Atlas Energy Solutions Inc.

Company overview

Atlas Energy Solutions Inc. produces and distributes proppant (sand) and provides logistics and distributed power solutions. The company’s primary market is the Permian Basin (West Texas and New Mexico). It operates two reportable segments: Sand and Logistics, and Power. The company emphasizes shareholder value creation and Sustainable Environmental and Social Progress (SES) through energy efficiency and environmental benefits. Atlas was founded in 2017 by Ben M. "Bud" Brigham (Executive Chairman) and is led by an entrepreneurial management team with upstream operator experience.

Segments and offerings

Sand and Logistics

• Proppant production and related logistics services.
• Operates 14 proppant production facilities in the Permian Basin, including large in-basin plants and smaller distributed mining units.
• Products include dry and damp (wet) sand across mesh sizes, with common meshes of 40/70 and 100.
• Logistics platform includes a fleet of fit-for-purpose trucks, trailers, wellsite equipment, and the 42-mile Dune Express conveyor system.
• In-basin rail/truck logistics complemented by a mobile, flexible logistics network with remote loadouts. A semi-autonomous oilfield logistics network is being deployed in certain trucks.
• OnCore distributed mining network operates 9 mobile processing plants that mine and process damp/wet sand on leased or customer-owned properties, producing 100-mesh sand.

Power

• Provides distributed power solutions with a fleet of natural gas-powered reciprocating generators, serving production and artificial lift operations across major U.S. resource basins.
• In-house manufacturing and remanufacturing with field service support for uptime.
• Reservation agreement (November 2025) for roughly 240 MW of equipment with an aggregate equipment cost of about $278.3 million; financing structured via lease documents. Deliveries are anticipated in late 2026 and an engineering, procurement and construction (EP&C) agreement will follow.

Geography and assets

• Footprint centered in West Texas (Kermit, Monahans) with the OnCore distributed mining network across multiple West Texas sites.
• Kermit facilities: K1/K2 and K115/874; Monahans facility. OnCore plants are clustered near the Winkler Sand Trend (South and North Winkler areas) with access to major highways.
• Dune Express: a 42-mile in-conveyor system from Kermit into the Northern Delaware Basin with capacity up to 13 million tons annually. Two permanent loadout facilities (Texas side near the state line; New Mexico side near Lea-Eddy County), plus mobile offload systems.

Reserves and land

• Combined mineral reserves as of December 31, 2025: approximately 571.3 million tons (proved + probable).
• Reserve mix by mesh: about 45% 40/70, 36% 70/140, 19% 40/140.
• Reserve balances by facility:
  • K1/K2: Proved 286.447 million tons; Probable 36.852 million tons; Total 323.299 million tons.
  • Monahans: Proved 138.672 million tons; Probable 2.191 million tons; Total 140.863 million tons.
  • K115/874: Proved 50.466 million tons; Probable 3.875 million tons; Total 54.341 million tons.
  • OnCore: Proved 29.484 million tons; Probable 23.334 million tons; Total 52.818 million tons.
• Additional reserve figures reported: Proved 240.411 million tons; Probable 184.708 million tons; category totals by mesh and other category subtotals reported in the company’s reserve summaries.
• Land holdings:
  • Kermit (K1/K2, K115/874): ~5,826 gross acres (5,341 net acres controlled); K1/K2 partly owned and partly leased.
  • Monahans: ~32,224 gross acres; mineral rights leased from Sealy Smith.
  • OnCore: ~6,579 acres (1,172.4 owned; 5,406.6 leased).

Production and pricing

• Sand production volumes:
  • 2025: ~21.6 million tons (includes Hi-Crush transaction assets acquired in 2024).
  • 2024: ~19.9 million tons.
  • 2023: ~11.0 million tons.
• Average realized prices per ton:
  • 2025: approximately $21.00/ton.
  • 2024: approximately $25.26/ton.
  • 2023: approximately $42.63/ton.
• Price assumptions used in reserve reporting (saleable tons):
  • K1/K2 and Monahans: $30.00/ton.
  • K115/874: $26.04/ton.
  • OnCore: $24.83/ton.

Net asset values (as of 12/31/2025)

• K1/K2 facilities: net book value ~$410.2 million.
• K115/874 facilities: net book value ~$160.0 million.
• Monahans facility: net book value ~$201.0 million.
• OnCore distributed mining network: net book value ~$94.8 million.

Employees and customers

• Employees: 1,511 total as of December 31, 2025 (191 corporate; 1,320 field).
• No union representation among employees.
• Customer concentration: the top 10 customers accounted for approximately 82.4% of total revenue in 2025 and approximately 82.0% in 2024.

Financial structure and liquidity

• The company reports indebtedness and various debt facilities, including an asset-based lending (ABL) facility, a term loan, and lease arrangements, and discusses covenants and liquidity implications.
• Major financing program includes the 240 MW power equipment Reservation and related lease financing.

Headquarters and contact

• Corporate HQ: 5918 W. Courtyard Dr., Suite 500, Austin, TX 78730.
• Phone: (512) 220-1200.
• Website: https://atlas.energy.
• SEC filings and additional information are available on the company site and sec.gov.

Summary

Atlas Energy Solutions is a vertically integrated sand proppant producer and proppant logistics provider with a distributed mining network (OnCore) and a growing distributed power business. The company operates primarily in the Permian Basin, runs 14 sand/proppant facilities plus 9 OnCore plants, operates the Dune Express conveyor, maintains a large reserve base, and has a concentrated customer mix and a substantial multi-facility asset base supported by financing programs for growth.