Atlas Energy Solutions Reports Q4 and Year-End 2024 Results, Completes Moser Energy Systems Acquisition
Atlas Energy Solutions Inc. (“Atlas” or the “Company”) has announced its financial and operational results for the fourth quarter and fiscal year ending December 31, 2024. The company also confirmed the completion of its previously announced acquisition of Moser Energy Systems, further strengthening its position in the energy solutions sector.
Financial and Operational Highlights for 2024
- Total sales: $1.1 billion, a 72% increase compared to 2023.
- Net income: $59.9 million, with a 6% net income margin.
- Adjusted EBITDA: $288.9 million, reflecting a 27% adjusted EBITDA margin.
- Net cash provided by operating activities: $256.5 million.
- Adjusted Free Cash Flow: $251.3 million, representing a 24% free cash flow margin.
- Quarterly dividend increased to $0.25 per share, payable on February 28, 2025.
- Successful completion of Moser Energy Systems acquisition, enhancing Atlas’s service offerings in distributed power solutions.
Financial Summary
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Sales | $1,055,957 | $613,960 | $482,724 |
| Net Income | $59,944 | $226,493 | $217,006 |
| Net Income Margin | 6% | 37% | 45% |
| Adjusted EBITDA | $288,902 | $329,655 | $264,026 |
| Adjusted EBITDA Margin | 27% | 54% | 55% |
| Net Cash from Operations | $256,460 | $299,027 | $206,012 |
| Adjusted Free Cash Flow | $251,340 | $291,131 | $228,553 |
| Adjusted Free Cash Flow Margin | 24% | 47% | 47% |
CEO’s Statement
John Turner, President & Chief Executive Officer of Atlas, stated, “The acquisition of Moser Energy Systems represents a strategic investment that expands our presence in the oil and gas value chain as well as the emerging distributed power markets. This move strengthens Atlas’s leadership in energy solutions and offers stability in cash flow. With this acquisition and our recent equity offering, Atlas is positioned for significant growth in 2025 as we enhance our operational capacity through the Dune Express project and distributed power solutions.”
Year-End 2024 Financial Performance
Atlas reported a total sales increase of $442.0 million (72.0%) compared to 2023, reaching $1.1 billion. Product sales grew by 10.1% to $515.4 million, while service sales surged by 270.7% to $540.5 million.
Cost of sales (excluding depreciation, depletion, and accretion expenses) rose by 178.5% to $725.2 million. This increase was driven by expanded product and service offerings, the acquisition of Hi-Crush in March 2024, higher operational costs due to fire-related incidents at Kermit facilities, and delays in dredge commissioning.
Selling, general, and administrative expenses (SG&A) increased by 118.5% to $106.2 million. Included in this were $22.4 million in stock-based compensation and $19.2 million in acquisition-related expenses.
Net income stood at $59.9 million, with Adjusted EBITDA at $288.9 million.
Q4 2024 Performance
In the fourth quarter of 2024, total sales declined sequentially by 10.9% to $271.3 million. Product sales decreased by 11.6% to $128.4 million, with sales volumes dropping to 5.1 million tons (-15%) due to lower pricing. Service sales fell by 10.2% to $142.9 million.
Cost of sales declined by 15.2% to $191.0 million. SG&A remained stable at $25.5 million. Net income rose 269.2% sequentially to $14.4 million, while Adjusted EBITDA declined by 11.1% to $63.2 million.
Liquidity and Capital Expenditures
As of December 31, 2024, Atlas reported a total liquidity of $206.5 million, consisting of:
- $71.7 million in cash and cash equivalents.
- $54.8 million available under its ABL Facility.
- $80.0 million available under the Delayed Draw Term Loan Facility.
- $70.0 million in borrowings under the ABL Facility.
- $0.2 million in undrawn letters of credit.
Net cash used in investing activities was $512.7 million, mainly due to:
- Dune Express construction costs.
- Acquisition of Hi-Crush.
- Additional OnCore system deployments.
Stock and Shareholder Updates
As of December 31, 2024, Atlas had 110,217,322 shares of common stock outstanding.
