Smart Sand, Inc.

Listed Company

SNDCIK 0001529628NasdaqNon-AcceleratedSmaller ReportingMining & Quarrying Of Nonmetallic Minerals (No Fuels)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$330.15M

Net Income

$1.34M

Total Assets

$340.01M

Equity

$239.70M

Shares Out

43.54M

Op. Cash Flow

$44.12M

Business

Smart Sand, Inc. is a fully integrated frac and industrial sand supply and services company providing mine-to-wellsite proppant supply and logistics solutions. It produces high-quality Northern White frac sand used as a premium proppant for hydraulic fracturing and supplies sand for various industrial applications, while offering logistics and wellsite solutions including in-basin transloading terminals, SmartDepot silos, SmartPath wellsite management, SmartBelt conveyors and rapid deployment trailers. The company operates two principal segments: Sand (mining, processing, transloading and Industrial Product Solutions) and SmartSystems (wellsite proppant handling equipment, rentals and services). It markets to oil and natural gas exploration and production companies, oilfield service companies and industrial manufacturers across major North American basins via its mines, unit-train capable rail terminals, third-party terminals and direct wellsite deployments.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	330	311	296	256	127
Total cost of goods sold	292	267	254	226	140
Gross profit	38	45	42	30	−16
Selling, general and administrative	41	38	39	31	14
Depreciation and amortization	2	3	3	2	2
(Gain) loss on disposal of fixed assets, net	−566,000	1	2	−294,000	555,000
Total operating expenses	42	42	43	33	48
Operating income (loss)	−4	3	−2	−3	−63
Interest expense, net	−1	−2	−1	−2	−2
Loss on extinguishment of debt	0	−1	0	0	0
Other income	343,000	358,000	524,000	828,000	6
Total other (expenses), net	−1	−3	−748,000	−780,000	4
(Loss) income before income tax benefit (expense)	−6	252,000	−2	−4	−60
Income tax (benefit) expense	−7	−3	−7	−3	−9
Net income	1	3	5	−703,000	−51
Basic (in dollars per share)	0.03	0.08	0.12	−0.02	−1.21
Diluted (in dollars per share)	0.03	0.08	0.12	−0.02	−1.21
Basic (in shares)	39	39	39	42	42
Diluted (in shares)	40	39	39	42	42

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	23	2	6	6	26
Accounts receivable	31	41	23	36	17
Unbilled receivables	0	5	3	79,000	2
Inventory	31	25	27	20	15
Prepaid expenses and other current assets	4	3	3	7	14
Total current assets	88	76	62	68	74
Property, plant and equipment, net	223	237	255	259	262
Operating lease right-of-use assets	23	23	23	26	30
Intangible assets, net	4	5	6	7	7
Other assets	855,000	1	163,000	303,000	402,000
Total assets	340	342	346	360	374
Accounts payable	9	17	16	14	8
Total accrued liabilities	18	13	11	13	14
Deferred revenue	10	54,000	1	7	10
Current portion of long-term debt	4	4	16	6	7
Current portion of operating lease liabilities	9	10	11	11	9
Total current liabilities	50	43	54	52	49
Long-term debt	9	9	3	10	15
Long-term operating lease liabilities	14	14	14	18	24
Deferred tax liabilities, net	4	9	12	18	22
Asset retirement obligation	22	21	20	19	16
Other non-current liabilities	668,000	302,000	38,000	40,000	249,000
Total liabilities	100	98	104	117	133
Commitments and contingencies (Note 16)	—	—	—	—	—
Common stock, $0.001 par value, 350,000,000 shares authorized; 47,805,138 issued and 38,944,619 outstanding at December 31, 2025; 46,644,853 issued and 39,067,094 outstanding at December 31, 2024	39,000	39,000	39,000	43,000	42,000
Treasury stock, at cost, 8,860,519 and 7,577,759 shares at December 31, 2025 and 2024, respectively	−17	−15	−14	−5	—
Additional paid-in capital	189	185	182	178	174
Retained earnings	68	73	75	70	71
Accumulated other comprehensive income (loss)	−53,000	−60,000	−35,000	227,000	574,000
Total stockholders equity	240	244	242	243	241
Total liabilities and stockholders equity	340	342	346	360	374

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and accretion of asset retirement obligation	29	29	27	26	25
Amortization of intangible assets	795,000	792,000	793,000	792,000	792,000
Accounts Receivable, Credit Loss Expense (Reversal)	41,000	163,000	0	—	—
Amortization of deferred financing cost	250,000	237,000	291,000	105,000	105,000
Deferred income taxes	−5	−3	−6	−4	−11
Stock-based compensation, net	4	3	4	3	3
Employee stock purchase plan compensation	22,000	23,000	24,000	25,000	34,000
Accounts receivable	10	−18	13	−18	33
Unbilled receivables	5	−3	−3	2	−2
Inventory	−6	2	−7	−5	2
Prepaid expenses and other assets	−3	212,000	2	7	751,000
Deferred revenue	10	−1	−6	−9	6
Settlement of asset retirement obligation	−92,000	0	−197,000	0	0
Accounts payable	−7	53,000	2	5	5
Accrued expenses and other liabilities	5	2	−3	−1	−2
Net cash provided by operating activities	44	18	31	5	32
Purchases of property, plant and equipment	−12	−7	−23	−13	−11
Proceeds from disposal of assets	740,000	89,000	129,000	1	78,000
Net cash used in investing activities	−11	−7	−23	−18	−11
Dividend payments to stockholders	−6	−4	0	0	—
Proceeds from the issuance of notes payable	0	10	0	0	0
Repayments of notes payable	−3	−10	−10	−7	−7
Proceeds from revolving credit facility	35	31	23	10	0
Repayment of revolving credit facility	−35	−39	−15	−10	0
Payments under finance leases	−230,000	−221,000	−394,000	−116,000	−123,000
Payment of deferred financing and debt issuance costs	−10,000	−1	0	0	0
Payment for debt extinguishment costs	0	−1	0	0	—
Employee stock purchase plan issuance	47,000	51,000	56,000	52,000	42,000
Repurchase of treasury stock from Repurchase Program	−628,000	−422,000	0	−540,000	−401,000
Net cash used in financing activities	−12	−15	−8	−7	−7
Net increase (decrease) in cash and cash equivalents	21	−5	562,000	−20	14
Payments For Repurchase Of Common Stock, From Repurchase Program	−2	0	−5	—	—

Filings

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