The record volumes and double-digit revenue growth validate market share gains, but the sharp sequential drop in profitability warrants monitoring cost trends. Watch for Q2 2026 margin recovery or further compression. The new $20M buyback program and special dividend support shareholder returns.
Price Chart
Executive Summary
Smart Sand reported Q1 2026 revenue of $93.1 million (+42% YoY) and record quarterly sales volumes of ~1.49 million tons, driven by strong demand and higher prices. However, net loss widened sequentially to -$3.9 million from net income of $1.2 million in Q4 2025, due to higher production and freight costs, and adjusted EBITDA halved to $3.8 million. Guidance calls for 5-10% volume growth in 2026, with positive free cash flow expected.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $93.1 million, up 42% from $65.6 million in Q1 2025
- Record quarterly sales volume of 1,492,000 tons, up 40% YoY and 1% sequentially
- Net loss of $(3.9) million, or $(0.10) per share, vs net loss of $(24.2) million a year ago
- Adjusted EBITDA of $3.8 million, up from $1.4 million in Q1 2025 but down from $7.1 million in Q4 2025
- Free cash flow positive at $0.8 million; cash and undrawn credit facility total $49.5 million
- Management maintained guidance for 5-10% volume growth and positive free cash flow in 2026
Financial Impact
Revenue growth of 42% YoY and record volumes signal strong demand; sequential margin compression due to cost inflation
Risk Factors
- Higher production and freight costs could further compress margins
- Commodity price fluctuations and natural gas demand uncertainty
- Net loss and negative GAAP EPS may weigh on valuation multiples
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001529628-26-000034 |
| Document: snd-20260512.htm | 0001529628-26-000034 |
| Document: 0001529628-26-000034-index-headers.html | 0001529628-26-000034 |
| Document: 0001529628-26-000034-index.html | 0001529628-26-000034 |
| Document: 0001529628-26-000034.txt | 0001529628-26-000034 |
| 8-K Data (Synthetic) | 0001529628-26-000034 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 9w ago | Insider Cluster | $4.69 $5.07 | ▲ +8.10% | ▲ +7.85% | $4.84 (+3.20%) |
Aug 19, 2026 9w ago | Insider Cluster | $4.85 $5.38 | ▲ +10.93% | ▲ +10.93% | $4.84 (−0.21%) |
Aug 19, 2026 9w ago | Insider Cluster | $4.85 $5.38 | ▲ +10.93% | ▲ +10.93% | $4.84 (−0.21%) |
Aug 19, 2026 9w ago | 144 | $4.85 $5.38 | ▼ −10.93% | ▼ −10.93% | $4.84 (+0.21%) |
Aug 17, 2026 10w ago | Insider Cluster | $4.97 $5.31 | ▲ +6.74% | ▲ +7.73% | $4.84 (−2.62%) |
Aug 11, 2026 10w ago | 8-K | $4.96 $5.20 | ▲ +4.84% | ▲ +6.74% | $4.84 (−2.42%) |
Jun 1, 2026 21w ago | Insider Cluster | $4.91 $4.73 | ▼ −3.67% | ▼ −2.10% | $4.84 (−1.43%) |
May 12, 2026 23w ago | 8-K | $4.61 $5.19 | ▲ +12.58% | ▲ +13.19% | $4.84 (+4.99%) |
Apr 22, 2026 26w ago | DEFA14A | $5.28 $4.88 | ▼ −7.58% | ▼ −12.21% | $4.84 (−8.33%) |
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