What is Solaris Energy's gross profit margin?

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What were the key takeaways from Solaris Energy's earnings call?

Did Solaris Energy beat or miss consensus estimates last quarter?

What factors drove the changes in Solaris Energy's revenue and profit?

What were the key takeaways from Solaris Energy’s earnings call?

What is the revenue and EPS growth rate for Solaris Energy year over year?

- **Revenue Doubles**: 2025 revenue $622M (+100% YoY), EBITDA $244M (+125% YoY), with Power Solutions at 70% of earnings.
- **500MW Contract Secured**: 10-year agreement with tech leader, plus 2.2GW capacity under negotiation for 2027-2028 expansion.
- **Q1-Q2 Guidance**: EBITDA $72-84M, driven by Power Solutions growth and Logistics stability.
- **Regulatory Support**: EPA quad K amendment enables 24-month temporary deployments, aligning with data center compute needs.
- **Funding Flexibility**: $2.2B capacity fully funded, new CFO Steve Tompsett enhancing capital access.

**【CEO Summary Section】**
- Solaris achieved full-year 2025 revenue of $622 million, nearly doubling year-over-year, with adjusted EBITDA of $244 million, more than doubling. The Power Solutions segment now accounts for 70% of earnings, projected to reach 90%.
- Secured a 10-year, 500MW contract with a leading technology company, with potential for additional capacity expansion. Actively negotiating to contract remaining 2.2GW capacity and exploring new sources for 2027-2028 growth.
- Logistics Solutions contributed $80 million in free cash flow, with top-fill system utilization nearing 100%.

**【CFO Financial Commentary】**
- Q4 2025 revenue of $180 million, adjusted EBITDA of $69 million. Power Solutions segment EBITDA of $53 million, Logistics $23 million.
- Q1 2026 EBITDA guidance of $72-77 million, Q2 guidance of $76-84 million. Fully funded for 2.2GW capacity, with Steve Tompsett as new CFO enhancing financial flexibility.

**【Q&A Highlights】**
- **Capacity Expansion**: Actively pursuing new capacity additions for 2027-2028, with discussions for incremental 400-500MW contracts. Exploring multiple OEMs and new product lines.
- **Regulatory Tailwinds**: EPA's quad K amendment supports behind-the-meter deployments, reducing grid connection delays. ERCOT reforms address 230GW data center backlog.
- **Funding Strategy**: Utilizing convertible bonds, joint venture financing, and secured borrowing. Steve Tompsett leveraging bank and high-yield markets for cost-effective capital.
- **Mississippi Operations**: No public comment, but emphasizing compliance with regulatory clarifications.
- **Customer Demand**: Hyperscalers' 2026 capex of $600 billion+ driving behind-the-meter power demand, with Solaris positioned for 20-50% return on incremental capital.

Solaris Energy Infrastructure, Inc. (SEI) Q4 2025 Earnings Call Transcript

- **Record Q3 Performance**: $167M revenue, $68M EBITDA, 27% jump in Power Solutions EBITDA.
- **Strategic Capacity Expansion**: 500 MW new orders (total 2.2 GW by 2028), reducing interest costs by $45M.
- **Financial Flexibility**: $748M convertible notes financing; Q4 EBITDA guidance: $65M-$70M.
- **Competitive Edge**: All-of-the-above generation approach, mobile equipment, and HVMVLV integration.
- **Long-Term Growth**: Pro forma 2028 EBITDA >$600M; pipeline supports >2.2 GW capacity.

**【CEO Summary Section】**
- Achieved record Q3 revenue and profit, with Power Solutions contributing 60% of revenue and 75% of segment EBITDA.
- Secured 500 MW of new generation capacity, bringing total pro forma capacity to 2.2 GW by early 2028.
- Acquired HVMVLV for balance-of-plant solutions, enhancing power distribution capabilities.
- Appointed Amanda Brock as Co-CEO to expand leadership and accelerate growth.
- Logistics Solutions segment remains stable, generating free cash flow and supporting Power Solutions growth.

**【CFO Financial Commentary】**
- Q3 revenue: $167M, adjusted EBITDA: $68M (12% QoQ growth).
- Power Solutions EBITDA: $58M (27% QoQ increase).
- Raised $748M via convertible notes, reducing interest expenses by $45M over 4Q.
- Q4 EBITDA guidance: $65M-$70M; Q1 2026 guidance: $70M-$75M.
- Pro forma 2028 EBITDA estimate exceeds $600M, excluding additional scope opportunities.

**【Q&A Key Highlights】**
- **Supply Chain Challenges**: Extended delivery times (2028) due to OEM capacity constraints; exploring alternative equipment sources.
- **HVMVLV Impact**: Integration of voltage regulation solutions boosts revenue per MW, enhancing project flexibility.
- **Competitive Position**: Differentiated by all-of-the-above generation approach (turbines, recips, BESS) and mobility of equipment.
- **Contract Tenor**: Shifting to longer-term (5+ years) as grid delays and power reliability needs grow.
- **Growth Confidence**: 2.2 GW capacity expected to convert into long-term contracts, with pipeline supporting >2.2 GW by end of decade.

Solaris Energy Infrastructure, Inc. (SEI) Q3 2025 Earnings Call Transcript

- **Power Solutions Dominance**: 67% of Q2 EBITDA, targeting >80% post-fleet. 600 MW Q2 capacity, 900 MW JV under construction.
- **JV Financial Impact**: $62M EBITDA from Stateline Power JV. Q3 EBITDA guidance $58-63M, flat due to Logistics decline.
- **Growth Catalysts**: Modular generation adoption in AI data centers, regulatory support (Texas SB 6), and 3-4x ROIC on owned capacity.
- **Risk Mitigation**: Logistics Solutions cash flow resilience despite oil price softness; Power Solutions diversification into energy, gas processing, and microgrids.

**【CEO Summary Section】**
- **Power Solutions Growth**: Q2 revenue from 600 MW capacity, up 50% QoQ, driven by new customers and third-party capacity. Expected to contribute >80% of EBITDA post-fleet deployment.
- **Market Expansion**: Diversified into microgrids, gas processing, utility resiliency, and AI data centers. Modular generation offers redundancy and scalability, supported by low emissions and regulatory clarity (e.g., Texas SB 6).
- **Logistics Resilience**: Logistics Solutions EBITDA down 10-15% QoQ due to oil price softness, but leading-edge frac tech maintains 4x profit per crew vs. legacy. Cash flow generation remains strong.

**【CFO Financial Commentary】**
- **Q2 Results**: Total revenue $149M (+18% QoQ), Adjusted EBITDA $61M (+29% QoQ). Power Solutions EBITDA $46M (+43% QoQ), 67% of total.
- **JV Impact**: Stateline Power JV (50.1% owned) contributed $62M EBITDA. Q3 guidance: $58-63M EBITDA, flat vs. Q2 due to Logistics decline offset by Power growth.
- **Capital Allocation**: Raised $155M convertible notes and $72M JV loan. CapEx moderated in H2 2025, with final payments in 2026.

**【Q&A Key Highlights】**
- **Capacity Utilization**: 600 MW Q2, maintained in Q3. Owned capacity EBITDA margin improving as third-party assets taper. 450+ MW uncontracted for data centers.
- **Regulatory & Market Trends**: PJM auction highlights need for reliable power. Texas SB 6 driving demand for co-located generation. Data centers prefer hybrid grid/modular solutions.
- **Strategic Moves**: Evaluating adjacent opportunities (e.g., balance of plant, SCRs). No immediate M&A, focusing on owned fleet expansion. Free cash flow allocation TBD post-2026 fleet deployment.
- **Risk Management**: Logistics Solutions exposed to oil price volatility, but leading frac tech maintains share. Power Solutions diversification mitigates risk.


Solaris Energy Infrastructure, Inc. (SEI) Q2 2025 Earnings Call Transcript

- **Power Solutions Surge**: 700 MW order doubles fleet to 1.4 GW; 500 MW, 6-year hyperscaler contract with JV ownership. 
- **Financial Strength**: Q4 EBITDA $37M, Q1 guidance $44-48M; 26th dividend at $0.12/share. 
- **Growth Confidence**: 450 MW uncontracted capacity to be locked in 6-9 months; modular turbines reduce $/MW cost. 
- **Strategic JV**: 50.1% ownership in JV, reducing Solaris' capital needs by $215M. 
- **Market Leadership**: Power-as-a-service competitive with grid, targeting data centers and reshored manufacturing. 


**【CEO Summary Section】**
- **Power Solutions Expansion**: Announced a 700 MW order, doubling the fleet to 1.4 GW by early 2027. Secured a 500 MW, 6-year contract with a hyperscaler and formed a 50.1% joint venture for asset ownership. 
- **Market Drivers**: Behind-the-meter power demand driven by data centers, reshored manufacturing, and grid infrastructure lag. Fleet now 90% composed of 16.5 MW and 38 MW turbines for flexibility and efficiency. 
- **Logistics Growth**: Q1 2025 expects 15%+ increase in fully utilized systems, with Top Fill System adoption at 75% of sites, doubling earnings potential per location. 
- **Dividend Continuity**: 26th consecutive $0.12 dividend, reflecting cash generation from both businesses. 

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Total revenue $96M (+28% QoQ), EBITDA $37M (+68% QoQ). Power Solutions contributed 50% of EBITDA. 
- **Guidance**: Q1 2025 EBITDA $44-48M (360 MW avg revenue), Q2 $50-55M (420 MW). Capital spending for new fleet adds $600M, with $215M JV financing. 
- **JV Impact**: Solaris' net EBITDA from 1.4 GW fleet expected at $400-425M, with 450 MW uncontracted capacity targeting 3-4 year payback. 
- **Dividend Policy**: $8M Q1 dividend, maintaining 2018+ total returns of $198M. 

**【Q&A Highlights】**
- **Growth Outlook**: Confident in contracting 450 MW unallocated capacity within 6-9 months. Modular equipment lowers $/MW cost vs. mobile units. 
- **Competitive Position**: Power-as-a-service cost competitive with grid, with visibility on fuel but no inflation risk. Emissions controls (e.g., SCR) support sub-2 PPM NOx. 
- **Customer Diversification**: Actively pursuing industrial and data center opportunities beyond hyperscalers, with 12+ months to deploy new orders. 
- **Supply Chain**: 38 MW turbine deliveries in 12-18 months, vs. 36-month lead times for larger units. JV structure aligns interests with customers. 
- **Risk Management**: Balancing mobile and modular fleets to optimize deployment flexibility and returns. 


Solaris Energy Infrastructure, Inc. (SEI) Q4 2024 Earnings Call Transcript

Solaris Oilfield Infrastructure, Inc. (SOI) Q3 2024 Earnings Call Transcript

Solaris Oilfield Infrastructure (SOI)-9 Aug 24-2024 Q2 Earnings call transcript

Solaris Oilfield Infrastructure Inc - Ordinary Shares (SOI)-26 Apr 24-2024 Q1 Earnings call transcript

- **Record Financial Performance**: 2023 revenue of $293 million, with Q4 free cash flow of $16 million and 76% EBITDA conversion.
- **Shareholder Returns**: $47 million returned in 2023, including $8 million in Q1 2024 buybacks and a $0.12 dividend.
- **2024 Outlook**: < $15 million capex, Q1 EBITDA up 10%, and free cash flow of $10-15 million.
- **Strategic Positioning**: High-throughput systems and electrification align with industry trends, supporting long-term growth.

**【CEO Summary Section】**
- **2023 Financial Highlights**: Generated $293 million in revenue, $97 million in adjusted EBITDA, and $26 million in free cash flow. Q4 2023 results included $63 million in revenue, $21 million in EBITDA, and $16 million in free cash flow.
- **Free Cash Flow Conversion**: Achieved 76% conversion of adjusted EBITDA to free cash flow in Q4, with expectations for even stronger conversion in 2024.
- **Shareholder Returns**: Returned $47 million to shareholders in 2023 through dividends and buybacks, including a $50 million share repurchase authorization. First quarter 2024 dividend of $0.12 per share and $8 million in share repurchases were announced.
- **Industry Trends**: Noted increasing frac intensity, electrification of equipment, and consolidation in the U.S. shale industry. Solaris' electric systems and high-throughput solutions are positioned to benefit from these trends.

**【CFO Financial Commentary】**
- **Q4 2023 Financials**: Operating cash flow of $24 million, capital expenditures of $7 million, and free cash flow of $16 million. Ended the year with $47 million in available liquidity.
- **2024 Guidance**: Capital expenditures expected to be less than $15 million annually, with Q1 2024 adjusted EBITDA up 10% sequentially and free cash flow between $10 million and $15 million.
- **Working Capital**: Anticipated $8 million to $10 million use of cash in Q1 2024 for annual expenses, with reduced capex supporting free cash flow growth.

**【Q&A Key Highlights】**
- **M&A Impact**: Bill Zartler noted industry consolidation is needed but uncertain, with Solaris focused on organic growth and strategic opportunities.
- **Equipment Utilization**: Approximately 100 upgraded silo systems and 60 top-fill systems available, enabling higher sand throughput and cost savings for customers.
- **Pricing Stability**: Monthly rental model provides stable pricing, with sand costs potentially declining due to new capacity.
- **Innovation Focus**: Emphasis on high-tech, high-touch services, data analytics, and remote monitoring to enhance operational efficiency for customers.

Actual											-0.65	-0.2	-0.09	-0.06	-0.04	-0.04	0.03	0.01	0.11	0.16	0.22	0.15	0.23	0.24	0.16	0.14	0.14	0.2	-0.04	0.19	0.14	0.3	0.31	-0.04
Forecast											0.1715	-0.188	-0.0855	-0.0565	-0.0335	-0.019	-0.0086	-0.0083	0.0576	0.1263	0.2335	0.2296	0.2228	0.2247	0.239	0.1775	0.1449	0.1205	0.0519	0.1351	0.1424	0.2196	0.3571	0.3041
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-479.01%	-6.38%	-5.26%	-6.19%	-19.40%	-110.53%	+448.84%	+220.48%	+90.97%	+26.68%	-5.78%	-34.67%	+3.23%	+6.81%	-33.05%	-21.13%	-3.38%	+65.98%	-177.07%	+40.64%	-1.69%	+36.61%	-13.19%	-113.15%

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