# EDGAR Filing Document

**Accession Number:** 0001984060
**File Stem:** 0001193125-25-262658
**Filing Date:** 2025-11
**Character Count:** 37677
**Document Hash:** 51fab8a79d6c78f7c92a55d876d359c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-262658.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001193125-25-262658

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251103

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlas Energy Solutions Inc.
- **CENTRAL INDEX KEY:** 0001984060
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 932154509
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41828
- **FILM NUMBER:** 251444668

**BUSINESS ADDRESS:**
- **STREET 1:** 5918 WEST COURTYARD DRIVE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730
- **BUSINESS PHONE:** 5122201200

**MAIL ADDRESS:**
- **STREET 1:** 5918 WEST COURTYARD DRIVE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Atlas HoldCo Inc.
- **DATE OF NAME CHANGE:** 20230703

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** November 03, 2025<br>

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Atlas Energy Solutions Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-41828 | 93-2154509 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 5918 W. Courtyard Drive<br>Suite 500 |  |  |
| Austin**,** Texas |  | 78730 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (512) 220-1200<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock, par value $0.01 per share | AESI | New York Stock Exchange<br>NYSE Texas, Inc.  |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On November 3, 2025, Atlas Energy Solutions Inc. (the "Company") issued a press release providing information regarding earnings for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

## Item 7.01 Regulation FD Disclosure.

## Investors should note that the Company announces financial information in filings with the U.S. Securities and Exchange Commission, press releases and public conference calls as well as on its website. The Company may use the "Investor Relations" webpage and other sections of its website to communicate with investors, and it is possible that the financial and other information posted there could be deemed to be material information.
In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02, this Item 7.01 and the accompanying Exhibit 99.1 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| [<u>99.1</u>](aesi-ex99_1.htm) | [<u>Press Release of Atlas Energy Solutions Inc., dated November 3, 2025.</u>](aesi-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **ATLAS ENERGY SOLUTIONS INC.** |
| Date: | November 3, 2025 | By:  | /s/ John Turner |
|  |  |  | Name: John Turner<br>Title: President and Chief Executive Officer<br>|

---

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## Exhibit 99.1

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| | |
|:---|:---|
| ![img266941355_0.jpg](img266941355_0.jpg) | **Exhibit 99.1** |

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**Atlas Energy Solutions Announces Third Quarter 2025 Results and Suspension of Quarterly Common Stock Dividend** 

Austin, TX – November 3, 2025 – Atlas Energy Solutions Inc. (NYSE: AESI) ("Atlas" or the "Company") today reported financial and operating results for the third quarter ended September 30, 2025.

**Third Quarter 2025 Highlights**

• Total revenue of $259.6 million and Adj. EBITDA of $40.2 million.

• Net cash provided by operating activities of $32.4 million and Adj. Free Cash Flow of $22.0 million

• Announced suspension of the quarterly dividend

• Instituted an organizational efficiency initiative targeting $20 million in annualized cost savings

• Currently well-positioned to exceed 10mm tons down the Dune Express Conveyor System in 2026

• Actively evaluating rapidly expanding power opportunity set that is approaching 2 gigawatts ("GW") of potential opportunities

• Targeting more than 400 megawatts ("MW") of power generation capacity deployed by early 2027

• Placed order with a blue-chip equipment provider for 240 MW of power generation assets with delivery expected in late 2026

**Financial Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
|  | **(unaudited, in thousands, except percentages)** | **(unaudited, in thousands, except percentages)** | **(unaudited, in thousands, except percentages)** | **(unaudited, in thousands, except percentages)** |
| **Revenue** | $259613 | $288676 | $297591 | $304434 |
| **Net income (loss)** | $(23721) | $(5558) | $1219 | $3918 |
| **Net Income (loss) Margin** | (9%) | (2%) | 0% | 1% |
| **Adjusted EBITDA** | $40186 | $70459 | $74291 | $71051 |
| **Adjusted EBITDA Margin** | 15% | 24% | 25% | 23% |
| **Net cash provided by (used in) operating activities** | $32447 | $88642 | $(7450) | $85189 |
| **Adjusted Free Cash Flow** | $21984 | $48870 | $58758 | $58669 |
| **Adjusted Free Cash Flow Margin** | 8% | 17% | 20% | 19% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP financials measures. See Non-GAAP Financial Measures for a discussion of these measures and a reconciliation of these measures to our most directly comparable financial measures calculated and presented in accordance with GAAP.

John Turner, President & CEO, commented, "Despite an exceptionally weak West Texas completions market, Atlas generated meaningful Adjusted Free Cash Flow, a testament to the strength of our competitive position and cost-advantaged mines and logistics network. These results were achieved despite a challenging third quarter, marked by softer than expected customer demand and higher operating costs at Kermit due to issues with the dredge feed and the wet plant. While market conditions in the Permian completions market are expected to remain challenging, Atlas is well positioned to enhance our market position and generate meaningful Adjusted Free Cash Flow in 2026. In order to maximize our efficiencies and the flow-through to our financial results, we have instituted a company-wide efficiency initiative, targeting $20 million in annualized cost savings. While overall operator activity plans for 2026 remain opaque, we are currently well-positioned to exceed 10 million tons down the Dune Express next year and will have a better grasp of total volumes in the coming months.

------

Our power business has witnessed a rapid expansion of its commercial opportunity set that is now approaching 2 GW in opportunities for permanent power installations in the commercial and industrial, technology, and data center end markets. Based on our current customer dialogues, we are targeting having more than 400 MW deployed across our business by early 2027 with a majority of that under long-term contracts. In line with this target, we have placed an order for 240 MW of power generation assets with a blue-chip equipment provider. This equipment package will feature units with nameplate capacity of 4 MW, and we expect to take possession of these assets in late 2026 with target commissioning in early 2027. The pace at which these projects have been developing has accelerated dramatically over the past quarter, and I would not be surprised to see our target for deployed power generation increase in short order."

Bud Brigham, Executive Chairman, said, "Suspending the dividend was a deliberate choice to safeguard our balance sheet's long-term strength while unlocking the flexibility to capitalize on transformative growth opportunities, especially in our power platform. These prospects have the potential to fundamentally reshape Atlas's cash flow profile and drive outsized, sustainable value for shareholders."

**Third Quarter 2025 Financial Results** 

Third quarter 2025 total revenue declined $29.1 million, or 10.1% when compared to the second quarter of 2025, to $259.6 million. Product revenue were lower by $19.5 million, or 15.4% when compared to the second quarter of 2025, to $106.8 million. Third quarter 2025 product revenue volumes were 5.25 million tons, approximately 3.3% less than levels in the second quarter of 2025. Service revenue were down $10.7 million, or 7.3% when compared to the second quarter of 2025, to $135.7 million. Third quarter 2025 rental revenue increased $1.1 million, or 6.9% when compared to second quarter of 2025, to $17.1 million.

Third quarter 2025 cost of sales (excluding depreciation, depletion and accretion expense) ("cost of sales") decreased by $0.7 million, or 0.4% when compared to the second quarter of 2025, to $195.2 million. Cost of sales consisted of $66.3 million of plant operating costs, $117.8 million related to service costs, $6.4 million related to rental costs and $4.7 million in royalties. High cost of sales was mainly driven by higher third-party expenses and activities related to the dredge feed and wet shed at our Kermit facility.

Selling, general and administrative expenses for the third quarter of 2025 increased by $1.9 million when compared to the second quarter of 2025, to $36.3 million.

Net (loss) for the third quarter of 2025 was ($23.7) million, and Adjusted EBITDA for the third quarter of 2025 was $40.2 million.

**Liquidity, Capital Expenditures and Other**

As of September 30, 2025, the Company's total liquidity was $128.9 million, which was comprised of $41.3 million in cash and cash equivalents, and $87.6 million of availability under the Company's 2023 ABL Credit Facility.

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**Future Guidance** 

The Company is providing financial guidance for the fourth quarter of 2025. Guidance is based on current outlook and plans and is subject to a number of known and unknown uncertainties and risks and constitutes a "forward-looking statement" within the meaning of Section 21E of the Securities Exchange Act of 1934 as further described under the Cautionary Statement below. Actual results may differ materially from the guidance set forth below.

For the fourth quarter of 2025, Adjusted EBITDA is projected to be lower sequentially. Volumes for the Sand & Logistics business are currently forecast to be approximately 4.8 million tons as year-end seasonality is only partially offset by new customer additions and a resumption of completion activity from current customers. Operating expenses per ton is expected to remain temporarily elevated due to lower fixed cost absorption and elevated expenses at our Kermit facility that are expected to normalize by year-end. Contribution from the Power business is expected to be up slightly due to increased unit deployments.

**Conference Call Information** 

The Company will host a conference call to discuss financial and operational results on November 4, 2025 at 7:00am Central Time (8:00am Eastern Time). Individuals wishing to participate in the conference call should dial (877) 407-4133. A live webcast will be available at https://ir.atlas.energy/. Please access the webcast or dial in for the call at least 10 minutes ahead of the start time to ensure a proper connection. An archived version of the conference call will be available on the Company's website shortly after the conclusion of the call.

The Company will post an updated video at https://ir.atlas.energy/ in the "Presentations" section under "News & Events" tab on the Company's Investor Relations webpage prior to the conference call.

**About Atlas Energy Solutions**

Atlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas's portfolio of offerings includes oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on a core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders.

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words "may," "assume," "forecast," "position," "strategy," "potential," "continue," "could," "will," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Examples of forward-looking statements include, but are not limited to statements regarding: the anticipated financial performance of Atlas following the recent acquisition of Moser Energy Systems (the "Moser Acquisition"), expected growth and opportunities in our power business, expected accretion to Adjusted EBITDA, expectations regarding the leverage and dividend profile and expectations of Atlas, our plans and expectations regarding our stock repurchase program; the expected synergies and efficiencies to be achieved as a result of the Moser Acquisition; expansion and growth of Atlas's business following the Moser Acquisition, our business strategy, industry, future operations and profitability, expected capital expenditures and the impact of such expenditures on our performance, statements about our financial position, production, revenues and losses, our capital programs, management changes, current and potential future long-term contracts and our future business and financial performance.

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Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: uncertainties as to whether the Moser Acquisition will achieve its anticipated benefits and projected synergies within the expected time period or at all; Atlas's ability to integrate Moser's operations in a successful manner and in the expected time period; unforeseen or unknown liabilities, future capital expenditures and potential litigation relating to the Moser Acquisition; unexpected future capital expenditures; our ability to successfully execute our stock repurchase program or implement future stock repurchase programs; commodity price volatility, including volatility stemming from the ongoing armed conflicts between Russia and Ukraine and Israel and Hamas; increasing hostilities and instability in the Middle East; adverse developments affecting the financial services industry; changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that may be implemented by U.S. and foreign governments; our ability to complete growth projects, on time and on budget; the risk that stockholder litigation in connection with our recent corporate reorganization may result in significant costs of defense, indemnification and liability; changes in general economic, business and political conditions, including changes in the financial markets; transaction costs; actions of OPEC+ to set and maintain oil production levels; the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil; inflation; environmental risks; operating risks; regulatory changes; lack of demand; market share growth; the uncertainty inherent in projecting future rates of reserves; production; cash flow; access to capital; the timing of development expenditures; the ability of our customers to meet their obligations to us; our ability to maintain effective internal controls; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission ("SEC"), including those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K, filed with the SEC on February 25, 2025 and Quarterly Reports on Form 10-Q, filed with the SEC on May 6, 2025 and August 5, 2025, respectively, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

**Investor Contact**

Kyle Turlington

5918 W Courtyard Drive, Suite #500<br>Austin, Texas 78730<br>United States<br>T: 512-220-1200<br>IR@atlas.energy <br>

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**Atlas Energy Solutions Inc.**

**Condensed Consolidated Statements of Income**

(unaudited, in thousands, except per share data)<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
| Product revenue | $106839 | $126328 | $139645 | $145347 |
| Service revenue | 135643 | 146355 | 150609 | 159087 |
| Rental revenue | 17131 | 15993 | 7337 |  |
| Total revenue | 259613 | 288676 | 297591 | 304434 |
| Cost of sales (excluding depreciation, depletion and accretion expense) | 195230 | 195904 | 206063 | 225347 |
| Depreciation, depletion and accretion expense | 40619 | 40633 | 37000 | 26069 |
| Gross profit | 23764 | 52139 | 54528 | 53018 |
| Selling, general and administrative expense (including stock-based compensation expense of $9,344, $8,290, $6,518, and $6,289, respectively) | 36322 | 34371 | 34412 | 25463 |
| Credit loss expense | 97 | 4110 |  |  |
| Amortization expense of acquired intangible assets | 5883 | 6465 | 4785 | 3744 |
| Loss on the disposal of assets |  |  |  | 8574 |
| Operating income (loss) | (18538) | 7193 | 15331 | 15237 |
| Interest (expense), net | (15010) | (14798) | (12078) | (11193) |
| Other income, net | (3) | 370 | 259 | 289 |
| Income (loss) before income taxes | (33551) | (7235) | 3512 | 4333 |
| Income tax expense (benefit) | (9830) | (1677) | 2293 | 415 |
| Net income (loss) | $(23721) | $(5558) | $1219 | $3918 |
| Net income (loss) per common share |  |  |  |  |
| Basic | $(0.19) | $(0.04) | $0.01 | $0.04 |
| Diluted | $(0.19) | $(0.04) | $0.01 | $0.04 |
| Weighted average common shares outstanding |  |  |  |  |
| Basic | 123737 | 123655 | 118245 | 109883 |
| Diluted | 123737 | 123655 | 119747 | 111078 |

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**Atlas Energy Solutions Inc.**

**Condensed Consolidated Statements of Cash Flows**

(unaudited, in thousands)<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
| **Operating activities:** |  |  |  |  |
| Net income (loss) | $(23721) | $(5558) | $1219 | $3918 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and accretion expense | 42048 | 41717 | 38264 | 26972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense of acquired intangible assets | 5883 | 6465 | 4785 | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 1423 | 1399 | 1109 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 98 | 97 | 106 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets |  |  |  | 8574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 9344 | 8290 | 6518 | 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | (9207) | (3002) | 1379 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense | 97 | 4110 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 126 | (108) | (122) | (906) |
| Changes in operating assets and liabilities: | 6356 | 35232 | (60708) | 35277 |
| **Net cash provided by (used in) operating activities** | **32447** | **88642** | **(7450)** | **85189** |
| **Investing activities:** |  |  |  |  |
| Purchases of property, plant and equipment | (33806) | (40268) | (52389) | (86276) |
| Acquisition, net of cash acquired | (22658) |  | (181511) |  |
| Proceeds from insurance recovery |  |  | 5398 | 10000 |
| **Net cash used in investing activities** | **(56464)** | **(40268)** | **(228502)** | **(76276)** |
| **Financing Activities:** |  |  |  |  |
| Proceeds from equity offering, net of issuance costs |  |  | 253070 |  |
| Proceeds from term loan borrowings |  |  | 188805 | (3039) |
| Proceeds from ABL credit facility | 25000 |  |  |  |
| Principal payments on term loan borrowings | (4725) | (4752) | (4725) | (4333) |
| Payment on ABL credit facility |  |  | (70000) |  |
| Payment on Deferred Cash Consideration Note |  |  | (101252) |  |
| Payments under finance leases | (941) | (732) | (959) | (863) |
| Repayment of equipment finance notes | (1607) | (1223) | (841) | (1456) |
| Repurchases of Common Stock under share repurchase program |  | (200) |  |  |
| Dividends | (30940) | (30906) | (30435) | (25271) |
| Taxes withheld on vesting RSUs | (230) | (426) | (595) |  |
| Issuance costs associated with debt financing |  |  | (146) | (37) |
| **Net cash provided (used in) by financing activities** | **(13443)** | **(38239)** | **232922** | **(34999)** |
| Net increase (decrease) in cash and cash equivalents | (37460) | 10135 | (3030) | (26086) |
| Cash and cash equivalents, beginning of period | 78809 | 68674 | 71704 | 104723 |
| **Cash and cash equivalents, end of period** | $**41349** | $**78809** | $**68674** | $**78637** |

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**Atlas Energy Solutions Inc.**

**Condensed Consolidated Balance Sheets**

(in thousands)

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $41349 | $71704 |
| Accounts receivable, net | 184625 | 165967 |
| Inventories, prepaid expenses and other current assets | 71231 | 51747 |
| **Total current assets** | **297205** | **289418** |
| Property, plant and equipment, net | 1560555 | 1486246 |
| Right-of-use assets | 26627 | 18666 |
| Goodwill | 156709 | 68999 |
| Intangible assets | 189224 | 105867 |
| Other long-term assets | 3152 | 3456 |
| **Total assets** | $**2233472** | $**1972652** |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable, including related parties | 92876 | 119244 |
| Accrued liabilities and other current liabilities | 89624 | 80085 |
| Current portion of long-term debt | 38069 | 43736 |
| **Total current liabilities** | **220569** | **243065** |
| Long-term debt, net of discount and deferred financing costs | 518427 | 466989 |
| Deferred tax liabilities | 228444 | 206872 |
| Other long-term liabilities | 42647 | 19170 |
| **Total liabilities** | **1010087** | **936096** |
| Total stockholders' equity | 1223385 | 1036556 |
| **Total liabilities and stockholders' equity** | $**2233472** | $**1972652** |

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**Non-GAAP Financial Measures** 

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others, in the case of Adjusted EBITDA, to assess our consolidated operating performance on a consistent basis across periods by removing the effects of development activities, provide views on capital resources available to organically fund growth projects and, in the case of Adjusted Free Cash Flow, assess the financial performance of our assets and their ability to sustain dividends or reinvest to organically fund growth projects over the long term without regard to financing methods, capital structure, or historical cost basis.

These measures do not represent and should not be considered alternatives to, or more meaningful than, net income, income from operations, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Adjusted EBITDA and Adjusted Free Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income, the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures may differ from computations of similarly titled measures of other companies.

**<u>Non-GAAP Measure Definitions:</u>**

• We define **Adjusted EBITDA** as net income before depreciation, depletion and accretion, amortization expense of acquired intangible assets, interest expense, income tax expense, stock and unit-based compensation, loss on extinguishment of debt, loss on disposal of assets, insurance recovery (gain), unrealized commodity derivative gain (loss), other acquisition related costs, and other non-recurring costs. Management believes Adjusted EBITDA is useful because it allows management to more effectively evaluate the Company's consolidated operating performance and compare the results of its operations from period to period and against our peers without regard to financing method or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain prior period non-recurring costs of goods sold are now included as an add-back to adjusted EBITDA in order to conform to the current period presentation and to more accurately describe the Company's consolidated operating performance and results period over period.

• We define **Adjusted EBITDA Margin** as Adjusted EBITDA divided by total revenue.

• We define **Adjusted Free Cash Flow** as Adjusted EBITDA less Maintenance Capital Expenditures. Management believes that Adjusted Free Cash Flow is useful to investors as it provides a measure of the ability of our business to generate cash.

• We define **Adjusted Free Cash Flow Margin** as Adjusted Free Cash Flow divided by total revenue.

• We define **Adjusted Free Cash Flow Conversion** as Adjusted Free Cash Flow divided by Adjusted EBITDA.

• We define **Maintenance Capital Expenditures** as capital expenditures excluding growth capital expenditures, reconstruction of previously incurred growth capital expenditures, equipment assets acquired through debt, and asset retirement obligations. Certain prior period equipment assets acquired through debt and asset retirement obligations have been removed from capital expenditures in order to conform to the current period presentation and to more accurately describe the Company's consolidated operating performance and results period-over-period.

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**Atlas Energy Solutions Inc. – Supplemental Information** 

**Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow to Net Income**

(unaudited, in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
| **Net income (loss)** | $(23721) | $(5558) | $1219 | $3918 |
| Depreciation, depletion and accretion expense | 42048 | 41717 | 38264 | 26972 |
| Amortization expense of acquired intangible assets | 5883 | 6465 | 4785 | 3744 |
| Interest expense | 15155 | 14955 | 13046 | 11831 |
| Income tax expense (benefit) | (9830) | (1677) | 2293 | 415 |
| **EBITDA** | $**29535** | $**55902** | $**59607** | $**46880** |
| Stock-based compensation | 9344 | 8290 | 6518 | 6289 |
| Loss on disposal of assets (1) |  |  |  | 8574 |
| Other non-recurring costs (2) | 638 | 4298 | 849 | 6918 |
| Other acquisition related costs (3) | 669 | 1969 | 7317 | 2390 |
| **Adjusted EBITDA** | $**40186** | $**70459** | $**74291** | $**71051** |
| Maintenance Capital Expenditures (4) | $18202 | $21589 | $15533 | $12382 |
| **Adjusted Free Cash Flow** | $**21984** | $**48870** | $**58758** | $**58669** |

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**Atlas Energy Solutions Inc. – Supplemental Information** 

**Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities**

(unaudited, in thousands, except percentages)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
| **Net cash provided by (used in) operating activities** | $**32447** | $**88642** | $**(7450)** | $**85189** |
| Current income tax expense (benefit) (4) | (623) | 1325 | 914 | 261 |
| Change in operating assets and liabilities | (6356) | (35232) | 60708 | (35277) |
| Cash interest expense (4) | 13634 | 13459 | 11831 | 10664 |
| Maintenance capital expenditures (4) | (18202) | (21589) | (15533) | (12382) |
| Credit loss expense | (97) | (4110) |  |  |
| Other non-recurring costs (2) | 638 | 4298 | 849 | 6918 |
| Other acquisition related costs (3) | 669 | 1969 | 7317 | 2390 |
| Other | (126) | 108 | 122 | 906 |
| **Adjusted Free Cash Flow** | $**21984** | $**48870** | $**58758** | $**58669** |
| Adjusted EBITDA Margin | 15% | 24% | 25% | 23% |
| Adjusted Free Cash Flow Margin | 8% | 17% | 20% | 19% |
| Adjusted Free Cash Flow Conversion | 55% | 69% | 79% | 83% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents loss on disposal of one of the Company's dredge mining assets at its Kermit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Other non-recurring costs includes costs incurred during our 2025 Term Loan Credit Facility transaction, credit loss expense due to a dispute with a counterparty, reorganization under a new public holding company, temporary loadout, and other infrequent and unusual costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents transactions costs incurred in connection with acquisitions, including fees paid to finance, legal, accounting and other advisors, employee retention and benefit costs, and other operational and corporate costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)A reconciliation of these items used to calculate Adjusted Free Cash Flow to comparable GAAP measures is included below.

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**Atlas Energy Solutions Inc. – Supplemental Information** 

**Reconciliation of Maintenance Capital Expenditures to Purchase of Property, Plant and Equipment**

(unaudited, in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
| <u>Maintenance Capital Expenditures, accrual basis reconciliation:</u> |  |  |  |  |
| **Purchases of property, plant and equipment** | $**33806** | $**40268** | $**52389** | $**86276** |
| Changes in operating assets and liabilities associated with investing activities, equipment assets acquired through debt, and asset retirement obligations (1) | 4601 | 34 | (13526) | (5389) |
| Less: Equipment assets acquired through debt and asset retirement obligations | (7955) | (6154) | (3374) | (5780) |
| Less: Growth capital expenditures and reconstruction of previously incurred growth capital expenditures | (12250) | (12559) | (19956) | (62725) |
| **Maintenance Capital Expenditures, accrual basis** | $**18202** | $**21589** | $**15533** | $**12382** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Positive working capital changes reflect capital expenditures in the current period that will be paid in a future period. Negative working capital changes reflect capital expenditures incurred in a prior period but paid during the period presented. In addition, this amount includes equipment assets acquired through debt and asset retirement obligations.

**Atlas Energy Solutions Inc. – Supplemental Information** 

**Reconciliation of Current Income Tax Expense to Income Tax Expense**

(unaudited, in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
| <u>Current tax expense reconciliation:</u> |  |  |  |  |
| **Income tax expense (benefit)** | $**(9830)** | $**(1677)** | $**2293** | $**415** |
| Less: deferred tax expense | 9207 | 3002 | (1379) | (154) |
| **Current income tax expense (benefit)** | $**(623)** | $**1325** | $**914** | $**261** |

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**Atlas Energy Solutions Inc. – Supplemental Information** 

**Cash Interest Expense to Income Expense, Net**

(unaudited, in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **September 30, 2024** |
| <u>Cash interest expense reconciliation:</u> |  |  |  |  |
| **Interest expense, net** | $**15010** | $**14798** | $**12078** | $**11193** |
| Less: Amortization of debt discount | (1423) | (1399) | (1109) | (1045) |
| Less: Amortization of deferred financing costs | (98) | (97) | (106) | (122) |
| Less: Interest income | 145 | 157 | 968 | 638 |
| **Cash interest expense** | $**13634** | $**13459** | $**11831** | $**10664** |

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