Atlas Energy Solutions

At March 31, 2026, liquidity was 89.5 million and net debt around 660 million, including finance leases. An additional 450 million of 0.50% convertible notes due 2031 priced in April 2026 increased flexibility and refinanced more expensive liabilities, though it adds future dilution risk.

Interest expense rose alongside term debt and ABL usage in 2025. Overall leverage versus 2025 adjusted EBITDA of ~222 million is moderate but should trend lower if execution improves and power contracts come online. The balance sheet can weather moderate stress, but commodity exposure and execution risk argue for caution.