Here are 1-3 brief analogies for Atlas Energy Solutions (AESI):

• Nucor for frac sand: Like Nucor is a vertically integrated steel producer, AESI is a vertically integrated producer and supplier of frac sand, a critical bulk commodity for the energy industry.
• Vulcan Materials for the Permian Basin's frac sand supply: Similar to how Vulcan Materials is a leading producer of aggregates for construction, AESI specializes in mining and delivering frac sand (a type of aggregate) specifically for the oil and gas industry in the Permian Basin.

• Proppant (Frac Sand): High-quality, fine-grain frac sand used in hydraulic fracturing to prop open fissures, allowing for the extraction of oil and natural gas.
• Proppant Logistics and Delivery: Comprehensive logistics solutions, including their proprietary Dune Express system, for efficient and reliable transport of frac sand from mines to well sites.

Atlas Energy Solutions (AESI) sells primarily to other companies.

Its major customers are exploration and production (E&P) companies that operate primarily in the Permian Basin. AESI provides them with high-quality frac sand and comprehensive last-mile logistics services essential for their oil and and gas drilling and completion activities.

While Atlas Energy Solutions' public filings, such as its annual 10-K report, indicate significant customer concentration (for example, the top five customers accounted for approximately 71% of revenue in 2023, and the largest customer accounted for approximately 25% of revenue), the company does not publicly disclose the specific names of its individual major customers. Therefore, a list of named customer companies with their symbols cannot be provided.

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Ben M. "Bud" Brigham, Executive Chairman
Mr. Brigham is the founder of Atlas Energy Solutions and has served as the Executive Chairman of its board of directors since its inception. He has founded several upstream energy enterprises, including Brigham Exploration Company in 1990, which completed its IPO in 1997. He served as its President, Chief Executive Officer, and Chairman until its sale to Statoil in December 2011. In 2012, Mr. Brigham founded Anthem Ventures, LLC, a family office, and in 2022, he co-founded Langford Energy Partners. Prior to founding Brigham Exploration Company, he worked as an exploration geophysicist with Rosewood Resources and as a seismic data processing geophysicist for Western Geophysical. He earned a Bachelor of Science in Geophysics from the University of Texas at Austin.

John Turner, Chief Executive Officer
Mr. Turner has served as the Chief Executive Officer of Atlas Energy Solutions since March 2024. He previously served as Chief Financial Officer and President from November 2022 to March 2024, and as Chief Financial Officer since the company's founding in 2017. Mr. Turner has over 20 years of experience in the oil and natural gas industry, working in various capacities for both public and private entities with a focus on corporate finance, business development, and strategic planning. His prior roles include Chief Financial Officer of Brigham Exploration Company, LLC, Chief Financial Officer of Mediterranean Resources, LLC, and Vice President of Brigham Exploration Company (NASDAQ: BEXP). He holds a Bachelor of Business Administration and a Master of Business Administration from the McCombs School of Business at the University of Texas at Austin.

Blake McCarthy, Chief Financial Officer
Mr. McCarthy was appointed Chief Financial Officer of Atlas Energy Solutions, effective May 13, 2024. He is a seasoned executive with over 15 years of experience in various oil and gas finance, investing, and public company roles. Before joining Atlas, Mr. McCarthy spent seven years in operational and financial roles at NOV, Inc., including President of NOV Grant Prideco and Vice President of Corporate Development and Investor Relations. Prior to NOV, he was a principal investor with Citadel Global Equities, focusing on the global oil and gas industry, particularly the oilfield services sector, and also worked as an investment banker with Simmons & Company International. He received an A.B. degree from Princeton University.

Tim Ondrak, SVP and President, Power Business Unit
Mr. Ondrak serves as the Senior Vice President and President of the Power Business Unit at Atlas Energy Solutions. No detailed background is readily available in the provided search results beyond his title.

Kirk Ginn, Sr. Vice President, Chief Administrative Officer
Mr. Ginn has served as the Vice President of Human Resources and EHS for Atlas Energy Solutions since September 2017. Prior to joining the company, Mr. Ginn was the Vice President of Human Logistics for Axion Logistics L.L.C. from December 2015 to September 2017, where he was responsible for developing and delivering human resources and people strategies.

The key risks to Atlas Energy Solutions' (AESI) business operations and financial performance are primarily linked to its reliance on the highly cyclical oil and gas industry, ongoing operational inefficiencies, and broader financial stability concerns.

1. Dependence on the Volatile Oil and Gas Industry: Atlas Energy Solutions operates in a market highly sensitive to fluctuations in oil and natural gas prices, which directly impacts the demand for its proppant and logistics services. The company has experienced an industry-wide decline in activity levels, including rig cuts by Exploration & Production (E&P) companies and deferred projects, leading to pressure on revenue and margins. Weak demand in the West Texas market, a critical area for oil industry activity, has further contributed to challenges across supply chains. This market volatility has resulted in missed revenue expectations and downward revisions in company guidance.
2. Operational Inefficiencies and Cost Pressures: Atlas Energy Solutions faces significant operational hurdles, notably at its Kermit facility, which has experienced issues with dredge feed and wet shed operations. These operational challenges have led to increased operating expenses per ton, elevated third-party service costs, and downtime, negatively impacting overall efficiency and profitability. Furthermore, the company has encountered declining sand volumes and pressure on logistics margins due to factors like seasonality and falling trucking rates. These inefficiencies contribute to higher costs of goods sold and have raised concerns about the company's ability to meet projected output targets.
3. Financial Stability Concerns, including Debt and Share Dilution: The company has demonstrated a reliance on debt financing to fuel its growth initiatives, leading to increased long-term debt. To conserve capital for strategic growth opportunities, particularly in its power business, Atlas Energy Solutions has suspended its dividend. Additionally, the issuance of new shares has resulted in share dilution, impacting earnings per share for existing shareholders. The uncertainty surrounding potential changes in U.S. trade policy and the imposition of tariffs also poses a risk, as increased raw material costs could strain financial performance if they cannot be passed on to customers.

• Frac Sand (Proppant) Production: The addressable market for frac sand, specifically in the Permian Basin where Atlas Energy Solutions primarily operates, was estimated at nearly 60 million tons per year in 2023. This demand is projected to increase to almost 80 million tons by 2025. The Permian Basin is a significant region, expected to account for approximately 60% of total U.S. proppant demand in both 2024 and 2025. More broadly, the global frac sand market was valued at approximately $9.61 billion in 2024 and is anticipated to reach $19.81 billion by 2034, with a compound annual growth rate (CAGR) of 7.50% between 2025 and 2034.
• Logistics (Last Mile and Proppant Logistics): While a specific dollar value for the addressable market of proppant logistics is not explicitly stated, Atlas Energy Solutions' Dune Express system alone transports 13 million tons of frac sand annually within the Delaware Basin, a sub-basin of the Permian. This highlights a significant operational scale within the Permian Basin's broader proppant market. The company's acquisition of Hi-Crush's Permian Basin proppant production and North American logistics operations further expanded its capabilities in this area.
• Distributed Power Solutions: Atlas Energy Solutions is expanding its power business to provide long-term power solutions. The tangible opportunity set for permanent power installations in commercial, industrial, and data center end markets is approaching 2 gigawatts (GW). The company aims to have over 400 megawatts (MW) of power generation capacity deployed across its business by early 2027, with the majority under long-term contracts. This market is primarily focused on the U.S. region, particularly where energy demand in commercial, industrial, and technology sectors is growing.

Atlas Energy Solutions (AESI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Power Generation Business: Atlas is making significant strides in its power business, with plans to deploy over 400 megawatts of power by early 2027. The majority of these assets are anticipated to be under long-term contracts, indicating a strategic expansion into distributed power systems as a new and growing revenue stream.
2. Increased Market Share and Proppant/Logistics Volumes in the Permian Basin: The company has successfully grown its market share in the Permian Basin to approximately 35% during a challenging market, with expectations for further growth. As activity levels in the Permian Basin stabilize and potentially increase, Atlas's focus on its core proppant supply and integrated logistics network is expected to translate into higher sales volumes.
3. Strategic Acquisitions and Integration of New Technologies/Services: Atlas has demonstrated a commitment to growth through strategic acquisitions. For example, the acquisition of Moser Energy Systems expanded its capabilities in the power segment, and the PropFlow acquisition introduced patented on-wellsite proppant filtration technology, enhancing its logistics operations and overall service offerings. These integrations allow for broader solution offerings and new market entries, driving revenue diversification.
4. Enhanced Operational Efficiency and Integrated Logistics Network: While primarily focused on cost savings and margin improvement, significant investments in operational efficiencies, including new capital projects like the Dune Express and PropFlow, are expected to bolster Atlas's competitive advantage. A more efficient and integrated logistics network can enable the company to handle higher volumes, offer more competitive services, and secure additional long-term contracts, indirectly contributing to revenue growth by strengthening its market position.

**Share Repurchases**

• Atlas Energy Solutions initiated a $200 million stock repurchase program on October 28, 2024, authorized through December 31, 2026.

**Share Issuance**

• Atlas Energy Solutions completed its Initial Public Offering (IPO) on March 9, 2023, offering 18,000,000 shares of Class A common stock at $18.00 per share, raising approximately $292.9 million, or $338.4 million if underwriters exercised their option for additional shares.
• On January 30, 2025, the company priced an upsized underwritten public offering of 11,500,000 shares of common stock at $23.00 per share, generating total gross proceeds of $264.5 million.
• The number of shares outstanding increased by 9.07% in the last 12 months (as of a recent reporting period).

**Outbound Investments**

• Atlas Energy Solutions acquired Moser Engine Service, Inc. (d/b/a Moser Energy Systems) for $220 million in the first quarter of 2025. This acquisition aims to diversify the company's portfolio into power generation.
• Following the second quarter of 2025, Atlas acquired PropFlow, a patented on-site proppant filtration system.

**Capital Expenditures**

• Annual capital expenditures were $89.592 million in 2022 and $365.486 million in 2023.
• Total capital expenditures for the first half of 2025 were approximately $69.6 million, with a budget of $115 million for the full year 2025.
• A significant focus of capital expenditures includes the Dune Express conveyor system, which was expected to cost approximately $400 million and began commercial service in Q2 2025, enhancing proppant delivery efficiency. Capital expenditures are also directed towards power-related growth following the Moser Acquisition.