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Investor Presentation – August 2025
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Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward- looking statements. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, the costs of being a publicly traded corporation and our capital programs. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to (i) large or multiple customer defaults, including defaults resulting from actual or potential insolvencies, (ii) the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil, natural gas, natural gas liquids and other hydrocarbons, (iii) changes in general economic and geopolitical conditions; (iv) competitive conditions in our industry (including the adoption of regional sand), (v) changes in the long-term supply of and demand for oil and natural gas, (vi) actions taken by our customers, competitors and third-party operators, (vii) changes in the availability and cost of capital, (viii) our ability to successfully implement our business plan, (ix) our ability to complete growth projects on time and on budget, (x) the price and availability of debt and equity financing (including changes in interest rates), (xi) changes in our tax status, (xii) technological changes, (xiii) operating hazards, natural disasters, pandemics, weather-related delays, casualty losses and other matters beyond our control, (xiv) the effects of existing and future laws and governmental regulations (or the interpretation thereof), (xv) our ability to collect our accounts receivable, (xvi) the effects of litigation, and such other factors discussed or referenced in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Form 10-K for the year ended December 31, 2024, as well as subsequent reports on Form 10-Q, all of which have been filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) and are available at www.sec.gov. You should not place undue reliance on our forward-looking statements. Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors, including the factors described in the preceding paragraph, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. You should also carefully consider the statements under the heading “Disclaimer Regarding Forward-looking Statements and Risk Factor Summary” in the Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law. In this presentation, assumptions were made with respect to industry performance, general business and economic conditions and other matters. Any estimates contained in these analyses, whether expressed or implied, are based on estimates and are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth herein. The Company reserves the right to change any or all of the estimates included herein whether as a result of any changes in the above referenced information, market factors or otherwise. Industry and Market Data This presentation has been prepared by the Company and includes market data and other statistical information from third-party sources, including independent industry publications, or other published independent sources. Although the Company believes these third-party sources are reliable as of their respective dates, the Company has not independently verified the accuracy or completeness of this information.
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Disclaimer (cont’d) Reserves This presentation includes frac sand reserve and resource estimates based on engineering, economic and geological data assembled, analyzed and periodically reviewed by the Company and its outside consultants. However, frac sand reserve estimates are by nature imprecise and depend to some extent on statistical inferences drawn from available data, which may prove unreliable. There are numerous uncertainties inherent in estimating quantities and qualities of frac sand reserves and non-reserve frac sand deposits and costs to mine recoverable reserves, many of which are beyond our control and any of which could cause actual results to differ materially from our expectations. These uncertainties include: geological and mining conditions that may not be fully identified by available data or that may differ from experience; assumptions regarding the effectiveness of our mining, quality control and training programs; assumptions concerning future prices of frac sand, operating costs, mining technology improvements, development costs and reclamation costs; and assumptions concerning future effects of regulation, including the issuance of required permits and taxes by governmental agencies. Non-GAAP Information This presentation also contains information about the Company’s contribution margin, EBITDA, adjusted EBITDA, and free cash flow which are not measures derived in accordance with U.S. generally accepted accounting principles (“GAAP”) and which exclude components that are important to understanding the Company’s financial performance. We use contribution margin, which we define as total revenues less costs of goods sold excluding depreciation, depletion and accretion of asset retirement obligations, to measure our financial and operating performance. Contribution margin excludes other operating expenses and income, including costs not directly associated with the operations of our business such as accounting, human resources, information technology, legal, sales and other administrative activities. Gross profit is the GAAP measure most directly comparable to contribution margin. We believe contribution margin is a meaningful measure because it provides an operating and financial measure of our ability to generate margin in excess of our operating cost base. We define EBITDA as our net income, plus (i) depreciation, depletion, and amortization expense; (ii) income tax expense (benefit) and other results of operations based taxes; (iii) interest expense and (iv) franchise taxes. We define adjusted EBITDA as EBITDA, plus (i) gain or loss on sale of fixed assets or discontinued operations, (ii) integration and transition costs associated with specified transactions, (iii) equity compensation, (iv) acquisition and development costs, (v) non-recurring cash charges related to restructuring, retention and other similar actions, (vi) earn-out, contingent consideration obligations and other acquisition and development costs, (vii) non-cash charges and unusual or non-recurring charges. We believe that our presentation of EBITDA and adjusted EBITDA will provide useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to EBITDA and adjusted EBITDA. EBITDA and adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Free cash flow, which we define as net cash provided by operating activities less purchases of property, plant and equipment, is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors and commercial banks, to measure the liquidity of our business. You should not consider contribution margin, EBITDA, adjusted EBITDA, or free cash flow in isolation or as substitutes for an analysis of our results as reported under GAAP. Because contribution margin, EBITDA, adjusted EBITDA, and free cash flow may be defined differently by other companies in our industry, our definitions on these non-GAAP financials measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
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Company Highlights – Leading Provider of Northern White Sand in North America ▪ Ten Million Tons of High Quality Northern White Sand Mining and Processing Capacity with access to Class 1 rail lines ▪ Oakdale, WI: 5.5 million tons of annual processing capacity, unit train capable access to CP and UP rail lines ▪ Ottawa, IL: 1.6 million tons of annual processing capacity, unit train capable access to BNSF rail line ▪ Blair, WI: 2.9 million tons of annual processing capacity, unit train capable access to CN rail line ▪ Unit train shipments of 100+ railcars can be originated at all three plants providing a competitive advantage in delivering n orthern white sand efficiently and cost effectively into all operating basins in North America ▪ Low Operating Cost Structure ▪ Mining, processing, and shipping primarily done in close proximity to ensure efficient and low -cost operations ▪ Large single mine sites on rail dominate other bulk commodity business models ▪ Low royalty rates ▪ Sustainable Long-term Supply and Logistics Advantage ▪ Combination of large, high quality reserve base, low-cost operations, and ability to ship large quantities of sand efficiently and sustainably to all operating basins ▪ Company controlled terminals at Van Hook, ND; Waynesburg, PA; El Reno, OK; Minerva, OH; and Dennison, OH, coupled with network of third-party terminal partners ▪ SmartSystemsTM wellsite storage solutions ▪ Well Positioned to Take Advantage of Projected Growth in Natural Gas Demand ▪ Strong market positions in primary natural gas basins of Marcellus/Utica in the United States and the Duvernay and Montney ba sins in Canada ▪ Diversification into Industrial Product Solutions ▪ Existing reserve base and processing locations well positioned to support sales into the Industrial Products market
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Company Highlights- Asset Base and Capital Structure to Deliver Long Term Value ▪ High Quality Fine Mesh Reserve Base ▪ Fine mesh frac sand represents over 80% of the current demand for frac sand ▪ The majority of our reserves are fine mesh (40/70 and 100 Mesh) ▪ Northern White Sand vs. in-basin sand is a higher quality product that we believe can lead to better long -term well results for oil and gas producers ▪ Long Lived Reserves ▪ Oakdale, WI: 243 million tons of reserves, 40+ year reserve life ▪ Ottawa, IL: 127 million tons of reserves, 75+ year reserve life ▪ Blair, WI: 114 million tons of reserves, 35+ year reserve life ▪ Prudent Capital Structure ▪ Lowest leverage levels in the proppant industry ▪ Management Alignment with Investors ▪ ~18% owned by CEO and ~36% owned by insiders ▪ High insider ownership aligns management with investors ▪ Committed to Returning Capital to Investors ▪ ~$19.5 million in capital returned to shareholders since January 2023 ▪ Repurchased 6.2 million shares since January 2023 ▪ Paid $0.10/share dividends in October 2024 and August 2025
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Company Overview 6
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Terminal & Forward Staging ManagementGigantic Rail CapacityPremium Northern White Reserve Last Mile Logistics Wellsite Storage Solutions Smart Sand’s Business Offerings Large Finer Mesh Northern White Reserve Consistent high-quality proppant Up to approximately 10 million tons annual production capability Class 1 rail (CP, UP, BNSF, CN) Unit train capable logistics facilities at all mine locations Planning ahead reduces risks Redundancy in the supply chain Avoid trucking congestion Wellsite storage Direct to the blender delivery Realtime inventory controlSmaller fleet and more turns per day Safe and reliable Helps eliminate demurrage Smart Sand is a Fully Integrated Provider of Mine to Wellsite Solutions
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1,274 1,189 1,464 1,069 1,424 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 (thousands of tons) 8 • Quarterly Adjusted EBITDA • Quarterly Sales Volumes $11.9 $5.7 $11.9 $1.4 $7.8 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 ($ in millions) • Contribution Margin/Ton $15.53 $11.09 $13.80 $8.96 $11.08 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 • Quarterly Revenue $73.8 $63.2 $91.4 $65.6 $85.8 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 ($ in millions) Summary Financials
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Northern White Sand’s Superior Profitability ▪ Independent Study by Rystad Energy confirms that premium Northern White Sand delivers higher profitability than inferior in-basin sand in the Permian Basin ▪ After examining nearly 900 wells, Rystad concluded that NWS economically outperforms in-basin sand wells within 1-2 years in 85% of cases ▪ The superior characteristics of NWS lead to greater conductivity (ability to allow hydrocarbons to flow) and higher production ▪ The inferior characteristics of in-basin sand lead to lower conductivity and steeper production declines ▪ NWS Drives Values for Operators and Investors ▪ Despite higher upfront costs, NWS maximizes operator cash flows over the medium and long- term ▪ Over 85% of operators realize higher profits on wells completed utilizing premium Northern White Sand within one or two years ▪ Premium Northern White Sand delivers conductivity up to 3.4 to 4.5x greater, on average, than in-basin sand ▪ Rystad’s conclusions hold over a range of oil prices and have been validated over time with an initial report in 2019, and updates in 2020 and 2022. The complete Rystad Energy report can be found at www.smartsand.com. 9
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Market Overview 10
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Long Term Fundamentals Strong for Natural Gas Demand
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Industry Trends Continue to Support Increasing Levels of Frac Sand Demand 12Source: Spears & Associates Q2 2025 Proppant Report
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While active Frac Spreads are projected to be relatively stable, frac sand per spread continues to increase Active Frac Spreads by Quarter Frac Sand per Frac Spread per Quarter Source: Spears & Associates Q2 2025 Proppant Report
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Mining and Production 14
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Mining and Production Highlights • Efficient operations at three facilities with total plant annual capacity of ~ 10 million tons • Direct access to four Class 1 rail lines with quality connections to the NS and CSX allows Smart Sand to compete in all North American operating basins • CP – Oakdale • UP – Oakdale • BN – Ottawa • CN – Blair • Reserve mix on a combined basis is majority fine mesh sand which lines up well with market demand • The combination of three facilities increases our ability to manage product mix and customer demand • Provides the opportunity to match up better with overall product mix demand in the market • Expands opportunities with our customer base by being able to serve their demand in multiple basins • Rail access over multiple Class 1 rail lines creates opportunity to provide most cost-effective logistics services 15
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Cost-Effective, Differentiated Process 16 On-site Mining / Excavation Hydro Mining direct feed to Wet Plant Wet Plant Cleans and Sorts Product Unit Trains Deliver Dry Sand to BasinsDry Plant Dries and Sorts Product ◼ Low-Cost Structure Due to Several Key Attributes: − Low royalty rates − Higher mining yields due to balance of coarse and fine mineral reserve deposits − Minimal trucking required; reserves, processing plants, and rail facilities are centralized ◼ Continuously Evaluating New Initiatives to Reduce Mining and Operating Costs
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17 Oakdale Facility: High Quality Northern White Raw Frac Sand in an Efficient Configuration
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Oakdale Facility: High Quality Logistics Capabilities and Rail Access provides access to all North American Sand Markets
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Ottawa Facility: Efficient Operations with Enclosed Wet Plant to Allow Year-Round Mining Operations
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Blair Facility: Efficient Operation that provides Opportunity to Expand into the Canadian Market while increasing our access to the Northeast United States Markets.
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Logistics and Wellsite Solutions 21
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• Key Logistical Advantages ◼ Dual Served Class 1 Rail Access at Oakdale – onsite service on Canadian Pacific rail line coupled with nearby terminal on Union Pacific rail line allows access to multiple oil and gas plays, avoids interchange fees on local short- hauls and allows opportunity to reduce freight costs through competition ◼ Ottawa and Blair Add Additional Class 1 Rail Access – Ottawa is connected to BNSF which allows direct access to CO/WY and TX/OK markets while Blair is connected to the CN which provides access to the Canadian markets and additional connections into the Eastern U.S. Operating basins ◼ Unit Train Capability – Reduces customer product delivery time and costs (see below) ◼ In-Basin Terminals – Van Hook terminal in North Dakota provides competitive advantage for delivery of frac sand into the Bakken. Our Waynesburg terminal in Southwest Pennsylvania services the Marcellus market. Our terminals in Dennison and Minerva, Ohio service the Utica market ◼ Wellsite Storage Solutions – Portable wellsite storage solutions provide customers with a proppant management system designed to help control demurrage, drive down costs and improve safety • Manifest Route vs. Unit Train Route Benefits • Manifest Route Generally <5 days Better utilization of railcars, predictable • Highly Competitive Delivery Capabilities • Unit Train Route • Unit Trains Require Approximately One-third of the Time of Manifest Trains and Significantly Improve Reliability Expansive Logistics Capabilities 22 Basin BasinStop 1 Stop 3Stop 2Certain other Competitors Generally 14+ days Increased landed cost and time
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Van Hook Terminal ◼ Location: Van Hook, ND ◼ Commenced operations in April 2018 ◼ This location services the Bakken formation of the Williston basin ◼ Customers recognize the value of Van Hook’s strategic location and efficient logistics solutions ◼ Approximately three million tons annual transload capacity Van Hook Terminal
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Waynesburg Terminal ◼ Location: Waynesburg, PA ◼ Commenced operations in January 2022 ◼ The unit train capable terminal has more than four miles of track, is located on Norfolk Southern’s Class 1 rail line and services the southwestern portion of the Marcellus basin ◼ This terminal has transloading capacity of more than one million tons per year and has the ability to transload multiple products Waynesburg Terminal
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Ohio Terminals ◼ Locations: Minerva, OH & Dennison, OH ◼ We acquired the rights to operate these two terminals in December 2023 to supply sand to the support the growing demand in the Utica shale. ◼ These locations provide sand and logistics services to new and existing customers in the Marcellus and Utica basins with an additional 3 million tons annual throughput capacity ◼ We have been delivering sand through these terminals since August 2024 ◼ These terminals allow us to offer more efficient and sustainable delivery options to our customers
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SmartSystemTM SmartPath Features Providing Logistics and Last Mile Advantages A Proven & Tested Product Focus on Safety and Environmental Stewardship
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SmartSystemTM Storage vs. the Competition SmartSystemsTM Storage EquipmentCompetitive Options Silos: • Belts Required, No Direct To Blender Offload • Dust Can Be a Concern • Large Footprint • Not Fully Integrated Box Design: • Limited Tonnage Per Truck Resulting In Poor Optimization • Moving Equipment Causing Safety Concerns • Forklifts and Safe Spaces Required • Extremely Large Footprint Hybrid: • Completion Conveyor Design With Inefficient Delivery System To The Blender • Dust Can Be a Concern • Large Footprint • Not Fully Integrated SmartPath: • Handles up to Five Different Mesh Types • Dust Control Throughout the Entire System • Dual Bucket Elevators for Redundancy • Smallest Footprint in the industry • Fast Mobilization and Demobilization • Direct Truck-to-Blender Offload Enabled • Unloads Trucks in Four Minutes • Advanced Automation
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Industrial Product Solutions 28
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Industrial Product Solutions (IPS) • IPS Volume Increased 80% Year-Over-Year: Driving significant growth in industrial markets • Expanded Service Capabilities: Advanced sand cooling, custom blending, and finer grade products are driving significant impact in key markets • Serving Key Industrial Markets: Foundry, glass, engineered stone, building products, sports turf, and more • Competitive Advantages: Consistent quality, color, and service reliability • Growing Customer Base: Expect increased orders through 2025, supported by multi-year contracts in glass and foundry • Diversified Markets, Consistent Volume: Adding value by complementing frac sand demand 29
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Summary: Smart Sand Long Term Value Drivers • Sustainable Operating Model ▪ Large, high quality reserve base ▪ Low-cost operations ▪ Unit Train capable connections to four Class 1 rail lines ▪ Efficient and sustainable logistics capabilities with access to all operating basins ▪ Last mile service offering that provides the ability to handle high volumes of sand at the wellhead with less trucking requirements to help customers reduce their carbon footprint from wellsite operations ▪ Ability to leverage existing asset base to diversify into Industrial Product Solutions • Prudent Capital Structure ▪ Low leverage levels provide Company with the ability to manage through all operating cycles ▪ Well positioned to participate in consolidation opportunities should they present themselves ▪ Provides capability to opportunistically pursue selective Industrial Product Solutions product additions • Management Committed to Long Term Shareholder Value ▪ High insider ownership that aligns management with investors (~18% owned by CEO, ~36% owned by insiders) to focus on long-term value creation ▪ Share buyback of ~6.2 million shares since January 2023, including ~ 1 million shares repurchased so far in 2025 ▪ Dividends of $0.10/common share in October 2024 and August 2025 ▪ Improving financial and operating performance 30
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Appendix 31
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The Value of Northern White Sand 32
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The Value of Northern White Sand (continued) 33
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34 Committed to Highest Corporate Standards Safety Environmental Legal & Regulatory ◼ Management maintains close dialogue with customers regarding the oil and gas industry’s rigorous regulatory environment ◼ ISO registered Quality System and Environmental Management System in place ◼ Minimal environmental and community impact: on-site rail, careful mine design, moderated trucking and extensive use of conveyors ◼ A member of the Wisconsin Industrial Sand Association (WISA), a selective industry group promoting high standards for safety, sustainability and environmental performance ◼ Participant in Wisconsin’s Green Tier program, demonstrating voluntary commitment to high environmental performance through projects that improve the environment and promote good community relations ◼ Our first priority is a safe work environment. Dedicated safety staff, continual training and daily inspections are part of our MSHA approved safety plan Smart Sand is committed to providing a safe working environment and upholding the highest levels of environmental stewardship Committed to Highest Corporate Standards
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Contribution Margin Reconciliation Quarter ended ($ in thousands, except per ton amounts) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Revenue 73,800$ 63,158$ 91,363$ 65,558$ 85,770$ Cost of goods sold 60,727 56,671 77,911 62,786 76,813 Gross profit 13,073 6,487 13,452 2,772 8,957 Depreciation, depletion, and accretion of asset retirment obligations 6,715 6,700 6,750 6,805 6,827 Contribution margin 19,788$ 13,187$ 20,202$ 9,577$ 15,784$ Contribution margin per ton 15.53$ 11.09$ 13.80$ 8.96$ 11.08$
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EBITDA and Adjusted EBITDA Reconciliation ($ in thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Net income (loss) (430)$ (98)$ 3,736$ (24,231)$ 21,396$ Depreciation, depletion, accretion and amortization 7,214 7,161 7,161 7,206 7,236 Income tax expense (benefit) 2,330 (5,136) (541) 16,968 (21,723) Interest expense 408 383 552 372 344 EBITDA 9,522 2,310 10,908 315 7,253 (Gain) loss on sale/disposal of fixed assets 3 1,063 (7) (40) (680) Equity compensation 728 765 783 859 909 Acquisition and development costs - 8 9 - - Bank and legal costs related to financing not closed - 1,294 - - - Loss on extinguisment of debt 1,310 31 - - - Cash charges related to restructuring and retention 41 - 1 - - Accretion of asset retirement obligations 249 249 249 292 269 Adjusted EBITDA 11,853$ 5,720$ 11,943$ 1,426$ 7,751$ Quarter ended
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Free Cash Flow Reconciliation Quarter ended ($ in thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Net cash (used in) provided by operating activities 14,882$ 5,810$ 1,035$ 8,724$ (5,137)$ Purchases of property, plant and equipment (1,354) (2,135) (1,875) (3,536) (2,676) Free Cash Flow 13,528$ 3,675$ (840)$ 5,188$ (7,813)$