Smart Sand reports Q2 net income of $6.3M, adjusted EBITDA $11.4M, and strong free cash flow

Smart Sand, Inc.

2023-Q2 EPS reported $0.07 revenue$157,126,000

Q2 net income of $6.3M ($0.17/sh) vs Q1 net loss of $3.6M and Q2 2022 net loss of $0.1M.
Revenue of $74.8M; 1.084M tons sold down 9% QoQ; contribution margin $17.57/ton.
Adjusted EBITDA $11.4M; free cash flow $10.8M; net cash from ops $16.1M.
Started Blair, WI facility; first sand shipments to Canada; Industrial Products Solutions sales up 70% QoQ.
FY 2023 capex guidance $20-25M; cash $5.5M; $19M undrawn ABL capacity.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Smart Sand, Inc. reported second quarter of 2023 results: revenue $74.8 million, net income $6.3 million, EPS $0.17 per basic and diluted share.

Period: second quarter of 2023
Revenue: $74.8 million
Net income: $6.3 million
EPS: $0.17 per basic and diluted share
Result: reported results

Exact text from the filing

Second Quarter 2023 Results Tons sold were approximately 1,084,000 in the second quarter of 2023, compared to approximately 1,195,000 tons in the first quarter of 2023 and 1,196,000 tons in the second quarter of 2022, a decrease of 9% both sequentially and over the comparable period in 2022. Revenues were $74.8 million in the second quarter of 2023, compared to $82.4 million in the first quarter of 2023 and $68.7 million in the second quarter of 2022. Revenues decreased in the second quarter of 2023, compared to the first quarter of 2023, due to lower tons sold in the second quarter of 2023 and contractual shortfall revenue recognized in the first quarter of 2023. While tons sold were marginally lower in the second quarter of 2023 compared to the second quarter of 2022, revenues increased as a result of higher average sales prices for our sand. Supply and demand fundamentals for Northern White sand have improved due to consistent demand for oil and natural gas leading to increased well

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Source: SEC EDGAR

accession 0001529628-23-000097

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