Key Highlights

  • Revenue was USD 267.8 million versus USD 259.6 million a year earlier, with a net loss of USD 45.1 million.
  • Adjusted EBITDA was USD 30.3 million versus USD 50.8 million in the second quarter and USD 41.6 million.
  • Two cost reimbursement agreements with a leading frontier AI lab support an incremental 283 megawatts for two Data Center projects.
  • A USD 424 million bridge Facility closed after quarter end, and fourth-quarter adjusted EBITDA is guided to USD 40-50 million.

Revenue Up, Profit Down

Atlas Energy Solutions Inc. (NYSE:AESI) reported third-quarter 2026 Revenue of USD 267.8 million, compared with USD 293.2 million in the second quarter and USD 259.6 million a year earlier. The net loss was USD 45.1 million, or a negative 17% margin, compared with USD 25.1 million in the second quarter and USD 23.7 million a year earlier.

Adjusted EBITDA was USD 30.3 million, an 11% margin, versus USD 50.8 million and 17% in the second quarter. Net cash from Operating Activities was USD 23.4 million and adjusted free Cash Flow was USD 25.3 million.

Revenue and Cost Detail

Revenue consisted of product revenue of USD 97.9 million, service revenue of USD 140.8 million and power rental revenue of USD 29.1 million. Proppant sales Volume was 5.4 million tons at an average price of about USD 16.93 per ton. Product revenue included about USD 3.5 million of power equipment sales and USD 2.8 million of logistics sales.

Cost of sales excluding Depreciation was USD 215.5 million, including USD 72.1 million of proppant plant and logistics operating costs, USD 128.7 million of service costs, USD 8.8 million of rental costs and USD 3.8 million of royalties. Logistics costs included USD 1.4 million tied to ceasing operations in one region. Selling, general and administrative expenses were USD 38.8 million.

Power Business and Financing

Chief executive John Turner said the company held its pricing in the sand business rather than chase uneconomic bids, which reduced third-quarter volumes, and that the commercial team has since backfilled those volumes for the fourth quarter. The company announced two cost reimbursement agreements with a leading frontier AI lab supporting balance-of-plant equipment and an incremental 283 megawatts for two data center projects now under negotiation. Its first behind-the-meter project in Socorro, Texas is on schedule to come online at the end of the first quarter of 2027.

Subsequent to quarter end, the company completed a USD 424 million senior secured bridge facility provided by Goldman Sachs and Barclays. Liquidity at September 30 was USD 116.7 million, made up of USD 22.3 million of cash and USD 94.4 million of availability under its asset-based Credit facility, and estimated liquidity at October 23 was USD 499.4 million.

Fourth-Quarter Guidance and Signposts

For the fourth quarter, management guides adjusted EBITDA of USD 40 million to USD 50 million and sequential improvement in every segment. The company has line of sight to more than 23 million allocated tons for 2027. The company expects the Socorro project to show what it does best: build quickly, operate reliably and deploy power where it is needed. Items to track include the data center project agreements, the Socorro start-up, proppant pricing and the use of bridge facility proceeds.