

Other non-current liabilities

221


302

Total liabilities

105,349


97,736

Commitments and contingencies




Stockholders' equity




Common stock

39


39

Treasury stock

(17,109)


(14,671)

Additional paid-in capital

187,222


185,263

Retained earnings

70,404


73,239

Accumulated other comprehensive loss

(56)


(60)

Total stockholders' equity

240,500


243,810

Total liabilities and stockholders' equity     

$         345,849


$         341,546

SMART SAND, INC. 

CONSOLIDATED STATEMENTS OF CASH FLOWS



Three Months Ended


June 30, 2025


March 31, 2025


June 30, 2024


(unaudited)


(unaudited)


(unaudited)


(in thousands)

Operating activities:






Net income (loss)

$                 21,396


$                (24,231)


$                   (430)

Adjustments to reconcile net income to net cash provided by
operating activities:






Depreciation, depletion and accretion of asset retirement
obligations

7,305


7,299


7,255

Amortization of intangible assets

198


198


199

Loss (gain) on disposal of fixed assets

(680)


(40)


3

Amortization of deferred financing cost

75


46


27

Accretion of debt discount

—


—


45

Deferred income taxes

(21,273)


16,662


2,331

Stock-based compensation

987


934


840

Employee stock purchase plan compensation

6


6


6

Changes in assets and liabilities:






Accounts receivable

(19,210)


13,015


6,343

Unbilled receivables

2,902


2,408


869

Inventory

(351)


(3,265)


553

Prepaid expenses and other assets

923


(1,712)


358

Deferred revenue

(459)


423


(1,738)

Accounts payable

2,777


(4,061)


(517)

Accrued and other expenses

267


1,042


(2,572)

Net cash (used in) provided by operating activities

(5,137)


8,724


14,882

Investing activities:






Purchases of property, plant and equipment

(2,676)


(3,536)


(1,354)

Proceeds from disposal of assets

739


1


1

Net cash used in investing activities

(1,937)


(3,535)


(1,353)

Financing activities:






Dividend payments to shareholders

(72)


(7)


—

Repayments of notes payable

(807)


(955)


(7,564)

Payments under finance leases

(54)


(58)


(58)

Payment of deferred financing and debt issuance costs

(10)


—


(78)

Proceeds from revolving credit facility

14,000


11,000


9,000

Repayment of revolving credit facility

(5,000)


(11,000)


(21,000)

Proceeds from equity issuance

—


26


—

Repurchase of treasury stock from restricted stock vesting     

(36)


(336)


(52)

Repurchase of treasury stock from Repurchase Program

(1,762)


(305)


—

Net cash provided by (used in) financing activities

6,259


(1,635)


(11,870)

Net increase (decrease) in cash and cash equivalents

(815)


3,554


1,659

Cash and cash equivalents at beginning of period

5,108


1,554


4,598

Cash and cash equivalents at end of period

$                    4,293


$                    5,108


$                  6,257

Non-GAAP Financial Measures

Contribution Margin

We also use contribution margin, which we define as total revenues less costs of goods sold excluding depreciation, depletion and accretion of asset retirement obligations, to measure its financial and operating performance. Contribution margin excludes other operating expenses and income, including costs not directly associated with the operations of the Company's business such as accounting, human resources, information technology, legal, sales and other administrative activities. 

We believe that reporting contribution margin and contribution margin per ton sold provides useful performance metrics to management and external users of our financial statements, such as investors and commercial banks, because these metrics provide an operating and financial measure of our ability, as a combined business, to generate margin in excess of our operating cost base.

Gross profit is the GAAP measure most directly comparable to contribution margin. Contribution margin should not be considered an alternative to gross profit presented in accordance with GAAP. Because contribution margin may be defined differently by other companies in the industry, our definition of contribution margin may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. The following table presents a reconciliation of gross profit to contribution margin.


Three Months Ended


June 30, 2025


March 31, 2025


June 30, 2024


(in thousands, except per ton amounts)

Revenue

$           85,770


$           65,558


$           73,800

Cost of goods sold

76,813


62,786


60,727

Gross profit

8,957


2,772


13,073

Depreciation, depletion, and accretion of asset retirement     
obligations included in cost of goods sold

6,827


6,805


6,715

Contribution margin

$           15,784


$             9,577


$           19,788

Contribution margin per ton

$             11.08


$               8.96


$             15.53

Total tons sold

1,424


1,069


1,274

EBITDA and Adjusted EBITDA

We define EBITDA as net income, plus: (i) depreciation, depletion and amortization expense; (ii) income tax expense (benefit) and other results of operations based taxes; and (iii) interest expense. We define Adjusted EBITDA as EBITDA, plus: (i) gain or loss on sale of fixed assets or discontinued operations; (ii) integration and transition costs associated with specified transactions; (iii) equity compensation; (iv) acquisition and development costs; (v) non-recurring cash charges related to restructuring, retention and other similar actions; (vi) earn-out, contingent consideration obligations; and (vii) non-cash charges and unusual or non-recurring charges. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors and commercial banks, to assess:

  • the financial performance of our assets without regard to the impact of financing methods, capital structure or historical cost basis of our assets;
  • the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities;
  • our ability to incur and service debt and fund capital expenditures;
  • our operating performance as compared to those of other companies in our industry without regard to the impact of financing methods or capital structure; and
  • our debt covenant compliance, as Adjusted EBITDA is a key component of critical covenants to the FCB ABL Credit Facility.

We believe that our presentation of EBITDA and Adjusted EBITDA will provide useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of net (loss) income to EBITDA and Adjusted EBITDA for each of the periods indicated.


Three Months Ended


June 30, 2025


March 31, 2025


June 30, 2024


(in thousands)

Net income (loss)

$           21,396


$         (24,231)


$              (430)

Depreciation, depletion and amortization

7,236


7,206


7,214

Income tax (benefit) expense and other taxes

(21,723)


16,968


2,330

Interest expense

344


372


408

EBITDA

$             7,253


$               315


$             9,522

Net loss (gain) on disposal of fixed assets

(680)


(40)


3

Equity compensation

909


859


728

Loss on extinguishment of debt

—


—


1,310

Cash charges related to restructuring and retention     

—


—


41

Accretion of asset retirement obligations

269


292


249

Adjusted EBITDA

$             7,751


$             1,426


$           11,853

Free Cash Flow

Free cash flow, which we define as net cash provided by operating activities less purchases of property, plant and equipment, is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors and commercial banks, to measure the liquidity of our business.

Net cash provided by operating activities is the GAAP measure most directly comparable to free cash flow. Free cash flow should not be considered an alternative to net cash provided by operating activities presented in accordance with GAAP. Because free cash flows may be defined differently by other companies in our industry, our definition of free cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. The following table presents a reconciliation of net cash provided by operating activities to free cash flow.


Three Months Ended


June 30, 2025


March 31, 2025


June 30, 2024


(in thousands)

Net cash (used in) provided by operating activities     

$           (5,137)


$             8,724


$           14,882

Purchases of property, plant and equipment

(2,676)


(3,536)


(1,354)

Free cash flow

$           (7,813)


$             5,188


$           13,528

Investor Contacts:

Lee Beckelman
Chief Financial Officer
(281) 231-2660
[email protected] 

SOURCE Smart Sand, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Also from this source

SMART SAND, INC. TO PARTICIPATE IN THE LYTHAM PARTNERS FALL 2025 INVESTOR CONFERENCE ON SEPTEMBER 30, 2025

SMART SAND, INC. TO PARTICIPATE IN THE LYTHAM PARTNERS FALL 2025 INVESTOR CONFERENCE ON SEPTEMBER 30, 2025

Smart Sand, Inc. (NASDAQ: SND) ("Smart Sand" or the "Company") announced today that it will participate in a webcast presentation and host one-on-one ...

SMART SAND, INC. ANNOUNCES TIMING OF SECOND QUARTER 2025 EARNINGS RELEASE

SMART SAND, INC. ANNOUNCES TIMING OF SECOND QUARTER 2025 EARNINGS RELEASE

Smart Sand, Inc. (NASDAQ: SND) ("Smart Sand" or the "Company") announced today that it will release its second quarter 2025 financial results after...

More Releases From This Source

Explore

Utilities

Utilities

Oil & Energy

Oil & Energy

Earnings

Earnings

Earnings

Earnings

News Releases in Similar Topics

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform Login
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform Login
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.