Smart Sand, Inc. Announces Fourth Quarter 2025 and Full Year 2025 Results
Rhea-AI Summary
Smart Sand (NASDAQ: SND) reported 4Q 2025 revenue of $86.0M and full year 2025 revenue of $330.2M. Total tons sold were 1,478,000 in 4Q and 5,443,000 for 2025. Free cash flow was $20.4M in 4Q and $32.5M for 2025. The board approved a new $20.0M share repurchase program and paid dividends totaling about $8M in 2025.
Adjusted EBITDA declined to $29.9M and net income was $1.3M, reflecting higher logistics, mining and delivery costs despite higher volumes.
Positive
- Revenue +6% year-over-year to $330.2M
- Tons sold 5,443,000 in 2025, a 3% increase
- Free cash flow $32.5M for full year 2025 (positive cash generation)
- New repurchase program authorizes up to $20.0M in buybacks
Negative
- Adjusted EBITDA down to $29.9M from $38.8M (≈23% decline)
- Net income fell to $1.3M from $3.0M year-over-year
- Contribution margin per ton decreased to $11.96 from $13.62
- Cost of goods sold increased 10% to $292.3M due to logistics and production
Key Figures
Market Reality Check
Peers on Argus
SND fell 2.82% while peers were mixed: DTI -5.66%, RCON -4.69%, LSE -0.97%, but DWSN +10.51% and NCSM +1.97%, pointing to stock-specific dynamics rather than a uniform sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -0.9% | Strong Q3 revenue, profit, and cash flow with excess‑tons payment boost. |
| Aug 12 | Q2 2025 earnings | Positive | -1.6% | Strong Q2 revenue, net income, volume growth and shareholder returns. |
| Aug 04 | Q2 release timing | Neutral | -5.8% | Announcement of scheduled date for Q2 2025 earnings release. |
| May 13 | Q1 2025 earnings | Negative | -7.9% | Q1 net loss with weaker volumes and gross profit despite cash generation. |
| Apr 30 | Q1 release timing | Neutral | -1.4% | Notice of upcoming Q1 2025 financial results release date. |
Earnings‑related headlines have often coincided with modestly negative next‑day moves (average -3.52%), including sell-offs even on strong quarters, suggesting a tendency toward cautious or fading reactions.
Across 2025, Smart Sand’s earnings and related announcements show volatility around results. Q1 2025 featured a net loss and the stock fell after that report. Subsequent Q2 and Q3 earnings showed improved profitability, strong volumes, and shareholder returns, yet shares still declined slightly after those releases. Timing notices for earnings also saw small negative moves. Today’s full‑year and Q4 2025 results, with record volumes and free cash flow but lower net income, fit this pattern of fundamentally active yet market‑cautious responses.
Historical Comparison
In the past year, SND’s earnings‑tagged news saw an average -3.52% next‑day move. Today’s -2.82% decline following Q4 and full‑year 2025 results is broadly consistent with that historical pattern.
Earnings through 2025 show a swing from a Q1 2025 net loss to profitable Q2–Q4 quarters, with rising sales volumes, stronger cash flow, and ongoing dividends and buybacks, while logistics and cost dynamics continue to shape margins.
Market Pulse Summary
This announcement highlights record 2025 volumes of 5.443M tons, strong free cash flow of $32.5M, and active capital returns via special dividends and a new $20.0M repurchase program, even as net income slipped to $1.3M on higher logistics and production costs. Historically, earnings news has produced modestly negative moves. Investors may watch contribution margin, Adjusted EBITDA trends, 2026 capex of $15.0M–$20.0M, and execution in industrial products for signs of sustained performance.
Key Terms
free cash flow financial
contribution margin financial
adjusted EBITDA financial
AI-generated analysis. Not financial advice.
- 4Q 2025 and full year 2025 revenue of
$86.0 million $330.2 million - 4Q 2025 and full year 2025 total tons sold of approximately 1,478,000 and 5,443,000, respectively.
- 4Q 2025 and full year 2025 net cash provided by operating activities of
$22.4 million $44.1 million - 4Q 2025 and full year 2025 free cash flow of
$20.4 million $32.5 million - 4Q 2025 Smart Sand declared and paid
$0.05 - Smart Sand's board of directors approved a new two-year repurchase program authorizing the repurchase of up to
$20.0 million
"Smart Sand delivered strong results in both the fourth quarter and full year 2025," said Charles Young, Smart Sand's Chief Executive Officer. "The fourth quarter marked our third consecutive quarter with sales volumes exceeding 1.4 million tons. During the quarter we generated more than
"For 2025, we achieved record sales volumes of 5.4 million tons and record free cash flow of approximately
"We remain focused on providing reliable and cost-effective proppant supply chain execution for our customers by being a low-cost supplier of high-quality Northern White sand, supported by our efficient and sustainable logistics network. We continue to expand our Industrial Products Solutions business, with sales volumes increasing by
"Smart Sand is well positioned to benefit from expected growth in natural gas demand driven by expanding LNG export capacity and rising AI-related power demand, given that the Appalachian Basin and Canadian markets we serve are primarily natural gas-focused. In 2026, Smart Sand plans to further strengthen its leading Northern White sand franchise while maintaining a disciplined and consistent capital return strategy," said Mr. Young. "Alongside market share gains in our core frac sand markets, we expect continued strong growth in our Industrial Products Solutions business. We currently expect to be free cash flow positive in 2026 with sales volumes growth in the five to ten percent range."
Full Year 2025 Highlights
Total revenue was
Total tons sold were 5,443,000 for the full year 2025, compared to full year 2024 total tons sold of 5,263,000, a
SmartSystems revenue was
Cost of goods sold for the full year 2025 increased by
Operating expenses for the year ended 2025 were
Total other expenses for the full year 2025 were
Net income was
Net cash provided by operating activities was
Contribution margin was
On November 18, 2025, our Board of Directors declared a special dividend of
On July 23, 2025, our Board of Directors declared a special dividend of
On October 3, 2024, our board of directors also approved an eighteen-month share repurchase program under which the Company may purchase up to
Fourth Quarter 2025 Highlights
Total revenue was
Tons sold in the fourth quarter of 2025 were 1,478,000, which is consistent with third quarter 2025 tons sold of 1,472,000. Tons sold in the fourth quarter of 2025 increased by
Cost of goods sold in the fourth quarter of 2025 decreased to
Operating expenses for the fourth quarter of 2025 were
For the fourth quarter of 2025, the Company had a net income of
Net cash provided by operating activities was
Contribution margin was
Capital and Liquidity
For the full year 2025, we had positive free cash flow of
For 2026, we currently expect capital expenditures to be in the
New Share Repurchase Program
On February 23, 2026, the Company's board of directors approved an additional share repurchase program authorizing the Company to repurchase up to
Additional Information
In addition to reviewing this earnings release, 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. 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, regulatory changes, adverse weather conditions, increased fuel prices, higher transportation costs, access to capital, increased competition, continued effects of the global pandemic, changes in economic or political conditions, and such other factors discussed or referenced in the "Risk Factors" section of our Company's Form 10-K for the year ended December 31, 2025, to be filed by us with the U.S. Securities and Exchange Commission on February 26, 2026.
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 logistics 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 and recreation. The Company offers logistics solutions to our customers through its in-basin transloading terminals and SmartSystemsTM wellsite storage and sand management capabilities. Smart Sand owns and operates premium sand mines and related processing facilities in
Availability of Information on Smart Sand's Website
We routinely announce material information using
SMART SAND, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
| |||||
Three Months Ended | |||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | |||
(unaudited) | (unaudited) | (unaudited) | |||
(in thousands, except per share amounts) | |||||
Revenues: | |||||
Sand revenue | $ 85,065 | $ 91,643 | $ 90,619 | ||
SmartSystems revenue | 980 | 1,137 | 744 | ||
Total revenue | 86,045 | 92,780 | 91,363 | ||
Cost of goods sold: | |||||
Sand cost of goods sold | 73,714 | 76,766 | 75,342 | ||
SmartSystems cost of goods sold | 1,107 | 1,079 | 2,569 | ||
Total cost of goods sold | 74,821 | 77,845 | 77,911 | ||
Gross profit | 11,224 | 14,935 | 13,452 | ||
Operating expenses: | |||||
Selling, general and administrative | 13,085 | 9,086 | 9,237 | ||
Depreciation and amortization | 578 | 589 | 618 | ||
(Gain) loss on disposal of fixed assets, net | 264 | (110) | (7) | ||
Total operating expenses | 13,927 | 9,565 | 9,848 | ||
Operating income (loss) | (2,703) | 5,370 | 3,604 | ||
Other (expenses) income: | |||||
Interest expense, net | (491) | (320) | (543) | ||
Other income | 120 | 28 | 134 | ||
Total other (expenses) income, net | (371) | (292) | (409) | ||
Income (loss) before income tax (benefit) expense | (3,074) | 5,078 | 3,195 | ||
Income tax (benefit) expense | (4,252) | 2,076 | (541) | ||
Net income | $ 1,178 | $ 3,002 | $ 3,736 | ||
Net income per common share: | |||||
Basic | $ 0.03 | $ 0.08 | $ 0.10 | ||
Diluted | $ 0.03 | $ 0.08 | $ 0.09 | ||
Weighted-average number of common shares: | |||||
Basic | 38,893 | 38,826 | 39,027 | ||
Diluted | 40,177 | 38,951 | 39,482 | ||
SMART SAND, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
| |||
Year Ended December 31, | |||
2025 | 2024 | ||
(in thousands, except per share amount) | |||
Revenues: | |||
Sand revenue | $ 325,762 | $ 303,590 | |
SmartSystems revenue | 4,391 | 7,782 | |
Total revenue | 330,153 | 311,372 | |
Cost of goods sold: | |||
Sand cost of goods sold | 287,811 | 258,812 | |
SmartSystems cost of goods sold | 4,454 | 7,737 | |
Total cost of goods sold | 292,265 | 266,549 | |
Gross profit | 37,888 | 44,823 | |
Operating expenses: | |||
Selling, general and administrative | 40,524 | 38,161 | |
Depreciation and amortization | 2,390 | 2,596 | |
(Gain) loss on disposal of fixed assets, net | (566) | 1,062 | |
Total operating expenses | 42,348 | 41,819 | |
Operating income (loss) | (4,460) | 3,004 | |
Other (expenses) income: | |||
Interest expense, net | (1,469) | (1,769) | |
Loss on extinguishment of debt | — | (1,341) | |
Other income | 343 | 358 | |
Total other (expenses) income, net | (1,126) | (2,752) | |
Income (loss) before income tax benefit | (5,586) | 252 | |
Income tax expense (benefit) | (6,931) | (2,740) | |
Net income | $ 1,345 | $ 2,992 | |
Net income per common share: | |||
Basic | $ 0.03 | $ 0.08 | |
Diluted | $ 0.03 | $ 0.08 | |
Weighted-average number of common shares: | |||
Basic | 39,049 | 38,809 | |
Diluted | 39,588 | 39,084 | |
SMART SAND, INC. CONSOLIDATED BALANCE SHEETS
| |||
December 31, | |||
2025 | 2024 | ||
(in thousands) | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 22,551 | $ 1,554 | |
Accounts receivable | 30,519 | 40,981 | |
Unbilled receivables | — | 5,311 | |
Inventory | 31,081 | 25,044 | |
Prepaid expenses and other current assets | 3,991 | 2,635 | |
Total current assets | 88,142 | 75,525 | |
Property, plant and equipment, net | 223,254 | 236,692 | |
Operating lease right-of-use assets | 23,471 | 23,153 | |
Intangible assets, net | 4,292 | 5,084 | |
Other assets | 855 | 1,092 | |
Total assets | $ 340,014 | $ 341,546 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 9,427 | $ 16,988 | |
Accrued expenses and other liabilities | 17,544 | 12,561 | |
Deferred revenue | 9,838 | 54 | |
Current portion of long-term debt | 4,366 | 3,554 | |
Current portion of operating lease liabilities | 8,765 | 10,053 | |
Total current liabilities | 49,940 | 43,210 | |
Long-term debt | 8,657 | 9,130 | |
Long-term operating lease liabilities | 14,392 | 14,486 | |
Deferred tax liabilities, net | 4,188 | 9,316 | |
Asset retirement obligation | 22,472 | 21,292 | |
Other non-current liabilities | 668 | 302 | |
Total liabilities | 100,317 | 97,736 | |
Commitments and contingencies | |||
Stockholders' equity | |||
Common stock | 39 | 39 | |
Treasury stock, at cost | (17,393) | (14,671) | |
Additional paid-in capital | 189,031 | 185,263 | |
Retained earnings | 68,073 | 73,239 | |
Accumulated other comprehensive income (loss) | (53) | (60) | |
Total stockholders' equity | 239,697 | 243,810 | |
Total liabilities and stockholders' equity | $ 340,014 | $ 341,546 | |
SMART SAND, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
| |||||
Three Months Ended | |||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | |||
(unaudited) | (unaudited) | (unaudited) | |||
(in thousands) | |||||
Operating activities: | |||||
Net income | $ 1,178 | $ 3,002 | $ 3,736 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation, depletion and accretion of asset retirement obligation | 7,406 | 7,252 | 7,846 | ||
Amortization of intangible assets | 201 | 198 | 196 | ||
Net (gain) loss on disposal of assets | 264 | (110) | (7) | ||
Provision for bad debt | — | 41 | — | ||
Amortization of deferred financing cost | 64 | 65 | 56 | ||
Deferred income taxes | (2,546) | 2,029 | (567) | ||
Stock-based compensation, net | 864 | 914 | 868 | ||
Employee stock purchase plan compensation | 5 | 5 | 5 | ||
Changes in assets and liabilities, net of effects of acquisitions: | |||||
Accounts receivable | 13,671 | 2,945 | (16,817) | ||
Unbilled receivables | — | 1 | (2,569) | ||
Inventory | 518 | (2,940) | 2,794 | ||
Prepaid expenses and other assets | (1,006) | (1,189) | 251 | ||
Deferred revenue | 9,838 | (18) | (1,297) | ||
Accounts payable | 209 | (5,690) | 6,272 | ||
Accrued and other expenses | (8,204) | 11,655 | 268 | ||
Settlement of asset retirement obligation | (92) | — | — | ||
Net cash provided by operating activities | 22,370 | 18,160 | 1,035 | ||
Investing activities: | |||||
Purchases of property, plant and equipment | (1,998) | (3,385) | (1,875) | ||
Proceeds from disposal of assets | — | — | 8 | ||
Net cash used in investing activities | (1,998) | (3,385) | (1,867) | ||
Financing activities: | |||||
Dividend payments to stockholders | (1,978) | (3,891) | (3,902) | ||
Repayments of notes payable | (816) | (822) | (723) | ||
Proceeds from revolving credit facility | 2,000 | 8,000 | 14,000 | ||
Repayment of revolving credit facility | (2,000) | (17,000) | (14,000) | ||
Proceeds from equity issuance | — | 21 | — | ||
Payments under finance leases | (59) | (59) | (54) | ||
Payment of deferred financing and debt issuance costs | — | — | (103) | ||
Repurchase of treasury stock from restricted stock vesting | (49) | (208) | (47) | ||
Repurchase of treasury stock from Repurchase Program | (1) | (28) | — | ||
Net cash used in financing activities | (2,903) | (13,987) | (4,829) | ||
Net increase (decrease) in cash and cash equivalents | 17,470 | 788 | (5,661) | ||
Cash and cash equivalents at beginning of year | 5,082 | 4,293 | 7,215 | ||
Cash and cash equivalents at end of year | $ 22,551 | $ 5,081 | $ 1,554 | ||
SMART SAND, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
| |||
Year Ended December 31, | |||
2025 | 2024 | ||
(in thousands) | |||
Operating activities: | |||
Net income | $ 1,345 | $ 2,992 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and accretion of asset retirement obligation | 29,262 | 28,936 | |
Amortization of intangible assets | 795 | 792 | |
Net (gain) loss on disposal of assets | (566) | 1,062 | |
Provision for bad debt | 41 | 163 | |
Amortization of deferred financing cost | 250 | 237 | |
Loss on extinguishment of debt | — | 1,341 | |
Deferred income taxes | (5,128) | (2,784) | |
Stock-based compensation, net | 3,699 | 3,216 | |
Employee stock purchase plan compensation | 22 | 23 | |
Changes in assets and liabilities: | |||
Accounts receivable | 10,421 | (17,913) | |
Unbilled receivables | 5,311 | (2,750) | |
Inventories | (6,038) | 1,779 | |
Prepaid expenses and other assets | (2,984) | 212 | |
Deferred revenue | 9,784 | (1,101) | |
Settlement of asset retirement obligation | (92) | — | |
Accounts payable | (6,765) | 53 | |
Accrued and other expenses | 4,759 | 1,606 | |
Net cash provided by operating activities | 44,116 | 17,864 | |
Investing activities: | |||
Purchases of property, plant and equipment | (11,595) | (7,010) | |
Proceeds from disposal of assets | 740 | 89 | |
Net cash used in investing activities | (10,855) | (6,921) | |
Financing activities: | |||
Dividend payments to stockholders | (5,948) | (3,902) | |
Proceeds from the issuance of notes payable | — | 9,755 | |
Repayments of notes payable | (3,400) | (10,263) | |
Proceeds from revolving credit facility | 35,000 | 30,975 | |
Repayment of revolving credit facility | (35,000) | (38,975) | |
Payments under finance leases | (230) | (221) | |
Payment of deferred financing and debt issuance costs | (10) | (1,232) | |
Payment for debt extinguishment costs | — | (1,227) | |
Employee stock purchase plan issuance | 47 | 51 | |
Repurchase of treasury stock from restricted stock vesting | (628) | (422) | |
Repurchase of treasury stock from Repurchase Program | (2,095) | — | |
Net cash used in financing activities | (12,264) | (15,461) | |
Net increase (decrease) in cash and cash equivalents | 20,997 | (4,518) | |
Cash and cash equivalents at beginning of period | 1,554 | 6,072 | |
Cash and cash equivalents at end of period | $ 22,551 | $ 1,554 | |
Non-GAAP Financial Measures
Contribution Margin
We 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 our financial and operating performance. Contribution margin excludes other operating expenses and income, including costs not directly associated with the operations of the our business such as accounting, human resources, information technology, legal, sales and other administrative activities.
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 contribution margin to gross profit.
Three Months Ended | |||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | |||
(in thousands) | |||||
Revenue | $ 86,045 | $ 92,780 | $ 91,363 | ||
Cost of goods sold | 74,821 | 77,845 | 77,911 | ||
Gross profit | 11,224 | 14,935 | 13,452 | ||
Depreciation, depletion, and accretion of asset retirement obligations included in cost of goods sold | 6,784 | 6,786 | 6,750 | ||
Contribution margin | $ 18,008 | $ 21,721 | $ 20,202 | ||
Contribution margin per ton | $ 12.18 | $ 14.76 | $ 13.80 | ||
Total tons sold | 1,478 | 1,472 | 1,464 | ||
Year Ended December 31, | |||
2025 | 2024 | ||
(in thousands) | |||
Revenue | $ 330,153 | $ 311,372 | |
Cost of goods sold | 292,265 | 266,549 | |
Gross profit | 37,888 | 44,823 | |
Depreciation, depletion, and accretion of asset retirement obligations included in cost of goods sold | 27,203 | 26,861 | |
Contribution margin | $ 65,091 | $ 71,684 | |
Contribution margin per ton | $ 11.96 | $ 13.62 | |
Total tons sold | 5,443 | 5,263 | |
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 other acquisition and development costs; 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 EBITDA and Adjusted EBITDA to net income for each of the periods indicated.
The following tables present a reconciliation of EBITDA and Adjusted EBITDA to net income for each of the periods indicated:
Three Months Ended | |||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | |||
(in thousands) | |||||
Net income | $ 1,178 | $ 3,002 | $ 3,736 | ||
Depreciation, depletion and amortization | 7,166 | 7,179 | 7,161 | ||
Income tax expense (benefit) and other taxes | (4,252) | 2,076 | (541) | ||
Interest expense | 657 | 364 | 552 | ||
EBITDA | $ 4,749 | $ 12,621 | $ 10,908 | ||
Net (gain) loss on sale of fixed assets | 264 | (110) | (7) | ||
Equity compensation | 784 | 834 | 783 | ||
Acquisition and development costs (1) | 1,000 | — | 9 | ||
Cash charges related to restructuring and retention of employees | — | — | 1 | ||
Accretion of asset retirement obligations | 269 | 269 | 249 | ||
Adjusted EBITDA | $ 7,066 | $ 13,614 | $ 11,943 | ||
(1) | Represents costs incurred related to business combinations and current development project activities. The three months ended December 31, 2025 includes a |
Year Ended December 31, | |||
2025 | 2024 | ||
(in thousands) | |||
Net income | $ 1,345 | $ 2,992 | |
Depreciation, depletion and amortization | 28,785 | 28,735 | |
Income tax benefit and other taxes | (6,931) | (2,740) | |
Interest expense | 1,738 | 1,838 | |
EBITDA | $ 24,937 | $ 30,825 | |
Net loss on sale of fixed assets | (566) | 1,062 | |
Equity compensation | 3,386 | 2,855 | |
Acquisition and development costs (1) | 1,000 | 325 | |
Bank and legal costs related to financing not closed | — | 1,294 | |
Loss on extinguishment of debt | — | 1,341 | |
Cash charges related to restructuring and retention of employees | 33 | 149 | |
Accretion of asset retirement obligations | 1,101 | 996 | |
Adjusted EBITDA | $ 29,891 | $ 38,847 | |
(1) | Represents costs incurred related to business combinations and current development project activities. The year ended December 31, 2025 includes a |
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 flow 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 free cash flow to net cash provided by operating activities.
Three Months Ended | |||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | |||
(in thousands) | |||||
Net cash provided by operating activities | $ 22,370 | $ 18,160 | $ 1,035 | ||
Purchases of property, plant and equipment | (1,998) | (3,385) | (1,875) | ||
Free cash flow | $ 20,372 | $ 14,775 | $ (840) | ||
Year Ended December 31, | |||
2025 | 2024 | ||
(in thousands) | |||
Net cash provided by operating activities | $ 44,116 | $ 17,864 | |
Purchases of property, plant and equipment | (11,595) | (7,010) | |
Free cash flow | $ 32,521 | $ 10,854 | |
Investor Contacts:
Lee Beckelman
Chief Financial Officer
(281) 231-2660
lbeckelman@smartsand.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/smart-sand-inc-announces-fourth-quarter-2025-and-full-year-2025-results-302698976.html
SOURCE Smart Sand, Inc.
FAQ
What were Smart Sand (SND) full year 2025 revenue and tons sold?
How much free cash flow did Smart Sand (SND) generate in 2025?
What did Smart Sand (SND) announce about share repurchases on Feb 23, 2026?
Why did Smart Sand's (SND) Adjusted EBITDA and margins decline in 2025?
How much did Smart Sand (SND) return to shareholders in 2025 through dividends and buybacks?
