Core Insights - Descartes Systems Group has been instrumental in helping Estes Logistics grow its dedicated logistics business from under $200 million to over $500 million in annual revenue over 15 years, while maintaining an on-time delivery rate exceeding 98% [1][2] Company Overview - Estes Logistics, a division of Estes Express Lines, provides dedicated and specialty transportation solutions, leveraging over 20 years of logistics expertise and the support of North America's largest privately owned freight carrier [3] - The company operates a fleet of over 10,500 tractors and has more than 300 North American terminals, ensuring efficient freight movement across a vast network [3] Technology Utilization - Estes Logistics utilizes Descartes' routing and mobile technology to manage various logistics operations, including night-time unattended deliveries, multi-leg deliveries, and pool distribution, enhancing route density and asset utilization [2][3] - The technology allows for real-time updates on shipment status, performance monitoring, and efficient onboarding of new business [2][4] Performance Metrics - The collaboration with Descartes has enabled Estes Logistics to execute tens of thousands of weekly final mile deliveries across diverse commodities, achieving rapid onboarding for new customers without lengthy IT projects [4][5] - The company maintains a high level of driver compliance with realistic route plans, consistently meeting fleet performance goals [4]

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].