$SND

Smart Sand, Inc.

CIK:0001529628|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:	$ 115,050	$ 85,770	$ 208,161	$ 151,328
Cost of goods sold:	95,225	76,813	182,228	139,599
Gross profit	19,825	8,957	25,933	11,729
Operating expenses:
Selling, general and administrative	9,382	9,110	20,091	18,353
Depreciation and amortization	552	604	1,121	1,223
Gain on disposal of fixed assets, net	(160)	(680)	(457)	(720)
Total operating expenses	9,774	9,034	20,755	18,856
Operating income (loss)	10,051	(77)	5,178	(7,127)
Interest expense, net	(303)	(316)	(558)	(658)
Other income	472	66	568	195
Total other income (expenses), net	169	(250)	10	(463)
Income (loss) before income tax expense (benefit)	10,220	(327)	5,188	(7,590)
Income tax expense (benefit)	52	(21,723)	(1,120)	(4,755)
Net income (loss)	$ 10,168	$ 21,396	$ 6,308	$ (2,835)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.26	$ 0.55	$ 0.16	$ (0.07)
Diluted (in dollars per share)	$ 0.25	$ 0.54	$ 0.15	$ (0.07)
Weighted-average number of common shares:
Basic (in shares)	39,260	39,207	39,217	39,232
Diluted (in shares)	41,372	39,378	41,252	39,232
Sand
Revenues:	$ 113,849	$ 84,590	$ 206,337	$ 149,054
Cost of goods sold:	93,861	75,673	179,703	137,331
SmartSystems
Revenues:	1,201	1,180	1,824	2,274
Cost of goods sold:	$ 1,364	$ 1,140	$ 2,525	$ 2,268

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ 6,308	$ (2,835)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and accretion of asset retirement obligations	15,240	14,604
Amortization of intangible assets	398	396
Net gain on disposal of fixed assets	(457)	(720)
Amortization of deferred financing cost	129	121
Provision for bad debt	13	0
Deferred income taxes	(1,026)	(4,611)
Stock-based compensation, net	1,672	1,921
Employee stock purchase plan compensation	19	12
Changes in assets and liabilities:
Accounts receivable	(14,542)	(6,195)
Unbilled receivables	(727)	5,310
Inventory	(771)	(3,616)
Prepaid expenses and other assets	(1,066)	(789)
Deferred revenue	(8,255)	(36)
Accounts payable	6,516	(1,284)
Accrued and other expenses	3,005	1,309
Net cash provided by operating activities	6,456	3,587
Investing activities:
Purchases of property, plant and equipment	(6,969)	(6,212)
Proceeds from disposal of assets	1	740
Net cash used in investing activities	(6,968)	(5,472)
Financing activities:
Dividend payments to stockholders	(4,143)	(79)
Repayments of notes payable	(2,273)	(1,762)
Proceeds from revolving credit facility	0	25,000
Repayment of revolving credit facility	0	(16,000)
Payments under finance leases	(124)	(112)
Payment of deferred financing and debt issuance costs	0	(10)
Employee stock purchase plan issuance	20	26
Repurchase of treasury stock from restricted stock vesting	(1,350)	(372)
Repurchase of treasury stock from Repurchase Program	(3,972)	(2,067)
Net cash used in financing activities	(11,842)	4,624
Net (decrease) increase in cash and cash equivalents	(12,354)	2,739
Cash and cash equivalents at beginning of year	22,551	1,554
Cash and cash equivalents at end of period	10,197	4,293
Supplemental disclosure of cash flow information
Purchases of property, plant and equipment in accounts payable and accrued expenses	791	1,081
Fixed assets purchased with debt	$ 3,998	$ 1,846

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 10,197	$ 22,551
Accounts receivable	45,048	30,519
Unbilled receivables	727	0
Inventory	31,636	31,081
Prepaid expenses and other current assets	4,979	3,991
Total current assets	92,587	88,142
Property, plant and equipment, net	220,721	223,254
Operating lease right-of-use assets	29,118	23,471
Intangible assets, net	3,896	4,292
Other assets	740	855
Total assets	347,062	340,014
Current liabilities:
Accounts payable	16,434	9,427
Accrued expenses and other liabilities	20,826	17,544
Deferred revenue	1,583	9,838
Current portion of long-term debt	6,066	4,366
Current portion of operating lease liabilities	9,948	8,765
Total current liabilities	54,857	49,940
Long-term debt	8,596	8,657
Long-term operating lease liabilities	18,754	14,392
Deferred tax liabilities, net	3,162	4,188
Asset retirement obligations	23,049	22,472
Other non-current liabilities	547	668
Total liabilities	108,965	100,317
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock, $0.001 par value, 350,000,000 shares authorized; 48,896,314 issued and 38,958,338 outstanding at June 30, 2026; 47,805,138 issued and 38,944,619 outstanding at December 31, 2025	38	39
Treasury stock, at cost, 9,937,976 and 8,860,519 shares at June 30, 2026 and December 31, 2025, respectively	(22,713)	(17,393)
Additional paid-in capital	190,742	189,031
Retained earnings	70,082	68,073
Accumulated other comprehensive loss	(52)	(53)
Total stockholders’ equity	238,097	239,697
Total liabilities and stockholders’ equity	$ 347,062	$ 340,014