Here are 1-2 brief analogies for Smart Sand (SND):

• They're like a specialized version of a major aggregates supplier such as Vulcan Materials, but focused solely on providing frac sand and its delivery systems for the oil and gas industry.
• Think of them as the integrated supply chain for specialized industrial sand, similar to how companies like Air Products and Chemicals manage the supply and delivery of crucial industrial gases and chemicals.

• Frac Sand (Proppant): Smart Sand excavates, processes, and sells specialized sand used as proppant in hydraulic fracturing operations.
• Logistics Services: The company provides services related to the transportation and delivery of its frac sand products.
• SmartSystems: This is a wellsite proppant storage solution offered by Smart Sand to its customers.

Smart Sand (SND) sells its products primarily to other companies. While specific major customer names are not publicly identified in the provided information or typically disclosed by the company in its general descriptions (unless a single customer constitutes a significant portion of revenue), Smart Sand has indicated that it sells its products primarily to the following categories of customers:

• Oil and natural gas exploration and production companies
• Oilfield service companies
• Industrial manufacturers

• Canadian National Railway Company (CNI)
• Union Pacific Corporation (UNP)

Charles E. Young, Chief Executive Officer

Charles E. Young was named Chief Executive Officer in July 2014 and has served as a director since September 2011. He founded Smart Sand, LLC, the predecessor to Smart Sand, Inc., and served as its President from November 2009 to August 2011. Mr. Young also founded and served as President of Premier Building Systems, a construction, solar, geothermal, and energy audit company, from 2006 to 2011. Smart Sand, Inc. received early backing from Clearlake Capital prior to its initial public offering.

Lee E. Beckelman, Chief Financial Officer

Lee E. Beckelman has served as Chief Financial Officer since August 2014. Previously, he served as Executive Vice President and Chief Financial Officer of Price Gregory Services, Inc., a crude oil and natural gas pipeline construction firm, until its sale to Quanta Services. From December 2009 to February 2014, he was the Executive Vice President and Chief Financial Officer of Hilcorp Energy Company, a private oil and gas exploration and production company. Prior to that, Mr. Beckelman held various finance roles at Hanover Compressor Company (which later merged to form Exterran Holdings) from 2002 to 2007.

William John Young, Chief Operating Officer

William John Young serves as the Chief Operating Officer of Smart Sand, Inc. He previously held the position of Executive Vice President of Sales and Logistics for the company.

James D. Young, Executive Vice President, General Counsel and Secretary

James D. Young holds the roles of Executive Vice President, General Counsel, and Secretary for Smart Sand, Inc.

Ronald P. Whelan, Executive Vice President of Last Mile Solutions

Ronald P. Whelan is the Executive Vice President of Last Mile Solutions at Smart Sand, Inc. He was previously listed as Executive Vice President of Sales.

The key risks to Smart Sand's business, an integrated frac sand supply and services company, are primarily driven by its close ties to the volatile oil and gas industry and the competitive dynamics within the frac sand market.

1. Reliance on the Volatile Oil and Gas Industry: Smart Sand's business is heavily dependent on the activity levels and financial health of the oil and natural gas industry, particularly the demand for frac sand in hydraulic fracturing operations. Any slowdown in drilling activity, fluctuations in commodity prices, or shifts in exploration and production strategies by oil and gas companies can directly and significantly impact the demand for Smart Sand's products and services.
2. Intense Competition and Pricing Pressure from Regional Sand: The frac sand industry is highly competitive. Smart Sand faces significant pricing pressure and competition, particularly from the emergence of regional sand suppliers. Regional sand, found closer to oil and gas basins, can be a cheaper alternative to Smart Sand's "Northern White Sand" due to lower transportation costs, which can erode Smart Sand's market share and profitability.
3. Operational Challenges and Rising Costs: Smart Sand is exposed to various operational risks that can impact its profitability and efficiency. These include rising costs associated with logistics, mining, and energy consumption. Furthermore, transportation disruptions, such as those caused by weather events or issues with railway infrastructure, can create bottlenecks in the supply chain, increase delivery costs, and negatively affect the company's ability to consistently supply customers. The industry also faces regulatory and health concerns related to silica dust exposure, which can lead to increased operational costs and potential liabilities.

Smart Sand, Inc. operates within the frac sand and oil and gas logistics markets, primarily serving the United States. The addressable market sizes for its main products and services are as follows:

Frac Sand (Proppant)

The North America frac sand market was valued at approximately USD 1.699 billion in 2024 and is anticipated to reach USD 1.811 billion in 2025. This market is projected to grow to USD 3.012 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 6.57% from 2025 to 2033. The United States is a significant contributor to this market, holding an expected share of 85.4% in 2024. Another report states the North America frac sand market was valued at USD 2 billion in 2023.

More broadly, the U.S. proppants market, which includes frac sand, was valued at USD 3.47 billion in 2024 and is projected to reach approximately USD 7.80 billion by 2034, with a CAGR of 8.44% from 2025 to 2034. North America's proppants market as a whole was valued at USD 4.96 billion in 2024. Frac sand held the largest share by type in the global proppants market in 2024.

Logistics Services

The global oil and gas logistics market was valued at USD 1.38 billion in 2024 and is expected to grow at a CAGR of 6.7% from 2025 to 2032, reaching nearly USD 2.33 billion. North America is expected to grow at a CAGR of 7.4% within this market during the forecast period.

A more specific market, the retail oil and gas logistics market, was estimated at USD 24.22 billion in 2025 and is expected to reach USD 29.88 billion by 2030, growing at a CAGR of 4.29% during the forecast period of 2025-2030. Transportation accounted for 53% of the revenue in this market in 2024. The midstream sector of the U.S. oil and gas market, which encompasses logistics, is anticipated to grow at a CAGR of 6.8% from 2025 to 2033.

SmartSystems (Wellsite Proppant Storage Solution)

A specific addressable market size for wellsite proppant storage solutions, such as SmartSystems, is not readily available in the provided information.

Smart Sand, Inc. (NASDAQ: SND) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Increased Sales Volumes in Core and New Markets: Smart Sand anticipates higher sales volumes stemming from strong market activity and customer demand in its primary operating regions, such as the Bakken and Marcellus formations. The company also projects increased sales volumes into new geographic markets, including the Utica formation in the United States and Canada.
2. Growth in Industrial Products Solutions (IPS) Business: Smart Sand is focusing on expanding its Industrial Products Solutions segment. This diversification beyond frac sand, into various industrial markets like glass, foundry, building products, and filtration, is expected to contribute significantly to future revenue, as evidenced by record-breaking quarters in this segment.
3. Higher Average Selling Prices: Improvements in the average selling prices of its sand products have historically contributed to revenue growth and are expected to continue to be a factor when market conditions allow.
4. Increased Utilization of SmartSystems and Logistics Services: The company's integrated logistics services, including its SmartSystems wellsite proppant storage solutions and in-basin transloading terminals, enhance its value proposition to customers. Increased utilization of these services is a driver for improved revenues and operational efficiency.
5. Strategic Investments in Infrastructure and Technology: Smart Sand plans to increase capital expenditures to support mining expansion and terminal investments, particularly to bolster future sales growth and market presence in key basins like the Utica Shale, while also focusing on continuous improvement in efficiency and technology adoption.

Share Repurchases

• In 2025, Smart Sand repurchased $2.1 million in ordinary shares. The company collectively returned approximately $8 million to shareholders in 2025 through dividends and stock buybacks.
• An eighteen-month share repurchase program, authorizing up to $10.0 million in ordinary share repurchases, was approved on October 3, 2024, with $7.9 million remaining as of September 30, 2025.
• A new two-year share repurchase program, effective April 4, 2026, was approved on February 23, 2026, authorizing the repurchase of up to $20.0 million of the company's common stock.

Inbound Investments

• Smart Sand secured a new $30 million asset-based credit facility on October 3, 2024, which provides non-amortizing revolving loans to enhance financial flexibility and support operational needs.

Capital Expenditures

• Capital expenditures for the full year 2025 amounted to $11.6 million.
• For 2026, Smart Sand anticipates capital expenditures to be in the range of $15.0 million to $20.0 million.
• Approximately $12.0 million of the 2026 budgeted capital expenditures are designated for mining expansion and potential terminal investments to support future sales growth.