Atlas Energy Solutions Inc.

Atlas Energy Solutions Inc. (NYSE: AESI) supplies frac sand and logistics services to oil and gas producers and provides distributed power generation. Its power expansion includes equipment and private power systems for data centers.

Third-quarter financial results

The table compares the three months ended September 30. Amounts are USD millions. Adjusted EBITDA uses the comparable figures in the November 2026 release.

In Q2 2026, revenue was $293.2 million and the net loss was $25.1 million. Sand and Logistics gross profit fell from $12.6 million in Q2 to a $10.1 million loss in Q3. Power gross profit rose from $13.2 million to $15.3 million.

Adjusted profit and cash flow

Adjusted EBITDA excludes interest, tax, depreciation, depletion, accretion and intangible amortization, plus stock compensation and specified litigation, acquisition and other costs.

Atlas revised some earlier addbacks and capital-spending classifications in November. Q2 adjusted EBITDA is now $50.8 million, compared with $49.5 million originally reported. Q2 adjusted free cash flow is now $38.3 million, versus the original $34.9 million. The table uses the current comparable basis.

Q3 adjusted free cash flow was $25.3 million, calculated as $30.3 million of adjusted EBITDA less $5.0 million in maintenance capital expenditures. It leaves out growth investment, cash interest and working-capital changes, among other adjustments.

Total cash capital spending was $184.7 million. Operating cash flow less that spending was negative $161.3 million. After equipment sales and financing, cash fell $145.9 million during the quarter, from $168.2 million to $22.3 million.

At September 30, noncurrent debt was $940.8 million after debt discounts and financing costs, with another $44.7 million due currently. At December 31, 2025, those figures were $538.2 million and $40.7 million. These balances precede the October bridge facility.

October bridge financing

Atlas closed a $424 million committed bridge facility on October 22, drawing $171 million initially. The loan funds equipment for two data-center power projects and reimburses some equipment costs already paid.

The initial maturity is 180 days. A one-time 184-day extension requires energy supply agreements, lender consent and other conditions. Under one interest-rate option, Atlas pays a margin of 2.5 percentage points above a reference rate called SOFR. That margin rises by half a percentage point after six months.

Project-company assets secure the borrowing; Atlas also provides an unsecured parent guarantee. The facility permits a request for a further $286 million, subject to lender consent and other conditions.

On October 23, Atlas estimated total liquidity of $499.4 million: $152.2 million in cash, $252.8 million of unused bridge capacity designated for equipment purchases and $94.4 million under its asset-based credit facility.

Contracts, outlook and earlier acquisitions

Two customer cost-reimbursement agreements support equipment purchases for projects expected to supply first power in late 2027. Long-term power agreements and financing are still being arranged.

The earlier 120-megawatt Socorro project is expected to start operating at the end of Q1 2027, matching the schedule given in August. Atlas forecasts Q4 2026 adjusted EBITDA of $40 million to $50 million, versus Q3's $30.3 million.

Atlas completed its Moser Energy Systems acquisition on February 24, 2025, expanding into distributed power. It completed the PropFlow acquisition on July 28, 2025, adding equipment that filters sand at customer well sites to its logistics operations.