Smart Sand, Inc. reported a total revenue of $330.2 million for the fiscal year ending December 31, 2025, marking a 6% increase from $311.4 million in 2024. The growth was primarily driven by a 7% rise in sand revenue, which reached $325.8 million, attributed to increased sales volumes and slightly higher pricing. However, the company experienced a decline in SmartSystems revenue, which fell 44% to $4.4 million due to lower utilization of its equipment fleet. The overall gross profit decreased to $37.9 million from $44.8 million in the previous year, reflecting higher production and logistics costs.
In terms of operational changes, Smart Sand expanded its processing capacity with the acquisition of the Blair facility in Wisconsin, which became operational in the second quarter of 2023. This facility has an annual processing capacity of approximately 2.9 million tons and is strategically located with access to the Canadian National Railway. Additionally, the company acquired rights to operate transloading terminals in Minerva and Dennison, Ohio, which became operational in 2024, enhancing its logistics capabilities in the Appalachian Basin.
The company’s employee headcount as of December 31, 2025, stood at 318, with 31 employees under a collective bargaining agreement. Smart Sand's customer base remains concentrated, with EQT Corporation and EOG Resources, Inc. accounting for 27.7% and 10.9% of total revenue, respectively. The company continues to focus on diversifying its customer base, particularly through its Industrial Products Solutions (IPS) business, which aims to mitigate the volatility associated with the oil and gas markets.
Looking ahead, Smart Sand anticipates moderate growth in frac sand demand in 2026, driven by increased drilling activity and longer lateral well lengths. The company expects to invest between $15 million and $20 million in capital expenditures in 2026, primarily for efficiency projects and potential new terminal developments. Despite the challenges posed by fluctuating commodity prices and market conditions, Smart Sand remains committed to enhancing its operational efficiency and expanding its market presence.
About Smart Sand, Inc.
Smart Sand, Inc. is a fully integrated provider of Northern White frac and industrial sand, offering mine-to-wellsite supply, logistics, and storage solutions. Its core business includes high-quality sand production, advanced logistics infrastructure, and proprietary SmartSystems for efficient proppant handling. Serving oil and gas exploration, industrial markets, and diversified sectors, the company emphasizes low-cost operations, sustainable practices, and innovative delivery systems to enhance well performance and logistics efficiency.
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