Revenue growth remains highly erratic, fluctuating between a 21.1% contraction in 2025Q1 and a 46.9% expansion in 2025Q3, while gross margins compressed to 5.9% in 2026Q1.
| Sales/Revenue | 357.71M | 330.15M | 311.37M | 295.97M | 255.74M | 126.65M | 122.34M | 233.07M | 212.47M | 137.21M | 59.23M | 47.7M | 68.17M |
| Revenue Growth % | 21.72% | 6.03% | 5.2% | 15.73% | 101.93% | 3.52% | -47.51% | 9.7% | 54.85% | 131.66% | 24.18% | -30.03% | - |
| Cost of Goods Sold | 317.63M | 294.65M | 266.55M | 254.42M | 226.15M | 142.55M | 104.22M | 152.02M | 144.9M | 100.3M | 26.57M | 21M | 29.93M |
| COGS % of Revenue | - | 89.25% | 85.6% | 85.96% | 88.43% | 112.56% | 85.19% | 65.22% | 68.2% | 73.1% | 44.86% | 44.03% | 43.91% |
| Gross Profit | 40.08M | 35.5M | 44.82M | 41.55M | 29.59M | -15.91M | 18.12M | 81.05M | 67.57M | 36.91M | 32.66M | 26.7M | 38.24M |
| Gross Margin % | 11.2% | 10.75% | 14.4% | 14.04% | 11.57% | -12.56% | 14.81% | 34.78% | 31.8% | 26.9% | 55.14% | 55.97% | 56.09% |
| Gross Profit Growth % | - | -20.8% | 7.86% | 40.43% | 286.04% | -187.79% | -77.65% | 19.96% | 83.07% | 13% | 22.35% | -30.18% | - |
| Operating Expenses | 42.5M | 40.52M | 41.82M | 43.06M | 32.72M | 47.58M | 31.14M | 37.57M | 25.71M | 18.2M | 12.27M | 10.11M | 12.47M |
| OpEx % of Revenue | - | 12.27% | 13.43% | 14.55% | 12.79% | 37.57% | 25.45% | 16.12% | 12.1% | 13.27% | 20.72% | 21.2% | 18.29% |
| Selling, General & Admin | 32.88M | 40.52M | 38.16M | 38.72M | 30.77M | 25.45M | 25.52M | 22.89M | 23.87M | 17.68M | 11.89M | 9.72M | 12.31M |
| SG&A % of Revenue | - | 12.27% | 12.26% | 13.08% | 12.03% | 20.1% | 20.86% | 9.82% | 11.23% | 12.88% | 20.07% | 20.39% | 18.06% |
| Research & Development | 0 | 0 | 0 | 793K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.27% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.59M | 0 | 3.66M | 3.54M | 1.95M | 22.13M | 5.62M | 14.68M | 197K | 462K | 8.86M | 362K | 370K |
| Operating Income | -2.43M | -5.03M | 3M | -1.5M | -3.13M | -63.48M | -13.02M | 43.48M | 25.88M | 18.7M | 20.39M | 16.58M | 25.77M |
| Operating Margin % | -0.68% | -1.52% | 0.96% | -0.51% | -1.22% | -50.13% | -10.64% | 18.66% | 12.18% | 13.63% | 34.43% | 34.77% | 37.8% |
| Operating Income Growth % | - | -267.31% | 299.73% | 51.92% | 95.07% | -387.71% | -129.94% | 68.02% | 38.35% | -8.27% | 22.96% | -35.64% | - |
| EBITDA | 27.63M | 24.86M | 32.73M | 26.76M | 24.15M | -37.38M | 9.91M | 71.3M | 44.07M | 26.52M | 26.87M | 21.9M | 29.41M |
| EBITDA Margin % | 7.72% | 7.53% | 10.51% | 9.04% | 9.44% | -29.52% | 8.1% | 30.59% | 20.74% | 19.33% | 45.37% | 45.92% | 43.14% |
| EBITDA Growth % | 14.63% | -24.05% | 22.31% | 10.8% | 164.6% | -477.4% | -86.11% | 61.79% | 66.19% | -1.31% | 22.7% | -25.53% | - |
| D&A (Non-Cash Add-back) | 30.06M | 29.89M | 29.73M | 28.27M | 27.28M | 26.1M | 22.92M | 27.82M | 18.19M | 7.81M | 6.48M | 5.32M | 3.64M |
| EBIT | -2.97M | -5.03M | 2.02M | -980K | -2.3M | -57.71M | 27.07M | 43.05M | 26.08M | 19.17M | 20.39M | 16.95M | 25.77M |
| Net Interest Income | -1.38M | -1.47M | -1.77M | -1.27M | -1.61M | -1.98M | -2.09M | -3.62M | -2.27M | -450K | -8.43M | -7.83M | -7.83M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.38M | 1.47M | 1.77M | 1.27M | 1.61M | 1.98M | 2.09M | 3.62M | 2.27M | 450K | 8.43M | 7.83M | 7.83M |
| Other Income/Expense | -929K | -560K | -2.75M | -748K | -780K | 3.79M | 37.99M | -4.05M | -2.07M | 12K | -618K | -7.46M | -8.69M |
| Pretax Income | -3.35M | -5.59M | 252K | -2.25M | -3.91M | -59.69M | 24.97M | 39.43M | 23.81M | 18.72M | 19.77M | 9.12M | 17.07M |
| Pretax Margin % | -0.94% | -1.69% | 0.08% | -0.76% | -1.53% | -47.13% | 20.41% | 16.92% | 11.21% | 13.64% | 33.38% | 19.12% | 25.05% |
| Income Tax | -25.07M | -6.93M | -2.74M | -6.9M | -3.21M | -9.02M | -12.98M | 7.81M | 5.12M | -2.81M | 9.39M | 4.13M | 9.52M |
| Effective Tax Rate % | 747.27% | 124.08% | -1087.3% | 306.44% | 82.01% | 15.11% | -51.97% | 19.8% | 21.51% | -15.01% | 47.51% | 45.28% | 55.75% |
| Net Income | 21.72M | 1.34M | 2.99M | 4.65M | -703K | -50.67M | 37.95M | 31.62M | 18.69M | 21.53M | 10.38M | 4.99M | 7.56M |
| Net Margin % | 6.07% | 0.41% | 0.96% | 1.57% | -0.27% | -40.01% | 31.02% | 13.57% | 8.8% | 15.69% | 17.52% | 10.46% | 11.08% |
| Net Income Growth % | 203.3% | -55.05% | -35.64% | 761.31% | 98.61% | -233.51% | 20.02% | 69.22% | -13.18% | 107.4% | 108% | -33.96% | - |
| Net Income (Continuing) | 21.72M | 1.34M | 2.99M | 4.65M | -703K | -50.67M | 37.95M | 31.62M | 18.69M | 21.53M | 10.38M | 4.99M | 7.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.55 | 0.03 | 0.08 | 0.12 | -0.02 | -1.21 | 0.94 | 0.78 | 0.46 | 0.53 | 0.42 | 0.15 | 0.35 |
| EPS Growth % | 202.04% | -60.84% | -36.17% | 822.89% | 98.63% | -228.72% | 20.51% | 69.57% | -13.21% | 26.19% | 180% | -57.14% | - |
| EPS (Basic) | - | 0.03 | 0.08 | 0.12 | -0.02 | -1.21 | 0.94 | 0.79 | 0.46 | 0.54 | 0.43 | 0.15 | 0.35 |
| Diluted Shares Outstanding | 39.17M | 39.59M | 39.08M | 39.05M | 42.41M | 41.77M | 40.26M | 40.34M | 40.45M | 40.3M | 24.58M | 34.24M | 21.86M |
| Basic Shares Outstanding | 39.17M | 39.05M | 38.81M | 38.95M | 42.41M | 41.77M | 40.26M | 40.13M | 40.43M | 40.21M | 24.32M | 34.24M | 21.86M |
| Dividend Payout Ratio | - | 442.23% | 130.41% | - | - | - | - | - | - | - | - | 0.1% | - |
High fixed cost sensitivity
As reported in recent financial statements, Smart Sand's revenue trajectory remains highly inconsistent, with quarterly growth rates fluctuating between a 21.1% contraction in 2025Q1 and a 46.9% expansion in 2025Q3, reflecting the inherent cyclicality of the proppant market and sensitivity to regional drilling activity levels.
The erratic revenue performance suggests that the company is heavily reliant on spot market demand rather than a stable base of long-term contracts. Investors should monitor whether the recent 42% growth in 2026Q1 can be sustained or if it merely reflects a temporary spike in wellsite activity.
Based on the company's reported figures, gross margins have struggled to maintain consistency, bottoming out at 5.9% in 2026Q1, which highlights the difficulty of passing through energy-intensive processing costs to customers in a competitive environment where in-basin sand alternatives continue to exert significant pricing pressure.
The inability to sustain double-digit gross margins suggests that the company's Northern White Sand product may be losing its premium status in certain basins. This margin profile indicates that the business model is highly vulnerable to even minor fluctuations in input costs or regional proppant pricing.
According to the provided income statement data, Smart Sand has failed to demonstrate positive operating leverage, as evidenced by the 2026Q1 operating loss of $5.2 million despite significant revenue, indicating that fixed costs are not scaling efficiently with the company's current volume of business activity.
The persistent operating losses suggest that the company's high fixed-cost base, including railcar leases and mining infrastructure, requires a higher utilization threshold than currently achieved. Without a structural increase in throughput or a shift toward higher-margin service revenue, operating profitability may remain elusive.
As indicated by the historical data, net income has been subject to extreme swings, such as the $21.4 million profit in 2025Q2 followed by a $24.2 million loss in 2025Q1, suggesting that non-operating items and tax anomalies are significantly distorting the underlying operational performance of the business.
The presence of these large, non-recurring fluctuations warrants further investigation into the nature of the company's non-operating income. Investors should be cautious of relying on headline net income figures, as they appear to mask the underlying challenges in the core mining and logistics operations.
Based on the reported filings, the company's reliance on Northern White Sand in an era of increasing in-basin sand adoption poses a fundamental risk, as the current negative operating margin suggests that the existing logistics-heavy model may be structurally disadvantaged in the current commodity price environment.
Short-sellers would likely focus on the company's inability to generate consistent operating income despite its specialized logistics moat. The risk remains that the capital-intensive nature of the business will continue to consume cash, potentially eroding the balance sheet strength that management has worked to maintain.
Quick answers to the most common questions about buying SND stock.
For fiscal year 2025, Smart Sand, Inc. (SND) reported total revenue of $330.2M. This represents a 384.3% increase compared to $68.2M in 2014.
Smart Sand, Inc. (SND) is profitable, generating $1.3M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
Smart Sand, Inc. (SND) reported an operating income of $-5.0M, resulting in an operating profit margin of -1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Smart Sand, Inc. (SND) generated $35.5M in gross profit for the year, representing a gross profit margin of 10.8%. This demonstrates the company's core pricing power and production efficiency.