Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the “Company”) today reported financial and operating results for the fourth quarter and fiscal year ended December 31, 2025.

Year End 2025 Financial Highlights and Operational Updates

John Turner, President & CEO, commented, “Our fourth quarter results exceeded our initial expectations primarily driven by stronger volumes relative to what we anticipated going into the holiday season. The seasonality we typically see at the end of the year was particularly muted as customers took minimal time off around the holidays. Despite challenging market conditions, we believe the team’s commercial efforts should allow Atlas to grow volumes in 2026. Leaning on our cost-advantaged mines and logistics network, we were able to increase our share of current customers’ sand procurement spend while also adding some key new customers relationships that we expect to grow in scale over the course of 2026 and beyond.

The quarter was highlighted by the highest levels of utilization for the Dune Express we have seen to date as customers in the Delaware Basin are beginning to realize the efficiency and reliability improvements the system generates in their logistics supply chains. We expect this to foreshadow the system’s utilization during 2026.

In November, we announced the order of 240 MWs of power generation equipment, accelerating our evolution into a leading provider of behind-the-meter long-term power solutions across a broad range of domestic industries – from energy to data centers and manufacturing. Our pipeline of opportunities continues to expand, and we are targeting more than 500 MWs deployed across our fleet in 2027 with substantial additional growth potential as we secure larger-scale projects and build on initial orders.”

Bud Brigham, Executive Chairman, said, “The growth case for Atlas is as exciting as it has ever been in my opinion. While waiting for Permian activity to recover, Atlas has an opportunity to redefine our cash flow and future with long-term behind-the-meter power contracts. I could not be more excited about the future of Atlas.”

Year End 2025 Financial Results

Total revenue for the year ended December 31, 2025 increased $39.4 million, or 3.7% when compared to the year ended December 31, 2024, to $1.1 billion. Product revenue decreased $37.4 million, or (7.3%) when compared to the prior year, to $478.0 million. Service revenue increased by $18.3 million, or 3.4% when compared to the prior year, to $558.8 million. Rental revenue for the year ended December 31, 2025 was $58.5 million.

Cost of sales (excluding depreciation, depletion and accretion expense) (“cost of sales”) for the year ended December 31, 2025 increased by $59.3 million, or 8.2% when compared to the prior year, to $784.5 million.

Selling, general and administrative expenses (“SG&A”) for the year ended December 31, 2025 increased by $32.6 million, or 30.7% when compared to the prior year, to $138.8 million. Included within our SG&A is $33.2 million in stock-based compensation, $2.7 million in other non-recurring costs and $7.0 million in other acquisition related costs.

Net income (loss) for the year ended December 31, 2025 was $(50.3) million, and Adjusted EBITDA for the year ended December 31, 2025 was $221.7 million.

Fourth Quarter 2025 Financial Results

Fourth quarter 2025 total revenue declined $10.2 million, or (3.9%) when compared to the third quarter of 2025, to $249.4 million. Product revenue declined by $1.6 million, or (1.5%) when compared to the third quarter of 2025, to $105.2 million. Fourth quarter 2025 product revenue volumes were 5.3 million tons, flat sequentially when compared to the levels in the third quarter of 2025. Service revenue declined $9.6 million, or (7.1%) when compared to the third quarter of 2025, to $126.1 million. Fourth quarter 2025 rental revenue increased $1.0 million, or 5.8% when compared to third quarter of 2025, to $18.1 million.

Fourth quarter 2025 cost of sales decreased by $7.9 million, or (4.0%) when compared to the third quarter of 2025, to $187.3 million. Cost of sales consisted of $60.6 million of plant operating costs, $115.2 million related to service costs, $7.0 million related to rental costs and $4.5 million in royalties.

SG&A for the fourth quarter of 2025 decreased by $2.6 million, or (7.2%) when compared to the third quarter of 2025, to $33.7 million.

Net (loss) for the fourth quarter of 2025 was ($22.2) million, and Adjusted EBITDA for the fourth quarter of 2025 was $36.7 million.

Liquidity, Capital Expenditures and Other

As of December 31, 2025, the Company’s total liquidity was $108.5 million, which was comprised of $40.6 million in cash and cash equivalents, and $67.9 million of availability under the Company’s 2023 ABL Credit Facility.

Future Guidance

The Company is providing financial guidance for the first quarter of 2026. 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 first quarter of 2026, EBITDA is expected to be flat with fourth quarter results due to lower realized sand pricing and the impact of severe winter weather in January, which negatively impacted EBITDA generation by approximately $6 million, offsetting improved volumes in sand and logistics and increased contribution from the Power business.

Conference Call Information

The Company will host a conference call to discuss financial and operational results on February 24, 2026 at 9:00am Central Time (10:00am Eastern Time). Individuals wishing to participate in the conference call should dial (877) 407-4133. A live webcast will be available athttps://ir.atlas.energy/

The Company will post an updated video titled "Atlas Growth Projects Update February 2026,” athttps://ir.atlas.energy/

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:, expectations regarding the leverage profile and expectations of Atlas, our plans and expectations regarding our stock repurchase program; expected expansion and growth opportunities in Atlas’s power business, including our ability to enter into the behind-the-meter, long-term power segment, 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.

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: limitations on our financial flexibility due to our existing and any future indebtedness; our ability to successfully execute our share repurchase program or implement future share repurchase programs; higher than expected costs to operate our proppant production and processing facilities or the Dune Express; the volume of proppant we are able to sell and our ability to enter into supply contracts for our proppant on acceptable terms; the prices we are able to charge, and the margins we are able to realize, from our sales of proppant, logistics services, or mobile power generation; the demand for and price of proppant and power generation, particularly in the Permian Basin; the domestic and foreign supply of and demand for oil and natural gas; the effects of actions by, or disputes among or between, members of OPEC+ with respect to production levels or other matters related to the prices of oil and natural gas; customer concentration, the potential for future consolidation amongst current or potential customers and the possibility that customers may not continue to outsource their power system needs, which could affect demand for our products and services, especially in the power generation industry; inability of our customers to take delivery; any planned or future expansion projects or capital expenditures; inaccuracies in estimates of volumes and qualities of our frac sand reserves; volatility in political, legal and regulatory environments; 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, August 5, 2025 and November 4, 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.

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.

Non-GAAP Measure Definitions:

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Financial Summary

.	Year Ended
	December			December			December
	(in thousands, except percentages)
Revenue	$	1,095,310		$	1,055,957		$	613,960
Net income (loss)	$	(50,304	)	$	59,944		$	226,493
Net Income (loss) Margin		(5	%)		6	%		37	%
Adjusted EBITDA (1)	$	221,680		$	288,902		$	329,655
Adjusted EBITDA Margin (1)		20	%		27	%		54	%
Net cash provided by operating activities	$	117,346		$	256,460		$	299,027
Adjusted Free Cash Flow (1)	$	152,005		$	250,480		$	291,131
Adjusted Free Cash Flow Margin (1)		14	%		24	%		47	%

(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.

Atlas Energy Solutions Inc. Condensed Consolidated Statements of Income (in thousands, except per share data)

	Three Months Ended									Year Ended
	December			September			December			December			December			December
	(unaudited)			(unaudited)			(unaudited)
Product revenue	$	105,173		$	106,839		$	128,445		$	477,985		$	515,434		$	468,119
Service revenue		126,167			135,643			142,893			558,774			540,523			145,841
Rental revenue		18,090			17,131			—			58,551			—			—
Total revenue		249,430			259,613			271,338			1,095,310			1,055,957			613,960
Cost of sales (excluding depreciation, depletion and accretion expense)		187,298			195,230			190,967			784,495			725,196			260,396
Depreciation, depletion and accretion expense		41,896			40,619			30,476			160,148			98,747			39,798
Gross profit		20,236			23,764			49,895			150,667			232,014			313,766
Selling, general and administrative expense (including stock and unit-based compensation expense of $9,075, $9,344, $6,420, $33,227, $22,381 and $7,409, respectively.)		33,724			36,322			25,511			138,829			106,223			48,608
Credit loss expense		571			97			—			4,778			25			28
Amortization expense of acquired intangible assets		6,414			5,883			3,743			23,547			12,316			—
Change in fair value of contingent consideration		(3,360	)		—			—			(3,360	)		—			—
Loss on disposal of assets		—			—			—			—			19,672			—
Insurance recovery (gain)		(2,217	)		—			(10,098	)		(2,217	)		(20,098	)		—
Operating income (loss)		(14,896	)		(18,538	)		30,739			(10,910	)		113,876			265,130
Interest (expense), net		(16,110	)		(15,010	)		(12,018	)		(57,996	)		(38,647	)		(7,689	)
Other income, net		101			(3	)		101			727			551			430
Income (loss) before income taxes		(30,905	)		(33,551	)		18,822			(68,179	)		75,780			257,871
Income tax expense (benefit)		(8,661	)		(9,830	)		4,420			(17,875	)		15,836			31,378
Net income (loss)	$	(22,244	)	$	(23,721	)	$	14,402		$	(50,304	)	$	59,944		$	226,493
Net income (loss) per common share
Basic	$	(0.18	)	$	(0.19	)	$	0.13		$	(0.41	)	$	0.55		$	1.50
Diluted	$	(0.18	)	$	(0.19	)	$	0.13		$	(0.41	)	$	0.55		$	1.48
Weighted average common shares outstanding
Basic		124,019			123,737			110,216			122,435			108,235			70,450
Diluted		124,019			123,737			111,262			122,435			109,176			71,035

Atlas Energy Solutions Inc. Condensed Consolidated Statements of Cash Flows (in thousands)

	Three Months Ended									Year Ended
	December			September			December			December			December			December
	(unaudited)			(unaudited)			(unaudited)
Operating activities:
Net income (loss)	$	(22,244	)	$	(23,721	)	$	14,402		$	(50,304	)	$	59,944		$	226,493
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and accretion expense		43,430			42,048			31,342			165,459			102,207			41,634
Amortization expense of acquired intangible assets		6,414			5,883			3,743			23,547			12,316			—
Amortization of debt discount		1,781			1,423			1,038			5,712			3,573			761
Amortization of deferred financing costs		102			98			117			403			435			337
Change in fair value of contingent consideration		(3,360	)		—			—			(3,360	)		—			—
Loss on disposal of assets		—			—			—			—			19,672			—
Stock-based compensation		9,075			9,344			6,420			33,227			22,381			7,409
Deferred income tax		(6,665	)		(9,207	)		4,569			(17,495	)		15,002			29,201
Credit loss expense		571			97			—			4,778			25			28
Other		2,301			126			62			2,197			(1,618	)		111
Changes in operating assets and liabilities:		(27,698	)		6,356			9,160			(46,818	)		22,523			(6,947	)
Net cash provided by operating activities		3,707			32,447			70,853			117,346			256,460			299,027

Investing activities:
Purchases of property, plant and equipment		(21,808	)		(33,806	)		(76,431	)		(148,271	)		(373,983	)		(365,486	)
Acquisition, net of cash acquired		—			(22,658	)		(11,192	)		(204,169	)		(153,425	)		—
Proceeds from insurance recovery		2,217			—			4,700			7,615			14,700			—
Net cash used in investing activities		(19,591	)		(56,464	)		(82,923	)		(344,825	)		(512,708	)		(365,486	)

Financing Activities:
Proceeds from equity offering, net of issuance costs		—			—			—			253,070			—			—
Proceeds from term loan borrowing		(2,000	)		—			20,000			186,805			168,500			—
Proceeds from ABL credit facility		25,000			25,000			20,000			50,000			70,000			—
Principal payments on term loan borrowings		(3,259	)		(4,725	)		(4,452	)		(17,461	)		(14,383	)		(16,573	)
Payment on ABL credit facility		—			—			—			(70,000	)		—			—
Payment on Deferred Cash Consideration Note		—			—			—			(101,252	)		—			—
Issuance costs associated with debt financing		(135	)		—			(6	)		(281	)		(1,189	)		(4,397	)
Payments under finance leases		(1,340	)		(941	)		(851	)		(3,972	)		(2,625	)		(2,001	)
Repayment of equipment finance notes		(1,804	)		(1,607	)		(1,036	)		(5,475	)		(3,563	)		—
Dividends		—			(30,940	)		(26,451	)		(92,281	)		(96,895	)		(62,163	)
Taxes withheld on vesting RSUs		(1,295	)		(230	)		(2,067	)		(2,546	)		(2,067	)		—
Repurchases of Common Stock under share repurchase program		—			—			—			(200	)		—			—
Prepayment fee on 2021 Term Loan Credit Facility		—			—			—			—			—			(2,649	)
Net proceeds from IPO		—			—			—			—			—			303,426
Payment of offering costs		—			—			—			—			—			(6,020	)
Member distributions prior to IPO		—			—			—			—			—			(15,000	)
Net cash provided by (used in) financing activities		15,167			(13,443	)		5,137			196,407			117,778			194,623
Net decrease in cash and cash equivalents		(717	)		(37,460	)		(6,933	)		(31,072	)		(138,470	)		128,164
Cash and cash equivalents, beginning of period		41,349			78,809			78,637			71,704			210,174			82,010
Cash and cash equivalents, end of period	$	40,632		$	41,349		$	71,704		$	40,632		$	71,704		$	210,174

Atlas Energy Solutions Inc. Condensed Consolidated Balance Sheets (in thousands)

	As of		As of
	December		December

Assets
Current assets:
Cash and cash equivalents	$	40,632	$	71,704
Accounts receivable, including related parties, net		180,783		165,967
Inventories, prepaid expenses and other current assets		86,099		51,747
Total current assets		307,514		289,418
Property, plant and equipment, net		1,540,813		1,486,246
Right-of-use assets		43,783		18,666
Goodwill		152,903		68,999
Intangible assets		182,238		105,867
Other long-term assets		1,177		3,456
Total assets	$	2,228,428	$	1,972,652
Liabilities and stockholders' equity
Current liabilities:
Accounts payable, including related parties		69,203		119,244
Accrued liabilities and other current liabilities		101,180		80,085
Current portion of long-term debt		40,681		43,736
Total current liabilities		211,064		243,065
Long-term debt, net of discount and deferred financing costs		538,240		466,989
Deferred tax liabilities		221,622		206,872
Other long-term liabilities		48,578		19,170
Total liabilities		1,019,504		936,096
Total stockholders' and members' equity		1,208,924		1,036,556
Total liabilities and stockholders’ equity	$	2,228,428	$	1,972,652

Atlas Energy Solutions Inc. – Supplemental Information Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow to Net Income (unaudited, in thousands)

	Three Months Ended									Year Ended
	December			September			December			December			December			December
Net income (loss)	$	(22,244	)	$	(23,721	)	$	14,402		$	(50,304	)	$	59,944		$	226,493
Depreciation, depletion and accretion expense		43,430			42,048			31,342			165,459			102,207			41,634
Amortization expense of acquired intangible assets		6,414			5,883			3,743			23,547			12,316			—
Interest expense		16,214			15,155			12,257			59,370			43,078			17,452
Income tax expense (benefit)		(8,661	)		(9,830	)		4,420			(17,875	)		15,836			31,378
EBITDA	$	35,153		$	29,535		$	66,164		$	180,197		$	233,381		$	316,957
Stock and unit-based compensation		9,075			9,344			6,420			33,227			22,381			7,409
Loss on disposal of assets (1)		—			—			—			—			19,672			—
Insurance recovery (gain) (2)		(2,217	)		—			(10,098	)		(2,217	)		(20,098	)		—
Other non-recurring costs (3)		1,048			638			—			6,833			14,335			4,838
Other acquisition related costs (4)		(6,315	)		669			750			3,640			19,231			451
Adjusted EBITDA	$	36,744		$	40,186		$	63,236		$	221,680		$	288,902		$	329,655
Maintenance Capital Expenditures (5)	$	14,351		$	18,202		$	16,162		$	69,675		$	38,422		$	38,524
Adjusted Free Cash Flow	$	22,393		$	21,984		$	47,074		$	152,005		$	250,480		$	291,131

Atlas Energy Solutions Inc. – Supplemental Information Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities (unaudited, in thousands, except percentages)

	Three Months Ended									Year Ended
	December			September			December			December			December			December
Net cash provided by operating activities	$	3,707		$	32,447		$	70,853		$	117,346		$	256,460		$	299,027
Current income tax expense (benefit) (5)		(1,996	)		(623	)		(149	)		(380	)		834			2,177
Change in operating assets and liabilities		27,698			(6,356	)		(9,160	)		46,818			(22,523	)		6,947
Cash interest expense (5)		14,331			13,634			11,102			53,255			39,070			16,354
Maintenance capital expenditures (5)		(14,351	)		(18,202	)		(16,162	)		(69,675	)		(38,422	)		(38,524	)
Credit loss expense		(571	)		(97	)		—			(4,778	)		(25	)		(28	)
Change in fair value of contingent consideration		3,360			—			—			3,360			—			—
Other non-recurring costs (3)		1,048			638			—			6,833			14,335			4,838
Other acquisition related costs (4)		(6,315	)		669			750			3,640			19,231			451
Insurance recovery (gain) (2)		(2,217	)		—			(10,098	)		(2,217	)		(20,098	)		—
Other		(2,301	)		(126	)		(62	)		(2,197	)		1,618			(111	)
Adjusted Free Cash Flow	$	22,393		$	21,984		$	47,074		$	152,005		$	250,480		$	291,131
Adjusted EBITDA Margin		15	%		15	%		23	%		20	%		27	%		54	%
Adjusted Free Cash Flow Margin		9	%		8	%		17	%		14	%		24	%		47	%
Adjusted Free Cash Flow Conversion		61	%		55	%		74	%		69	%		87	%		88	%

(1)		Represents loss on disposal of one of the Company's dredge mining assets at its Kermit facility and loss on disposal of assets as a result of the fire at one of the Kermit plants that caused damage to the physical condition of the Kermit asset group.
(2)		Represents insurance recovery (gain) related to the dredge mining assets at the Kermit facility and the fire at one of the Kermit plants.
(3)		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.
(4)		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. Additionally, includes changes in the fair value of the contingent consideration.
(5)		A reconciliation of these items used to calculate Adjusted Free Cash Flow to comparable GAAP measures is included below.

Atlas Energy Solutions Inc. – Supplemental Information Reconciliation of Maintenance Capital Expenditures to Purchase of Property, Plant and Equipment (unaudited, in thousands)

	Three Months Ended									Year Ended
	December			September			December			December			December			December
Maintenance Capital Expenditures, accrual basis reconciliation:
Purchases of property, plant and equipment	$	21,808		$	33,806		$	76,431		$	148,271		$	373,983		$	365,486
Changes in operating assets and liabilities associated with investing activities, equipment assets acquired through debt, and asset retirement obligations (1)		2,088			4,601			(11,118	)		(6,803	)		(2,948	)		66,132
Less: Equipment assets acquired through debt and asset retirement obligations		(4,422	)		(7,955	)		772			(21,905	)		(7,101	)		(45,050	)
Less: Growth capital expenditures and reconstruction of previously incurred growth capital expenditures		(5,123	)		(12,250	)		(49,923	)		(49,888	)		(325,512	)		(348,044	)
Maintenance Capital Expenditures, accrual basis	$	14,351		$	18,202		$	16,162		$	69,675		$	38,422		$	38,524

(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)

	Three Months Ended									Year Ended
	December			September			December			December			December			December
Current tax expense reconciliation:
Income tax expense (benefit)	$	(8,661	)	$	(9,830	)	$	4,420		$	(17,875	)	$	15,836		$	31,378
Less: deferred tax expense (benefit)		6,665			9,207			(4,569	)		17,495			(15,002	)		(29,201	)
Current income tax expense (benefit)	$	(1,996	)	$	(623	)	$	(149	)	$	(380	)	$	834		$	2,177

Atlas Energy Solutions Inc. – Supplemental Information Cash Interest Expense to Interest Expense, Net (unaudited, in thousands)

	Three Months Ended									Year Ended
	December			September			December			December			December			December
Cash interest expense reconciliation:
Interest expense, net	$	16,110		$	15,010		$	12,018		$	57,996		$	38,647		$	7,689
Less: Amortization of debt discount		(1,781	)		(1,423	)		(1,038	)		(5,712	)		(3,573	)		(761	)
Less: Amortization of deferred financing costs		(102	)		(98	)		(117	)		(403	)		(435	)		(337	)
Less: Interest income		104			145			239			1,374			4,431			9,763
Cash interest expense	$	14,331		$	13,634		$	11,102		$	53,255		$	39,070		$	16,354

Revenue of $1.1 billion, net loss of ($50.3) million and Adjusted EBITDA⁽¹⁾
Total volumes of 21.6 million tons for the year ended December 31, 2025
Total Dune Express shipments of 5.9 million tons for year ended December 31, 2025
Fourth quarter 2025 revenue of $249.4 million, net loss of ($22.2) million and Adjusted EBITDA⁽¹⁾
Fourth quarter 2025 volumes of 5.3 million tons
Actively evaluating a robust power opportunity set representing more than 2 GW of potential opportunities
Targeting approximately 500 MWs of power generation capacity deployed in 2027

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We defineAdjusted Free Cash Flow Margin
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We defineMaintenance Capital Expenditures