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

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SEI

SEI fundamentals

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