second quarter 2026
Filed Aug 5, 2026Solaris Energy Infrastructure Announces Second Quarter 2026 Results and Continued Expansion of Power Contract Scope and Business Capabilities, and Raises Guidance
Revenue, Adjusted EBITDA and both segment Adjusted EBITDA measures increased sequentially, and the Company raised third quarter 2026 Adjusted EBITDA guidance while establishing fourth quarter guidance. The period also included expanded customer contracts, growth financing, the GESA acquisition and a new dividend declaration.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | approximately $219 million | increased 12% sequentially from first quarter 2026 | – |
| Net incomeGAAP | $25 million | – | – |
| Net income per diluted Class A common shareGAAP | $0.26 per diluted Class A common share | – | – |
| Adjusted pro forma net incomenon-GAAP | $37 million | – | – |
| Adjusted pro forma earnings per fully diluted sharenon-GAAP | $0.39 per fully diluted share | – | – |
| Adjusted EBITDAnon-GAAP | approximately $108 million | increased 30% sequentially from first quarter 2026 | – |
| Adjusted EBITDA attributable to Solarisnon-GAAP | approximately $111 million | – | – |
| Solaris Power Solutions activityother | approximately 950 MW of capacity earning revenue | up 4% compared to approximately 910 MW in first quarter 2026 | – |
| Solaris Power Solutions Segment Adjusted EBITDAnon-GAAP | approximately $96 million | increased 34% from first quarter 2026 | – |
| Solaris Logistics Solutions Segment Adjusted EBITDAnon-GAAP | $25 million | increased 7% from first quarter 2026 | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Solaris Power SolutionsIncreased ancillary service revenue drove the increase in Segment Adjusted EBITDA. | approximately $158 million | up 23% from first quarter 2026 | – |
| Solaris Logistics SolutionsRevenue declined due to lower last-mile transportation activity. Segment Adjusted EBITDA increased due primarily to increased system activity and a more favorable project mix. | $61 million | decreased 10% from first quarter 2026 | – |
third quarter 2026 and fourth quarter 2026 outlook
- NoteThird quarter 2026 Adjusted EBITDA guidance: $90-105 million, raised from $80-95 million.
- NoteFourth quarter 2026 Adjusted EBITDA guidance: $100-120 million.
Capital returns
- On August 4, 2026, the board approved a third quarter 2026 dividend of $0.12 per share.
- The dividend is to be paid on September 25, 2026, to holders of record as of September 15, 2026.
- Once paid, the dividend will represent Solaris’ 32nd consecutive dividend.
What drove it
- Expanded three long-term contracts adding >$100 million of expected annual Adjusted EBITDA.
- The February 2026 Hatchbo Agreement expansion adds equipment and services for a full turnkey ~660 MW power plant with balance of plant, batteries and energy management systems designed to manage AI workloads.
- The Hatchbo Agreement tenor was extended to up to 18 years (10-year base + 8-year extension) from up to 15 years (10-year base + 5-year extension).
- A large energy customer expanded contracted microgrid capacity from 60 MW to approximately 80 MW and extended the contract tenor from 4 to 6 years.
- GESA adds aftermarket repair, maintenance, installation and commissioning services and project-execution capacity.
- Solaris made an equity investment in Deployable Energy and will work on commercialization of its SMR technology.
Concerns
- Solaris Logistics Solutions revenue decreased 10% from first quarter 2026 due to lower last-mile transportation activity.
- Third and fourth quarter Adjusted EBITDA guidance cannot be reconciled to the most directly comparable GAAP measure without unreasonable efforts, according to the Company.
- Adjusted EBITDA attributable to Solaris excludes the 49.9% non-controlling interest share of Stateline’s Adjusted EBITDA attributable to the Company’s partner.
- The release identifies risks related to, among other things, tariffs, trade barriers, price and exchange controls, regulatory requirements, the success of Stateline, financing, capital expenditures and volatility in global oil markets.
What to watch
- Execution of the expanded Hatchbo Agreement and the full turnkey ~660 MW power plant scope.
- Delivery against third quarter 2026 Adjusted EBITDA guidance of $90-105 million and fourth quarter 2026 guidance of $100-120 million.
- Whether increased system activity and project mix continue to support Solaris Logistics Solutions profitability amid lower last-mile transportation activity.
- Integration of GESA’s service and aftermarket capabilities.
- Deployment of the $1.3 billion senior, unsecured notes offering and the new, undrawn $650 million credit facility.
Balance sheet and cash flow
- Successfully completed an inaugural $1.3 billion senior, unsecured notes offering.
- Secured a new, undrawn $650 million credit facility.
- Ended the quarter with approximately $1.4 billion in available liquidity.
- Corporate credit ratings assigned by S&P Global Ratings (BB-), Moody’s Ratings (Ba3) and Fitch Ratings (BB).
Analysis
Solaris reported approximately $219 million of revenue in the second quarter 2026, up 12% sequentially, alongside $25 million of GAAP net income and $0.26 per diluted Class A common share. Non-GAAP Adjusted EBITDA was approximately $108 million, up 30% sequentially, while Adjusted pro forma net income was $37 million and Adjusted pro forma earnings per fully diluted share were $0.39. Adjusted EBITDA attributable to Solaris was approximately $111 million and excludes the EBITDA loss attributable to the non-controlling interest in Stateline.
Power Solutions was the principal sequential growth contributor. Revenue was approximately $158 million, up 23% from first quarter 2026, while capacity earning revenue increased to approximately 950 MW from approximately 910 MW. Segment Adjusted EBITDA increased 34% to approximately $96 million, driven primarily by increased ancillary service revenue. Logistics revenue moved in the other direction, decreasing 10% to $61 million because of lower last-mile transportation activity, but its Segment Adjusted EBITDA increased 7% to $25 million on increased system activity and a more favorable project mix.
The commercial backdrop described in the release centers on greater customer scope and longer-duration work. Three expanded long-term contracts are expected to add >$100 million of annual Adjusted EBITDA. The Hatchbo Agreement now includes a full turnkey ~660 MW power plant and has an extended tenor of up to 18 years (10-year base + 8-year extension). A separate large energy customer expanded contracted microgrid capacity from 60 MW to approximately 80 MW and extended its contract from 4 to 6 years. The GESA acquisition broadens service, repair, maintenance, installation and commissioning capabilities, while the Deployable Energy investment provides exposure to SMR technology commercialization.
Capital resources expanded during the quarter through an inaugural $1.3 billion senior, unsecured notes offering and a new, undrawn $650 million credit facility. Solaris ended the quarter with approximately $1.4 billion in available liquidity and received corporate credit ratings of BB-, Ba3 and BB from the named agencies. The board also approved a third quarter 2026 dividend of $0.12 per share, payable September 25, 2026 to holders of record on September 15, 2026.
The outlook improved, with third quarter 2026 Adjusted EBITDA guidance raised to $90-105 million from $80-95 million, and fourth quarter 2026 Adjusted EBITDA guidance established at $100-120 million. The key reported tension is the divergence between declining Logistics revenue and its higher segment profitability. Investors will also need to monitor execution of the expanded power projects, GESA integration, use of new financing and the Company’s ability to deliver the guided Adjusted EBITDA ranges, for which no GAAP reconciliation was provided due to the forward-looking nature of the measure.
Management, verbatim
We are executing, expanding our contracted scope and continuing to build Solaris into a proven power and infrastructure business well positioned to serve our customers.
Bill Zartler, Chairman and Co-Chief Executive Officer
Not only are our existing customers expanding the scope of their contracts with us, but in addition, we continue to see strong market demand for our services. We are very focused on organic and inorganic growth designed to reinforce our track record of on-time and successful execution with the ability to deliver services across the full cycle of power infrastructure solutions. We are excited about the opportunities we see in the market for our expanded services.
Amanda Brock, Co-Chief Executive Officer
Not in the filing
stated, not guessed- Complete consolidated financial statements and accompanying financial tables were not included in the provided filing text, which ends at the heading for the consolidated statements of operations.
- GAAP gross profit and gross margin.
- GAAP operating income or loss and operating margin.
- GAAP income tax expense or benefit and effective tax rate.
- GAAP net income attributable to Solaris and any reconciliation to net income.
- GAAP basic earnings per share and weighted-average shares.
- Prior-year comparisons for total revenue, net income, EPS, Adjusted EBITDA and segment metrics.
- Prior-quarter dollar amounts for total revenue, Adjusted EBITDA and segment Adjusted EBITDA.
- Operating cash flow.
- Free cash flow.
- Capital expenditures.
- Cash balance, debt balance and net debt.
- Share repurchases or repurchase authorization.
- Detailed revenue, gross margin, operating expense, tax-rate or capital-expenditure guidance.
- Reconciliation tables for EBITDA, Adjusted EBITDA, Adjusted pro forma net income and Adjusted pro forma earnings per fully diluted share. Notwithstanding the referenced reconciliations, they were not present in the supplied text.
- A separately provided previous-release outlook for comparison with actual results.
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.