Select Sands Corp. announced operational and financial results for the fourth quarter of 2022. The company:
- Sold 81,451 tons of frac and industrial sand during the fourth quarter of 2022 compared to 83,222 tons in the third quarter of 2022 and 94,670 tons in the fourth quarter of 2021.
- For full year 2022, the company sold 355,307 tons of frac and industrial sand – an 8% increase from 328,978 tons sold during full year 2021.
The company recorded revenue of $5.4 million and gross margin of $0.5 million in the fourth quarter of 2022 versus $5.4 million of revenue and gross margin of $0.7 million in the third quarter of 2022, and revenue of $6.1 million and gross margin of $0.7 million for the fourth quarter of 2021.
For the 12 months ended Dec. 31, 2022, the company recorded revenue of $22.3 million and gross margin of $3.0 million – an increase of 13% and 86%, respectively, from revenue of $19.7 million and gross margin of $1.6 million for the 12 months ended Dec. 31, 2021.
The company reported a net loss of $0.7 million, or $0.01 per share, in the fourth quarter of 2022 compared to a net loss of $0.1 million, or $0.00 per share, in the third quarter of 2022 and a net loss of $0.8 million, or $0.01 per share, in the fourth quarter of 2021.
For full year 2022, the company reported a net loss of $0.9 million, or $0.01 per share, versus a net loss of $1.7 million, or $0.02 per share, for full year 2021.
Zig Vitols, president and chief executive officer, commented, “The fourth quarter marked the successful conclusion to another solid year for the company, which was highlighted by year-over-year growth in sales volumes, revenue, gross margin and adjusted EBITDA. Throughout the year we continued to work closely with our customers to ensure we met their needs while also capitalizing on available opportunities to strategically enhance our cost structure for the benefit of our shareholders. Of course, none of this would have been possible without the efforts of our workforce and I want to thank them for their continued hard work and dedication. As in the past, we remain squarely focused on providing our customers with outstanding service as we meet growing demand for our premium quality Northern White Sand and other product offerings.”