Smart Sand, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Smart Sand, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

Smart Sand, Inc. (SND) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Smart Sand, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. Smart Sand, Inc. is incorporated in Delaware. The business and mailing address is 1000 Floral Vale Boulevard, Suite 225, Yardley, PA 19067.

Why It Matters

For investors and stakeholders tracking Smart Sand, Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Smart Sand, Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the mining sector.

Risk Assessment

Risk Level: low — Smart Sand, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events that would elevate the risk level.

Analyst Insight

Review the financial statements and management's discussion and analysis within the 10-Q to understand Smart Sand's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report)
• 2024-05-13 — Filing Date (10-Q submission)
• 1231 — Fiscal Year End (Annual reporting cycle)

Key Players & Entities

• Smart Sand, Inc. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Period of report
• 2024-05-13 (date) — Filing date
• Yardley, PA (location) — Business and mailing address city and state

FAQ

Industry Context

Smart Sand, Inc. operates in the mining sector, specifically focusing on nonmetallic minerals (excluding fuels).

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Identify any new risk factors or changes in existing ones.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024, so no prior period comparison is available within this specific data.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SND Nasdaq Global Select Mark

Filing Documents

• snd-20240331.htm (10-Q) — 813KB
• a2024q110qex311.htm (EX-31.1) — 10KB
• a2024q110qex312.htm (EX-31.2) — 10KB
• a2024q110qex321.htm (EX-32.1) — 5KB
• a2024q110qex322.htm (EX-32.2) — 5KB
• a2024q110qex951.htm (EX-95.1) — 45KB
• snd-20240331_g1.jpg (GRAPHIC) — 15KB
• 0001529628-24-000110.txt (&nbsp;) — 4816KB
• snd-20240331.xsd (EX-101.SCH) — 39KB
• snd-20240331_cal.xml (EX-101.CAL) — 94KB
• snd-20240331_def.xml (EX-101.DEF) — 141KB
• snd-20240331_lab.xml (EX-101.LAB) — 419KB
• snd-20240331_pre.xml (EX-101.PRE) — 288KB
• snd-20240331_htm.xml (XML) — 624KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 7 Notes to the Condensed Consolidated Financial Statements (Unaudited) 8 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 ITEM 4.

Controls and Procedures

Controls and Procedures 27 PART II OTHER INFORMATION 28 ITEM 1.

Legal Proceedings

Legal Proceedings 28 ITEM 1A.

Risk Factors

Risk Factors 28 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 ITEM 3. Defaults upon Senior Securities 28 ITEM 4. Mine Safety Disclosures 28 ITEM 5. Other Information 29 ITEM 6. Exhibits 30

SIGNATURES

SIGNATURES 31 1 Certain Definitions The following definitions apply throughout this quarterly report unless the context requires otherwise: "We", "Us", "Company", "Smart Sand" or "Our" Smart Sand, Inc., a company organized under the laws of Delaware, and its subsidiaries. "shares", "stock" The common stock of Smart Sand, Inc., nominal value $0.001 per share. "ABL Credit Facility", "ABL Credit Agreement", "ABL Security Agreement" The five-year senior secured asset-based lending credit facility (the "ABL Credit Facility") pursuant to: (i) an ABL Credit Agreement, dated December 13, 2019, between the Company and Jefferies Finance LLC, as amended from time to time (as amended, the "ABL Credit Agreement"); and (ii) a Guarantee and Collateral Agreement, dated December 13, 2019, between the Company and Jefferies Finance LLC, as agent, as amended from time to time (as amended, the "Security Agreement"). "Oakdale Equipment Financing", "MLA" The five-year Master Lease Agreement, dated December 13, 2019, between Nexseer Capital ("Nexseer") and related lease schedules in connection therewith (collectively, the "MLA"). The MLA is structured as a sale-leaseback of substantially all of the equipment at the Company's mining and processing facility located near Oakdale, Wisconsin. The Oakdale Equipment Financing is considered a lease under article 2A of the Uniform Commercial Code but is considered a financing arrangement (and not a lease) for accounting or financial reporting purposes. "Exchange Act" The Securities Exchange Act of 1934, as amended. "Securities Act" The Securities Act of 1933, as amended. "FASB", "ASU", "ASC", "GAAP" Financial Accounting Standards Board, Accounting Standards Update, Accounting Standards Codification, Accounting Principles Generally Accepted in the United States, respectively. 2

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SMART SAND, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (unaudited) (in thousands, except share amounts) Assets Current assets: Cash and cash equivalents $ 4,598 $ 6,072 Accounts receivable 37,698 23,231 Unbilled receivables 79 2,561 Inventory 25,584 26,823 Prepaid expenses and other current assets 3,210 3,217 Total current assets 71,169 61,904 Property, plant and equipment, net 251,384 255,092 Operating lease right-of-use assets 20,472 23,265 Intangible assets, net 5,678 5,876 Other assets 558 163 Total assets $ 349,261 $ 346,300 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 9,935 $ 16,041 Accrued expenses and other liabilities 15,402 11,024 Deferred revenue 2,375 1,154 Current portion of long-term debt 22,045 15,711 Current portion of operating lease liabilities 9,554 10,536 Total current liabilities 59,311 54,466 Long-term debt 2,445 3,449 Long-term operating lease liabilities 12,070 14,056 Deferred tax liabilities, net 12,697 12,101 Asset retirement obligations 20,172 19,923 Other non-current liabilities 38 38 Total liabilities 106,733 104,033 Commitments and contingencies (Note 12) Stockholders' equity Common stock, $ 0.001 par value, 350,000,000 shares authorized; 46,164,730 issued and 38,706,008 outstanding at March 31, 2024; 45,858,022 issued and 38,486,762 outstanding at December 31, 2023 39 39 Treasury stock, at cost, 7,458,722 and 7,371,260 shares at March 31, 2024 and December 31, 2023, respectively ( 14,419 ) ( 14,249 ) Additional paid-in capital 182,646 181,973 Retained earnings 74,323 74,539 Accumulated other comprehensive loss ( 61 ) ( 35 ) Total stockholders' equity 242,528 242,267 Total liabilities and stockholders' equity $ 349,261 $ 346,300 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 SMART SAND, INC. CONDENSED CONSOLIDATED STATEMENTS OF OP

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View this 10-Q filing on SEC EDGAR