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

Financial Performance - Total revenue for Q1 2025 was $297.6 million, a 9.7% increase from Q4 2024[7] - Net income for Q1 2025 was $1.2 million, with a net income margin of 0%[6] - Adjusted EBITDA for Q1 2025 was $74.3 million, representing a 25% adjusted EBITDA margin[6] - Sales volumes increased to 5.7 million tons, an 11.8% increase compared to Q4 2024[7] - The cost of sales for Q1 2025 was $206.1 million, a 7.9% increase from Q4 2024[8] - SG&A expenses rose to $34.4 million, a 34.9% increase compared to Q4 2024, primarily due to acquisition-related costs[9] - Net income for the three months ended March 31, 2025, was $1,219 thousand, a significant decrease from $26,787 thousand in the previous quarter and $14,402 thousand in the same period last year[24] - Adjusted EBITDA for the same period was $74,291 thousand, slightly down from $75,543 thousand in the previous quarter but up from $63,236 thousand year-over-year[30] - Adjusted Free Cash Flow was reported at $58,758 thousand, compared to $71,083 thousand in the previous quarter and $47,934 thousand in the same period last year[31] - The Adjusted EBITDA Margin for the quarter was 25%, down from 39% in the previous quarter[31] Assets and Liquidity - Total current assets increased to $376,374 thousand as of March 31, 2025, up from $289,418 thousand a year earlier, driven by a rise in accounts receivable[26] - Total assets reached $2,294,780 thousand, compared to $1,972,652 thousand as of December 31, 2024, reflecting growth in property, plant, and equipment[26] - Cash and cash equivalents decreased to $68,674 thousand from $71,704 thousand at the end of the previous quarter[26] - Total liquidity as of March 31, 2025, was $193.5 million, including $68.7 million in cash[10] Cash Flow and Expenditures - The company reported a net cash used in operating activities of $(7,450) thousand for the quarter, a decline from $39,562 thousand in the previous quarter[31] - Maintenance Capital Expenditures for the quarter were $15,533 thousand, up from $4,460 thousand in the previous quarter[33] - The company raised $253,070 thousand from equity offerings during the quarter, contributing to a net cash provided by financing activities of $232,922 thousand[24] Tax and Interest Expenses - Current income tax expense for Q1 2025 is $914,000, compared to $414,000 in Q1 2024, reflecting a significant increase[35] - Net interest expense for Q1 2025 is $12,078,000, up from $4,978,000 in Q1 2024, indicating a substantial rise in financing costs[37] - Cash interest expense for Q1 2025 is $11,831,000, compared to $6,491,000 in Q1 2024, showing an increase of approximately 82% year-over-year[37] Future Outlook - The company expects sales volumes and adjusted EBITDA to be relatively flat to up sequentially in Q2 2025 compared to Q1 2025[13] - The acquisition of Moser Energy Systems is anticipated to provide a platform for future growth and operational efficiencies[5]