Smart Sand, Inc.

Smart Sand, Inc. is a U.S.-based supplier of frac sand and related logistics services for the oil and gas industry. The company also serves industrial customers through its Industrial Products Solutions line and provides wellsite handling equipment and services through its SmartSystems platform.

−0,6 %

11,5 %

0,4 %

+6,0 %

1.76

1.14

— Smart Sand, Inc.
%
Frac Sand95% Northern White sand sold as proppant for hydraulic fracturing and related delivery arrangements.
SmartSystems3% Portable wellsite storage, handling, and conveyor systems rented or serviced under contract.
Industrial Products Solutions (IPS)2% Sand products sold for industrial and commercial end uses outside oil and gas.

Smart Sand sells primarily to oil and natural gas exploration and production companies and to oilfield service...

  • Oil and natural gas exploration and production companiesprimary

    Buy frac sand under contract or spot arrangements to support hydraulic fracturing operations.

  • Oilfield service companiesprimary

    Buy sand and logistics services to support completion crews and wellsite delivery.

  • Industrial and commercial customerssecondary

    Buy IPS sand for non-oilfield industrial applications and diversified end markets.

  • SmartSystems equipment renterssecondary

    Rent SmartDepot, SmartPath, SmartBelt, and trailers for wellsite proppant handling.

Smart Sand is headquartered in the United States and operates a network of sand processing, transloading, and wellsite...

  • •U.S.-based operations with basin-linked sand logistics
  • •Facility and rail access are central to delivered-cost economics
  • •In-basin terminals support regional oilfield delivery
  • •Ottawa, Illinois supports Industrial Products Solutions
  • •Geography matters because transport cost drives sand competitiveness

Smart Sand’s strategy centers on combining sand production with logistics and wellsite handling so it can sell a...

01
Expand IPS and diversify end marketsmedium-term

Reduces reliance on oil and gas completion activity and broadens the customer base.

02
Grow SmartSystems utilizationmedium-term

Adds recurring equipment and service revenue tied to customer logistics needs.

03
Optimize delivered-cost logisticsshort-term

Frac sand purchasing is highly sensitive to transport and handling economics.

Smart Sand is exposed to customer concentration, commodity-linked demand swings, and competition from regional frac...

high

Customer concentration

A limited number of customers account for a large share of revenue, so lost volumes would materially affect sales.

Scope
EQT Corporation and EOG Resources were major customers in 2025.
Materiality
high
high

Regional frac sand oversupply and competition

New regional mines can reduce demand for Northern White sand and pressure pricing.

Scope
Permian Basin and other basins with local supply
Materiality
high
high

Oil and gas activity dependence

Frac sand demand is tied to drilling and completion activity in upstream energy markets.

Scope
Hydraulic fracturing end market
Materiality
high
medium

Operational and weather disruption

Mining, processing, rail, and terminal operations can be interrupted by storms, floods, or equipment failures.

Scope
Facilities and logistics network
Materiality
medium
medium

Cybersecurity and IT systems failure

Production, logistics, and customer data depend on interconnected IT and process control systems.

Scope
Plant operations and customer-facing systems
Materiality
medium
Revenue recognition for sand deliveries and take-or-pay contracts
Can shift revenue between periods and affect quarterly comparability
SmartSystems rental and service revenue
Utilization changes can move revenue timing
Asset retirement obligations
Affects liabilities and future expense recognition
Uncertain tax positions and valuation allowance
Can materially affect tax expense and deferred tax assets

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: 29/04/2026