Business
Smart Sand, Inc. Announces First Quarter 2022 Results
1Q 2022 revenue of $41.6 million 1Q 2022 total tons sold of approximately 852,0002Q 2022 total tons sold expected to be up at least 25% over Q1 2022 results
About this update from Smart Sand, Inc.
[{"type":"text","content":"1Q 2022 revenue of $41.6 million 1Q 2022 total tons sold of approximately 852,0002Q 2022 total tons sold expected to be up at least 25% over Q1 2022 results THE WOODLANDS, Texas, May 11, 2022 (GLOBE NEWSWIRE) -- Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a fully integrated sand supply and services company, a low-cost producer of high quality Northern White frac sand and provider of industrial product solutions and proppant logistics solutions through both its in-basin transloading terminal and SmartSystems™ products and services, today announced results for the first quarter 2022. Charles Young, Smart Sand’s Chief Executive Officer, stated “While we faced operational and logistical challenges due to weather and rail supply chain issues during the quarter, we were able to deliver solid sales volumes of 852,000 tons, which were in line with our fourth quarter 2021 results. We ended the quarter strong with our March sales volumes equaling approximately 43% of total sales volumes in the quarter. Market activity continues to improve. We currently expect our sales volumes to be up at least 25% in the second quarter from first quarter levels. Revenue, net loss, contribution margin and adjusted EBITDA improved compared to fourth quarter 2021 results and we expect this trend to continue. We will continue to stay focused on increasing the utilization of our asset base, managing our operating costs and improving our operating and financial results.” First Quarter 2022 Results Revenues were $41.6 million in the first quarter of 2022, compared to $35.1 million in the fourth quarter of 2021 and $27.5 million in the first quarter of 2021. Revenues increased in the first quarter, compared to the fourth quarter of 2021, primarily due to higher sand sales revenues resulting from higher in-basin sales volumes, higher shortfall revenue and a higher average sales price for our sand. The increase in revenue in the first quarter of 2022, as compared to the first quarter of 2021, was primarily due to an increase in total volumes sold and higher average sales price for our sand. Gross profit was $(2.0) million in the first quarter of 2022, compared to $(6.5) million in the fourth quarter of 2021 and $(5.0) million in the first quarter of 2021. Gross profit improved in the first quarter of 2022 compared to the fourth quarter of 2021 ...