Business
Smart Sand, Inc. Announces Fourth Quarter 2023 and Full Year 2023 Results
4Q 2023 and full year 2023 revenue of $61.9 million and $296.0 million, respectively.4Q 2023 and full year 2023 total tons sold of approximately 1,016,000 and
About this update from Smart Sand, Inc.
[{"type":"text","content":"4Q 2023 and full year 2023 revenue of $61.9 million and $296.0 million, respectively.4Q 2023 and full year 2023 total tons sold of approximately 1,016,000 and 4,514,000, respectively.4Q 2023 and full year 2023 net cash (used) provided by operating activities of $(2.7) million and $31.0 million, respectively.4Q 2023 and full year 2023 free cash flow of $(9.6) million and $8.0 million, respectively.SPRING, Texas, March 11, 2024 /PRNewswire/ -- 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 sand, and a proppant logistics solutions provider through both its in-basin transloading terminals and SmartSystems™ products and services, today announced results for the fourth quarter and full year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \n\"Smart Sand delivered strong operating and financial results for the full year 2023\" stated Charles Young, Smart Sand's Chief Executive Officer. \"Sales volumes for the year were a record for the Company. During the year we gained access to the Canadian frac sand market through the commencement of operations at our Blair, Wisconsin facility. We improved our logistics capabilities in the Marcellus and Utica formations of the Appalachian Basin by expanding our Waynesburg, Pennsylvania terminal . We invested in cooling and blending capabilities at our Utica, Illinois facility to support increased industrial sand opportunities and expanded our last mile service presence in the Bakken and Appalachian Basins. Additionally, we recently obtained the rights to operate two additional terminals in Northeast Ohio, which we believe will support growing activity in the Appalachian Basin.\"\n\"Lower sales volumes, due primarily to seasonal weather-related issues and a general slowdown in overall market activity from lower customer spending due to year-end budget exhaustion, negatively impacted our operating and financial results in the fourth quarter. However, market activity has picked up considerably since the start of 2024 with current monthly sales volumes trending back to third quarter 2023 levels or better and we expect to see improved operating and financial results in the first quarter 2024.\"\nFull Year 2023 Highlights\nTotal revenue was $296.0 million for the...