Smart Sand, Inc.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

SND$4.07+3.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Operations

	Year Ended December 31,
	2025	2024	2023
(in thousands of U.S. dollars, except per share amounts)
Revenues:
Sand revenue	$325,762	$303,590	$287,479
SmartSystems revenue	4,391	7,782	8,494
Total revenue	330,153	311,372	295,973
Cost of goods sold:
Sand cost of goods sold	287,811	258,812	247,181
SmartSystems cost of goods sold	4,454	7,737	7,237
Total cost of goods sold	292,265	266,549	254,418
Gross profit	37,888	44,823	41,555
Operating expenses:
Selling, general and administrative	40,524	38,161	38,722
Depreciation and amortization	2,390	2,596	2,535
(Gain) loss on disposal of fixed assets, net	(566)	1,062	1,802
Total operating expenses	42,348	41,819	43,059
Operating income (loss)	(4,460)	3,004	(1,504)
Other (expenses) income:
Interest expense, net	(1,469)	(1,769)	(1,272)
Loss on extinguishment of debt	—	(1,341)	—
Other income	343	358	524
Total other (expenses), net	(1,126)	(2,752)	(748)
(Loss) income before income tax benefit (expense)	(5,586)	252	(2,252)
Income tax (benefit) expense	(6,931)	(2,740)	(6,901)
Net income	$1,345	$2,992	$4,649
Net income per common share:
Basic	$0.03	$0.08	$0.12
Diluted	$0.03	$0.08	$0.12
Weighted-average number of common shares:
Basic	39,049	38,809	38,948
Diluted	39,588	39,084	39,046

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.