Solaris Energy Infrastructure Announces Third Quarter 2026 Results, Additional Power Contracts and Increased Guidance
Solaris Energy Infrastructure, Inc. (SEI) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Solaris Energy Infrastructure Announces Third Quarter 2026 Results, Additional Power Contracts and Increased Guidance HOUSTON, Texas, November 4, 2026 — (BUSINESS WIRE) — Solaris Energy Infrastructure, Inc. (NYSE:SEI) (“Solaris” or the “Company”), today announced the
How this was made
The 30-second read
Why it matters
The earnings beat and guidance raise expectations for revenue and EBITDA growth, likely supporting the stock.
Market read
Strong earnings and higher guidance could drive the stock higher in the short term.
What to watch
Potential credit risk from the $1.5 bn financing and reliance on a single large customer.
Solaris Energy Infrastructure Announces Third Quarter 2026 Results, Additional Power Contracts and Increased Guidance
Third-quarter revenue, net income and Adjusted EBITDA increased sharply sequentially, Solaris raised fourth-quarter 2026 and first-quarter 2027 Adjusted EBITDA guidance, and it added a 15-year, approximately 900 MW power contract.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 leasing revenue (In thousands)GAAP | $90.60M | – | – |
| Q3 2026 service revenue (In thousands)GAAP | $199.2M | – | – |
| Q3 2026 product sales (In thousands)GAAP | $51.26M | – | – |
| Q3 2026 total revenue (In thousands)GAAP | $341.1M | 55% | – |
| Q3 2026 cost of leasing revenue, excluding depreciation (In thousands)GAAP | $25.33M | – | – |
| Q3 2026 cost of services, excluding depreciation and amortization (In thousands)GAAP | $118.7M | – | – |
| Q3 2026 cost of product sales (In thousands)GAAP | $33.37M | – | – |
| Q3 2026 non-leasing depreciation and amortization (In thousands)GAAP | $27.42M | – | – |
| Q3 2026 depreciation of leasing equipment (In thousands)GAAP | $24.06M | – | – |
| Q3 2026 selling, general and administrative (In thousands)GAAP | $42.64M | – | – |
| Q3 2026 other operating expenses, net (In thousands)GAAP | $2.62M | – | – |
| Q3 2026 total operating costs and expenses (In thousands)GAAP | $274.1M | – | – |
| Q3 2026 operating income (In thousands)GAAP | $66.98M | – | – |
| Q3 2026 interest expense (In thousands)GAAP | −$22.94M | – | – |
| Q3 2026 interest income (In thousands)GAAP | $6.18M | – | – |
| Q3 2026 foreign currency gain (loss), net (In thousands)GAAP | −$1.13M | – | – |
| Q3 2026 income before income tax expense (In thousands)GAAP | $49.10M | – | – |
| Q3 2026 provision for income taxes (In thousands)GAAP | −$9.81M | – | – |
| Q3 2026 net income (In thousands)GAAP | $39.28M | 56% | – |
| Q3 2026 net income attributable to Solaris Energy Infrastructure, Inc. (In thousands)GAAP | $34.6M | – | – |
| Q3 2026 net income attributable to Class A common shareholders (In thousands)GAAP | $33.57M | – | – |
| Q3 2026 earnings per share of Class A common stock - basicGAAP | $0.53 | – | – |
| Q3 2026 earnings per share of Class A common stock - dilutedGAAP | $0.42 | – | – |
| Q3 2026 EBITDA (In thousands)non-GAAP | $117.3M | – | – |
| Q3 2026 Adjusted EBITDA (In thousands)non-GAAP | $136.1M | 26% | – |
| Q3 2026 Adjusted EBITDA attributable to Solaris (In thousands)non-GAAP | $138.4M | – | – |
| Q3 2026 adjusted pro forma net income (In thousands)non-GAAP | $42.97M | 18% | – |
| Q3 2026 adjusted pro forma earnings per share - dilutednon-GAAP | $0.45 | – | – |
| Nine months ended September 30, 2026 total revenue (In thousands)GAAP | $756.7M | – | – |
| Nine months ended September 30, 2026 operating income (In thousands)GAAP | $174.1M | – | – |
| Nine months ended September 30, 2026 net income (In thousands)GAAP | $96.57M | – | – |
| Nine months ended September 30, 2026 diluted earnings per share of Class A common stockGAAP | $1.00 | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDA (In thousands)non-GAAP | $328.0M | – | – |
| Nine months ended September 30, 2026 adjusted pro forma net income (In thousands)non-GAAP | $118.9M | – | – |
| Nine months ended September 30, 2026 adjusted pro forma earnings per share - dilutednon-GAAP | $1.27 | – | – |
| Q3 2026 total capital expenditures (In thousands)other | $547.2M | – | – |
| Nine months ended September 30, 2026 total capital expenditures (In thousands)other | $1.38B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Solaris Power SolutionsThird quarter 2026 Segment Adjusted EBITDA of approximately $127 million increased 32% from second quarter 2026 due primarily to increased services revenue. Average capacity earning revenue was approximately 820 MW, down 14% from approximately 950 MW in second quarter 2026 primarily due to the planned release of temporary third-party generation as the Company transitions to owned capacity under long-term contracts. | $284.2M | 79% | – |
| Solaris Logistics SolutionsRevenue decreased due to lower last-mile transportation activity. Segment Adjusted EBITDA was $23,928 (In thousands), down 3% from second quarter 2026 in line with activity. | $56.88M | decreased 7% | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Fourth quarter 2026 and first quarter 2027 outlook
- NoteFourth quarter 2026 Adjusted EBITDA guidance: $165-185 million
- NoteFirst quarter 2027 Adjusted EBITDA guidance: $220-260 million
- NoteThe Company expects 2027 Adjusted EBITDA to be more than double 2026.
Capital returns
- On October 27, 2026, the board approved a fourth quarter 2026 dividend of $0.12 per share.
- The dividend is to be paid on December 18, 2026, to holders of record as of December 8, 2026.
- Once paid, the dividend will represent Solaris' 33rd consecutive dividend.
What drove it
- Service revenue was $199,236 (In thousands) in the third quarter of 2026, compared with $111,639 (In thousands) in the second quarter of 2026.
- Product sales were $51,255 (In thousands) in the third quarter of 2026, compared with $2,043 (In thousands) in the second quarter of 2026.
- On October 29, 2026, Solaris entered into a 15-year agreement, with an option to extend for an additional 15-years, to provide approximately 900 MW of power generation, associated balance of plant equipment, and operations and maintenance services.
- Deployments under the approximately 900 MW agreement are expected to begin in 1H 2027 and scale through 2028.
- The new contract is the third long-term power contract with investment-grade counterparties signed year to date, bringing total capacity under long-term contracts to 3.2 GW.
- Solaris procured an additional 200 MW of available generation capacity for deployment under customer contracts in 2027. Pro forma consolidated generation capacity is now approximately 3.5 GW in 2029.
- The Company signed a new 7-year operating and maintenance agreement to manage approximately 400 MW of generation capacity owned by an existing customer.
Concerns
- Solaris Power Solutions capacity earning revenue averaged approximately 820 MW in the third quarter of 2026, down 14% from approximately 950 MW in the second quarter of 2026.
- Solaris Logistics Solutions revenue was affected by lower last-mile transportation activity.
- Interest expense was $(22,937) (In thousands) in the third quarter of 2026, compared with $(16,917) (In thousands) in the second quarter of 2026.
- Debt attributable to Solaris was $2,398,179 (In thousands) at September 30, 2026.
- Third-quarter total capital expenditures were $547,169 (In thousands), including $542,382 (In thousands) for Solaris Power Solutions.
What to watch
- The start of deployments under the approximately 900 MW power agreement in 1H 2027 and scaling through 2028.
- Conversion from temporary third-party generation to owned capacity under long-term contracts.
- Delivery against fourth-quarter 2026 Adjusted EBITDA guidance of $165-185 million.
- Delivery against first-quarter 2027 Adjusted EBITDA guidance of $220-260 million.
- Capital expenditure execution supporting the Company's targeted pro forma consolidated generation capacity of approximately 3.5 GW in 2029.
Balance sheet and cash flow
- Cash and cash equivalents attributable to Solaris at September 30, 2026: $493,194 (In thousands); December 31, 2025: $339,416 (In thousands).
- Consolidated cash at September 30, 2026: $497,976 (In thousands); December 31, 2025: $353,319 (In thousands).
- Restricted cash at September 30, 2026: $98,516 (In thousands); December 31, 2025: —.
- Debt attributable to Solaris at September 30, 2026: $2,398,179 (In thousands); December 31, 2025: $972,635 (In thousands).
- Consolidated debt and convertible notes at September 30, 2026: $2,599,801 (In thousands); December 31, 2025: $1,064,460 (In thousands).
- Solaris completed a $1.25 billion senior, unsecured notes offering and secured additional $200 million of bank commitments, bringing total revolving credit facility capacity to $850 million, currently undrawn.
- Operating cash flow and free cash flow were not reported.
Analysis
Solaris reported a sharp sequential increase in third-quarter activity and earnings. Total revenue was $341,089 (In thousands), compared with $219,400 (In thousands) in the second quarter of 2026, while GAAP net income was $39,284 (In thousands), compared with $25,232 (In thousands). GAAP operating income was $66,985 (In thousands), versus $56,513 (In thousands) in the prior quarter. Diluted earnings per Class A share were $0.42, compared with $0.26 in the second quarter of 2026.
The revenue mix shifted toward services and product sales. Service revenue was $199,236 (In thousands), versus $111,639 (In thousands) in the second quarter, and product sales were $51,255 (In thousands), versus $2,043 (In thousands). Solaris Power Solutions generated $284,211 (In thousands) of revenue and $126,954 (In thousands) of Adjusted EBITDA. Its capacity earning revenue declined to approximately 820 MW from approximately 950 MW as temporary third-party generation was released during the transition to owned capacity under long-term contracts. Solaris Logistics Solutions revenue declined to $56,878 (In thousands) from $61,058 (In thousands), which the Company attributed to lower last-mile transportation activity.
Adjusted EBITDA was $136,132 (In thousands), up from $108,279 (In thousands) in the second quarter, and Adjusted EBITDA attributable to Solaris was $138,358 (In thousands). Adjusted pro forma net income was $42,970 (In thousands), with adjusted pro forma diluted earnings per share of $0.45. Third-quarter interest expense increased to $(22,937) (In thousands) from $(16,917) (In thousands) in the second quarter. Capital expenditures remained substantial at $547,169 (In thousands), of which $542,382 (In thousands) was in Solaris Power Solutions.
The Company strengthened financing capacity through a $1.25 billion senior unsecured notes offering and $200 million of additional bank commitments, bringing revolving credit facility capacity to $850 million, currently undrawn. Cash and cash equivalents attributable to Solaris were $493,194 (In thousands) at September 30, 2026, while debt attributable to Solaris was $2,398,179 (In thousands). Solaris also approved a fourth-quarter 2026 dividend of $0.12 per share.
The guide was raised for both near-term periods. Fourth-quarter 2026 Adjusted EBITDA guidance increased to $165-185 million from $145-180 million, and first-quarter 2027 Adjusted EBITDA guidance increased to $220-260 million from $200-240 million. The new 15-year, approximately 900 MW power contract, the additional 200 MW of available generation capacity, and the new approximately 400 MW operations and maintenance contract underpin the stated growth plan. The filing identifies future deployment, capital spending, debt levels, and the pace of owned-capacity transition as the principal operating figures to monitor.
Management, verbatim
Solaris’ transformation into a comprehensive power infrastructure solutions provider is driving record results in the near term and positioning Solaris for significant long-term value creation. Our quarterly Adjusted EBITDA has more than doubled over the last year, and we expect 2027 Adjusted EBITDA to be more than double 2026, with further growth beyond that,
Bill Zartler and Amanda Brock, Chairman and Co-Chief Executive Officer; Co-Chief Executive Officer
Last week, we signed our largest and longest power contract to date, a 15-year, 900 MW contract with a leading industrial and technology investment-grade customer. It is our third long-term contract with an investment-grade counterparty this year, bringing total capacity under long-term contracts to 3.2 GW. With strong execution across the business, we are again raising both near-term and longer-term guidance.
Bill Zartler and Amanda Brock, Chairman and Co-Chief Executive Officer; Co-Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin
- Gross profit
- Operating cash flow
- Free cash flow
- Share repurchases
- Revenue guidance
- Gross margin guidance
- Operating expense guidance
- Tax rate guidance
- Prior-release outlook for comparison with actual reported results
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Solaris Energy Infrastructure filed a Form 8‑K announcing Q3 2026 results, new power contracts, and increased guidance.
Ticker impact
Solaris Energy Infrastructure reported Q3 2026 results and raised its Q4 2026 and Q1 2027 Adjusted EBITDA guidance.
likely upward pressure as the market prices in the raised guidance.
The company posted 55% revenue growth, higher net income and announced a 15‑year, 900 MW contract, then increased its near‑term EBITDA outlook, which typically supports the stock.
Market effects
Strengthens outlook for the power infrastructure sector as demand for long‑term contracts rises.
Positive for U.S. energy infrastructure investors.
Limited to sector; no broad macro impact.
Counterpoint
If the new contracts face execution delays, the raised guidance may be premature.
Key entities
- companySolaris Energy Infrastructure, Inc.
U.S. power infrastructure provider.
