智能沙公司2025年季度报告

FORM10-Q_____________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period EndedSeptember 30, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ___ to ___ Commission file number001-37936 SMART SAND, INC. 1000 Floral Vale Boulevard,Suite 225Yardley,Pennsylvania19067(Address of principal executive offices) (281)231-2660 (Registrant’s telephone number) Name of each exchange on which registered Nasdaq Global Select Market Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ Number of shares of common stock outstanding, par value $0.001 per share, as of November4, 2025:43,543,792 TABLE OF CONTENTS ITEM1.Financial Statements3Condensed Consolidated Balance Sheets as ofSeptember30, 2025 (Unaudited) and December 31, 20243Condensed Consolidated Statements of Operations for the Three andNineMonths EndedSeptember30,2025 and 2024 (Unaudited)4Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three andNineMonthsEndedSeptember30, 2025 and 2024 (Unaudited)5Condensed Consolidated Statements of Changes in Stockholders’ Equity for theNineMonths EndedSeptember30, 2025 and 2024 (Unaudited)6Condensed Consolidated Statements of Cash Flows for theNineMonths EndedSeptember30, 2025 and2024 (Unaudited)8Notes to the Condensed Consolidated Financial Statements (Unaudited)9ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations22ITEM3.Quantitative and Qualitative Disclosures about Market Risk35ITEM 4.Controls and Procedures35 PART IIOTHER INFORMATION ITEM1.Legal ProceedingsITEM1A.Risk FactorsITEM 2.Unregistered Sales of Equity Securities and Use of ProceedsITEM3.Defaults upon Senior SecuritiesITEM 4.Mine Safety DisclosuresITEM 5.Other InformationITEM 6.Exhibits SIGNATURES 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 pershare. “FCB ABL Credit Facility”, “FCB Credit Agreement”,“FCB Security Agreement” The five-year senior secured asset-based credit facility (the “FCB ABLCredit Facility”) pursuant to: (i) a credit agreement, dated as ofSeptember 3, 2024, among the Company, the subsidiary borrowers andguarantors party thereto, First-Citizens Bank & Trust Company, asissuing bank, swingline lender and agent, and certain other lendersfrom time to time party thereto (the “FCB Credit Agreement”); and (ii)a guarantee and collateral agreement, dated as of September 3, 2024,among the Company, the subsidiary borrowers and guarantors partythereto and First-Citizens Bank & Trust Company, as agent (the “FCBSecurity Agreement”). The four-year Master Lease Agreement, dated May 9, 2024, betweenVarilease Finance, Inc. (“VFI”) and related lease schedule entered intoon June 26, 2024 in connection therewith (collectively, the “VFIEquipment Financing”). The VFI Equipment Financing was structuredas a sale-leaseback of specific SmartSystemswellsite proppantstorage equipment owned by the Company. The VFI EquipmentFinancing is considered a lease under article 2A of the UniformCommercial Code but is considered a financing arrangement (and not alease) for accounting and financial reporting purposes.TM “VFI Equipment Financing” “Exchange Act”“Securities Act”“FASB”, “ASU”, “ASC”, “GAAP” The Securities Exchange Act of 1934, as amended. The Securities Act of 1933, as amended. Financial Accounting Standards Board, Accounting Standards Update,Accounting Standards Codification, Accounting Principles GenerallyAccepted in the United States, respectively. CONDENSED CON