Atlas Energy Solutions Inc.

atlas.energy

What Do They Do?

Provides transportation, storage and field services, sells frac sand, and supplies distributed power for oil and gas operations.

How Do They Make Money?

Customers buy sand under supply agreements or individual orders, usually picking it up at Atlas facilities; transportation, wellsite and labor services are billed by monthly minimums or time used. Power-equipment rentals, including maintenance and service, are charged over lease terms.

revenue

Segment	Share	How money arrives
Product Sold outright	44% FY2022: 85%	Sold outright
Service Usage-based	51% FY2022: 15%	Usage-based
Rental revenue Recurring	5.4%	Recurring

Who Are Their Customers?

Atlas earns revenue primarily from oil and gas exploration and production companies and oilfield services companies. It sells sand at the mine or as an integrated mine-to-wellhead offering and provides transportation, storage and contract labor services.

Customers above 10% of revenue, FY2025

of revenue from four customers (16%, 16%, 12%, 11%)

FY2023: 36% from two customers

Do Revenues Turn Into Profits?

No. It lost $50.3M in FY2025.

Operating income, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($113.9M, 11%)

Net income, FY2025

−5% of revenue

▼ Now a loss vs FY2024 ($59.9M, 6%)

Free cash flow, FY2025

−3% of revenue

▼ −74% (Loss) vs FY2024 (−$117.5M, −11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $288.7M in Q2 FY2025
Net income: ▲ +352% (Loss); vs −$5.6M in Q2 FY2025

Service Sales share of revenue vs 50.7% in Q2 FY2025

Apr 1, 2026 Signs a five-year private-power contract and gives second-quarter earnings guidance The agreement provides dedicated on-site generation for a technology infrastructure provider; Atlas expected second-quarter adjusted EBITDA of approximately $50 million.

Growing. Revenue grew 6.4x in 4 years, from $172.4M in FY2021 to $1.1B in FY2025, about 59% a year.

Revenue over time

Product Service Rental revenue

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Iron Oak Energy Solutions, Liberty Energy, U.S. Silica, Alpine Silica, Badger Mining, Vista Proppants and Logistics, and Capital Sand

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