Smart Sand (SND) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 21% YoY to $112.3M, net income increased to $8.4M from $3.0M, and tons sold rose 21% to 1.783M.

• 9M revenue increased 31% YoY to $320.5M and net income reached $14.7M versus $0.2M, on higher volume and modest pricing gains.

• Management cited strong basin activity and expects activity to continue through Q4 and into 2027.

Financial highlights

• Q3 total revenue was $112.3M, including $111.1M from sand and $1.2M from SmartSystems; prior-year Q3 revenue included $4.4M of contractual charges for prior-period excess tons, which did not recur.

• Q3 gross profit was $19.2M versus $14.9M, operating income was $9.2M versus $5.4M, and net income was $8.4M versus $3.0M.

• 9M gross profit was $45.0M versus $26.6M, operating income was $14.4M versus a $1.8M loss, and net income was $14.7M versus $0.2M.

• Q3 operating cash flow was $21.1M and capital expenditures were $3.8M, generating $17.3M of free cash flow.

Outlook and guidance

• FY26 sales volumes are expected to increase 20%–30% versus 2025, with positive free cash flow for the year.

• FY26 capital expenditures are projected at $15M–$20M, excluding acquisitions and potential new-terminal investments; $10.8M was spent through September 30.

• $141.5M of unsatisfied performance obligations remained at September 30; $61.1M is expected to be recognized in the rest of 2026 and $80.4M in 2027.

• North American LNG export capacity is expected to grow by over 50% by 2030, supporting natural-gas demand; management expects robust activity in core basins through Q4 and into 2027.