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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in thousands of U.S. dollars) | |||
| Operating activities: | |||
| Net income | $1,345 | $2,992 | $4,649 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and accretion of asset retirement obligation | 29,262 | 28,936 | 27,472 |
| Amortization of intangible assets | 795 | 792 | 793 |
| Net loss (gain) on disposal of assets | (566) | 1,062 | 1,802 |
| Provision for bad debt | 41 | 163 | — |
| Amortization of deferred financing cost | 250 | 237 | 291 |
| Loss on extinguishment of debt | — | 1,341 | — |
| Deferred income taxes | (5,128) | (2,784) | (6,137) |
| Stock-based compensation, net | 3,699 | 3,216 | 3,507 |
| Employee stock purchase plan compensation | 22 | 23 | 24 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 10,421 | (17,913) | 12,672 |
| Unbilled receivables | 5,311 | (2,750) | (2,640) |
| Inventory | (6,038) | 1,779 | (6,638) |
| Prepaid expenses and other assets | (2,984) | 212 | 1,996 |
| Deferred revenue | 9,784 | (1,101) | (5,805) |
| Settlement of asset retirement obligation | (92) | — | (197) |
| Accounts payable | (6,765) | 53 | 1,974 |
| Accrued expenses and other liabilities | 4,759 | 1,606 | (2,772) |
| Net cash provided by operating activities | 44,116 | 17,864 | 30,991 |
| Investing activities: | |||
| Purchases of property, plant and equipment | (11,595) | (7,010) | (23,031) |
| Proceeds from disposal of assets | 740 | 89 | 129 |
| Net cash used in investing activities | (10,855) | (6,921) | (22,902) |
| 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) | (10,435) |
| Proceeds from revolving credit facility | 35,000 | 30,975 | 23,000 |
| Repayment of revolving credit facility | (35,000) | (38,975) | (15,000) |
| Payments under finance leases | (230) | (221) | (394) |
| 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 | 56 |
| Repurchase of treasury stock from restricted stock vesting | (628) | (422) | — |
| Repurchase of treasury stock from Repurchase Program | (2,095) | — | (4,754) |
| Net cash used in financing activities | (12,264) | (15,461) | (7,527) |
| Net increase (decrease) in cash and cash equivalents | 20,997 | (4,518) | 562 |
| Cash and cash equivalents at beginning of year | 1,554 | 6,072 | 5,510 |
| Cash and cash equivalents at end of year | $22,551 | $1,554 | $6,072 |
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