Atlas Energy Solutions (AESI) investor relations material

Executive summary

• Q2 2026 revenue reached $293.2 million, up 10.4% sequentially and 1.6% YoY, driven by higher service and rental revenue, though offset by lower product revenue and proppant prices.

• Net loss for Q2 2026 was $25.1 million, improved from Q1 2026 but wider YoY due to higher costs, depreciation, and litigation settlement.

• Adjusted EBITDA was $49.5 million with a 17% margin, up from $29.9 million in Q1 2026 but down YoY.

• Signed first 120 MW behind-the-meter power contract with a major technology infrastructure provider; completed a 26-MW bridge facility for this contract.

• Significant financing activities included issuing $450 million in convertible notes and repaying $75 million on the ABL Credit Facility.

Financial highlights

• Q2 proppant sales volume was 5.6 million tons; average sales price was $17.70/ton.

• Product revenue was $103.5 million, service revenue $162.7 million, and rental revenue $27.0 million in Q2 2026.

• Gross profit for Q2 2026 was $25.9 million, with margin compression due to higher costs and lower product pricing.

• Adjusted Free Cash Flow was $34.9 million, margin 11.9%-12%.

• Cash and cash equivalents at June 30, 2026: $168.2 million; liquidity at quarter-end was $292.9 million.

Outlook and guidance

• Q3 EBITDA expected in the range of $30-45 million, with Q4 anticipated to match or exceed Q2 based on allocated volumes.

• Power division expected to deploy 180–200 MW by year-end 2026; first 120-MW BTM contract expected online by end of Q1 2027.

• Q3 sand volumes expected between 5.3-6 million tons; logistics margins projected to remain in double digits.

• CapEx for H2 2026 budgeted at ~$200 million, keeping full-year spend within $350-375 million guidance.

• Socorro facility to generate ~$55 million adjusted free cash flow annually starting Q2 2027.