Smart Sand, Inc. is screened out under 1 exclusion reason spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
Smart Sand, Inc. is a fully integrated frac sand supply and services company, providing mine-to-wellsite proppant and logistics solutions for hydraulic fracturing operations. Its core business is supplying the specialized sand used to prop open fractures in shale rock, which is a critical, consumable input for the oil and gas industry's upstream extraction activities.
The company’s operations are directly tied to the volume of hydraulic fracturing activity. In its most recent quarterly report, Smart Sand reported total revenue of $92.8 million, a 47% increase compared to the same period last year, demonstrating its revenue is directly responsive to demand from fossil fuel operators. With no announced diversification away from fossil fuel services, the company’s business model remains fundamentally linked to enabling and servicing oil and gas production.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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