10-K · February 27, 2026
Solaris (SEI) is executing a dual‑segment strategy: scaling Solaris Power Solutions (large behind‑the‑meter/data center power) while maintaining Solaris Logistics Solutions (oilfield logistics). The 10‑K highlights two…
Earnings analysis · 10-Q
SEI earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Solaris Energy Infrastructure, Inc. reported robust Q1 results, with revenue of $196.2 million, a significant increase of 69.9% year-over-year, driving a record EPS of $0.44, a notable performance well above the…
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Solaris Energy Infrastructure, Inc. reported robust Q1 results, with revenue of $196.2 million, a significant increase of 69.9% year-over-year, driving a record EPS of $0.44, a notable performance well above the estimated $0.26. Despite the strong performance from the Power Solutions segment, Logistics Solutions showed a decline, impacting overall results, but management remains optimistic about ongoing capital investments and segment growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.44
What stood out
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Significant Revenue Growth
Total revenue reached $196.2 million, an increase of $69.9 million or 69.9% from $126.3 million in Q1 2025.
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Strong EPS Beat
Earnings per share (EPS) was reported at $0.44, exceeding estimates by 69.2%, compared to a prior EPS of $0.14.
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Power Solutions Surge
Revenue from Solaris Power Solutions increased by 160% year-over-year to $128.5 million, attributed to expanded MW capacity.
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Operating Performance Improvement
Operating cash flow improved significantly, increasing to $79 million from $25.7 million a year prior.
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Strategic Acquisitions
Acquired Focus Genco Cayman Ltd. enhancing power distribution capabilities and expected to add 400 MW of capacity.
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Increased Capital Expenditure Plans
Management expects total capital expenditures for 2026 to be approximately $1.26 billion, with significant investments in Power Solutions.
What to watch
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Logistics Segment Decline
Solaris Logistics Solutions revenue decreased by 12% to $67.7 million, from $76.9 million in Q1 2025, indicating sector challenges.
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Rising Debt Levels
Total outstanding borrowings increased to $300 million under the Bridge Term Loan, raising concerns about financial leverage.
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Capital Expenditure Execution Risks
The company plans to spend $1.26 billion on capital expenditures which may lead to execution risks or liquidity constraints.
Management's outlook
Management raised Q2 Adjusted EBITDA guidance to $83 million–$93 million.
Earlier filings 4
10-Q · November 6, 2025
Solaris reported a strong Q3 with total revenue of $166,843,000 (Q3 2025) driven by a large increase in leasing revenue and higher service revenue. Operating income rose to $37,913,000 (operating margin 22.7%) and…
10-Q · November 7, 2024
Solaris reported Q3 total revenue of $75,018,000 (up $5,342,000 or ~7.7% vs $69,676,000 in Q3 2023) but swung to a net loss attributable to Class A shareholders of $(1,196,000) (basic EPS $(0.04)) vs net income…
10-Q · April 26, 2024
Solaris reported a year-over-year revenue decline to $67,890 (thousands) from $82,722 in the prior-year quarter, with operating income down to $9,956 from $14,882 and diluted EPS falling to $0.14 from $0.23. Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.