SND

MKT CAP:$205M

Smart Sand, Inc.

Market Cap

$205M

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Equipment & Services·🇺🇸·NASDAQ

Stock Price

$5.28+$1.24 (+30.69%)

Apr 23, 2026

Company Details

Smart Sand, Inc., an integrated frac sand supply and services company, engages in the excavation, processing, and sale of sands or proppant for use in hydraulic fracturing operations in the oil and gas industry in the United States. It also...

CEO

Charles Edwin Young

IPO Date

Nov 4, 2016

Website

www.smartsand.com

Key Metrics TTM

Revenue

$335M

+19.0% YoY

Net Income

$4M

EPS (Diluted)

$0.09

Free Cash Flow

$11M

Revenue / Share

$8.61

Gross Margin

12.0%

Operating Margin

0.6%

Net Margin

1.2%

FCF Margin

3.4%

P/S

0.6x

P/E

52.6x

Earnings Reports

Q4 2025

May 12, 2026

PENDING

FY 2025

Feb 26, 2026

$330M+6.0%EPS $0.03

Q3 2025

Nov 12, 2025

$93M+46.9%EPS $0.08

Q2 2025

Aug 12, 2025

$86M+16.2%EPS $0.54

Q1 2025

May 13, 2025

$66M-21.1%EPS -$0.62

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$35M	-$7M	-$15M
Q1 22	$42M	-$2M	-$10M
Q2 22	$69M	$9M	$1M
Q3 22	$72M	$11M	$4M
Q4 22	$74M	$11M	$2M
Q1 23	$82M	$12M	-$2M
Q2 23	$75M	$13M	$3M
Q3 23	$77M	$14M	$5M
Q4 23	$62M	-$2M	-$8M
Q1 24	$83M	$12M	$784.0K
Q2 24	$74M	$13M	$4M
Q3 24	$63M	$6M	-$5M
Q4 24	$91M	$13M	$4M
Q1 25	$66M	$3M	-$7M
Q2 25	$86M	$9M	-$77.0K
Q3 25	$93M	$15M	$5M

Valuation

Quarter	P/S	P/E
Q4 21	0.6x	—
Q1 22	1.0x	—
Q2 22	0.5x	—
Q3 22	0.3x	—
Q4 22	0.3x	—
Q1 23	0.2x	42.6x
Q2 23	0.2x	8.1x
Q3 23	0.3x	7.0x
Q4 23	0.3x	16.3x
Q1 24	0.2x	9.2x
Q2 24	0.3x	63.4x
Q3 24	0.3x	—
Q4 24	0.3x	28.2x
Q1 25	0.3x	—
Q2 25	0.3x	98.3x
Q3 25	0.2x	21.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$5M	-$9M
Q1 22	-$9M	-$12M
Q2 22	-$2M	-$4M
Q3 22	$11M	$6M
Q4 22	$6M	$2M
Q1 23	$5M	$1M
Q2 23	$16M	$11M
Q3 23	$12M	$6M
Q4 23	-$3M	-$10M
Q1 24	-$4M	-$6M
Q2 24	$15M	$14M
Q3 24	$6M	$4M
Q4 24	$1M	-$840.0K
Q1 25	$9M	$5M
Q2 25	-$5M	-$8M
Q3 25	$18M	$15M

Capital Expenditures

Quarter	CapEx
Q4 21	$4M
Q1 22	$4M
Q2 22	$1M
Q3 22	$4M
Q4 22	$3M
Q1 23	$4M
Q2 23	$5M
Q3 23	$7M
Q4 23	$7M
Q1 24	$2M
Q2 24	$1M
Q3 24	$2M
Q4 24	$2M
Q1 25	$4M
Q2 25	$3M
Q3 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+38.4%	+8.2%
Q1 22	+51.6%	+33.8%
Q2 22	+131.8%	+15.5%
Q3 22	+107.6%	+56.9%
Q4 22	+110.5%	+44.1%
Q1 23	+97.9%	+62.9%
Q2 23	+8.8%	+6.5%
Q3 23	+7.4%	+6.1%
Q4 23	-16.1%	-3.2%
Q1 24	+0.9%	-2.0%
Q2 24	-1.3%	-2.0%
Q3 24	-17.9%	-5.4%
Q4 24	+47.5%	+25.6%
Q1 25	-21.1%	-11.7%
Q2 25	+16.2%	+22.2%
Q3 25	+46.9%	+28.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$1M	3.0%
Q1 22	$831.0K	2.0%
Q2 22	$808.0K	1.2%
Q3 22	$815.0K	1.1%
Q4 22	$755.0K	1.0%
Q1 23	$786.0K	1.0%
Q2 23	$841.0K	1.1%
Q3 23	$865.0K	1.1%
Q4 23	$1M	1.7%
Q1 24	$648.0K	0.8%
Q2 24	$846.0K	1.1%
Q3 24	$872.0K	1.4%
Q4 24	$873.0K	1.0%
Q1 25	$940.0K	1.4%
Q2 25	$993.0K	1.2%
Q3 25	$919.0K	1.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	—	$8M	—
Q1 22	—	$7M	—
Q2 22	—	$7M	—
Q3 22	—	$7M	—
Q4 22	—	$9M	—
Q1 23	—	$11M	—
Q2 23	—	$9M	—
Q3 23	—	$9M	—
Q4 23	—	—	$6M
Q1 24	—	$10M	—
Q4 24	$792.0K	—	—
Q1 25	—	$9M	—
Q3 25	—	—	$9M

Revenue Segments

Quarter	Logistics	Sand	Shortfall Revenues
Q4 21	$969.0K	$34M	—
Q1 22	$1M	$38M	$2M
Q2 22	$2M	$67M	—
Q3 22	$2M	$67M	$3M
Q4 22	$2M	$71M	$414.0K
Q1 23	$2M	$78M	$2M
Q2 23	$2M	$72M	—
Q3 23	$2M	$72M	$2M
Q4 23	$2M	$60M	—
Q1 24	—	$80M	—
Q2 24	—	$71M	—
Q3 24	—	$62M	—
Q4 24	—	$91M	—
Q1 25	—	$64M	—
Q2 25	—	$85M	—
Q3 25	—	$92M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5M	$0	$5M
Q2 22	$2M	$0	$2M
Q3 22	$10M	$0	$10M
Q4 22	$6M	$0	$6M
Q1 23	$8M	$0	$8M
Q2 23	$5M	$0	$5M
Q3 23	$9M	$0	$9M
Q4 23	$6M	$0	$6M
Q1 24	$5M	$0	$5M
Q2 24	$6M	$0	$6M
Q3 24	$7M	$0	$7M
Q4 24	$2M	$0	$2M
Q1 25	$5M	$0	$5M
Q2 25	$4M	$0	$4M
Q3 25	$5M	$0	$5M
Q4 25	$23M	$0	$23M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	42M	+0.0%	+1.3%
Q1 22	42M	+0.5%	+1.1%
Q2 22	42M	+0.2%	+1.0%
Q3 22	43M	+0.8%	+1.6%
Q4 22	43M	+0.8%	+2.4%
Q1 23	41M	-3.7%	-1.9%
Q2 23	38M	-8.0%	-10.0%
Q3 23	38M	+1.2%	-9.7%
Q4 23	38M	-0.2%	-10.6%
Q1 24	39M	+0.6%	-6.6%
Q2 24	39M	+0.4%	+2.0%
Q3 24	39M	+0.5%	+1.3%
Q4 24	39M	+1.4%	+3.0%
Q1 25	39M	-0.6%	+1.8%
Q2 25	39M	+0.3%	+1.7%
Q3 25	39M	-1.1%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$146.8K	239
Q1 22	$174.1K	239
Q2 22	$287.5K	239
Q3 22	$299.5K	239
Q4 22	$225.1K	328
Q1 23	$251.1K	328
Q2 23	$228.0K	328
Q3 23	$234.5K	328
Q4 23	$163.9K	378
Q1 24	$219.7K	378
Q2 24	$195.2K	378
Q3 24	$167.1K	378
Q4 24	$320.6K	285
Q1 25	$230.0K	285
Q2 25	$300.9K	285
Q3 25	$325.5K	285

Revenue / Employee