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Smart Sand (SND) investor relations material
Smart Sand Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenue increased 47% year-over-year to $92.8 million, driven by higher sand volumes, prices, and a $4.4 million contractual charge; up from $85.8 million in Q2 2025 and $63.2 million in Q3 2024.
Net income for Q3 2025 was $3.0 million, a significant improvement from a net loss of $0.1 million in Q3 2024, with fluctuations due to non-cash deferred income tax expense.
For the nine months ended September 30, 2025, revenue rose 11% year-over-year to $244.1 million, with net income of $0.2 million compared to a net loss of $0.7 million in the prior year.
Record sales volumes into Canada and expanded presence in the Utica shale and traditional markets like Marcellus and Bakken.
Financial highlights
Q3 2025 gross profit was $14.9 million, up from $6.5 million in Q3 2024 and $9.0 million in Q2 2025.
Adjusted EBITDA for Q3 2025 was $13.6 million, up from $5.7 million in Q3 2024 and $7.8 million in Q2 2025; for the nine months, adjusted EBITDA was $22.8 million, down from $26.9 million in the prior year.
Free cash flow for Q3 2025 was $14.8 million, up from $3.7 million in Q3 2024 and $(7.8) million in Q2 2025; for the nine months, free cash flow was $12.1 million, up from $11.7 million.
Cash flow from operations was $18.2 million in Q3 2025, up from $(5.1) million in Q2 2025 and $5.8 million in Q3 2024.
Cash on hand at September 30, 2025 was $5.1 million, with $30 million undrawn on the credit facility.
Outlook and guidance
Full year 2025 capital expenditures are expected to be $15–17 million, focused on mine development, facility efficiency, and terminal expansion, excluding acquisitions.
Anticipates some seasonal slowdown in Q4 2025 but expects full-year sales volumes between 5.1 and 5.4 million tons.
Expects to remain free cash flow positive for the year.
Management believes liquidity and capital resources are sufficient for the next twelve months.
Q3 contribution margin per ton sustainability?
Capital return strategy beyond current buyback program?
2026 cash tax expectations?
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Next Smart Sand earnings date
Q4 20253 Mar, 2026
Next Smart Sand earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
Smart Sand Inc. engages in the mining, processing, and sale of industrial sand, particularly Northern White sand, used primarily in hydraulic fracturing operations. The company provides frac sand logistics and storage solutions to oilfield service companies and exploration and production operators. The company is headquartered in The Woodlands, Texas, and its shares are listed on the NASDAQ.
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