Atlas Energy Solutions (AESI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $265.5–$265.6 million, up 6.5% sequentially but down year-over-year, with EBITDA of $28.4 million and a net loss of $47.3 million due to higher costs and weather disruptions.

• Sand mining operations are sold out for Q2, with strong demand and higher pricing expected as contracts roll off.

• Major strategic agreements include a 1.4 GW global framework with Caterpillar and a 120 MW private grid PPA, supporting power segment growth.

• Significant acquisitions in 2025, such as Moser Energy Systems and PropFlow, expanded power and logistics capabilities.

• Issued $450 million in 0.5% convertible senior notes in April 2026, with proceeds used to pay down debt and fund power growth.

Financial highlights

• Q1 revenue: $265.5–$265.6 million; EBITDA: $28.4 million (11% margin); net loss: $47.3 million.

• Proppant sales: $105.6 million; logistics/service: $139.1 million; power rentals: $17.5 million.

• Proppant sales volume: 5.7 million tons; average price: $18.19/ton.

• Adjusted EBITDA margin was 8.1–11% for Q1 2026.

• Q2 EBITDA guidance: ~$50 million, a 76% sequential increase.

Outlook and guidance

• Q2 volumes expected up sequentially; average sales price slightly below $18/ton.

• Sold out for Q2; additional sand sales likely at higher prices if production increases.

• OpEx per ton forecasted to decline to ~$12.75 in Q2, with further improvement expected.

• 2026 CapEx guidance raised to $350–$375 million, mostly for power segment growth.

• Targets over 550 MW of power deployed by mid-2027 and ~2 GW by decade end.