Smart Sand, Inc. · NASDAQ:SND
Smart Sand — Investor Presentation (August 2025)
37 slides from Smart Sand's investor presentation, August 2025
Slide 1: Investor Presentation – August 2025
Investor Presentation – August 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “believe,” “expect,” “anticipate
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) Reserves This presentation includes frac sand reserve and resource estimates based on engineering, economic and geological data assembled, analyzed and periodically reviewed by the Company and its outside consultants. However, frac sand reserve estimates are by nature imprecise a
Slide 4: Company Highlights – Leading Provider of Northern White Sand in North America
Company Highlights – Leading Provider of Northern White Sand in North America ▪ Ten Million Tons of High Quality Northern White Sand Mining and Processing Capacity with access to Class 1 rail lines ▪ Oakdale, WI: 5.5 million tons of annual processing capacity, unit train capable access to CP and UP
Slide 5: Company Highlights - Asset Base and Capital Structure to Deliver Long Term Value
Company Highlights- Asset Base and Capital Structure to Deliver Long Term Value ▪ High Quality Fine Mesh Reserve Base ▪ Fine mesh frac sand represents over 80% of the current demand for frac sand ▪ The majority of our reserves are fine mesh (40/70 and 100 Mesh) ▪ Northern White Sand vs. in-basin san
Slide 6: Company Overview
Company Overview 6
Slide 7: Smart Sand is a Fully Integrated Provider of Mine to Wellsite Solutions
Smart Sand is a Fully Integrated Provider of Mine to Wellsite Solutions Smart Sand’s Business Offerings Premium Northern White Reserve Gigantic Rail Capacity Terminal & Forward Staging Management Last Mile Logistics Wellsite Storage Solutions Large Finer Mesh Northern White Reserve Class 1 rail (CP,
Slide 8: Summary Financials
Summary Financials • Quarterly Sales Volumes • Quarterly Revenue (thousands of tons) ($ in millions) 1,464 1,424 $91.4 1,274 $85.8 1,189 1,069 $73.8 $63.2 $65.6 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 • Contribution Margin/Ton • Quarterly Adjusted EBITDA ($ in millions) $15.53 $1
Slide 9: Northern White Sand's Superior Profitability
Northern White Sand’s Superior Profitability ▪ Independent Study by Rystad Energy confirms that premium Northern White Sand delivers higher profitability than inferior in-basin sand in the Permian Basin ▪ After examining nearly 900 wells, Rystad concluded that NWS economically outperforms in-basin s
Slide 10: Market Overview
Market Overview 10
Slide 11: Long Term Fundamentals Strong for Natural Gas Demand
Long Term Fundamentals Strong for Natural Gas Demand
Slide 12: Industry Trends Continue to Support Increasing Levels of Frac Sand Demand
Industry Trends Continue to Support Increasing Levels of Frac Sand Demand Source: Spears & Associates Q2 2025 Proppant Report 12
Slide 13: Active Frac Spreads Stable While Frac Sand per Spread Continues to Increase
While active Frac Spreads are projected to be relatively stable, frac sand per spread continues to increase Active Frac Spreads by Quarter Frac Sand per Frac Spread per Quarter Source: Spears & Associates Q2 2025 Proppant Report
Slide 14: Mining and Production
Mining and Production 14
Slide 15: Mining and Production Highlights
Mining and Production Highlights • Efficient operations at three facilities with total plant annual capacity of ~ 10 million tons • Direct access to four Class 1 rail lines with quality connections to the NS and CSX allows Smart Sand to compete in all North American operating basins • CP – Oakdale •
Slide 16: Cost-Effective, Differentiated Process
Cost-Effective, Differentiated Process On-site Mining / Excavation Hydro Mining direct feed to Wet Plant Wet Plant Cleans and Sorts Product Dry Plant Dries and Sorts Product Unit Trains Deliver Dry Sand to Basins ◼ Low-Cost Structure Due to Several Key Attributes: − Low royalty rates − Higher mining
Slide 17: Oakdale Facility: High Quality Northern White Raw Frac Sand in an Efficient Configuration
Oakdale Facility: High Quality Northern White Raw Frac Sand in an Efficient Configuration 17
Slide 18: Oakdale Facility: High Quality Logistics Capabilities and Rail Access
Oakdale Facility: High Quality Logistics Capabilities and Rail Access provides access to all North American Sand Markets
Slide 19: Ottawa Facility: Efficient Operations with Enclosed Wet Plant
Ottawa Facility: Efficient Operations with Enclosed Wet Plant to Allow Year-Round Mining Operations
Slide 20: Blair Facility: Opportunity to Expand into the Canadian Market
Blair Facility: Efficient Operation that provides Opportunity to Expand into the Canadian Market while increasing our access to the Northeast United States Markets.
Slide 21: Logistics and Wellsite Solutions
Logistics and Wellsite Solutions 21
Slide 22: Expansive Logistics Capabilities
Expansive Logistics Capabilities • Key Logistical Advantages • Highly Competitive Delivery Capabilities ◼ Dual Served Class 1 Rail Access at Oakdale – onsite service on Canadian Pacific rail line coupled with nearby terminal on Union Pacific rail line allows access to multiple oil and gas plays, avo
Slide 23: Van Hook Terminal
Van Hook Terminal ◼ Location: Van Hook, ND ◼ Commenced operations in April 2018 ◼ This location services the Bakken formation of the Williston basin ◼ Customers recognize the value of Van Hook’s strategic location and efficient logistics solutions ◼ Approximately three million tons annual transload
Slide 24: Waynesburg Terminal
Waynesburg Terminal ◼ Location: Waynesburg, PA ◼ Commenced operations in January 2022 ◼ The unit train capable terminal has more than four miles of track, is located on Norfolk Southern’s Class 1 rail line and services the southwestern portion of the Marcellus basin ◼ This terminal has transloading
Slide 25: Ohio Terminals
Ohio Terminals ◼ Locations: Minerva, OH & Dennison, OH ◼ We acquired the rights to operate these two terminals in December 2023 to supply sand to the support the growing demand in the Utica shale. ◼ These locations provide sand and logistics services to new and existing customers in the Marcellus an
Slide 26: SmartSystem SmartPath Features
SmartSystemTM SmartPath Features Focus on Safety Providing and Logistics A Proven Environmental and Last Mile & Tested Stewardship Advantages Product
Slide 27: SmartSystem Storage vs. the Competition
SmartSystemTM Storage vs. the Competition Competitive Options SmartSystemsTM Storage Equipment Silos: SmartPath: • Belts Required, No Direct To • Handles up to Five Different Blender Offload Mesh Types • Dust Can Be a Concern • Dust Control Throughout the • Large Footprint Entire System • Not Fully
Slide 28: Industrial Product Solutions
Industrial Product Solutions 28
Slide 29: Industrial Product Solutions (IPS)
Industrial Product Solutions (IPS) • IPS Volume Increased 80% Year-Over-Year: Driving significant growth in industrial markets • Expanded Service Capabilities: Advanced sand cooling, custom blending, and finer grade products are driving significant impact in key markets • Serving Key Industrial Mark
Slide 30: Summary: Smart Sand Long Term Value Drivers
Summary: Smart Sand Long Term Value Drivers • Sustainable Operating Model ▪ Large, high quality reserve base ▪ Low-cost operations ▪ Unit Train capable connections to four Class 1 rail lines ▪ Efficient and sustainable logistics capabilities with access to all operating basins ▪ Last mile service of
Slide 31: Appendix
Appendix 31
Slide 32: The Value of Northern White Sand
The Value of Northern White Sand 32
Slide 33: The Value of Northern White Sand (continued)
The Value of Northern White Sand (continued) 33
Slide 34: Committed to Highest Corporate Standards
Committed to Highest Committed Corporate to Highest Standards Corporate Standards ◼ Management maintains close dialogue with customers regarding the oil and gas industry’s rigorous regulatory environment Legal & ◼ ISO registered Quality System and Environmental Management System in place Regulatory
Slide 35: Contribution Margin Reconciliation
Contribution Margin Reconciliation Quarter ended ($ in thousands, except per ton amounts) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Revenue $ 73,800 $ 63,158 $ 91,363 $ 65,558 $ 85,770 Cost of goods sold 60,727 56,671 77,911 62,786 76,813 Gross profit 13,073 6,487 13,452 2,772 8,957 Depreci
Slide 36: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation Quarter ended ($ in thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Net income (loss) $ (430) $ (98) $ 3,736 $ (24,231) $ 21,396 Depreciation, depletion, accretion and amortization 7,214 7,161 7,161 7,206 7,236 Income tax expense (benefit) 2,33
Slide 37: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Quarter ended ($ in thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Net cash (used in) provided by operating activities $ 14,882 $ 5,810 $ 1,035 $ 8,724 $ (5,137) Purchases of property, plant and equipment (1,354) (2,135) (1,875) (3,536) (2,676) Free Cash