Smart Sand, Inc. reported a total revenue of $311.4 million for the fiscal year ending December 31, 2024, marking a 5% increase from $296.0 million in 2023. The growth was primarily driven by a 17% increase in sand volumes sold, which reached approximately 5.3 million tons, despite a decline in average selling prices during the latter half of the year. Sand revenue specifically rose by 6% to $303.6 million, while revenue from SmartSystems decreased by 8% to $7.8 million due to lower utilization of the equipment fleet.
The company's cost of goods sold also increased, totaling $266.5 million, up from $254.4 million in the previous year, reflecting higher production and freight costs associated with increased sales volumes. Gross profit improved to $44.8 million, an 8% increase from $41.6 million in 2023. Operating expenses decreased to $41.8 million from $43.1 million, attributed to management's cost-cutting measures, despite increases in royalties and bank fees related to debt refinancing.
In terms of operational developments, Smart Sand expanded its logistics capabilities by acquiring rights to operate new transloading terminals in Minerva and Dennison, Ohio, which became operational in 2024. The company also began operations at its Blair, Wisconsin facility in the second quarter of 2023, which has a processing capacity of approximately 2.9 million tons annually. As of December 31, 2024, Smart Sand employed 285 people, with 25 under a collective bargaining agreement.
Looking ahead, Smart Sand anticipates continued demand for frac sand, driven by increased lateral well lengths and higher volumes of sand per well. The company expects capital expenditures for 2025 to range between $13 million and $17 million, focusing on efficiency projects and expansion of its Ohio terminals. The company maintains a positive outlook, projecting stable sand prices and a healthy demand environment in the coming year, supported by disciplined drilling activity in the oil and gas sector.
About Smart Sand, Inc.
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