Atlas Energy Solutions (AESI) - 2025 Q1 - Quarterly Report

Acquisitions and Mergers - The Company completed the Moser Acquisition on February 24, 2025, for a total consideration of $180.0 million in cash and approximately 1.7 million shares of common stock [222]. - The Moser Acquisition is subject to customary post-closing adjustments, and the Moser Stock Consideration is redeemable by the Company within 90 days of closing [222]. - The company completed the Moser Acquisition on February 24, 2025, for$180 million, impacting operational results [265]. Financial Performance - Net income for Q1 2025 decreased to $1.2 million from$26.8 million in Q1 2024, representing a decline of 95.5% [258]. - Total revenue increased to $297.6 million in Q1 2025, up from$192.7 million in Q1 2024, marking a growth of 54.4% [267]. - Adjusted EBITDA for Q1 2025 was $74.3 million, slightly down from$75.5 million in Q1 2024, a decrease of 1.6% [258]. - Service revenue surged to $150.6 million in Q1 2025, a 90.5$79.2 million in Q1 2024, driven by higher logistics sales volumes [269]. - Product revenue rose by $26.2 million to$139.6 million in Q1 2025, despite a $36.8 million decrease due to lower proppant prices [268]. - Gross profit for Q1 2025 was$54.5 million, down from $68.7 million in Q1 2024, a decline of 20.7$58.8 million, compared to $71.1 million in Q1 2024, reflecting a decrease of 17.3$52.4 million, down from $95.5 million in Q1 2024, a reduction of 45.1$100.0 million to a total of $200.0 million, with an interest rate of 5.95$540.0 million on February 21, 2025 [231]. - The 2025 Term Loan Credit Facility has a final maturity date of March 1, 2032, and bears interest at a rate of 9.51% per annum [233]. - Total debt increased to $527.2 million as of March 31, 2025, compared to$481.3 million a year earlier, an increase of 9.5% [262]. - The Company drew down $20.0 million from the DDT Loan, with an interest rate of 10.58$150.0 million at an interest rate of 10.86%, payable in 76 monthly installments of $2.7 million starting April 1, 2024 [312]. - The 2023 ABL Credit Facility provides revolving credit financing of up to$75.0 million, with a maturity date of February 22, 2028 [316]. - The Borrowing Base was initially set at $75.0 million and increased to$125.0 million following the First Amendment to the 2023 ABL Credit Agreement [319]. - The Company used a portion of the proceeds from the Equity Offering to repay the remaining $70.0 million of the outstanding principal balance of the 2023 ABL Credit Facility in February 2025 [341]. Market Conditions and Risks - The price for West Texas Intermediate (WTI) crude oil decreased by approximately 16$68.24 per barrel in Q1 2025 compared to $81.28 per barrel in Q1 2024 [242]. - The U.S. government imposed a 25$0.25 per share of Common Stock on February 11, 2025, and another $0.25 per share on May 2, 2025 [241].