Smart Sand(US:SND)2025-05-13 20:03Financial Performance - In Q1 2025, Smart Sand sold approximately 1.1 million tons, a 27% sequential decrease and a 20% year-over-year decline compared to Q4 2024 and Q1 2024 respectively[3]. - Revenue for Q1 2025 was $65.6 million, down from $91.4 million in Q4 2024 and $83.1 million in Q1 2024, primarily due to lower sales volumes and moderated average selling prices[4]. - The company reported a net loss of $(24.2) million, or $(0.62) per share, compared to a net income of $3.7 million, or $0.10 per share in Q4 2024[8]. - Gross profit for Q1 2025 was $2.8 million, down from $13.5 million in Q4 2024, driven by lower sales volumes and moderating average sales prices[6]. - Contribution margin in Q1 2025 was $9.6 million, or $8.96 per ton sold, compared to $20.2 million, or $13.80 per ton sold in Q4 2024[9]. - For the three months ended March 31, 2025, the company reported a net loss of $24,231,000 compared to a net income of $3,736,000 for the previous quarter[27]. - Total revenue for the same period was $65,558,000, a decrease of 28.3% from $91,363,000 in the previous quarter[31]. - The contribution margin for the three months ended March 31, 2025, was $9,577,000, down 52.6% from $20,202,000 in the previous quarter[31]. - The company sold a total of 1,069 tons during the quarter, a decrease of 27% from 1,464 tons sold in the previous quarter[31]. - Adjusted EBITDA for the three months ended March 31, 2025, was $1,426,000, a significant decrease from $11,943,000 in the previous quarter[34]. Cash Flow and Liquidity - Free cash flow for Q1 2025 was $5.2 million, with net cash provided by operating activities at $8.7 million, reflecting a significant improvement from previous quarters[12][11]. - Free cash flow for the three months ended March 31, 2025, was $5,188,000, compared to a negative free cash flow of $(840,000) in the previous quarter[37]. - Cash and cash equivalents at the end of the period increased to $5,444,000 from $1,554,000 at the end of the previous quarter[27]. - As of March 31, 2025, the company had cash on hand of $5.1 million and $30.0 million in undrawn availability on its credit facility[14]. Capital Expenditures and Share Repurchase - Capital expenditures for Q1 2025 were $3.5 million, with projected full-year capital expenditures ranging between $13.0 million and $17.0 million[12]. - Smart Sand repurchased 135,196 shares for $0.3 million under its share repurchase program, with $9.7 million remaining for future repurchases[13]. Assets and Liabilities - Total assets decreased to $326,908,000 as of March 31, 2025, from $341,546,000 as of December 31, 2024[25]. - Total liabilities increased to $106,999,000 as of March 31, 2025, compared to $97,736,000 as of December 31, 2024[25]. Future Outlook - The company anticipates a sales volume increase of 10% to 20% in Q2 2025 compared to Q1 2025, driven by activity in the Marcellus and Utica basins[1].