Atlas Energy Solutions Announces Fourth Quarter and Year End 2025 Results

AUSTIN, Texas--( BUSINESS WIRE)--Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the “Company”) today reported financial and operating results for the fourth quarter and fiscal year ended December 31, 2025.

Year End 2025 Financial Highlights and Operational Updates

Financial Summary

Year Ended

December

31, 2025

December

31, 2024

December

31, 2023

(in thousands, except percentages)

Revenue

1,095,310

1,055,957

613,960

Net income (loss)

(50,304

)

59,944

226,493

Net Income (loss) Margin

Adjusted EBITDA (1)

221,680

288,902

329,655

Adjusted EBITDA Margin (1)

Net cash provided by operating activities

117,346

256,460

299,027

Adjusted Free Cash Flow (1)

152,005

250,480

291,131

Adjusted Free Cash Flow Margin (1)

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP financials measures. See Non-GAAP Financial Measures for a discussion of these measures and a reconciliation of these measures to our most directly comparable financial measures calculated and presented in accordance with GAAP.

John Turner, President & CEO, commented, “Our fourth quarter results exceeded our initial expectations primarily driven by stronger volumes relative to what we anticipated going into the holiday season. The seasonality we typically see at the end of the year was particularly muted as customers took minimal time off around the holidays. Despite challenging market conditions, we believe the team’s commercial efforts should allow Atlas to grow volumes in 2026. Leaning on our cost-advantaged mines and logistics network, we were able to increase our share of current customers’ sand procurement spend while also adding some key new customers relationships that we expect to grow in scale over the course of 2026 and beyond.

The quarter was highlighted by the highest levels of utilization for the Dune Express we have seen to date as customers in the Delaware Basin are beginning to realize the efficiency and reliability improvements the system generates in their logistics supply chains. We expect this to foreshadow the system’s utilization during 2026.

In November, we announced the order of 240 MWs of power generation equipment, accelerating our evolution into a leading provider of behind-the-meter long-term power solutions across a broad range of domestic industries – from energy to data centers and manufacturing. Our pipeline of opportunities continues to expand, and we are targeting more than 500 MWs deployed across our fleet in 2027 with substantial additional growth potential as we secure larger-scale projects and build on initial orders.”

Bud Brigham, Executive Chairman, said, “The growth case for Atlas is as exciting as it has ever been in my opinion. While waiting for Permian activity to recover, Atlas has an opportunity to redefine our cash flow and future with long-term behind-the-meter power contracts. I could not be more excited about the future of Atlas.”

Year End 2025 Financial Results

Total revenue for the year ended December 31, 2025 increased $39.4 million, or 3.7% when compared to the year ended December 31, 2024, to $1.1 billion. Product revenue decreased $37.4 million, or (7.3%) when compared to the prior year, to $478.0 million. Service revenue increased by $18.3 million, or 3.4% when compared to the prior year, to $558.8 million. Rental revenue for the year ended December 31, 2025 was $58.5 million.

Cost of sales (excluding depreciation, depletion and accretion expense) (“cost of sales”) for the year ended December 31, 2025 increased by $59.3 million, or 8.2% when compared to the prior year, to $784.5 million.

Selling, general and administrative expenses (“SG&A”) for the year ended December 31, 2025 increased by $32.6 million, or 30.7% when compared to the prior year, to $138.8 million. Included within our SG&A is $33.2 million in stock-based compensation, $2.7 million in other non-recurring costs and $7.0 million in other acquisition related costs.

Net income (loss) for the year ended December 31, 2025 was $(50.3) million, and Adjusted EBITDA for the year ended December 31, 2025 was $221.7 million.

Fourth Quarter 2025 Financial Results

Fourth quarter 2025 total revenue declined $10.2 million, or (3.9%) when compared to the third quarter of 2025, to $249.4 million. Product revenue declined by $1.6 million, or (1.5%) when compared to the third quarter of 2025, to $105.2 million. Fourth quarter 2025 product revenue volumes were 5.3 million tons, flat sequentially when compared to the levels in the third quarter of 2025. Service revenue declined $9.6 million, or (7.1%) when compared to the third quarter of 2025, to $126.1 million. Fourth quarter 2025 rental revenue increased $1.0 million, or 5.8% when compared to third quarter of 2025, to $18.1 million.

Fourth quarter 2025 cost of sales decreased by $7.9 million, or (4.0%) when compared to the third quarter of 2025, to $187.3 million. Cost of sales consisted of $60.6 million of plant operating costs, $115.2 million related to service costs, $7.0 million related to rental costs and $4.5 million in royalties.

SG&A for the fourth quarter of 2025 decreased by $2.6 million, or (7.2%) when compared to the third quarter of 2025, to $33.7 million.

Net (loss) for the fourth quarter of 2025 was ($22.2) million, and Adjusted EBITDA for the fourth quarter of 2025 was $36.7 million.

Liquidity, Capital Expenditures and Other

As of December 31, 2025, the Company’s total liquidity was $108.5 million, which was comprised of $40.6 million in cash and cash equivalents, and $67.9 million of availability under the Company’s 2023 ABL Credit Facility.

Future Guidance

The Company is providing financial guidance for the first quarter of 2026. Guidance is based on current outlook and plans and is subject to a number of known and unknown uncertainties and risks and constitutes a “forward-looking statement” within the meaning of Section 21E of the Securities Exchange Act of 1934 as further described under the Cautionary Statement below. Actual results may differ materially from the guidance set forth below.

For the first quarter of 2026, EBITDA is expected to be flat with fourth quarter results due to lower realized sand pricing and the impact of severe winter weather in January, which negatively impacted EBITDA generation by approximately $6 million, offsetting improved volumes in sand and logistics and increased contribution from the Power business.

Conference Call Information

The Company will host a conference call to discuss financial and operational results on February 24, 2026 at 9:00am Central Time (10:00am Eastern Time). Individuals wishing to participate in the conference call should dial (877) 407-4133. A live webcast will be available at https://ir.atlas.energy/. Please access the webcast or dial in for the call at least 10 minutes ahead of the start time to ensure a proper connection. An archived version of the conference call will be available on the Company’s website shortly after the conclusion of the call.

The Company will post an updated video titled "Atlas Growth Projects Update February 2026,” at https://ir.atlas.energy/ in the "Overview” tab on the Company’s Investor Relations webpage prior to the conference call.

About Atlas Energy Solutions

Atlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas’s portfolio of offerings includes oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on a core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words “may,” “assume,” “forecast,” “position,” “strategy,” “potential,” “continue,” “could,” “will,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Examples of forward-looking statements include, but are not limited to statements regarding:, expectations regarding the leverage profile and expectations of Atlas, our plans and expectations regarding our stock repurchase program; expected expansion and growth opportunities in Atlas’s power business, including our ability to enter into the behind-the-meter, long-term power segment, our business strategy, industry, future operations and profitability, expected capital expenditures and the impact of such expenditures on our performance, statements about our financial position, production, revenues and losses, our capital programs, management changes, current and potential future long-term contracts and our future business and financial performance.

Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: limitations on our financial flexibility due to our existing and any future indebtedness; our ability to successfully execute our share repurchase program or implement future share repurchase programs; higher than expected costs to operate our proppant production and processing facilities or the Dune Express; the volume of proppant we are able to sell and our ability to enter into supply contracts for our proppant on acceptable terms; the prices we are able to charge, and the margins we are able to realize, from our sales of proppant, logistics services, or mobile power generation; the demand for and price of proppant and power generation, particularly in the Permian Basin; the domestic and foreign supply of and demand for oil and natural gas; the effects of actions by, or disputes among or between, members of OPEC+ with respect to production levels or other matters related to the prices of oil and natural gas; customer concentration, the potential for future consolidation amongst current or potential customers and the possibility that customers may not continue to outsource their power system needs, which could affect demand for our products and services, especially in the power generation industry; inability of our customers to take delivery; any planned or future expansion projects or capital expenditures; inaccuracies in estimates of volumes and qualities of our frac sand reserves; volatility in political, legal and regulatory environments; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”), including those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K, filed with the SEC on February 25, 2025, and Quarterly Reports on Form 10-Q, filed with the SEC on May 6, 2025, August 5, 2025 and November 4, 2025, respectively, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Atlas Energy Solutions Inc.

Condensed Consolidated Statements of Income

(in thousands, except per share data)

Three Months Ended

Year Ended

December

31, 2025

September

30, 2025

December

31, 2024

December

31, 2025

December

31, 2024

December

31, 2023

(unaudited)

Product revenue

105,173

106,839

128,445

477,985

515,434

468,119

Service revenue

126,167

135,643

142,893

558,774

540,523

145,841

Rental revenue

18,090

17,131

—

58,551

—

Total revenue

249,430

259,613

271,338

1,095,310

1,055,957

613,960

Cost of sales (excluding depreciation, depletion and accretion expense)

187,298

195,230

190,967

784,495

725,196

260,396

Depreciation, depletion and accretion expense

41,896

40,619

30,476

160,148

98,747

39,798

Gross profit

20,236

23,764

49,895

150,667

232,014

313,766

Selling, general and administrative expense (including stock and unit-based compensation expense of $9,075, $9,344, $6,420, $33,227, $22,381 and $7,409, respectively.)

33,724

36,322

25,511

138,829

106,223

48,608

Credit loss expense

571

—

4,778

Amortization expense of acquired intangible assets

6,414

5,883

3,743

23,547

12,316

—

Change in fair value of contingent consideration

(3,360

)

—

(3,360

)

—

Loss on disposal of assets

—

19,672

—

Insurance recovery (gain)

(2,217

)

—

(10,098

)

(2,217

)

(20,098

)

—

Operating income (loss)

(14,896

)

(18,538

)

30,739

(10,910

)

113,876

265,130

Interest (expense), net

(16,110

)

(15,010

)

(12,018

)

(57,996

)

(38,647

)

(7,689

)

Other income, net

101

)

101

727

551

430

Income (loss) before income taxes

(30,905

)

(33,551

)

18,822

(68,179

)

75,780

257,871

Income tax expense (benefit)

(8,661

)

(9,830

)

4,420

(17,875

)

15,836

31,378

Net income (loss)

(22,244

)

(23,721

)

14,402

(50,304

)

59,944

226,493

Net income (loss) per common share

Basic

(0.18

)

(0.19

)

0.13

(0.41

)

0.55

1.50

Diluted

(0.18

)

(0.19

)

0.13

(0.41

)

0.55

1.48

Weighted average common shares outstanding

Basic

124,019

123,737

110,216

122,435

108,235

70,450

Diluted

124,019

123,737

111,262

122,435

109,176

71,035

Atlas Energy Solutions Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

Three Months Ended

Year Ended

December

31, 2025

September

30, 2025

December

31, 2024

December

31, 2025

December

31, 2024

December

31, 2023

(unaudited)

Operating activities:

Net income (loss)

(22,244

)

(23,721

)

14,402

(50,304

)

59,944

226,493

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation, depletion and accretion expense

43,430

42,048

31,342

165,459

102,207

41,634

Amortization expense of acquired intangible assets

6,414

5,883

3,743

23,547

12,316

—

Amortization of debt discount

1,781

1,423

1,038

5,712

3,573

761

Amortization of deferred financing costs

102

117

403

435

337

Change in fair value of contingent consideration

(3,360

)

—

(3,360

)

—

Loss on disposal of assets

—

19,672

—

Stock-based compensation

9,075

9,344

6,420

33,227

22,381

7,409

Deferred income tax

(6,665

)

(9,207

)

4,569

(17,495

)

15,002

29,201

Credit loss expense

571

—

4,778

Other

2,301

126

2,197

(1,618

)

111

Changes in operating assets and liabilities:

(27,698

)

6,356

9,160

(46,818

)

22,523

(6,947

)

Net cash provided by operating activities

3,707

32,447

70,853

117,346

256,460

299,027

Investing activities:

Purchases of property, plant and equipment

(21,808

)

(33,806

)

(76,431

)

(148,271

)

(373,983

)

(365,486

)

Acquisition, net of cash acquired

—

(22,658

)

(11,192

)

(204,169

)

(153,425

)

—

Proceeds from insurance recovery

2,217

—

4,700

7,615

14,700

—

Net cash used in investing activities

(19,591

)

(56,464

)

(82,923

)

(344,825

)

(512,708

)

(365,486

)

Financing Activities:

Proceeds from equity offering, net of issuance costs

—

253,070

—

Proceeds from term loan borrowing

(2,000

)

—

20,000

186,805

168,500

—

Proceeds from ABL credit facility

25,000

20,000

50,000

70,000

—

Principal payments on term loan borrowings

(3,259

)

(4,725

)

(4,452

)

(17,461

)

(14,383

)

(16,573

)

Payment on ABL credit facility

—

(70,000

)

—

Payment on Deferred Cash Consideration Note

—

(101,252

)

—

Issuance costs associated with debt financing

(135

)

—

)

(281

)

(1,189

)

(4,397

)

Payments under finance leases

(1,340

)

(941

)

(851

)

(3,972

)

(2,625

)

(2,001

)

Repayment of equipment finance notes

(1,804

)

(1,607

)

(1,036

)

(5,475

)

(3,563

)

—

Dividends

—

(30,940

)

(26,451

)

(92,281

)

(96,895

)

(62,163

)

Taxes withheld on vesting RSUs

(1,295

)

(230

)

(2,067

)

(2,546

)

(2,067

)

—

Repurchases of Common Stock under share repurchase program

—

(200

)

—

Prepayment fee on 2021 Term Loan Credit Facility

—

(2,649

)

Net proceeds from IPO

—

303,426

Payment of offering costs

—

(6,020

)

Member distributions prior to IPO

—

(15,000

)

Net cash provided by (used in) financing activities

15,167

(13,443

)

5,137

196,407

117,778

194,623

Net decrease in cash and cash equivalents

(717

)

(37,460

)

(6,933

)

(31,072

)

(138,470

)

128,164

Cash and cash equivalents, beginning of period

41,349

78,809

78,637

71,704

210,174

82,010

Cash and cash equivalents, end of period

40,632

41,349

71,704

40,632

71,704

210,174

Atlas Energy Solutions Inc.

Condensed Consolidated Balance Sheets

(in thousands)

As of

December

31, 2025

December

31, 2024

Assets

Current assets:

Cash and cash equivalents

40,632

71,704

Accounts receivable, including related parties, net

180,783

165,967

Inventories, prepaid expenses and other current assets

86,099

51,747

Total current assets

307,514

289,418

Property, plant and equipment, net

1,540,813

1,486,246

Right-of-use assets

43,783

18,666

Goodwill

152,903

68,999

Intangible assets

182,238

105,867

Other long-term assets

1,177

3,456

Total assets

2,228,428

1,972,652

Liabilities and stockholders' equity

Current liabilities:

Accounts payable, including related parties

69,203

119,244

Accrued liabilities and other current liabilities

101,180

80,085

Current portion of long-term debt

40,681

43,736

Total current liabilities

211,064

243,065

Long-term debt, net of discount and deferred financing costs

538,240

466,989

Deferred tax liabilities

221,622

206,872

Other long-term liabilities

48,578

19,170

Total liabilities

1,019,504

936,096

Total stockholders' and members' equity

1,208,924

1,036,556

Total liabilities and stockholders’ equity

2,228,428

1,972,652

Non-GAAP Financial Measures

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others, in the case of Adjusted EBITDA, to assess our consolidated operating performance on a consistent basis across periods by removing the effects of development activities, provide views on capital resources available to organically fund growth projects and, in the case of Adjusted Free Cash Flow, assess the financial performance of our assets and their ability to sustain dividends or reinvest to organically fund growth projects over the long term without regard to financing methods, capital structure, or historical cost basis.

These measures do not represent and should not be considered alternatives to, or more meaningful than, net income, income from operations, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Adjusted EBITDA and Adjusted Free Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income, the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures may differ from computations of similarly titled measures of other companies.

Non-GAAP Measure Definitions:

Atlas Energy Solutions Inc. – Supplemental Information

Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow to Net Income

(unaudited, in thousands)

Three Months Ended

Year Ended

December

31, 2025

September

30, 2025

December

31, 2024

December

31, 2025

December

31, 2024

December

31, 2023

Net income (loss)

(22,244

)

(23,721

)

14,402

(50,304

)

59,944

226,493

Depreciation, depletion and accretion expense

43,430

42,048

31,342

165,459

102,207

41,634

Amortization expense of acquired intangible assets

6,414

5,883

3,743

23,547

12,316

—

Interest expense

16,214

15,155

12,257

59,370

43,078

17,452

Income tax expense (benefit)

(8,661

)

(9,830

)

4,420

(17,875

)

15,836

31,378

EBITDA

35,153

29,535

66,164

180,197

233,381

316,957

Stock and unit-based compensation

9,075

9,344

6,420

33,227

22,381

7,409

Loss on disposal of assets (1)

—

19,672

—

Insurance recovery (gain) (2)

(2,217

)

—

(10,098

)

(2,217

)

(20,098

)

—

Other non-recurring costs (3)

1,048

638

—

6,833

14,335

4,838

Other acquisition related costs (4)

(6,315

)

669

750

3,640

19,231

451

Adjusted EBITDA

36,744

40,186

63,236

221,680

288,902

329,655

Maintenance Capital Expenditures (5)

14,351

18,202

16,162

69,675

38,422

38,524

Adjusted Free Cash Flow

22,393

21,984

47,074

152,005

250,480

291,131

Atlas Energy Solutions Inc. – Supplemental Information

Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities

(unaudited, in thousands, except percentages)

Three Months Ended

Year Ended

December

31, 2025

September

30, 2025

December

31, 2024

December

31, 2025

December

31, 2024

December

31, 2023

Net cash provided by operating activities

3,707

32,447

70,853

117,346

256,460

299,027

Current income tax expense (benefit) (5)

(1,996

)

(623

)

(149

)

(380

)

834

2,177

Change in operating assets and liabilities

27,698

(6,356

)

(9,160

)

46,818

(22,523

)

6,947

Cash interest expense (5)

14,331

13,634

11,102

53,255

39,070

16,354

Maintenance capital expenditures (5)

(14,351

)

(18,202

)

(16,162

)

(69,675

)

(38,422

)

(38,524

)

Credit loss expense

(571

)

(97

)

—

(4,778

)

(25

)

(28

)

Change in fair value of contingent consideration

3,360

—

3,360

—

Other non-recurring costs (3)

1,048

638

—

6,833

14,335

4,838

Other acquisition related costs (4)

(6,315

)

669

750

3,640

19,231

451

Insurance recovery (gain) (2)

(2,217

)

—

(10,098

)

(2,217

)

(20,098

)

—

Other

(2,301

)

(126

)

(62

)

(2,197

)

1,618

(111

)

Adjusted Free Cash Flow

22,393

21,984

47,074

152,005

250,480

291,131

Adjusted EBITDA Margin

Adjusted Free Cash Flow Margin

Adjusted Free Cash Flow Conversion

Represents loss on disposal of one of the Company's dredge mining assets at its Kermit facility and loss on disposal of assets as a result of the fire at one of the Kermit plants that caused damage to the physical condition of the Kermit asset group.

Represents insurance recovery (gain) related to the dredge mining assets at the Kermit facility and the fire at one of the Kermit plants.

Other non-recurring costs includes costs incurred during our 2025 Term Loan Credit Facility transaction, credit loss expense due to a dispute with a counterparty, reorganization under a new public holding company, temporary loadout, and other infrequent and unusual costs.

Represents transactions costs incurred in connection with acquisitions, including fees paid to finance, legal, accounting and other advisors, employee retention and benefit costs, and other operational and corporate costs. Additionally, includes changes in the fair value of the contingent consideration.

A reconciliation of these items used to calculate Adjusted Free Cash Flow to comparable GAAP measures is included below.

Atlas Energy Solutions Inc. – Supplemental Information

Reconciliation of Maintenance Capital Expenditures to Purchase of Property, Plant and Equipment

(unaudited, in thousands)

Three Months Ended

Year Ended

December

31, 2025

September

30, 2025

December

31, 2024

December

31, 2025

December

31, 2024

December

31, 2023

Maintenance Capital Expenditures, accrual basis reconciliation:

Purchases of property, plant and equipment

21,808

33,806

76,431

148,271

373,983

365,486

Changes in operating assets and liabilities associated with investing activities, equipment assets acquired through debt, and asset retirement obligations (1)

2,088

4,601

(11,118

)

(6,803

)

(2,948

)

66,132

Less: Equipment assets acquired through debt and asset retirement obligations

(4,422

)

(7,955

)

772

(21,905

)

(7,101

)

(45,050

)

Less: Growth capital expenditures and reconstruction of previously incurred growth capital expenditures

(5,123

)

(12,250

)

(49,923

)

(49,888

)

(325,512

)

(348,044

)

Maintenance Capital Expenditures, accrual basis

14,351

18,202

16,162

69,675

38,422

38,524

Positive working capital changes reflect capital expenditures in the current period that will be paid in a future period. Negative working capital changes reflect capital expenditures incurred in a prior period but paid during the period presented. In addition, this amount includes equipment assets acquired through debt and asset retirement obligations.

Atlas Energy Solutions Inc. – Supplemental Information

Reconciliation of Current Income Tax Expense to Income Tax Expense

(unaudited, in thousands)

Three Months Ended

Year Ended

December

31, 2025

September

30, 2025

December

31, 2024

December

31, 2025

December

31, 2024

December

31, 2023

Current tax expense reconciliation:

Income tax expense (benefit)

(8,661

)

(9,830

)

4,420

(17,875

)

15,836

31,378

Less: deferred tax expense (benefit)

6,665

9,207

(4,569

)

17,495

(15,002

)

(29,201

)

Current income tax expense (benefit)

(1,996

)

(623

)

(149

)

(380

)

834

2,177

Atlas Energy Solutions Inc. – Supplemental Information

Cash Interest Expense to Interest Expense, Net

(unaudited, in thousands)

Three Months Ended

Year Ended

December

31, 2025

September

30, 2025

December

31, 2024

December

31, 2025

December

31, 2024

December

31, 2023

Cash interest expense reconciliation:

Interest expense, net

16,110

15,010

12,018

57,996

38,647

7,689

Less: Amortization of debt discount

(1,781

)

(1,423

)

(1,038

)

(5,712

)

(3,573

)

(761

)

Less: Amortization of deferred financing costs

(102

)

(98

)

(117

)

(403

)

(435

)

(337

)

Less: Interest income

104

145

239

1,374

4,431

9,763

Cash interest expense

14,331

13,634

11,102

53,255

39,070

16,354