Revenue growth has shifted to a 10.8% contraction in 2026Q1, while gross margins have compressed significantly from a 44.6% peak in 2023Q4 to just 2.4%.
| Sales/Revenue | 1.06B | 1.1B | 1.06B | 613.96M | 482.72M | 172.4M | 111.77M |
| Revenue Growth % | -8.41% | 3.73% | 71.99% | 27.19% | 180% | 54.25% | - |
| Cost of Goods Sold | 976.09M | 944.64M | 823.94M | 300.19M | 226.42M | 108.34M | 94M |
| COGS % of Revenue | - | 86.24% | 78.03% | 48.89% | 46.9% | 62.84% | 84.1% |
| Gross Profit | 87.21M | 150.67M | 232.01M | 313.77M | 256.31M | 64.07M | 17.77M |
| Gross Margin % | 8.2% | 13.76% | 21.97% | 51.11% | 53.1% | 37.16% | 15.9% |
| Gross Profit Growth % | - | -35.06% | -26.06% | 22.42% | 300.06% | 260.6% | - |
| Operating Expenses | 147.2M | 167.15M | 118.14M | 48.64M | 24.32M | 17.07M | 18.99M |
| OpEx % of Revenue | - | 15.26% | 11.19% | 7.92% | 5.04% | 9.9% | 16.99% |
| Selling, General & Admin | 136.63M | 138.83M | 106.25M | 48.64M | 24.32M | 17.07M | 17.74M |
| SG&A % of Revenue | - | 12.67% | 10.06% | 7.92% | 5.04% | 9.9% | 15.87% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 28.32M | 11.89M | 0 | 0 | 0 | 1.25M |
| Operating Income | -66.36M | -16.49M | 113.88M | 265.13M | 231.99M | 47M | -1.23M |
| Operating Margin % | -6.24% | -1.51% | 10.78% | 43.18% | 48.06% | 27.26% | -1.1% |
| Operating Income Growth % | - | -114.48% | -57.05% | 14.28% | 393.64% | 3933.28% | - |
| EBITDA | 132.85M | 172.52M | 228.4M | 306.76M | 260.61M | 71.6M | 20.35M |
| EBITDA Margin % | 12.49% | 15.75% | 21.63% | 49.96% | 53.99% | 41.53% | 18.21% |
| EBITDA Growth % | -41.74% | -24.47% | -25.55% | 17.71% | 263.98% | 251.79% | - |
| D&A (Non-Cash Add-back) | 199.21M | 189.01M | 114.52M | 41.63M | 28.62M | 24.6M | 21.58M |
| EBIT | -61.56M | -10.18M | 114.43M | 265.56M | 234.62M | 47.29M | -1.25M |
| Net Interest Income | -61.7M | -58M | -38.65M | -7.69M | -15.76M | -42.2M | -32.82M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 61.7M | 58M | 38.65M | 7.69M | 15.76M | 42.2M | 32.82M |
| Other Income/Expense | -53.1M | -51.69M | -38.1M | -7.26M | -13.13M | -41.91M | -32.84M |
| Pretax Income | -119.47M | -68.18M | 75.78M | 257.87M | 218.86M | 5.09M | -34.07M |
| Pretax Margin % | -11.24% | -6.22% | 7.18% | 42% | 45.34% | 2.95% | -30.48% |
| Income Tax | -20.68M | -17.88M | 15.84M | 31.38M | 1.86M | 831K | 372K |
| Effective Tax Rate % | 17.31% | 26.22% | 20.9% | 12.17% | 0.85% | 16.33% | -1.09% |
| Net Income | -98.79M | -50.3M | 59.94M | 159.99M | 217.01M | 4.26M | -34.44M |
| Net Margin % | -9.29% | -4.59% | 5.68% | 26.06% | 44.95% | 2.47% | -30.81% |
| Net Income Growth % | -387.37% | -183.92% | -62.53% | -26.27% | 4996.43% | 112.36% | - |
| Net Income (Continuing) | -98.79M | -50.3M | 59.94M | 226.49M | 217.01M | 4.26M | -34.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.79 | -0.41 | 0.55 | 1.05 | 2.17 | 0.04 | -0.08 |
| EPS Growth % | -360.2% | -174.55% | -47.62% | -51.61% | 4993.9% | 154.9% | - |
| EPS (Basic) | - | -0.41 | 0.55 | 1.05 | 2.17 | 0.04 | -0.08 |
| Diluted Shares Outstanding | 124.63M | 122.44M | 109.18M | 100.03M | 100M | 100M | 443.87M |
| Basic Shares Outstanding | 124.63M | 122.44M | 108.23M | 100.03M | 100M | 100M | 443.88M |
| Dividend Payout Ratio | - | - | 161.64% | 48.23% | 20.75% | 234.85% | - |
Permian Basin volume concentration
According to the latest quarterly financial data, Atlas Energy Solutions experienced a revenue contraction of 10.8% in 2026Q1, marking a significant departure from the high-growth environment observed throughout 2024, where year-over-year revenue growth frequently exceeded 75% as the company scaled its Permian Basin logistics infrastructure.
The transition from rapid expansion to recent contraction suggests that the company's reliance on localized Permian drilling activity is becoming a primary constraint. Investors should monitor whether this deceleration reflects a broader cyclical downturn in regional frac activity or if the company is reaching a saturation point in its current service footprint.
As reported in recent income statements, the company's gross margin has compressed sharply from a peak of 44.6% in 2023Q4 to a mere 2.4% in 2026Q1, indicating that the cost of revenue is currently outpacing the company's ability to generate profitable throughput from its logistics assets.
This dramatic margin erosion suggests that the fixed costs associated with the Dune Express and other infrastructure investments are not yet being adequately absorbed by current volume levels. The inability to maintain pricing power in a competitive proppant market warrants further investigation into the sustainability of the current logistics-heavy business model.
Based on the provided financial figures, the company's operating margin has deteriorated into negative territory, reaching -13.5% in 2026Q1, which highlights a failure to achieve the necessary operating leverage to offset rising SG&A expenses and the high fixed-cost burden of its specialized mining and transportation equipment.
The shift from a 34.9% operating margin in 2023Q4 to consistent losses suggests that the company's overhead structure is currently misaligned with its revenue generation capacity. Analysts should scrutinize whether the recent integration of Hi-Crush assets has introduced permanent cost inefficiencies that may continue to weigh on operating performance.
Analysis of the income statement reveals that SG&A expenses have climbed to $35.7M in 2026Q1, up from $13.6M in 2023Q4, indicating that the company's administrative and operational support costs are rising even as top-line revenue growth has stalled and turned negative in recent periods.
This trend suggests a potential lack of expense discipline during a period of capital-intensive scaling. The persistent increase in non-COGS spending, combined with declining gross profits, implies that the company may be struggling to manage the complexity of its expanded logistics footprint without sacrificing bottom-line stability.
Quick answers to the most common questions about buying AESI stock.
For fiscal year 2025, Atlas Energy Solutions Inc. (AESI) reported total revenue of $1.10B. This represents a 880.0% increase compared to $111.8M in 2020.
Atlas Energy Solutions Inc. (AESI) reported a net loss of $50.3M for the fiscal year ending 2025.
Atlas Energy Solutions Inc. (AESI) reported an operating income of $-16.5M, resulting in an operating profit margin of -1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Atlas Energy Solutions Inc. (AESI) generated $150.7M in gross profit for the year, representing a gross profit margin of 13.8%. This demonstrates the company's core pricing power and production efficiency.