Business
Smart Sand, Inc. Announces First Quarter 2023 Results
1Q 2023 total tons sold of approximately 1.2 million1Q 2023 revenue of $82.4 million1Q 2023 net loss of $(3.6) million1Q 2023 Adjusted EBITDA of $8.4
About this update from Smart Sand, Inc.
[{"type":"text","content":"1Q 2023 total tons sold of approximately 1.2 million1Q 2023 revenue of $82.4 million1Q 2023 net loss of $(3.6) million1Q 2023 Adjusted EBITDA of $8.4 million1Q 2023 net cash provided by operating activities of $5.1 million1Q 2023 free cash flow of $1.1 million SPRING, Texas, May 09, 2023 (GLOBE NEWSWIRE) -- Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a fully integrated frac and industrial sand supply and services company, a low-cost producer of high quality Northern White frac sand and a provider of industrial product solutions and proppant logistics solutions through both its in-basin transloading terminals and SmartSystemsTM products and services, today announced results for the first quarter of 2023. “Smart Sand continued to deliver solid financial and operating results in the first quarter of 2023,” stated Charles Young, Smart Sand’s Chief Executive Officer. “For the fourth consecutive quarter we had sand sales volumes in excess of 1 million tons and in the first quarter we generated positive free cash flow. We are excited to bring our Blair facility online in the second quarter and to start competing in the Canadian market. With the opening of Blair, we will be increasing the logistics options we can provide to our customers by having direct access to the Canadian National rail line. We have direct access to four Class One rail lines and can provide sustainable and cost-effective sand supply into all operating basins in North America. Our SmartSystemsTM last mile fleets operations continue to show improvement and our Industrial Product Solutions continues to grow. Overall, we believe the long term market fundamentals for frac sand in general and northern white sand in particular continue to be positive.” First Quarter 2023 Results Tons sold were approximately 1,195,000 in the first quarter of 2023, compared to approximately 1,175,000 tons in the fourth quarter of 2022 and 852,000 tons in the first quarter of 2022, an increase of 2% sequentially and an increase of 40% over the comparable period in 2022. Revenues were $82.4 million in the first quarter of 2023, compared to $73.8 million in the fourth quarter of 2022 and $41.6 million in the first quarter of 2022. Revenues increased in the first quarter of 2023, compared to the fourth quarter of 2022, primarily due to a higher average sales price for our sa...