Core Viewpoint - The logistics industry is evolving rapidly, driven by technological advancements and increasing global trade demands, with a focus on efficiency, cost reduction, and risk management [1][2][14]. Group 1: Industry Growth and Expectations - Logistics has become a cornerstone of global e-commerce and manufacturing, with the express delivery volume projected to reach 1.745 billion packages in 2024, up from 919 million packages 12 years ago [1]. - The Chinese government has initiated plans to promote the digital transformation of logistics to enhance efficiency and reduce costs [1]. Group 2: Role of Technology in Logistics - Logistics technology companies are becoming essential in building a more robust and agile global logistics network, utilizing algorithms and AI to optimize supply chain strategies [2][4]. - SF Technology, a subsidiary of SF Express, has been recognized as the only logistics technology company in the 2025 Fortune China Tech 50 list, highlighting its significant impact on the industry [2][4]. Group 3: Innovations by SF Technology - SF Technology has implemented various technological innovations, including the development of logistics drones, AI-driven decision-making platforms, and proprietary models like "Fengyu" and "Fengzhi" to enhance operational efficiency [5][10][12]. - The "SF Super Brain" platform has been upgraded to facilitate intelligent decision-making, significantly improving logistics network efficiency and reducing carbon emissions [8][10]. Group 4: Supply Chain Solutions - The Baichuan platform developed by SF Technology offers comprehensive supply chain solutions, adaptable to various industries and capable of supporting global operations [11][12]. - SF Technology's innovations have led to improved decision-making accuracy and efficiency, with notable enhancements in logistics operations across multiple sectors [12][14].

Core Viewpoint - Atlas Energy Solutions reported a net loss in Q2 2025, indicating deteriorating profitability and significant margin pressure compared to the previous year [1][6]. Financial Performance - The company posted a GAAP EPS of ($0.04), a decline of 130.8% from $0.13 in Q2 2024 [2]. - GAAP revenue was $288.7 million, slightly up by 0.4% from $287.5 million in Q2 2024 [2][5]. - Adjusted EBITDA decreased to $70.5 million, down 10.9% from $79.1 million in Q2 2024 [2][6]. - Adjusted free cash flow fell by 33.6% to $48.9 million from $73.7 million in Q2 2024 [2]. - The net loss for the quarter was $5.6 million, influenced by softer demand and a $4.1 million credit loss expense [6]. Business Overview - Atlas Energy Solutions specializes in supplying proppant for hydraulic fracturing, leveraging large-scale mining and innovative logistics [3]. - The company has focused on enhancing its logistics capabilities through technology investments, including the Dune Express conveyor system and autonomous trucking initiatives [4]. Operational Developments - Proppant sales volumes decreased by 4% to 5.4 million tons, with average realized prices settling in the low-$20s [5]. - The Dune Express conveyor has significantly reduced trucking miles, with an estimated 1.8 million truck miles saved since its launch [7]. - Rental revenue from the Power segment increased to $16.0 million, doubling from the previous quarter, indicating growth potential [8]. Future Outlook - Management anticipates stabilized or slightly lower revenues and adjusted EBITDA for Q3 2025, with expectations of rising contributions from the Power segment [9]. - Proppant prices are projected to decline further due to market conditions, with limited visibility into new volume growth [9]. - The company maintains a solid liquidity position with $78.8 million in cash and $203.6 million in total available liquidity as of June 30, 2025 [10].