Atlas Energy Solutions Inc.

Atlas Energy Solutions reported second-quarter 2026 revenue of $293.2 million and adjusted EBITDA of $49.5 million, while announcing its first behind-the-meter power contract and a deliberate shift in commercial strategy for its sand business. The company secured a 120-megawatt power purchase agreement with a subsidiary of an investment-grade technology infrastructure provider, a project expected to generate $55 million in annualized adjusted free cash flow starting in the second quarter of 2027, with total project capital of approximately $190 million and a cash-on-cash payback of less than 3.5 years. Management stated that the capital for this Socorro, Texas facility is within previously announced guidance and does not require a budget increase. On the sand side, the company is holding pricing on certain tenders rather than chasing volume, which is expected to result in a temporary volume decline in the third quarter, with EBITDA guidance of $30 million to $45 million and volume guidance of 5.3 million to 6 million tons. Atlas also highlighted that its uncommitted power capacity of 470 megawatts—120 megawatts arriving by the end of 2026 and 350 megawatts scheduled for delivery throughout 2027—could be contracted by just 2 to 4 projects, down from a previous assumption of 8 to 10, as hyperscaler demand shifts toward larger, longer-tenure deals of 15 to 20 years. Second-quarter sand sales volume was flat at 5.6 million tons, with an average sales price of $17.70 per ton and plant operating costs of $12.39 per ton, while logistics margins improved to 14% and autonomous deliveries rose 70% sequentially to 4,600 shipments. The company ended the quarter with total liquidity of $293 million, comprising $168 million in cash and $125 million in undrawn ABL capacity, and expects second-half growth capital expenditures of $175 million to $190 million, mostly for the private grid power business.

Oilfield services stocks reported a strong first quarter, with aggregate revenues beating analyst consensus estimates by 3.8%, though share prices have since fallen an average of 10.3%. TechnipFMC posted revenue of $2.49 billion, up 11.6% year on year but missing expectations by 1%, and its stock dropped 15.4% to $65.12. Select Water Solutions was the best performer, with revenue of $366 million exceeding estimates by 6.8%, while Borr Drilling was the weakest, missing revenue estimates by 2.1% and seeing its stock plunge 31.4% to $4.24. Other notable results included Atlas Energy Solutions beating revenue estimates by 3.5% and TETRA Technologies beating by 3.4%.