Smart Sand, Inc. Announces Fourth Quarter 2025 and Full Year 2025 Results
-
4Q 2025 and full year 2025 revenue of
$86.0 million and$330.2 million , respectively. - 4Q 2025 and full year 2025 total tons sold of approximately 1,478,000 and 5,443,000, respectively.
-
4Q 2025 and full year 2025 net cash provided by operating activities of
$22.4 million and$44.1 million , respectively. -
4Q 2025 and full year 2025 free cash flow of
$20.4 million and$32.5 million , respectively, -
4Q 2025
Smart Sand declared and paid$0.05 per share dividend to stockholders. -
Smart Sand's board of directors approved a new two-year repurchase program authorizing the repurchase of up to
$20.0 million in ordinary shares of the Company's common stock.
"Smart Sand delivered strong results in both the fourth quarter and full year 2025," said
"For 2025, we achieved record sales volumes of 5.4 million tons and record free cash flow of approximately
"We remain focused on providing reliable and cost-effective proppant supply chain execution for our customers by being a low-cost supplier of high-quality Northern White sand, supported by our efficient and sustainable logistics network. We continue to expand our Industrial Products Solutions business, with sales volumes increasing by 60% year over year. During 2025 we focused on improving our last mile product offering through modifications to our SmartSystem design, and we expect to have our first reconfigured system utilized in the field during the first quarter of 2026."
"Smart Sand is well positioned to benefit from expected growth in natural gas demand driven by expanding LNG export capacity and rising AI-related power demand, given that the
Full Year 2025 Highlights
Total revenue was
Total tons sold were 5,443,000 for the full year 2025, compared to full year 2024 total tons sold of 5,263,000, a 3% increase year-over-year.
SmartSystems revenue was
Cost of goods sold for the full year 2025 increased by 10% to
Operating expenses for the year ended 2025 were
Total other expenses for the full year 2025 were
Net income was
Net cash provided by operating activities was
Contribution margin was
On
On
On
Fourth Quarter 2025 Highlights
Total revenue was
Tons sold in the fourth quarter of 2025 were 1,478,000, which is consistent with third quarter 2025 tons sold of 1,472,000. Tons sold in the fourth quarter of 2025 increased by 1% compared to 1,464,000 tons sold in the fourth quarter of 2024.
Cost of goods sold in the fourth quarter of 2025 decreased to
Operating expenses for the fourth quarter of 2025 were
For the fourth quarter of 2025, the Company had a net income of
Net cash provided by operating activities was
Contribution margin was
Capital and Liquidity
For the full year 2025, we had positive free cash flow of
For 2026, we currently expect capital expenditures to be in the
New Share Repurchase Program
On
Additional Information
In addition to reviewing this earnings release, 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,
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. 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, regulatory changes, adverse weather conditions, increased fuel prices, higher transportation costs, access to capital, increased competition, continued effects of the global pandemic, changes in economic or political conditions, and such other factors discussed or referenced in the "Risk Factors" section of our Company's Form 10-K for the year ended
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 logistics 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 and recreation. The Company offers logistics solutions to our customers through its in-basin transloading terminals and SmartSystemsTM wellsite storage and sand management capabilities. Smart Sand owns and operates premium sand mines and related processing facilities in
Availability of Information on Smart Sand's Website
We routinely announce material information using
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CONSOLIDATED STATEMENTS OF OPERATIONS
|
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|
Three Months Ended |
||||
|
|
|
|
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
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(in thousands, except per share amounts) |
||||
|
Revenues: |
|
|
|
|
|
|
Sand revenue |
$ 85,065 |
|
$ 91,643 |
|
$ 90,619 |
|
SmartSystems revenue |
980 |
|
1,137 |
|
744 |
|
Total revenue |
86,045 |
|
92,780 |
|
91,363 |
|
Cost of goods sold: |
|
|
|
|
|
|
Sand cost of goods sold |
73,714 |
|
76,766 |
|
75,342 |
|
SmartSystems cost of goods sold |
1,107 |
|
1,079 |
|
2,569 |
|
Total cost of goods sold |
74,821 |
|
77,845 |
|
77,911 |
|
Gross profit |
11,224 |
|
14,935 |
|
13,452 |
|
Operating expenses: |
|
|
|
|
|
|
Selling, general and administrative |
13,085 |
|
9,086 |
|
9,237 |
|
Depreciation and amortization |
578 |
|
589 |
|
618 |
|
(Gain) loss on disposal of fixed assets, net |
264 |
|
(110) |
|
(7) |
|
Total operating expenses |
13,927 |
|
9,565 |
|
9,848 |
|
Operating income (loss) |
(2,703) |
|
5,370 |
|
3,604 |
|
Other (expenses) income: |
|
|
|
|
|
|
Interest expense, net |
(491) |
|
(320) |
|
(543) |
|
Other income |
120 |
|
28 |
|
134 |
|
Total other (expenses) income, net |
(371) |
|
(292) |
|
(409) |
|
Income (loss) before income tax (benefit) expense |
(3,074) |
|
5,078 |
|
3,195 |
|
Income tax (benefit) expense |
(4,252) |
|
2,076 |
|
(541) |
|
Net income |
$ 1,178 |
|
$ 3,002 |
|
$ 3,736 |
|
Net income per common share: |
|
|
|
|
|
|
Basic |
$ 0.03 |
|
$ 0.08 |
|
$ 0.10 |
|
Diluted |
$ 0.03 |
|
$ 0.08 |
|
$ 0.09 |
|
Weighted-average number of common shares: |
|
|
|
|
|
|
Basic |
38,893 |
|
38,826 |
|
39,027 |
|
Diluted |
40,177 |
|
38,951 |
|
39,482 |
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CONSOLIDATED STATEMENTS OF OPERATIONS
|
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|
|
Year Ended |
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|
|
2025 |
|
2024 |
|
|
(in thousands, except per share amount) |
||
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Revenues: |
|
|
|
|
Sand revenue |
$ 325,762 |
|
$ 303,590 |
|
SmartSystems revenue |
4,391 |
|
7,782 |
|
Total revenue |
330,153 |
|
311,372 |
|
Cost of goods sold: |
|
|
|
|
Sand cost of goods sold |
287,811 |
|
258,812 |
|
SmartSystems cost of goods sold |
4,454 |
|
7,737 |
|
Total cost of goods sold |
292,265 |
|
266,549 |
|
Gross profit |
37,888 |
|
44,823 |
|
Operating expenses: |
|
|
|
|
Selling, general and administrative |
40,524 |
|
38,161 |
|
Depreciation and amortization |
2,390 |
|
2,596 |
|
(Gain) loss on disposal of fixed assets, net |
(566) |
|
1,062 |
|
Total operating expenses |
42,348 |
|
41,819 |
|
Operating income (loss) |
(4,460) |
|
3,004 |
|
Other (expenses) income: |
|
|
|
|
Interest expense, net |
(1,469) |
|
(1,769) |
|
Loss on extinguishment of debt |
— |
|
(1,341) |
|
Other income |
343 |
|
358 |
|
Total other (expenses) income, net |
(1,126) |
|
(2,752) |
|
Income (loss) before income tax benefit |
(5,586) |
|
252 |
|
Income tax expense (benefit) |
(6,931) |
|
(2,740) |
|
Net income |
$ 1,345 |
|
$ 2,992 |
|
Net income per common share: |
|
|
|
|
Basic |
$ 0.03 |
|
$ 0.08 |
|
Diluted |
$ 0.03 |
|
$ 0.08 |
|
Weighted-average number of common shares: |
|
|
|
|
Basic |
39,049 |
|
38,809 |
|
Diluted |
39,588 |
|
39,084 |
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CONSOLIDATED BALANCE SHEETS
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|
|
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|
2025 |
|
2024 |
|
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(in thousands) |
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Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 22,551 |
|
$ 1,554 |
|
Accounts receivable |
30,519 |
|
40,981 |
|
Unbilled receivables |
— |
|
5,311 |
|
Inventory |
31,081 |
|
25,044 |
|
Prepaid expenses and other current assets |
3,991 |
|
2,635 |
|
Total current assets |
88,142 |
|
75,525 |
|
Property, plant and equipment, net |
223,254 |
|
236,692 |
|
Operating lease right-of-use assets |
23,471 |
|
23,153 |
|
Intangible assets, net |
4,292 |
|
5,084 |
|
Other assets |
855 |
|
1,092 |
|
Total assets |
$ 340,014 |
|
$ 341,546 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ 9,427 |
|
$ 16,988 |
|
Accrued expenses and other liabilities |
17,544 |
|
12,561 |
|
Deferred revenue |
9,838 |
|
54 |
|
Current portion of long-term debt |
4,366 |
|
3,554 |
|
Current portion of operating lease liabilities |
8,765 |
|
10,053 |
|
Total current liabilities |
49,940 |
|
43,210 |
|
Long-term debt |
8,657 |
|
9,130 |
|
Long-term operating lease liabilities |
14,392 |
|
14,486 |
|
Deferred tax liabilities, net |
4,188 |
|
9,316 |
|
Asset retirement obligation |
22,472 |
|
21,292 |
|
Other non-current liabilities |
668 |
|
302 |
|
Total liabilities |
100,317 |
|
97,736 |
|
Commitments and contingencies |
|
|
|
|
Stockholders' equity |
|
|
|
|
Common stock |
39 |
|
39 |
|
|
(17,393) |
|
(14,671) |
|
Additional paid-in capital |
189,031 |
|
185,263 |
|
Retained earnings |
68,073 |
|
73,239 |
|
Accumulated other comprehensive income (loss) |
(53) |
|
(60) |
|
Total stockholders' equity |
239,697 |
|
243,810 |
|
Total liabilities and stockholders' equity |
$ 340,014 |
|
$ 341,546 |
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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|
Three Months Ended |
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|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
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(in thousands) |
||||
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Operating activities: |
|
|
|
|
|
|
Net income |
$ 1,178 |
|
$ 3,002 |
|
$ 3,736 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation, depletion and accretion of asset retirement obligation |
7,406 |
|
7,252 |
|
7,846 |
|
Amortization of intangible assets |
201 |
|
198 |
|
196 |
|
Net (gain) loss on disposal of assets |
264 |
|
(110) |
|
(7) |
|
Provision for bad debt |
— |
|
41 |
|
— |
|
Amortization of deferred financing cost |
64 |
|
65 |
|
56 |
|
Deferred income taxes |
(2,546) |
|
2,029 |
|
(567) |
|
Stock-based compensation, net |
864 |
|
914 |
|
868 |
|
Employee stock purchase plan compensation |
5 |
|
5 |
|
5 |
|
Changes in assets and liabilities, net of effects of acquisitions: |
|
|
|
|
|
|
Accounts receivable |
13,671 |
|
2,945 |
|
(16,817) |
|
Unbilled receivables |
— |
|
1 |
|
(2,569) |
|
Inventory |
518 |
|
(2,940) |
|
2,794 |
|
Prepaid expenses and other assets |
(1,006) |
|
(1,189) |
|
251 |
|
Deferred revenue |
9,838 |
|
(18) |
|
(1,297) |
|
Accounts payable |
209 |
|
(5,690) |
|
6,272 |
|
Accrued and other expenses |
(8,204) |
|
11,655 |
|
268 |
|
Settlement of asset retirement obligation |
(92) |
|
— |
|
— |
|
Net cash provided by operating activities |
22,370 |
|
18,160 |
|
1,035 |
|
Investing activities: |
|
|
|
|
|
|
Purchases of property, plant and equipment |
(1,998) |
|
(3,385) |
|
(1,875) |
|
Proceeds from disposal of assets |
— |
|
— |
|
8 |
|
Net cash used in investing activities |
(1,998) |
|
(3,385) |
|
(1,867) |
|
Financing activities: |
|
|
|
|
|
|
Dividend payments to stockholders |
(1,978) |
|
(3,891) |
|
(3,902) |
|
Repayments of notes payable |
(816) |
|
(822) |
|
(723) |
|
Proceeds from revolving credit facility |
2,000 |
|
8,000 |
|
14,000 |
|
Repayment of revolving credit facility |
(2,000) |
|
(17,000) |
|
(14,000) |
|
Proceeds from equity issuance |
— |
|
21 |
|
— |
|
Payments under finance leases |
(59) |
|
(59) |
|
(54) |
|
Payment of deferred financing and debt issuance costs |
— |
|
— |
|
(103) |
|
Repurchase of treasury stock from restricted stock vesting |
(49) |
|
(208) |
|
(47) |
|
Repurchase of treasury stock from Repurchase Program |
(1) |
|
(28) |
|
— |
|
Net cash used in financing activities |
(2,903) |
|
(13,987) |
|
(4,829) |
|
Net increase (decrease) in cash and cash equivalents |
17,470 |
|
788 |
|
(5,661) |
|
Cash and cash equivalents at beginning of year |
5,082 |
|
4,293 |
|
7,215 |
|
Cash and cash equivalents at end of year |
$ 22,551 |
|
$ 5,081 |
|
$ 1,554 |
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CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||
|
|
Year Ended |
||
|
|
2025 |
|
2024 |
|
|
(in thousands) |
||
|
Operating activities: |
|
|
|
|
Net income |
$ 1,345 |
|
$ 2,992 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation, depletion and accretion of asset retirement obligation |
29,262 |
|
28,936 |
|
Amortization of intangible assets |
795 |
|
792 |
|
Net (gain) loss on disposal of assets |
(566) |
|
1,062 |
|
Provision for bad debt |
41 |
|
163 |
|
Amortization of deferred financing cost |
250 |
|
237 |
|
Loss on extinguishment of debt |
— |
|
1,341 |
|
Deferred income taxes |
(5,128) |
|
(2,784) |
|
Stock-based compensation, net |
3,699 |
|
3,216 |
|
Employee stock purchase plan compensation |
22 |
|
23 |
|
Changes in assets and liabilities: |
|
|
|
|
Accounts receivable |
10,421 |
|
(17,913) |
|
Unbilled receivables |
5,311 |
|
(2,750) |
|
Inventories |
(6,038) |
|
1,779 |
|
Prepaid expenses and other assets |
(2,984) |
|
212 |
|
Deferred revenue |
9,784 |
|
(1,101) |
|
Settlement of asset retirement obligation |
(92) |
|
— |
|
Accounts payable |
(6,765) |
|
53 |
|
Accrued and other expenses |
4,759 |
|
1,606 |
|
Net cash provided by operating activities |
44,116 |
|
17,864 |
|
Investing activities: |
|
|
|
|
Purchases of property, plant and equipment |
(11,595) |
|
(7,010) |
|
Proceeds from disposal of assets |
740 |
|
89 |
|
Net cash used in investing activities |
(10,855) |
|
(6,921) |
|
Financing activities: |
|
|
|
|
Dividend payments to stockholders |
(5,948) |
|
(3,902) |
|
Proceeds from the issuance of notes payable |
— |
|
9,755 |
|
Repayments of notes payable |
(3,400) |
|
(10,263) |
|
Proceeds from revolving credit facility |
35,000 |
|
30,975 |
|
Repayment of revolving credit facility |
(35,000) |
|
(38,975) |
|
Payments under finance leases |
(230) |
|
(221) |
|
Payment of deferred financing and debt issuance costs |
(10) |
|
(1,232) |
|
Payment for debt extinguishment costs |
— |
|
(1,227) |
|
Employee stock purchase plan issuance |
47 |
|
51 |
|
Repurchase of treasury stock from restricted stock vesting |
(628) |
|
(422) |
|
Repurchase of treasury stock from Repurchase Program |
(2,095) |
|
— |
|
Net cash used in financing activities |
(12,264) |
|
(15,461) |
|
Net increase (decrease) in cash and cash equivalents |
20,997 |
|
(4,518) |
|
Cash and cash equivalents at beginning of period |
1,554 |
|
6,072 |
|
Cash and cash equivalents at end of period |
$ 22,551 |
|
$ 1,554 |
Non-GAAP Financial Measures
Contribution Margin
We 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 our financial and operating performance. Contribution margin excludes other operating expenses and income, including costs not directly associated with the operations of the our business such as accounting, human resources, information technology, legal, sales and other administrative activities.
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 contribution margin to gross profit.
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Three Months Ended |
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|
|
|
|
|
|
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|
(in thousands) |
||||
|
Revenue |
$ 86,045 |
|
$ 92,780 |
|
$ 91,363 |
|
Cost of goods sold |
74,821 |
|
77,845 |
|
77,911 |
|
Gross profit |
11,224 |
|
14,935 |
|
13,452 |
|
Depreciation, depletion, and accretion of asset retirement obligations included in cost of goods sold |
6,784 |
|
6,786 |
|
6,750 |
|
Contribution margin |
$ 18,008 |
|
$ 21,721 |
|
$ 20,202 |
|
Contribution margin per ton |
$ 12.18 |
|
$ 14.76 |
|
$ 13.80 |
|
Total tons sold |
1,478 |
|
1,472 |
|
1,464 |
|
|
Year Ended |
||
|
|
2025 |
|
2024 |
|
|
(in thousands) |
||
|
Revenue |
$ 330,153 |
|
$ 311,372 |
|
Cost of goods sold |
292,265 |
|
266,549 |
|
Gross profit |
37,888 |
|
44,823 |
|
Depreciation, depletion, and accretion of asset retirement obligations included in cost of goods sold |
27,203 |
|
26,861 |
|
Contribution margin |
$ 65,091 |
|
$ 71,684 |
|
Contribution margin per ton |
$ 11.96 |
|
$ 13.62 |
|
Total tons sold |
5,443 |
|
5,263 |
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 other acquisition and development costs; 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 EBITDA and Adjusted EBITDA to net income for each of the periods indicated.
The following tables present a reconciliation of EBITDA and Adjusted EBITDA to net income for each of the periods indicated:
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Three Months Ended |
||||
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|
|
|
|
|
|
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(in thousands) |
||||
|
Net income |
$ 1,178 |
|
$ 3,002 |
|
$ 3,736 |
|
Depreciation, depletion and amortization |
7,166 |
|
7,179 |
|
7,161 |
|
Income tax expense (benefit) and other taxes |
(4,252) |
|
2,076 |
|
(541) |
|
Interest expense |
657 |
|
364 |
|
552 |
|
EBITDA |
$ 4,749 |
|
$ 12,621 |
|
$ 10,908 |
|
Net (gain) loss on sale of fixed assets |
264 |
|
(110) |
|
(7) |
|
Equity compensation |
784 |
|
834 |
|
783 |
|
Acquisition and development costs (1) |
1,000 |
|
— |
|
9 |
|
Cash charges related to restructuring and retention of employees |
— |
|
— |
|
1 |
|
Accretion of asset retirement obligations |
269 |
|
269 |
|
249 |
|
Adjusted EBITDA |
$ 7,066 |
|
$ 13,614 |
|
$ 11,943 |
|
|
|
|
|
|
|
|
(1) |
Represents costs incurred related to business combinations and current development project activities. The three months ended |
|
|
Year Ended |
||
|
|
2025 |
|
2024 |
|
|
(in thousands) |
||
|
Net income |
$ 1,345 |
|
$ 2,992 |
|
Depreciation, depletion and amortization |
28,785 |
|
28,735 |
|
Income tax benefit and other taxes |
(6,931) |
|
(2,740) |
|
Interest expense |
1,738 |
|
1,838 |
|
EBITDA |
$ 24,937 |
|
$ 30,825 |
|
Net loss on sale of fixed assets |
(566) |
|
1,062 |
|
Equity compensation |
3,386 |
|
2,855 |
|
Acquisition and development costs (1) |
1,000 |
|
325 |
|
Bank and legal costs related to financing not closed |
— |
|
1,294 |
|
Loss on extinguishment of debt |
— |
|
1,341 |
|
Cash charges related to restructuring and retention of employees |
33 |
|
149 |
|
Accretion of asset retirement obligations |
1,101 |
|
996 |
|
Adjusted EBITDA |
$ 29,891 |
|
$ 38,847 |
|
|
|
|
(1) |
Represents costs incurred related to business combinations and current development project activities. The year ended |
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 flow 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 free cash flow to net cash provided by operating activities.
|
|
Three Months Ended |
||||
|
|
|
|
|
|
|
|
|
(in thousands) |
||||
|
Net cash provided by operating activities |
$ 22,370 |
|
$ 18,160 |
|
$ 1,035 |
|
Purchases of property, plant and equipment |
(1,998) |
|
(3,385) |
|
(1,875) |
|
Free cash flow |
$ 20,372 |
|
$ 14,775 |
|
$ (840) |
|
|
Year Ended |
||
|
|
2025 |
|
2024 |
|
|
(in thousands) |
||
|
Net cash provided by operating activities |
$ 44,116 |
|
$ 17,864 |
|
Purchases of property, plant and equipment |
(11,595) |
|
(7,010) |
|
Free cash flow |
$ 32,521 |
|
$ 10,854 |
Investor Contacts:
Lee Beckelman
Chief Financial Officer
(281) 231-2660
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