SEI Filings — Solaris Energy Infrastructure, Inc. - FilingSpy
SEI
Solaris Energy Infrastructure, Inc.
A Houston energy company that supplies two very different markets. Its power arm provides modular, behind-the-meter generators that keep data centers running off the grid, while its logistics arm builds equipment that moves sand and materials for oil and gas well completions. Founded in 2014 as Solaris Oilfield Infrastructure, it rebranded as Solaris Energy Infrastructure after buying Mobile Energy Rentals in 2024. The name comes from the Latin word for "of the sun."
Power Solutions revenue more than doubled to $158.3M as deployed capacity reached ~950 MW, while Logistics revenue fell 17%.
The Power Solutions now generates nearly three-quarters of total . Total revenue rose 47% to $219.4 million and rose 59% to $56.5 million, driven by a 109% increase in Power Solutions revenue as deployed generation capacity reached approximately 950 MW. The company issued $1.3 billion in senior notes to fund further expansion, but remained deeply negative as turbine spending consumed all operating cash and more.
Key takeaways
Solaris Power Solutions rose 109% to $158.3 million, driven by a 58% increase in weighted average deployed generation capacity to approximately 950 MW from roughly 600 MW a year ago.
Legacy Solaris Logistics Solutions fell 17% to $61.1 million, as lower last-mile transportation activity more than offset an increase in the fully utilized mobile proppant system count to 106 from 94.
Total cost of excluding and fell to 42% of revenue from 53% a year ago, as the higher-margin Power Solutions grew to 72% of total company revenue.
Section summaries
Management's Discussion and Analysis
Solaris Power Solutions drove 47% total revenue growth in Q2 2026, fueled by a 58% increase in deployed MW capacity.
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Total Q2 2026 rose 47% to $219.4M, driven by Solaris Power Solutions revenue surging 109% to $158.3M on higher deployed MW capacity (weighted average ~950 MW vs. ~600 MW).
rose 59% to $56.5 million, with the widening 1.9 points to 25.8%, as the contribution from Power Solutions overwhelmed the Logistics decline.
The company issued $1.3 billion in 6.375% Senior Notes due 2031 in May 2026, using proceeds to repay $463.9 million of debt and fund continued growth; rose to $16.9 million from $7.0 million a year ago.
reached $186.5 million for the quarter, up 671% , but was negative $305.4 million as $491.9 million in —primarily for turbines—consumed all of it.
What changed
Power Solutions per MW: the $158.3 million in quarterly revenue from approximately 950 MW of weighted average deployed capacity represents a sequential increase from $128.5 million on roughly 910 MW in Q1 2026, suggesting the revenue ramp is tracking the capacity buildout.
inflection: negative $305.4 million in Q2 2026 marks a further deepening from negative $264.3 million in Q1 2026, as quarterly turbine rose to $491.9 million, indicating the inflection point where covers capital spending remains distant.
Logistics profitability: the segment's decline of 17% , even as the fully utilized system count rose to 106, suggests the mix shift toward lower-margin last-mile services continues to weigh on the legacy business.
Debt refinancing: the $1.3 billion senior notes issuance and repayment of $463.9 million in debt addresses the refinancing risk flagged for the Bridge Term Loan and Stateline variable-rate facility, replacing them with fixed-rate notes, though has risen accordingly.
What to watch
Power Solutions per MW: track whether the quarterly revenue from approximately 950 MW of deployed capacity represents a sustainable run-rate as the fleet scales toward the 3,100 MW target by end of 2029, or whether pricing or utilization changes as new contracts begin.
inflection point: with $491.9 million in quarterly turbine and a 2029 target of 3,100 MW, monitor when can cover capital spending and whether the $1.3 billion senior notes proceeds are sufficient to fund the remaining buildout without additional financing.
Logistics profitability floor: the 17% decline despite a higher system count indicates the cost-of-revenue ratio may have worsened further; watch for segment-level disclosure on whether the ratio can stabilize or if the segment becomes a drag on consolidated margins.
burden: with $16.9 million in quarterly interest expense following the senior notes issuance, track whether growth can outpace the rising cost of debt service as the power fleet scales.
Solaris Logistics Solutions Q2 fell 17% to $61.1M due to lower last-mile transportation activity, partially offset by an increase in fully utilized systems to 106 from 94.
Total cost of (ex-D&A) increased to 42% of revenue in Q2 2026 from 53% a year ago, as the higher-margin Power Solutions grew to 72% of total revenue.
SG&A expenses doubled to $30.0M in Q2 2026, primarily from an $11.3M increase in salaries and benefits to support a larger workforce for the expanding Power Solutions .
The company issued $1.3B in 6.375% Senior Notes due 2031 in May 2026, using proceeds to repay $463.9M of debt and fund growth; Q2 rose to $16.9M from $7.0M.
reached $265.5M in H1 2026, while investing activities used $950.5M, mainly for turbines and equipment to support power generation fleet expansion.
Quantitative and Qualitative Disclosures About Market Risk
For quantitative and qualitative disclosures about market risk, see Part II, Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2025, except with regard to interest rate risk, as described below…
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For quantitative and qualitative disclosures about market risk, see Part II, Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2025, except with regard to interest rate risk, as described below.
Interest Rate Risk
We are exposed to market risk from fluctuations in interest rates associated with our variable-rate borrowings under debt financing agreements. Changes in interest rates directly affect our interest expense on the variable-rate portion of our debt agreements.
Borrowings under the Stateline Term Loan include variable-rate components prior to conversion to fixed-rate debt. As of June 30, 2026, we had outstanding borrowings of $339.7 million under the Stateline Term Loan, all of which were in the form of notes bearing interest at variable rates. A hypothetical increase or decrease of 100 basis points in SOFR would result in an estimated annual change in interest expense of approximately $3.4 million, based on the outstanding borrowings as of June 30, 2026.
Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. In the opinion of our management, there are no pending litigation, disputes or claims against us which, if dec…
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Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. In the opinion of our management, there are no pending litigation, disputes or claims against us which, if decided adversely, could have a material adverse effect on our financial condition, cash flows or results of operations other than the lawsuit by Masaba Inc., as discussed in detail in Note 18. “Commitments and Contingencies – Litigation and Claims” included in the notes to our condensed consolidated financial statements contained herein.
Factors that could materially adversely affect our business, financial condition, operating results or liquidity and the trading price of our Class A common stock are described under Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31…
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Factors that could materially adversely affect our business, financial condition, operating results or liquidity and the trading price of our Class A common stock are described under Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026. As of the date of this filing, there have been no material updates to the risk factors previously disclosed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.