Smart Sand Inc

smartsand.com

What Do They Do?

Sells sand for oil and gas wells and industrial uses to oil and gas producers, oilfield service companies, and industrial customers; provides wellsite storage and handling systems.

How Do They Make Money?

Sells sand for oil and gas and industrial uses; customers are charged when sand is loaded at a company facility or transferred to them at an in-basin terminal. SmartSystems equipment and related services are rented for fixed monthly fees or daily rates.

revenue

Segment	Share	Revenue	How money arrives
Sand revenue Sold outright	99% FY2022: 97%		Sold outright
SmartSystems revenue Recurring	1.3% FY2022: 2.5%		Recurring

Who Are Their Customers?

Core buyers are oil and gas exploration and production companies and oilfield service companies; industrial and commercial customers also buy sand for uses such as glass, foundry and building products. The company sells sand under contracts or in the spot market and provides logistics through terminals and wellsite systems.

Customers above 10% of revenue, FY2025

of revenue from two customers (28%, 11%)

FY2024: 56% from three customers

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($3M, 1%)

Net income, FY2025

0% of revenue

▼ −55% vs FY2024 ($3M, 1%)

Free cash flow, FY2025

10% of revenue

▲ +200% vs FY2024 ($10.9M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +34%; vs $85.8M in Q2 FY2025
Net income: ▼ −52%; vs $21.4M in Q2 FY2025

Sand share of revenue vs 98.6% in Q2 FY2025

Aug 11, 2026 Lee Beckelman will leave the CFO role; James Young will succeed him Beckelman will remain a full-time adviser to the CFO through May 31, 2030.

Growing. Revenue grew 2.6x in 4 years, from $126.6M in FY2021 to $330.2M in FY2025, about 27% a year.

Expanded industrial offerings The latest report says blending and cooling equipment at Ottawa expanded the industrial sand products offered; the older report described IPS as an early-stage business serving industrial uses.

Revenue over time

Sand revenue SmartSystems revenue Shortfall revenue Logistics revenue

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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