Filing Flows › Smart Sand (SND) › Q2 2026 › vs Q1 2026
Smart Sand (SND) Q2 2026 vs Q1 2026 (quarter over quarter)
Smart Sand's revenue rose $21.9M (+24%) from $93.1M in Q1 2026 to $115M in Q2 2026. The biggest changes: Sand +$21.4M (+23%); SmartSystems +$578K (+93%). Gross margin 17.2% against 6.6% (+10.7 pts).
Smart Sand, Q2 2026: revenue $115M (+34% year over year), operating margin 8.7%, net earnings $10.2M, operating cash flow $3.4M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 17.2% | 6.6% | +10.7 pts |
| Operating margin | 8.7% | -5.2% | +14.0 pts |
| Net margin | 8.8% | -4.1% | +13.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Sand | $114M | $92.5M | $21.4M | +23% |
| SmartSystems | $1.2M | $623K | $578K | +93% |
| Revenue | $115M | $93.1M | $21.9M | +24% |
| Gross profit | $19.8M | $6.1M | $13.7M | +225% |
| Cost of revenue | $95.2M | $87.0M | $8.2M | +9% |
| Operating profit | $10.1M | −$4.9M | $14.9M | — |
| Operating expenses | $9.8M | $11.0M | −$1.2M | -11% |
| Pre-tax earnings | $10.2M | −$5.0M | $15.3M | — |
| SG&A | $9.4M | $10.7M | −$1.3M | -12% |
| Other operating costs | $392K | $272K | $120K | +44% |
| Net earnings | $10.2M | −$3.9M | $14.0M | — |
| Income tax | $52K | −$1.2M | $1.2M | — |
| Operating cash sources | $18.6M | $4.6M | $14.0M | +302% |
| Depreciation & amortization | $7.7M | $7.5M | $184K | +2% |
| Share-based compensation | $712K | $960K | −$248K | -26% |
| Working capital & other | $15.2M | $1.6M | $13.6M | +858% |
| Operating cash flow | $3.4M | $3.0M | $370K | +12% |
| Capital expenditures | $4.8M | $2.2M | $2.6M | +117% |
| Negative free cash flow (OCF − capex) | $1.4M | −$842K | $2.2M | — |
Questions
How much did Smart Sand's revenue grow quarter over quarter in Q2 2026?
Smart Sand's revenue rose $21.9M (+24%) from $93.1M in Q1 2026 to $115M in Q2 2026.
What drove Smart Sand's revenue change in Q2 2026?
Sand +$21.4M (+23%); SmartSystems +$578K (+93%).