Solaris Energy Infrastructure: Powering Ahead with New Orders, Long-term Contracts, and Shareholder Returns

Solaris Energy Infrastructure, Inc. (NYSE:SEI), a leading provider of scalable equipment-based solutions for distributed power generation and raw materials management in the oil and natural gas industry, has announced its fourth quarter and full year 2024 results, along with new power solutions equipment orders, a long-term contract, and continued shareholder returns for the first quarter of 2025. The company's strong performance and strategic initiatives highlight its commitment to growth and value creation for investors.

Fourth Quarter and Full Year 2024 Results

Solaris reported revenue of $96 million for the fourth quarter of 2024, representing a 28% sequential increase driven by the full quarter contribution from Solaris Power Solutions following the acquisition of Mobile Energy Rentals LLC (MER) and continued activity growth within the segment. The company's net income for the quarter was $14 million, or $0.19 per diluted Class A share, with adjusted pro forma net income of $7 million and $0.12 per fully diluted share. Total adjusted EBITDA for the quarter was $37 million.

For the full year 2024, Solaris generated revenue of $350 million, net income of $45 million, and adjusted pro forma net income of $25 million. The company's total adjusted EBITDA for the year was $130 million.



New Power Solutions Equipment Orders

Solaris recently placed orders for 9 additional 16.5 megawatt (MW) gas-fired turbines to support rapidly accelerating customer demand, totaling approximately 145 MW in incremental generation capacity. This new equipment order is expected to bring Solaris' pro forma operated power fleet to approximately 1,400 MW by the first half of 2027. The company expects to invest up to $120 million for the new turbine order, including ancillary equipment, and approximately $40 million in Selective Catalytic Reduction (SCR) technology to further enhance the emissions profile of the fleet.

Long-term Contract and Joint Venture

Solaris has established a long-term partnership with a key customer, including a new commercial contract for a minimum of 500 MW for an initial term of six years to support the construction of a new data center. The company is also finalizing a 50.1% / 49.9% joint venture with the customer to co-own the power plant equipment for this data center. This strategic move demonstrates Solaris' commitment to expanding its customer base and diversifying its end markets.

Continued Shareholder Returns

Solaris approved a first quarter 2025 dividend of $0.12 per share, to be paid on March 21, 2025, to holders of record as of March 11, 2025. This dividend represents the company's 26th consecutive dividend payment and, combined with share repurchases, results in a total of $198 million cumulatively returned to shareholders.



Growth Capital Program and Guidance

Solaris expects first quarter 2025 total adjusted EBITDA to be between $44 and $48 million and second quarter total adjusted EBITDA to be between $50 and $55 million. The company's growth capital program is expected to occur primarily over the course of 2025, with equipment deliveries scheduled to occur from the fourth quarter of 2025 through the first quarter of 2026.

Solaris Energy Infrastructure's strong fourth quarter and full year 2024 results, coupled with new power solutions equipment orders, a long-term contract, and continued shareholder returns, underscore the company's commitment to growth and value creation. As the demand for behind-the-meter power projects continues to accelerate, Solaris is well-positioned to capitalize on this trend and deliver long-term success for its investors.