Smart Sand (SND) investor relations material

Strategic positioning and asset base

• Operates three mines with over 450 million tons of high-quality fine mesh reserves, primarily Northern White Sand, meeting over 80% of current frac sand demand.

• Annual processing capacity of approximately 10 million tons, with direct access to four Class 1 rail lines for efficient logistics.

• Company-controlled terminals and a network of third-party partners enable cost-effective delivery to all major North American basins.

• Diversification into industrial product solutions leverages existing reserves and processing locations.

• Maintains the lowest leverage levels in the proppant industry, with high insider ownership aligning management and investor interests.

Financial performance and capital allocation

• Quarterly sales volumes ranged from 1,069 to 1,492 thousand tons between Q1'25 and Q1'26.

• Quarterly revenue fluctuated between $65.6 million and $93.1 million over the same period.

• Contribution margin per ton varied from $8.84 to $14.76, with adjusted EBITDA peaking at $13.6 million in Q2'25.

• Approximately $27 million returned to shareholders since January 2023 through share repurchases and dividends.

• Dividends paid include $0.10 per share in October 2024, August 2025, and May 2026, and $0.05 per share in December 2025.

Market trends and demand drivers

• U.S. frac sand demand projected to grow by ~15% in 2026, reaching 125 million tons.

• Increasing lateral lengths and proppant usage per well in both U.S. and Canadian shale basins support higher demand for Northern White Sand.

• U.S. LNG export capacity expected to rise by over 10 Bcf/d by 2028, driving natural gas demand and supporting proppant market growth.

• Stable number of active frac crews, but sand usage per crew continues to increase.