AESI

MKT CAP:$2B

Atlas Energy Solutions Inc.

Market Cap

$2B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$15.13+$5.41 (+55.66%)

Apr 22, 2026

Company Details

Atlas Energy Solutions Inc. provides proppant and logistics services to the oil and natural gas industry within the Permian Basin of West Texas and New Mexico. The company was founded in 2017 and is based in Austin, Texas.

CEO

John G. Turner

IPO Date

Mar 9, 2023

Website

atlas.energy

Key Metrics TTM

Revenue

$1.1B

+3.7% YoY

Net Income

-$50M

EPS (Diluted)

-$0.40

Free Cash Flow

-$31M

Revenue / Share

$8.83

Gross Margin

12.4%

Operating Margin

-1.4%

Net Margin

-4.6%

FCF Margin

-2.8%

P/S

1.9x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Feb 24, 2026

$1.1B+3.7%EPS -$0.41

Q4 2025

Feb 24, 2026

$249M-8.1%EPS -$0.18

Q3 2025

Nov 4, 2025

$260M-14.7%EPS -$0.19

Q2 2025

Aug 5, 2025

$289M+0.4%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$43M	$24M	$14M
Q4 21	$53M	$21M	$16M
Q1 22	$60M	$29M	$24M
Q2 22	$131M	$78M	$73M
Q3 22	$142M	$74M	$69M
Q4 22	$150M	$75M	$67M
Q3 23	$158M	$80M	$65M
Q4 23	$141M	$63M	$49M
Q1 24	$193M	$69M	$40M
Q2 24	$288M	$60M	$28M
Q3 24	$304M	$53M	$15M
Q4 24	$271M	$50M	$31M
Q1 25	$298M	$55M	$15M
Q2 25	$289M	$52M	$7M
Q3 25	$260M	$16M	-$18M
Q4 25	$249M	$12M	-$20M

Valuation

Quarter	P/S	P/E
Q3 21	14.1x	3825.2x
Q4 21	11.9x	481.5x
Q1 22	10.2x	67.4x
Q2 22	7.1x	23.0x
Q3 22	5.3x	13.8x
Q4 22	4.2x	9.4x
Q3 23	3.5x	9.1x
Q4 23	3.5x	10.6x
Q1 24	3.2x	13.3x
Q2 24	2.6x	19.2x
Q3 24	2.2x	25.2x
Q4 24	1.9x	34.2x
Q1 25	1.8x	59.6x
Q2 25	1.8x	146.7x
Q3 25	1.8x	—
Q4 25	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$14M	$11M
Q4 21	-$7M	-$17M
Q1 22	$24M	$18M
Q2 22	$52M	$39M
Q3 22	$81M	$45M
Q4 22	$50M	$15M
Q3 23	$55M	-$43M
Q4 23	$86M	-$34M
Q1 24	$40M	-$56M
Q2 24	$61M	-$55M
Q3 24	$85M	-$1M
Q4 24	$71M	-$6M
Q1 25	-$7M	-$60M
Q2 25	$89M	$48M
Q3 25	$32M	-$1M
Q4 25	$4M	-$18M

Capital Expenditures

Quarter	CapEx
Q3 21	$3M
Q4 21	$10M
Q1 22	$6M
Q2 22	$12M
Q3 22	$36M
Q4 22	$35M
Q3 23	$99M
Q4 23	$120M
Q1 24	$95M
Q2 24	$116M
Q3 24	$86M
Q4 24	$76M
Q1 25	$52M
Q2 25	$40M
Q3 25	$34M
Q4 25	$22M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+100.8%	+36.7%
Q1 22	+88.0%	+25.4%
Q2 22	+195.6%	+91.9%
Q3 22	+227.2%	+147.9%
Q4 22	+183.6%	+126.3%
Q3 23	+163.3%	+157.2%
Q4 23	+7.5%	+56.1%
Q1 24	+36.0%	+109.4%
Q2 24	+91.9%	+212.5%
Q3 24	+93.1%	+213.4%
Q4 24	+92.3%	+162.0%
Q1 25	+54.5%	+84.5%
Q2 25	+0.4%	+8.6%
Q3 25	-14.7%	-4.1%
Q4 25	-8.1%	+11.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$13.0K	0.0%
Q4 21	$71.0K	0.1%
Q1 22	$205.0K	0.3%
Q2 22	$178.0K	0.1%
Q3 22	$160.0K	0.1%
Q4 22	$135.0K	0.1%
Q3 23	$1M	0.9%
Q4 23	$4M	2.7%
Q1 24	$4M	2.2%
Q2 24	$5M	1.9%
Q3 24	$6M	2.1%
Q4 24	$6M	2.4%
Q1 25	$7M	2.2%
Q2 25	$8M	2.9%
Q3 25	$9M	3.6%
Q4 25	$9M	3.6%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 21	$5M	—
Q1 22	$5M	—
Q2 22	—	$5M
Q3 22	—	$6M
Q4 22	$8M	—
Q3 23	—	$14M
Q4 23	—	$14M
Q1 24	$28M	—
Q2 24	—	$27M
Q3 24	—	$25M
Q4 24	—	$26M
Q1 25	$34M	—
Q2 25	—	$34M
Q3 25	—	$34M
Q4 25	—	$32M

Revenue Segments

Quarter	Product	Service	Rental Revenue
Q3 23	$115M	$43M	—
Q4 23	$100M	$41M	—
Q1 24	$113M	$79M	—
Q2 24	$128M	$159M	—
Q3 24	$145M	$159M	—
Q1 25	$140M	$151M	$7M
Q2 25	$126M	$146M	$16M
Q3 25	$107M	$136M	$17M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$54M	$0	$54M
Q2 22	$69M	$0	$69M
Q3 22	$91M	$0	$91M
Q4 22	$82M	$0	$82M
Q1 23	$353M	$0	$353M
Q2 23	$342M	$0	$342M
Q3 23	$265M	$0	$265M
Q4 23	$210M	$0	$210M
Q1 24	$187M	$0	$187M
Q2 24	$105M	$0	$105M
Q3 24	$79M	$0	$79M
Q4 24	$72M	$0	$72M
Q1 25	$69M	$0	$69M
Q2 25	$79M	$0	$79M
Q3 25	$41M	$0	$41M
Q4 25	$41M	$0	$41M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	444M	+0.0%	—
Q4 21	100M	-77.5%	-77.5%
Q1 22	100M	0.0%	-77.5%
Q2 22	100M	0.0%	-77.5%
Q3 22	100M	0.0%	-77.5%
Q4 22	100M	0.0%	0.0%
Q3 23	100M	+0.0%	+0.0%
Q4 23	100M	0.0%	+0.0%
Q1 24	110M	+9.8%	+9.9%
Q2 24	112M	+2.0%	+12.0%
Q3 24	111M	-0.8%	+11.0%
Q4 24	111M	+0.2%	+11.2%
Q1 25	120M	+7.6%	+9.0%
Q2 25	124M	+3.3%	+10.4%
Q3 25	124M	+0.1%	+11.4%
Q4 25	124M	+0.2%	+11.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q3 23	—	—
Q4 23	$288.0K	490
Q1 24	$393.2K	490
Q2 24	$586.8K	490
Q3 24	$621.3K	490
Q4 24	$237.4K	1K
Q1 25	$260.4K	1K
Q2 25	$252.6K	1K
Q3 25	$227.1K	1K
Q4 25	$165.1K	2K

Revenue / Employee