YARDLEY, PA — Smart Sand, Inc. (Nasdaq: SND) reported fourth-quarter 2025 revenue of $86.0 million and net income of $1.2 million, or $0.03 per basic and diluted share, for the three months ended December 31, 2025.
The company sold approximately 1,478,000 tons of sand during the quarter and generated $22.4 million in net cash from operating activities, according to the company.
Fourth-quarter revenue declined from $91.4 million in the same period of 2024, primarily due to lower average selling prices.
For the full year, Smart Sand reported revenue of $330.2 million compared with $311.4 million in 2024.
Total tons sold reached approximately 5,443,000 in 2025, up from 5,263,000 tons the previous year.
Net income for the full year totaled $1.3 million, or $0.03 per basic and diluted share, compared with $3.0 million, or $0.08 per share, in 2024.
The company said higher sand sales volumes and slightly higher selling prices contributed to increased annual revenue, while higher logistics and production costs affected profitability.
Net cash provided by operating activities totaled $44.1 million for 2025 compared with $17.9 million in 2024.
Free cash flow reached $32.5 million for the year.
Charles Young, chief executive officer of Smart Sand, said the company reported its third consecutive quarter with sales volumes above 1.4 million tons.
“The fourth quarter marked our third consecutive quarter with sales volumes exceeding 1.4 million tons,” Young said.
During the fourth quarter, Smart Sand declared and paid a dividend of $0.05 per share.
For the full year, the company returned approximately $8 million to shareholders through dividends and share repurchases.
Smart Sand also repurchased about $2.1 million in shares during 2025.
The company’s board of directors approved a new share repurchase program authorizing the repurchase of up to $20.0 million of its common stock.
The program is scheduled to begin April 4, 2026, after the expiration of the company’s current repurchase authorization, and will run through April 3, 2028.
As of December 31, 2025, the company reported $22.6 million in cash and $30.0 million in available borrowing capacity under its credit facility.
Smart Sand said it expects 2026 capital expenditures to range between $15.0 million and $20.0 million, including investments in mining expansion and terminal infrastructure to support anticipated sales growth.
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