Smart Sand, Inc. Announces Second Quarter 2025 Results
Smart Sand (NASDAQ: SND) reported strong Q2 2025 results with revenue of $85.8 million and net income of $21.4 million, including a $21.7 million tax benefit. The company achieved 1,424,000 tons sold, representing a 33% sequential increase and 12% year-over-year growth. Key financial metrics include $15.8 million contribution margin and $7.8 million Adjusted EBITDA.
The company continues its shareholder return strategy, having repurchased approximately 1 million shares and declared a $0.10/share dividend payable August 14, 2025. Total shareholder returns for 2025 through August 14 reached $6.4 million. Smart Sand maintains strong liquidity with $4.3 million cash and $21.0 million in undrawn credit facility availability.
Management expects H2 2025 sales volumes to align with H1 and projects positive free cash flow for the year, supported by growing demand in key markets including Montney and Duvernay shale in Canada, and Appalachian and Bakken basins.
Smart Sand (NASDAQ: SND) ha riportato solidi risultati nel 2° trimestre 2025 con ricavi di $85.8 million e utile netto di $21.4 million, comprensivi di un beneficio fiscale di $21.7 million. L'azienda ha realizzato vendite per 1,424,000 tonnellate, pari a un aumento sequenziale del 33% e a una crescita del 12% su base annua. Metriche chiave includono un margine di contribuzione di $15.8 million e un Adjusted EBITDA di $7.8 million.
La società prosegue la sua strategia di ritorno per gli azionisti, avendo riacquistato circa 1 million shares e dichiarato un dividendo di $0.10/share pagabile il 14 agosto 2025. I ritorni totali agli azionisti per il 2025 fino al 14 agosto hanno raggiunto $6.4 million. Smart Sand mantiene una solida liquidità con $4.3 million di cassa e $21.0 million di disponibilità non utilizzata sulla linea di credito.
La direzione prevede che i volumi di vendita del secondo semestre 2025 si allineeranno con quelli del primo semestre e stima un flusso di cassa libero positivo per l'anno, sostenuto dalla crescente domanda in mercati chiave, tra cui gli scisti Montney e Duvernay in Canada e i bacini Appalachian e Bakken.
Smart Sand (NASDAQ: SND) informó sólidos resultados en el 2T 2025 con ingresos de $85.8 million y una utilidad neta de $21.4 million, que incluye un beneficio fiscal de $21.7 million. La compañía vendió 1,424,000 toneladas, lo que representa un aumento secuencial del 33% y un crecimiento interanual del 12%. Indicadores clave incluyen un margen de contribución de $15.8 million y un Adjusted EBITDA de $7.8 million.
La empresa mantiene su estrategia de retorno al accionista, habiendo recomprado aproximadamente 1 million shares y declarado un dividendo de $0.10/share pagadero el 14 de agosto de 2025. Los retornos totales a los accionistas en 2025 hasta el 14 de agosto alcanzaron $6.4 million. Smart Sand conserva una sólida liquidez con $4.3 million en efectivo y $21.0 million disponibles en su línea de crédito no utilizada.
La gerencia espera que los volúmenes de ventas del segundo semestre de 2025 se alineen con los del primero y proyecta flujo de caja libre positivo para el año, respaldado por la creciente demanda en mercados clave, incluidos los yacimientos de lutitas Montney y Duvernay en Canadá y las cuencas Appalachian y Bakken.
Smart Sand (NASDAQ: SND)는 2025년 2분기에 매출 $85.8 million과 순이익 $21.4 million을 기록하며 견조한 실적을 발표했습니다. 이는 $21.7 million의 세제상 이익을 포함한 수치입니다. 회사는 1,424,000톤을 판매했으며, 이는 전분기 대비 33% 증가, 전년비 12% 성장에 해당합니다. 주요 재무 지표로는 $15.8 million의 기여 마진과 $7.8 million의 Adjusted EBITDA가 있습니다.
회사는 주주환원정책을 지속하고 있으며 약 1 million shares를 자사주로 매입했고, $0.10/share 배당을 선언하여 2025년 8월 14일에 지급할 예정입니다. 2025년 8월 14일까지의 총 주주환원액은 $6.4 million에 달합니다. Smart Sand는 현금 $4.3 million과 미인출 신용공여로 $21.0 million의 유동성을 보유하고 있습니다.
경영진은 2025년 하반기 판매량이 상반기 수준과 유사할 것으로 보고 연간으로는 긍정적인 잉여현금흐름(Free Cash Flow)을 전망하고 있습니다. 이는 캐나다의 Montney 및 Duvernay 셰일과 미국의 Appalachian 및 Bakken 분지 등 주요 시장에서의 수요 증가에 기인합니다.
Smart Sand (NASDAQ: SND) a publié de solides résultats pour le 2T 2025 avec un chiffre d'affaires de $85.8 million et un bénéfice net de $21.4 million, incluant un avantage fiscal de $21.7 million. La société a vendu 1,424,000 tonnes, soit une hausse séquentielle de 33% et une progression de 12% en glissement annuel. Indicateurs clés : une marge de contribution de $15.8 million et un EBITDA ajusté de $7.8 million.
La société poursuit sa stratégie de retour aux actionnaires, ayant racheté environ 1 million shares et déclaré un dividende de $0.10/share payable le 14 août 2025. Les retours totaux aux actionnaires pour 2025 jusqu'au 14 août s'élèvent à $6.4 million. Smart Sand dispose d'une solide liquidité avec $4.3 million de trésorerie et $21.0 million de disponibilité sur ligne de crédit non utilisée.
La direction s'attend à ce que les volumes de ventes du second semestre 2025 soient comparables à ceux du premier semestre et prévoit un flux de trésorerie disponible positif pour l'année, soutenu par une demande croissante sur des marchés clés, notamment les schistes Montney et Duvernay au Canada et les bassins Appalachian et Bakken.
Smart Sand (NASDAQ: SND) meldete starke Ergebnisse für Q2 2025 mit einem Umsatz von $85.8 million und einem Nettogewinn von $21.4 million, einschließlich eines Steuervorteils von $21.7 million. Das Unternehmen erzielte Verkäufe von 1,424,000 Tonnen, was einer sequenziellen Steigerung von 33% und einem Anstieg von 12% gegenüber dem Vorjahr entspricht. Wichtige Kennzahlen sind ein Deckungsbeitrag von $15.8 million und ein Adjusted EBITDA von $7.8 million.
Das Unternehmen setzt seine Aktionärsrückführungsstrategie fort, hat rund 1 million shares zurückgekauft und eine Dividende von $0.10/share angekündigt, zahlbar am 14. August 2025. Die gesamten Rückführungen an die Aktionäre für 2025 bis zum 14. August beliefen sich auf $6.4 million. Smart Sand verfügt über eine solide Liquiditätsposition mit $4.3 million in bar und $21.0 million ungenutzter Kreditfazilität.
Das Management erwartet, dass die Absatzmengen im 2. Hj. 2025 auf dem Niveau des 1. Hj. liegen werden und prognostiziert für das Jahr einen positiven Free Cash Flow, gestützt durch wachsende Nachfrage in wichtigen Märkten, darunter die Schieferformationen Montney und Duvernay in Kanada sowie die Appalachian- und Bakken-Becken.
- Sales volumes increased 33% sequentially to 1,424,000 tons
- Revenue grew to $85.8 million, up from $65.6 million in Q1 2025
- Strong net income of $21.4 million ($0.55 per share)
- Returned $6.4 million to shareholders in 2025 through buybacks and dividends
- Maintained solid liquidity with $25.3 million in combined cash and credit availability
- Operating cash flow declined to $(5.1) million from $8.7 million in Q1 2025
- Free cash flow was negative at $(7.8) million
- Lower average selling prices due to balanced supply-demand dynamics
- Higher freight and transloading expenses impacting gross profit
- Increased cost of goods sold to $76.8 million from $62.8 million in Q1 2025
Insights
Smart Sand delivered strong Q2 results with 33% volume growth and improving margins despite market volatility; management expects positive free cash flow for 2025.
Smart Sand's Q2 2025 results show significant operational improvements with sales volumes increasing
Looking at more reliable operational metrics, contribution margin improved to
The negative free cash flow of
The company continues its shareholder return strategy, repurchasing 854,779 shares for
Operationally, Smart Sand is seeing traction in its Industrial Production Solutions business (up
- 2Q 2025 revenue of
$85.8 - 2Q 2025 net income of
$21.4 million $(21.7) million - 2Q 2025 cash flow used in operations of
$(5.1) million - 2Q 2025 contribution margin
$15.8 million - 2Q 2025 Adjusted EBITDA of
$7.8 million - 2Q 2025 free cash flow of
$(7.8) million
YARDLEY, Pa., Aug. 12, 2025 /PRNewswire/ -- Smart Sand, Inc. (NASDAQ: SND) (the "Company" or "Smart Sand"), a leading supplier of premium Northern White frac sand and industrial sand and a proppant logistics solutions provider, today announced results for the second quarter of 2025.
"Smart Sand delivered robust sales volumes and improved profitability in the second quarter" stated Charles Young, Smart Sand's Chief Executive Officer. "Our sales volumes rose
"In the second quarter, our IPS sales volumes increased
"We remain committed to returning capital to shareholders while growing our business by optimizing our industry-leading Northern White sand assets," Young added. "So far this year, we have repurchased approximately 1 million shares and declared a
"Despite market volatility impacting customer activity, our strong balance sheet, low debt and ample liquidity levels position us well to navigate fluctuating oil and gas industry cycles. We expect sales volumes in the second half of 2025 to align with the first half of 2025 and we anticipate being free cash flow positive for the year," said Young. "Long term fundamentals are strong for Northern White sand, driven by natural gas development in
Second Quarter 2025 Highlights
In the second quarter of 2025, tons sold totaled approximately 1,424,000, compared to 1,069,000 tons in the first quarter of 2025 and 1,274,000 tons in the second quarter of 2024, reflecting a
Revenues in the second quarter of 2025 were
Cost of goods sold increased to
Gross profit for the second quarter of 2025 was
Operating expenses in the second quarter of 2025 were
Total other expenses for the second quarter of 2025 were
In the second quarter of 2025, the Company recorded a net income of
Contribution margin in the second quarter of 2025 was
The sequential increase in contribution margin and Adjusted EBITDA were primarily driven by higher sales volumes partially offset by lower average selling prices and an increase in cost of goods sold due to higher production costs from higher sales volumes and increased logistics costs due to delivery location. The year-over-year decline in contribution margin and Adjusted EBITDA were primarily driven by an increase in cost of goods sold due to increased logistics and production costs.
Net cash used in operating activities in the second quarter of 2025 was
In the second quarter of 2025, free cash flow was
Liquidity
In the second quarter of 2025, the Company repurchased 854,779 shares of its common stock for
On July 23, 2025, the Company's board of directors declared a special cash dividend on the Company's common stock of
The Company continues to focus on consistently returning capital back to its shareholders. Through August 14, 2025, Smart Sand will have returned a total of
The Company's primary sources of liquidity include cash on hand, cash flow from operations, and available borrowings under the Company's FCB ABL Credit Facility. As of June 30, 2025, cash on hand was
Additional Information
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, including the Company's expectations regarding future sales. 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, delays in the completion of certain expansion and improvement projects at our existing facilities or failure to recognize the anticipated benefits of such projects, regulatory changes, adverse weather conditions, increased fuel prices, higher transportation costs, access to capital, increased competition, changes in economic or political conditions, and such other factors discussed or referenced in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on March 11, 2024, and in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed by the Company with the SEC on August 12, 2025.
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 logistic 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, recreation and more. The Company also offers logistics solutions to our customers through its in-basin transloading terminals and our SmartSystems wellsite storage capabilities. Smart Sand owns and operates premium sand mines and related processing facilities in
SMART SAND, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
Three Months Ended | |||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |||
(unaudited) | (unaudited) | (unaudited) | |||
Revenues: | |||||
Sand revenue | $ 84,590 | $ 64,464 | $ 71,020 | ||
SmartSystems revenue | 1,180 | 1,094 | 2,780 | ||
Total revenue | 85,770 | 65,558 | 73,800 | ||
Cost of goods sold: | |||||
Sand cost of goods sold | 75,673 | 61,673 | 58,903 | ||
SmartSystems cost of goods sold | 1,140 | 1,113 | 1,824 | ||
Total cost of goods sold | 76,813 | 62,786 | 60,727 | ||
Gross profit | 8,957 | 2,772 | 13,073 | ||
Operating expenses: | |||||
Selling, general and administrative | 9,110 | 9,243 | 8,871 | ||
Depreciation and amortization | 604 | 619 | 671 | ||
(Gain) loss on disposal of fixed asset, net | (680) | (40) | 3 | ||
Total operating expenses | 9,034 | 9,822 | 9,545 | ||
Operating income | (77) | (7,050) | 3,528 | ||
Other income (expenses): | |||||
Loss on extinguishment of debt | — | — | (1,310) | ||
Interest expense, net | (316) | (342) | (393) | ||
Other income | 66 | 129 | 75 | ||
Total other expenses, net | (250) | (213) | (1,628) | ||
(Loss) income before income tax (benefit) expense | (327) | (7,263) | 1,900 | ||
Income tax (benefit) expense | (21,723) | 16,968 | 2,330 | ||
Net income (loss) | $ 21,396 | $ (24,231) | $ (430) | ||
Net income (loss) per common share: | |||||
Basic | $ 0.55 | $ (0.62) | $ (0.01) | ||
Diluted | $ 0.54 | $ (0.62) | $ (0.01) | ||
Weighted-average number of common shares: | |||||
Basic | 39,207 | 39,257 | 38,724 | ||
Diluted | 39,378 | 39,257 | 38,724 | ||
SMART SAND, INC. CONDENSED CONSOLIDATED BALANCE SHEETS | |||
June 30, 2025 | December 31, 2024 | ||
(unaudited) | |||
(in thousands) | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 4,293 | $ 1,554 | |
Accounts receivable | 47,176 | 40,981 | |
Unbilled receivables | 1 | 5,311 | |
Inventory | 28,660 | 25,044 | |
Prepaid expenses and other current assets | 2,990 | 2,635 | |
Total current assets | 83,120 | 75,525 | |
Property, plant and equipment, net | 230,727 | 236,692 | |
Operating lease right-of-use assets | 26,343 | 23,153 | |
Intangible assets, net | 4,688 | 5,084 | |
Other assets | 971 | 1,092 | |
Total assets | $ 345,849 | $ 341,546 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 15,580 | $ 16,988 | |
Accrued expenses and other liabilities | 13,976 | 12,561 | |
Deferred revenue | 17 | 54 | |
Current portion of long-term debt | 4,041 | 3,554 | |
Current portion of operating lease liabilities | 11,169 | 10,053 | |
Total current liabilities | 44,783 | 43,210 | |
Long-term debt | 17,594 | 9,130 | |
Long-term operating lease liabilities | 16,191 | 14,486 | |
Deferred tax liabilities, net | 4,706 | 9,316 | |
Asset retirement obligations | 21,854 | 21,292 | |
Other non-current liabilities | 221 | 302 | |
Total liabilities | 105,349 | 97,736 | |
Commitments and contingencies | |||
Stockholders' equity | |||
Common stock | 39 | 39 | |
Treasury stock | (17,109) | (14,671) | |
Additional paid-in capital | 187,222 | 185,263 | |
Retained earnings | 70,404 | 73,239 | |
Accumulated other comprehensive loss | (56) | (60) | |
Total stockholders' equity | 240,500 | 243,810 | |
Total liabilities and stockholders' equity | $ 345,849 | $ 341,546 | |
SMART SAND, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Three Months Ended | |||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |||
(unaudited) | (unaudited) | (unaudited) | |||
(in thousands) | |||||
Operating activities: | |||||
Net income (loss) | $ 21,396 | $ (24,231) | $ (430) | ||
Adjustments to reconcile net income to net cash provided by | |||||
Depreciation, depletion and accretion of asset retirement | 7,305 | 7,299 | 7,255 | ||
Amortization of intangible assets | 198 | 198 | 199 | ||
Loss (gain) on disposal of fixed assets | (680) | (40) | 3 | ||
Amortization of deferred financing cost | 75 | 46 | 27 | ||
Accretion of debt discount | — | — | 45 | ||
Deferred income taxes | (21,273) | 16,662 | 2,331 | ||
Stock-based compensation | 987 | 934 | 840 | ||
Employee stock purchase plan compensation | 6 | 6 | 6 | ||
Changes in assets and liabilities: | |||||
Accounts receivable | (19,210) | 13,015 | 6,343 | ||
Unbilled receivables | 2,902 | 2,408 | 869 | ||
Inventory | (351) | (3,265) | 553 | ||
Prepaid expenses and other assets | 923 | (1,712) | 358 | ||
Deferred revenue | (459) | 423 | (1,738) | ||
Accounts payable | 2,777 | (4,061) | (517) | ||
Accrued and other expenses | 267 | 1,042 | (2,572) | ||
Net cash (used in) provided by operating activities | (5,137) | 8,724 | 14,882 | ||
Investing activities: | |||||
Purchases of property, plant and equipment | (2,676) | (3,536) | (1,354) | ||
Proceeds from disposal of assets | 739 | 1 | 1 | ||
Net cash used in investing activities | (1,937) | (3,535) | (1,353) | ||
Financing activities: | |||||
Dividend payments to shareholders | (72) | (7) | — | ||
Repayments of notes payable | (807) | (955) | (7,564) | ||
Payments under finance leases | (54) | (58) | (58) | ||
Payment of deferred financing and debt issuance costs | (10) | — | (78) | ||
Proceeds from revolving credit facility | 14,000 | 11,000 | 9,000 | ||
Repayment of revolving credit facility | (5,000) | (11,000) | (21,000) | ||
Proceeds from equity issuance | — | 26 | — | ||
Repurchase of treasury stock from restricted stock vesting | (36) | (336) | (52) | ||
Repurchase of treasury stock from Repurchase Program | (1,762) | (305) | — | ||
Net cash provided by (used in) financing activities | 6,259 | (1,635) | (11,870) | ||
Net increase (decrease) in cash and cash equivalents | (815) | 3,554 | 1,659 | ||
Cash and cash equivalents at beginning of period | 5,108 | 1,554 | 4,598 | ||
Cash and cash equivalents at end of period | $ 4,293 | $ 5,108 | $ 6,257 | ||
Non-GAAP Financial Measures
Contribution Margin
We also 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 its financial and operating performance. Contribution margin excludes other operating expenses and income, including costs not directly associated with the operations of the Company's business such as accounting, human resources, information technology, legal, sales and other administrative activities.
We believe that reporting contribution margin and contribution margin per ton sold provides useful performance metrics to management and external users of our financial statements, such as investors and commercial banks, because these metrics provide an operating and financial measure of our ability, as a combined business, to generate margin in excess of our operating cost base.
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 gross profit to contribution margin.
Three Months Ended | |||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |||
(in thousands, except per ton amounts) | |||||
Revenue | $ 85,770 | $ 65,558 | $ 73,800 | ||
Cost of goods sold | 76,813 | 62,786 | 60,727 | ||
Gross profit | 8,957 | 2,772 | 13,073 | ||
Depreciation, depletion, and accretion of asset retirement | 6,827 | 6,805 | 6,715 | ||
Contribution margin | $ 15,784 | $ 9,577 | $ 19,788 | ||
Contribution margin per ton | $ 11.08 | $ 8.96 | $ 15.53 | ||
Total tons sold | 1,424 | 1,069 | 1,274 | ||
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 (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 net (loss) income to EBITDA and Adjusted EBITDA for each of the periods indicated.
Three Months Ended | |||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |||
(in thousands) | |||||
Net income (loss) | $ 21,396 | $ (24,231) | $ (430) | ||
Depreciation, depletion and amortization | 7,236 | 7,206 | 7,214 | ||
Income tax (benefit) expense and other taxes | (21,723) | 16,968 | 2,330 | ||
Interest expense | 344 | 372 | 408 | ||
EBITDA | $ 7,253 | $ 315 | $ 9,522 | ||
Net loss (gain) on disposal of fixed assets | (680) | (40) | 3 | ||
Equity compensation | 909 | 859 | 728 | ||
Loss on extinguishment of debt | — | — | 1,310 | ||
Cash charges related to restructuring and retention | — | — | 41 | ||
Accretion of asset retirement obligations | 269 | 292 | 249 | ||
Adjusted EBITDA | $ 7,751 | $ 1,426 | $ 11,853 | ||
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 flows 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 net cash provided by operating activities to free cash flow.
Three Months Ended | |||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |||
(in thousands) | |||||
Net cash (used in) provided by operating activities | $ (5,137) | $ 8,724 | $ 14,882 | ||
Purchases of property, plant and equipment | (2,676) | (3,536) | (1,354) | ||
Free cash flow | $ (7,813) | $ 5,188 | $ 13,528 | ||
Investor Contacts:
Lee Beckelman
Chief Financial Officer
(281) 231-2660
lbeckelman@smartsand.com
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SOURCE Smart Sand, Inc.
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