Smart Sand Q2 Revenue Jumps 34% on Record Volumes; Adjusted EBITDA Nearly Triples
SND has more than doubled off its 52-week low of $1.82.
Summary
Smart Sand reported Q2 2026 revenue of $115.1 million, up 34% year-over-year, with adjusted EBITDA nearly tripling to $18.7 million on record sand volumes. The company declared another $0.10 special dividend, payable August 12.
Key Events · Earnings and Guidance · SND
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Revenue Surges 34% on Record Volumes
Q2 2026 revenue reached $115.1 million, driven by a 31% increase in sand tons sold to approximately 1,864,000 tons, with modestly higher average selling prices.
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Adjusted EBITDA Nearly Triples
Adjusted EBITDA was $18.7 million, up from $7.8 million in Q2 2025, as higher volumes leveraged fixed costs and improved contribution margin per ton to $14.54.
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Strong Liquidity Despite Cash Decline
Cash and equivalents fell to $10.2 million from $22.6 million at year-end 2025, reflecting $4.1 million in dividend payments and $4.0 million in share repurchases, but the $30 million ABL facility remains fully undrawn.
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Special Dividend Declared
On July 16, 2026, the board declared a $0.10 per share special dividend, payable August 12, 2026, returning approximately $4.2 million to shareholders.
Analysis · SND · Energy & Transportation
A strong operational quarter saw sand volumes surge 31% and revenue climb 34% year-over-year. Gross profit more than doubled to $19.8 million, while adjusted EBITDA nearly tripled to $18.7 million, underscoring improved operating leverage as incremental tons sold at slightly higher prices. The company generated $6.5 million in operating cash flow for the first half, though cash balances declined to $10.2 million after funding $4.1 million in dividends and $4.0 million in share repurchases. Liquidity remains solid with a fully undrawn $30 million ABL facility. A subsequent $0.10 per share special dividend, payable August 12, underscores management's confidence in the cash generation profile. The results confirm the frac sand market recovery narrative, driven by rising completion activity and demand for Northern White sand.
At the time of this filing, SND was trading at $5.10 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $199.9M. The 52-week trading range was $1.82 to $5.92. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.