Smart Sand (SND) Q3 2025 earnings summary

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.