Atlas Energy Solutions Inc. Segments Disclosure
Note 16 – Business Segments
Prior to the completion of the Moser Acquisition, we operated as a single segment which reflected how our business was managed and the nature of our services. Following the Moser Acquisition, we re-evaluated our reportable segments and now report two distinct business segments, the sand and logistics segment and the power segment. The operating segments have been identified based on the Company’s management structure, revenue generating activities, and the financial data utilized by the Company’s to assess segment performance and allocate resources among segments.
Our CODM evaluates the performance of our business segments and allocates resources based on segment gross profit. Components within segment gross profit, such as revenues and cost of sales, are used to monitor actual performance. Intersegment transactions have been eliminated in the computation of gross profit and assets.
The following tables summarize selected financial information relating to our business segments (in thousands):
|
|
Year Ended December 31, |
|
|||||||||||||||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||||||||||||||||||||||||||
|
|
Sand & Logistics |
|
|
Power |
|
|
Total |
|
|
Sand & Logistics |
|
|
Power |
|
|
Total |
|
|
Sand & Logistics |
|
|
Power |
|
|
Total |
|
|||||||||
Product revenue |
|
$ |
477,985 |
|
|
$ |
— |
|
|
$ |
477,985 |
|
|
$ |
515,434 |
|
|
$ |
— |
|
|
$ |
515,434 |
|
|
$ |
468,119 |
|
|
$ |
— |
|
|
$ |
468,119 |
|
Service revenue |
|
|
558,774 |
|
|
|
— |
|
|
|
558,774 |
|
|
|
540,523 |
|
|
|
— |
|
|
|
540,523 |
|
|
|
145,841 |
|
|
|
— |
|
|
|
145,841 |
|
Rental revenue |
|
|
— |
|
|
|
58,551 |
|
|
|
58,551 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total revenue |
|
|
1,036,759 |
|
|
|
58,551 |
|
|
|
1,095,310 |
|
|
|
1,055,957 |
|
|
|
— |
|
|
|
1,055,957 |
|
|
|
613,960 |
|
|
|
— |
|
|
|
613,960 |
|
Cost of sales (excluding depreciation, depletion and accretion expense) (1) |
|
|
762,781 |
|
|
|
21,714 |
|
|
|
784,495 |
|
|
|
725,196 |
|
|
|
— |
|
|
|
725,196 |
|
|
|
260,396 |
|
|
|
— |
|
|
|
260,396 |
|
Depreciation, depletion and accretion expense (1) |
|
|
150,486 |
|
|
|
9,662 |
|
|
|
160,148 |
|
|
|
98,747 |
|
|
|
— |
|
|
|
98,747 |
|
|
|
39,798 |
|
|
|
— |
|
|
|
39,798 |
|
Gross profit |
|
$ |
123,492 |
|
|
$ |
27,175 |
|
|
$ |
150,667 |
|
|
$ |
232,014 |
|
|
$ |
— |
|
|
$ |
232,014 |
|
|
$ |
313,766 |
|
|
$ |
— |
|
|
$ |
313,766 |
|
Selling, general and administrative expense (including stock-based and unit-based compensation expense of $33,227, $22,381, and $7,409, respectively) |
|
|
|
|
|
|
|
|
138,829 |
|
|
|
|
|
|
|
|
|
106,223 |
|
|
|
|
|
|
|
|
|
48,608 |
|
||||||
Credit loss expense |
|
|
|
|
|
|
|
|
4,778 |
|
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
|
|
|
|
28 |
|
||||||
Amortization expense of acquired intangible assets |
|
|
|
|
|
|
|
|
23,547 |
|
|
|
|
|
|
|
|
|
12,316 |
|
|
|
|
|
|
|
|
|
— |
|
||||||
Change in fair value of contingent consideration |
|
|
|
|
|
|
|
|
(3,360 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
||||||
Loss on disposal of assets |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
19,672 |
|
|
|
|
|
|
|
|
|
— |
|
||||||
Insurance recovery (gain) |
|
|
|
|
|
|
|
|
(2,217 |
) |
|
|
|
|
|
|
|
|
(20,098 |
) |
|
|
|
|
|
|
|
|
— |
|
||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
(10,910 |
) |
|
|
|
|
|
|
|
|
113,876 |
|
|
|
|
|
|
|
|
|
265,130 |
|
||||||
Interest (expense), net |
|
|
|
|
|
|
|
|
(57,996 |
) |
|
|
|
|
|
|
|
|
(38,647 |
) |
|
|
|
|
|
|
|
|
(7,689 |
) |
||||||
Other income (expense), net |
|
|
|
|
|
|
|
|
727 |
|
|
|
|
|
|
|
|
|
551 |
|
|
|
|
|
|
|
|
|
430 |
|
||||||
Income (loss) before income taxes |
|
|
|
|
|
|
|
|
(68,179 |
) |
|
|
|
|
|
|
|
|
75,780 |
|
|
|
|
|
|
|
|
|
257,871 |
|
||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
(17,875 |
) |
|
|
|
|
|
|
|
|
15,836 |
|
|
|
|
|
|
|
|
|
31,378 |
|
||||||
Net income (loss) |
|
|
|
|
|
|
|
$ |
(50,304 |
) |
|
|
|
|
|
|
|
$ |
59,944 |
|
|
|
|
|
|
|
|
$ |
226,493 |
|
||||||
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
The following tables reconcile segment total assets and capital expenditures incurred (in thousands):
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
Sand & Logistics |
|
$ |
1,946,298 |
|
|
$ |
1,972,652 |
|
Power |
|
|
282,130 |
|
|
|
— |
|
Total assets |
|
$ |
2,228,428 |
|
|
$ |
1,972,652 |
|
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Sand & Logistics |
|
$ |
114,112 |
|
|
$ |
371,035 |
|
|
$ |
431,618 |
|
Power |
|
|
27,356 |
|
|
|
— |
|
|
|
— |
|
Total capital expenditures incurred |
|
$ |
141,468 |
|
|
$ |
371,035 |
|
|
$ |
431,618 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.