Risk Sleuth
AESI · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

Atlas Energy Solutions

28 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top 10 customers

earns from · approximately 82.4% of total revenuenamed as a risk
Our 10 largest customers accounted for approximately 82.4% of total revenue for the year ended December 31, 2025, and approximately 82.0% of total revenue for the year ended December 31, 2024.Risk factors (Item 1A)

Also named by CLS, COR, ECG, JBHT, MTSI, MYRG, Q, VEEV and 1 more

Two power segment customers

earns from · more than 30% of its total revenuesnamed as a risk
In 2025, our power segment derived more than 30% of its total revenues from two customers.Risk factors (Item 1A)

Data centers

earns fromnamed as a risk
The demand for power generation is largely based on expected future demand from several traditional and emerging sources, including data centers and other technology sector requirements and applications, re-shoring of manufacturing in the U.S., the electrification of industry more broadly, and other demand drivers.Market risk (Item 7A)

Also named by AGX, BKR, BSM, CBRE, CEG, CMI, CNP, CTOS and 26 more

Suppliers

Sole key power generation equipment supplier

depends onnamed as a risk
Our power generation business is dependent on a sole key supplier for access to the unique equipment used in the provision of our distributed power offering.Risk factors (Item 1A)

Partners and platforms

Stonebriar

depends on · $540.0 million single advance term loan
On February 21, 2025, Atlas LLC entered into the 2025 Term Loan Credit Agreement with Stonebriar, as administrative agent and initial lender, pursuant to which Stonebriar extended Atlas LLC the 2025 Term Loan Credit Facility comprised of a $540.0 million single advance term loan that was made on February 21, 2025.Risk factors (Item 1A)

Autonomous trucking technology partner

depends onnamed as a risk
Our autonomous trucking platform is dependent on our technology partner’s obligation to develop and maintain the underlying platform, and any failure by our technology partner, or any vendors it relies on, to do so may adversely impact our business and the deployment of this technology.Risk factors (Item 1A)

Other companies

Dune Express conveyor

depends on · capable of transporting 13 million tons of proppant annuallynamed as a risk
Operation of the Dune Express will depend on transmission and distribution facilities.Risk factors (Item 1A)

Reservation Agreement for 240 MW power generation equipment

depends on · approximately $278.3 million
The aggregate cost of such equipment is approximately $278.3 million.Business (Item 1)

Competitors

U.S. Silica Inc.

competes with
We compete with both public and private large, national producers and small, regional or local in-basin proppant providers, such as Iron Oak Energy Solutions, Liberty Energy Inc., U.S. Silica Inc., Alpine Silica, Badger Mining Corporation, Vista Proppants and Logistics and Capital Sand Company, among others.Business (Item 1)

Places

West Texas (Kermit and Monahans facilities, Winkler and Ward Counties)

concentrated in · All of our product revenuenamed as a risk
All of our product revenue is currently derived from our Kermit and Monahans facilities located in Winkler and Ward Counties in Texas and the OnCore distributed mining network located in West Texas.Risk factors (Item 1A)

Permian Basin

concentrated innamed as a risk
Currently, a majority of our operations are geographically concentrated in the Permian Basin.Risk factors (Item 1A)

Also named by APA, ARLP, AROC, ATO, CRGY, CVX, DINO, DMLP and 20 more

Hazards

Drought

operates innamed as a risk
If in the future there is insufficient capacity available from this aquifer to provide a source of water for our dredging and associated processes as a result of drought or similar conditions affecting the environment, we will be required to obtain water from other sources that may not be readily available, or may be too costly, and we may be unable to continue our dredge mining operations entirely.Risk factors (Item 1A)

Also named by AM, AWK, BF/B, BMI, CEG, EOG, ES, FPI and 8 more

Winter Storm Uri

operates innamed as a risk
For example, in February 2021, Texas and New Mexico experienced record-setting cold temperatures from Winter Storm Uri.Risk factors (Item 1A)

Also named by BKH, VST

Commodities and inputs

Natural gas

exposed to its price · approximately 1.3%named as a risk
Natural gas and electricity costs in our sand and logistics segment represented approximately 1.3% and 2.8%, respectively, of our total product revenue in the year ended December 31, 2025, and 1.0% and 1.3%, respectively, of our total product revenue in the year ended December 31, 2024.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AGX, ALB, AMRC and 132 more

Electricity

exposed to its price · 2.8%named as a risk
Natural gas and electricity costs in our sand and logistics segment represented approximately 1.3% and 2.8%, respectively, of our total product revenue in the year ended December 31, 2025, and 1.0% and 1.3%, respectively, of our total product revenue in the year ended December 31, 2024.Risk factors (Item 1A)

Also named by AA, APD, APLD, ATI, ATO, BA, BMNR, CLF and 22 more

Frac sand (sand-based proppant)

exposed to its price · approximately $21.00 per tonnamed as a risk
For the years ended December 31, 2025, 2024, and 2023, our average price was approximately $21.00 per ton, $25.26 per ton, and $42.63 per ton, respectively.Risk factors (Item 1A)

Also named by LB, PR

Crude oil

exposed to its pricenamed as a risk
The market for our services is indirectly exposed to fluctuations in the price of electricity and crude oil and natural gas, to the extent such fluctuations impact drilling and completion activity levels and thus impact the activity levels of our customers in the exploration and production and oilfield services industries.Market risk (Item 7A)

Also named by ALK, APA, ARLP, BDX, CFR, CL, CLMT, COP and 48 more

Aquifer underlying Kermit and Monahans acreage (water supply)

depends onnamed as a risk
The dredging process that we currently employ to produce from our Kermit, Texas and Monahans, Texas proppant production and processing facilities requires significant quantities of water from the aquifer underlying our acreage.Risk factors (Item 1A)

Regulators

Bureau of Land Management (BLM)

subject tonamed as a risk
Many of our customers possess leases in New Mexico, which are granted by the federal government and administered by the BLM.Risk factors (Item 1A)

Also named by BTU, CHRD, CRC, CRGY, DC, DMLP, DVN, EOG and 7 more

Mine Safety and Health Administration (MSHA)

subject tonamed as a risk
The federal Mine Safety and Health Administration (“MSHA”) is the primary regulatory organization governing proppant mining and processing.Business (Item 1)

Also named by ARLP, BTU, CDE, GVA, HCC, HL, MLM, MP and 4 more

U.S. Department of Transportation (DOT)

subject to
Among the services we provide, we operate as a motor carrier and therefore are subject to regulation by the DOT and various state agencies.Business (Item 1)

Also named by ACHR, ALK, BLDR, CHRW, CTAS, DAL, EXPE, FDX and 19 more

Texas Commission on Environmental Quality (TCEQ)

subject to
Operations are predominantly regulated by the TCEQ with respect to environmental compliance.Business (Item 1)

Also named by LNG, USAC

Laws and programs

U.S. Section 232 steel tariffs

exposed to its price · 50% tariff on steel importsnamed as a risk
Additionally, on June 3, 2025, the U.S. government imposed a 50% tariff on steel imports, an increase from the previously announced 25% tariff.Risk factors (Item 1A)

Also named by ARLP, CLF, ET, JBI, NUE, RBC, SUN, SUNC and 2 more

MSHA respirable crystalline silica rule

subject to · 50 micrograms per cubic meter of airnamed as a risk
We could face increased compliance costs as a result of this rule.Risk factors (Item 1A)

Also named by ARLP

Dunes sagebrush lizard (Endangered Species Act listing)

subject to · as much as 17,000 acresnamed as a risk
The DSL is one example of a species that, if listed as endangered or threatened under the ESA, could impact our operations and the operations of our customers.Risk factors (Item 1A)

2023 ABL Credit Facility (SOFR)

exposed to its price · $50.0 million of debt outstandingnamed as a risk
As of December 31, 2025, we had $50.0 million of debt outstanding under the 2023 ABL Credit Facility.Market risk (Item 7A)

Hydraulic fracturing regulation

subject tonamed as a risk
The adoption of new laws or regulations at the federal or state levels imposing reporting obligations on, or otherwise limiting or delaying, the hydraulic fracturing process could make it more difficult to complete natural gas wells, increase our customers’ costs of compliance and doing business and otherwise adversely affect the hydraulic fracturing services they perform, which could negatively impact demand for our proppant.Business (Item 1)

Also named by AGX, AM, COP, CVX, DTM, EPD, EXE, HESM and 7 more

Lesser prairie-chicken (Endangered Species Act listing)

subject tonamed as a risk
The listed territory of the Southern DPS could overlap with the operating areas of some of our customers, who in turn may be adversely affected by any restrictions which arise as a result of the endangerment determination.Risk factors (Item 1A)