Atlas Energy Solutions Inc.

Atlas reported second-quarter 2026 revenue of $293.2 million and adjusted EBITDA of $49.5 million, implying an EBITDA margin of approximately 17%. Proppant sales volume was approximately 5.6 million tons, flat sequentially, and average proppant sales price was approximately $17.70 per ton. Second-quarter cost of sales, excluding DD&A, was $221.3 million, and Q2 adjusted cash SG&A was $24.3 million. For Q3, management guided to EBITDA of $30 million to $45 million, with sand and logistics volume expected to be about 5.3 million to 6 million tons. Full-year 2026 capital spending is expected to remain inside the prior guidance range of $350 million to $375 million, with second-half CapEx of approximately $200 million.

John Turner framed the quarter as an inflection point for Atlas’ power business and a validation of its full-service model. He emphasized that the company’s first behind-the-meter contract shows Atlas can serve customers from early-stage construction through permanent power operations, and said urgency in data center negotiations is increasing, with deal sizes and tenors growing. On sand, he stressed that Atlas is deliberately prioritizing pricing over volume in certain tenders to force market rationalization and improve long-term returns.

Blake McCarthy described the sand and logistics market as “nuanced,” with better macro conditions but still weak completion activity and a tight truck market. He cited Q2 revenue of $293.2 million, proppant volume of 5.6 million tons, average sales price of about $17.70 per ton, Q2 logistics margins of 14%, and adjusted cash SG&A of $24.3 million. He also said growth CapEx was $131.5 million in Q2, maintenance CapEx was $14.6 million, cash on hand is approximately $168 million, and undrawn ABL capacity is about $125 million; full-year CapEx remains within the $350 million to $375 million guide.

Analysts pressed management on the wide Q3 volume range, and Blake said roughly half of the variability comes from customer crew breaks and transitions, while the rest comes from Atlas’ deliberate pricing discipline. On power, Tim Ondrak said project CapEx can range from $1.5 million to $2.5 million per megawatt, driven more by scope and reliability requirements than broad-based inflation. Management also said the larger power opportunity set is about 8 to 10 gigawatts, while oil and gas power remains about 40 megawatts of deployable opportunity.