Smart Sand(SND) - 2024 Q4 - Annual Results

Revenue and Sales Performance - Smart Sand reported total revenue of $311.4 million for the full year 2024, a 5% increase from $296.0 million in 2023[6]. - The company achieved a sales volume growth of 17% year-over-year, with total tons sold reaching 5,263,000 in 2024 compared to 4,514,000 in 2023[7]. - In Q4 2024, revenue was $91.4 million, representing a 45% sequential increase and a 47% increase compared to Q4 2023[16]. - Sand revenue for the year ended December 31, 2024, was $303,590,000, up from $287,479,000 in 2023, representing a 5.4% increase[38]. - Revenue for the three months ended December 31, 2024, was $91,363,000, a 47% increase from $61,947,000 in the same period of 2023[48]. Profitability and Income - Net income for the full year 2024 was $3.0 million, or $0.08 per share, down from $4.6 million, or $0.12 per share, in 2023[11]. - The company achieved a net income of $3,736,000 for the three months ended December 31, 2024, compared to a net loss of $4,786,000 in the same period last year[36]. - Net income for the year ended December 31, 2024, was $2,992,000, a decrease of 35.6% from $4,649,000 in 2023[53]. Cash Flow and Expenses - Free cash flow for the full year 2024 was $10.9 million, while Q4 2024 recorded negative free cash flow of $(0.8) million[26]. - Net cash provided by operating activities for the year ended December 31, 2024, was $17,864,000, down from $30,991,000 in 2023, indicating a decrease in cash flow from operations[44]. - Free cash flow for the year ended December 31, 2024, was $10,854,000, an increase of 36.5% compared to $7,960,000 in 2023[56]. - For Q4 2024, net cash provided by operating activities was $1,035,000, compared to $(2,659,000) in Q4 2023[56]. - Free cash flow for Q4 2024 was $(840,000), an improvement from $(9,564,000) in Q4 2023[56]. Operating Performance - Operating expenses for the full year 2024 decreased by 3% to $41.8 million, driven by cost-cutting measures[9]. - Operating income for the year ended December 31, 2024, was $3,004,000, compared to an operating loss of $1,504,000 in 2023, marking a turnaround[38]. - Contribution margin for the full year 2024 was $71.7 million, or $13.62 per ton sold, compared to $67.0 million, or $14.85 per ton sold, in 2023[13]. - Contribution margin for the three months ended December 31, 2024, was $20,202,000, up from $9,212,000 in the same period of 2023, reflecting improved operational efficiency[48]. - Adjusted EBITDA for the three months ended December 31, 2024, was $11,943,000, significantly higher than $725,000 in the same period of 2023, demonstrating strong operational performance[52]. Assets and Liabilities - Total current assets increased to $75,525,000 as of December 31, 2024, from $61,904,000 in 2023, reflecting a 22% growth[40]. - The total liabilities decreased to $97,736,000 as of December 31, 2024, down from $104,033,000 in 2023, showing a reduction of approximately 6%[40]. - The company’s cash and cash equivalents decreased to $1,554,000 as of December 31, 2024, from $6,072,000 in 2023, indicating a decline of 74.5%[40]. - Cash and cash equivalents at the end of the year were $1,554,000, a decrease from $6,072,000 at the end of 2023, reflecting cash outflows during the year[44]. Dividends and Shareholder Returns - The company declared and paid a dividend of $0.10 per share in October 2024, returning approximately $3.9 million to shareholders[14]. - The company paid dividends of $3,902,000 to stockholders during the year ended December 31, 2024, marking a return to shareholder distributions[44]. Future Outlook - The company expects capital expenditures for 2025 to be in the range of $13.0 million to $17.0 million, including $8.0 million for mining expansion and terminal investments[27]. - Smart Sand anticipates sales volumes for 2025 to be flat to up approximately 5% from 2024 levels[5].