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SND

Smart Sand, Inc.

SND

Smart Sand, Inc. • NASDAQ
$2.95 ▲ 0.68% (+0.02)
Market Cap $128.11 M
52w High $3.00
52w Low $1.76
Dividend Yield 0.10%
P/E 29.5
Volume 125.00K
Outstanding Shares 43.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $92.78M ▲ $9.565M ▲ $3.002M ▼ 3.236% ▼ $0.08 ▼ $5.987M ▼
Q2-2025 $85.77M ▲ $9.034M ▼ $21.396M ▲ 24.946% ▲ $0.55 ▲ $6.688M ▲
Q1-2025 $65.558M ▼ $9.822M ▼ $-24.231M ▼ -36.961% ▼ $-0.62 ▼ $576K ▼
Q4-2024 $91.363M ▲ $9.848M ▼ $3.736M ▲ 4.089% ▲ $0.096 ▲ $10.847M ▲
Q3-2024 $63.158M $11.399M $-98K -0.155% $-0.003 $2.943M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.081M ▲ $343.073M ▼ $103.2M ▼ $239.873M ▼
Q2-2025 $4.293M ▼ $345.849M ▲ $105.349M ▼ $240.5M ▲
Q1-2025 $5.108M ▲ $326.908M ▼ $106.999M ▲ $219.909M ▼
Q4-2024 $1.554M ▼ $341.546M ▲ $97.736M ▲ $243.81M ▲
Q3-2024 $7.215M $335.811M $92.261M $243.55M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.002M ▼ $18.159M ▲ $-3.385M ▼ $-13.986M ▼ $788K ▲ $14.774M ▲
Q2-2025 $21.396M ▲ $-5.137M ▼ $-1.937M ▲ $6.259M ▲ $-815K ▼ $-7.813M ▼
Q1-2025 $-24.231M ▼ $8.724M ▲ $-3.535M ▼ $-1.635M ▲ $3.554M ▲ $5.188M ▲
Q4-2024 $3.736M ▲ $1.035M ▼ $-1.867M ▲ $-4.829M ▼ $-5.661M ▼ $-840K ▼
Q3-2024 $-98K $5.81M $-2.056M $-2.796M $958K $3.675M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Sand
Sand
 $90.00M ▲$60.00M ▼$80.00M ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has generally climbed over the last several years, showing that demand for Smart Sand’s products and services has improved from the early‑2020 downturn. Profitability has been choppy, with a deep loss during the pandemic period, followed by a return to roughly break‑even or modest profit more recently. Margins remain thin, which is typical for a sand and logistics business tied to drilling activity, but the trend from loss back to small positive earnings suggests better pricing, higher volumes, or tighter cost control. Overall, the income statement shows a business that has stabilized and is now grinding toward more consistent, but still modest, profitability in a cyclical industry.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. Total assets have edged down over time, which suggests limited new large‑scale investment, but also no aggressive balance‑sheet expansion. Debt levels are low and fairly stable, which limits financial risk and interest burden. Equity has been steady, indicating that the company has largely preserved its capital base despite past volatility in earnings. Cash on hand is modest, so the company likely depends on ongoing cash generation and existing credit rather than a large cash cushion, but overall leverage appears restrained rather than aggressive.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive in recent years, even when accounting profits were under pressure. Free cash flow has been positive most years, helped by disciplined and relatively modest capital spending. This pattern points to a business that converts a reasonable share of its accounting earnings into actual cash, and that has been cautious about large, speculative projects. The cash flow profile suggests Smart Sand can fund day‑to‑day needs and smaller growth initiatives internally, but very large expansions would likely require external funding or careful pacing.

Competitive Edge

Competitive Edge Smart Sand’s competitive position is built around owning the entire chain from the mine to the wellsite. Its focus on high‑quality Northern White sand, combined with strong rail connectivity and purpose‑built last‑mile delivery systems, gives it an efficiency and reliability edge versus more fragmented suppliers. The SmartSystem silos and transloaders help solve a real pain point in frac operations: getting sand to the wellhead quickly, cleanly, and safely. At the same time, the company operates in a commodity‑like, highly cyclical market, facing competition from regional sand suppliers and other integrated players. Its moat is more about logistics, execution, and scale in key basins than about product uniqueness alone.

Innovation and R&D

Innovation and R&D Innovation at Smart Sand is less about lab research and more about engineered systems and process design. The SmartSystem suite, including on‑site silos and mobile transloaders, is a clear attempt to turn a basic commodity—sand—into a higher‑value, service‑heavy offering. The company is also working to diversify beyond oil and gas by selling into industrial end markets such as glass, construction materials, and filtration, which could smooth out some of the drilling cycle swings. Future upside depends on how well it can grow its last‑mile logistics fleet, deepen relationships in non‑energy markets, and potentially pursue new sand‑based technologies. Capital discipline and targeted acquisitions will be important in determining whether these innovations translate into durable earnings growth.

Summary

Smart Sand has shifted from a period of heavy losses during the pandemic to a more stable, modestly profitable footing as drilling activity recovered. The balance sheet is relatively clean, with low debt and steady equity, which helps the company weather the ups and downs of the energy cycle. Cash flow is a relative strength: operations routinely generate cash, and investment spending has been kept in check. Competitively, Smart Sand uses logistics integration and last‑mile technology to differentiate itself in what is otherwise a commodity business. The main opportunities lie in scaling these integrated solutions and expanding into industrial markets, while key risks center on exposure to oil and gas activity, thin margins, and the need to keep logistics assets highly utilized to earn acceptable returns.

NEWS

November 18, 2025 · 4:00 PM UTC

SMART SAND, INC. DECLARES SPECIAL DIVIDEND OF $0.05 PER SHARE

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November 12, 2025 · 7:44 AM UTC

Smart Sand, Inc. Announces Third Quarter 2025 Results

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September 23, 2025 · 8:00 AM UTC

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

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