Smart Sand Inc - SND STOCK NEWS

Smart Sand, Inc. (NASDAQ: SND) has commenced operations at its new unit-train-capable transloading terminal in Waynesburg, Pennsylvania, enhancing its presence in the Marcellus Basin. This facility, located on Norfolk Southern’s Class 1 rail line, has a transloading capacity exceeding one million tons of frac sand per year and will serve as the Company’s Northeastern hub for its SmartSystem™ solutions. The terminal aims to reduce costs and carbon emissions while providing growth opportunities, similar to the success of the Van Hook terminal in the Bakken.

Smart Sand (NASDAQ: SND) reported a Q3 2021 revenue of $34.5 million, marking a 16.5% increase from Q2 2021. The company sold approximately 790,000 tons of sand, a 3% sequential rise and a remarkable 156% year-over-year increase. However, it experienced a net loss of $7.3 million, significantly improved from the previous quarter's loss of $27.3 million. Despite this, the loss is attributed to ongoing low average selling prices. Liquidity remains strong with $36.7 million in cash on hand and undrawn credit available. The company continues to invest in capacity expansion.

Smart Sand, Inc. (SND) will release its third quarter financial results on November 9, 2021, after market close. A conference call for investors is scheduled for November 10, 2021, at 10:00 a.m. ET, featuring CEO Chuck Young and other executives discussing results and recent developments. Investors can access the call via a live webcast on the company's website or by phone. Smart Sand specializes in frac sand supply and services for oil and gas firms, operating mines in Wisconsin and Illinois with logistics capabilities across the U.S. and Canada.

Smart Sand, Inc. announced that Richard J. “Rick” Shearer will become President – Industrial Products at the end of September. Shearer, an industry veteran with a strong track record, previously held CEO positions at Emerge Energy Services and Superior Silica Sands. His experience is expected to support Smart Sand's strategy to diversify into new markets for industrial products. CEO Charles Young highlighted Shearer's expertise as crucial for broadening the company's offerings and attracting new customers.

Smart Sand reported Q2 2021 revenues of $29.6 million, up from $27.5 million in Q1 2021, driven by increased sand sales despite a decline in logistics revenue. The company sold approximately 767,000 tons of sand, showing a 269% increase year-over-year. However, it faced a net loss of $(27.3) million due to a $19.6 million non-cash bad debt expense associated with litigation settlement. Cash on hand stood at $39.3 million, alongside $12.9 million in undrawn credit.

Smart Sand, Inc. (NASDAQ: SND) has announced a new multi-year Master Product Purchase Agreement with EQT Production Company, allowing continued supply of frac sand in the Appalachian Basin. This includes a new transloading terminal in southwestern Pennsylvania, expected to be operational by year-end. The agreement, valid for three years, underscores Smart Sand's commitment to sustainable supply and enhanced logistics, aiming to reduce carbon emissions from sand delivery. The company emphasizes the significance of the Appalachian market within its operational strategy.

Smart Sand, Inc. (NASDAQ: SND) will announce its second quarter financial results on August 3, 2021, post-market. A conference call for investors is scheduled for August 4, 2021, at 10:00 a.m. ET, featuring CEO Chuck Young and other executives. The call will be accessible via the Company’s website and telephone. Smart Sand specializes in high-quality Northern White frac sand and logistics services for the oil and gas industry, with operations in Wisconsin and Illinois.

Smart Sand, Inc. (NASDAQ: SND) announced a favorable settlement with U.S. Well Services, resolving a $50.9 million judgment from a breach of contract case. U.S. Well Services paid Smart Sand $35.0 million in cash and entered a two-year Right of First Refusal Agreement covering Northern White frac sand purchases. CEO Charles Young emphasized that this settlement enhances Smart Sand’s liquidity and strengthens its business operations, enabling a renewed focus on core activities and sales growth in the upcoming years.

Smart Sand, Inc. (NASDAQ: SND) won a court ruling against U.S. Well Services, LLC for breaching a multi-year contract involving frac sand supply. The Superior Court of Delaware found that U.S. Well failed to purchase the required tonnages, leading to Smart Sand claiming damages of approximately $54 million. U.S. Well initially denied the claims but abandoned its counterclaims after the trial. The court directed final judgment in favor of Smart Sand, expected to be available by late June 2021. CEO Charles Young expressed satisfaction with the ruling and plans to maximize recovery.