Smart Sand mines and sells Northern White frac sand — a premium proppant used in hydraulic fracturing to keep rock fractures open and allow oil and gas to flow. Smart Sand mines sand in Wisconsin and Illinois, processes it, and ships it by rail to customers in U.S. and Canadian oil and gas basins. Beyond mining, Smart Sand provides integrated logistics through a network of in-basin transloading terminals near key basins, and rents portable wellsite storage and handling equipment (branded SmartSystems) that delivers sand directly to the blender at the frack site. Smart Sand sells to E&P companies and oilfield services firms under spot and longer-term take-or-pay contracts. The company operates two segments: Sand (the core mining and processing business, including a small industrial sand unit) and SmartSystems (equipment rentals). Revenue is driven primarily by tons of sand sold and spot or contract pricing, both of which are sensitive to oil and gas drilling and completion activity. Smart Sand's cost structure is capital-intensive, but the company argues its mine-to-rail configuration, access to all Class I rail lines in North America, in-basin terminal network, and wellsite equipment differentiate it on total delivered cost and logistics reliability. Smart Sand's key growth areas are expanding terminal capacity in the Appalachian Basin, growing its industrial sand business to reduce cyclicality, and benefiting from natural gas demand driven by LNG exports and power demand from AI data centers.