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Atlas Energy Solutions
Atlas Energy Solutions (AESI) investor relations material
Atlas Energy Solutions Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 Adjusted EBITDA was $36.7 million on $249.4 million revenue (15% margin); full year Adjusted EBITDA reached $221.7 million on $1.1 billion revenue (20% margin), exceeding initial expectations.
Full year 2025 net loss was ($50.3) million; Q4 net loss was ($22.2) million.
Sand volumes were 5.3 million tons in Q4, flat sequentially, with muted seasonality and stabilized customer activity at $50-$60 WTI.
Dune Express achieved record utilization and shipments in Q4, with 5.9 million tons shipped for the year, eliminating over 21 million truck miles in the Delaware Basin.
Strategic shift to behind-the-meter power solutions accelerated with a 240MW equipment order in November and a growing pipeline of long-term contracts, targeting 500MW deployed by 2027.
Financial highlights
Q4 revenue: $249.4 million (Proppant: $105.2M, Logistics: $126.1M, Power: $18.1M); average sales price: $19.85/ton.
Full year proppant sales: $478M (21.6M tons); logistics: $558.8M; power: $58.5M.
Cost of sales for 2025: $784.5M; Q4 cost of sales (ex-DD&A): $187.3M; plant OpEx per ton: $12.28, down sequentially.
Adjusted Free Cash Flow for Q4: $22.9M (9% of revenue); full year: $152.0M (14% margin); maintenance CapEx: $14.4M (Q4), $69.7M (2025); growth CapEx: $5.1M (Q4).
Cash and cash equivalents at year-end were $40.6 million; total liquidity was $108.5 million.
Outlook and guidance
Q1 2026 volumes expected up ~10% sequentially; average sand price to decline to ~$18/ton.
Q1 EBITDA expected flat with Q4, with higher run rate exiting March; $6M EBITDA impact from severe winter weather; Q2 logistics margins projected to improve into double digits.
2026 CapEx guidance: $55M (maintenance: $45M, growth: $10M); $190M in progress payments for power assets, financed via lease facility.
Targeting >50% of power fleet under long-term contracts by year-end; aiming for 500MW deployed by 2027.
Power business: expected FCF impact by 2027?
Dune Express: how does utilization improve profitability?
Q1 2026 EBITDA: what are the key headwinds?
Update on 240 MW power equipment deployment
What is the target unlevered IRR for power projects?
Kermit dredge impact on OpEx per ton?
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Next Atlas Energy Solutions earnings date
Q1 20265 May, 2026
Atlas Energy Solutions
Next Atlas Energy Solutions earnings date
Q1 20265 May, 2026
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Frequently asked questions
Atlas Energy Solutions Inc. is a provider of proppant and logistics services to the oil and gas industry, primarily operating within the Permian Basin of West Texas and New Mexico. The company specializes in delivering high-quality proppant and logistics solutions, aiming to improve operational efficiency and reliability for its oil and gas clients. Atlas Energy Solutions is recognized for its entrepreneurial team with deep exploration and production experience, enabling the company to offer differentiated solutions that address the unique challenges and needs of its customers. The company is headquartered in Austin, Texas, and its shares are listed on the NYSE.
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