Filing Flows › Smart Sand (SND) › Q2 2025
Smart Sand (SND) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 12, 2025
Smart Sand (SND) reported revenue of $85.8M for the second quarter 2025 (Q2 2025), +16% from a year earlier and +31% from the quarter before. Operating margin was -0.1%, net earnings $21.4M (24.9% of revenue).
Smart Sand, Q2 2025: revenue $85.8M (+16% year over year), operating margin -0.1%, net earnings $21.4M, operating cash flow −$5.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $85.8M | +31% | +16% |
| Operating profit | −$77K | — | — |
| Net earnings | $21.4M | — | — |
| Operating cash flow | −$5.1M | -159% | — |
What changed
Revenue was $85.8M in Q2 2025, up 16% year over year and up 31% from the previous quarter. Sand was the largest line at 99% of revenue. Sand added $13.6M year over year (up 19%), 113% of the total change. SmartSystems declined 58%.
Gross margin was 10.4%, down 7.3 points from a year earlier. Operating costs exceeded revenue by $77K, an operating margin of -0.1%. Operating expenses fell 5% while revenue rose 16%. Net earnings were $21.4M.
Operating cash flow was −$5.1M. Non-cash charges added back $7.3M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $34.8M. Capital expenditures of $2.7M exceeded it, leaving free cash flow of −$7.8M.
Questions
What was Smart Sand's revenue in the second quarter 2025?
Smart Sand (SND) reported revenue of $85.8M for the second quarter 2025 (Q2 2025), +16% from a year earlier and +31% from the quarter before.
Was Smart Sand profitable in the second quarter 2025?
Operating loss was $77K (-0.1% of revenue) and net earnings $21.4M.
Source: Smart Sand 10-Q on SEC EDGAR.