Atlas Energy Solutions

Atlas’s legacy earnings are tied to Permian completions, which are cyclical. 2025 and Q1 2026 show volatility: TTM revenue about 1.06 billion, TTM net loss near 99 million, adjusted EBITDA roughly 176 million, adjusted FCF near 97 million, and GAAP FCF around 19 million.

Management guided to sequential Q2 2026 improvement and the 120 MW PPA, expected to be online in 1H 2027, should add more recurring cash flow, but the contracted base is not yet large enough to offset cycle risk. Predictability should improve if power deployments scale and if conveyor-led logistics mix stabilizes margins.