SEI

Solaris Energy Infrastructure currently trades at $65.50 and has been a dream stock for shareholders. It’s returned 806% since August 2021, blowing past the S&P 500’s 76.8% gain. The company has also beaten the index over the past six months as its stock price is up 28.9% thanks to its solid quarterly results. Is there a buying opportunity in Solaris Energy Infrastructure, or does it present a risk to your portfolio? Get the full breakdown from our expert analysts, it’s free. Despite the momentum, we don’t have much confidence in Solaris Energy Infrastructure. Here are three reasons why there are better opportunities than SEI, plus one stock we’d rather own. In Energy, scale separates fragile single-asset producers from platform-style businesses that generate revenue across entire basins and infrastructure networks. Solaris Energy Infrastructure’s $762.2 million of revenue in the last year is pretty small for the industry, suggesting the company is a subscale business in an industry where scale matters. While energy gross margins can be distorted by commodity prices, hedging, and short-term cost swings, sustained margins across a full cycle reflect a producer’s underlying asset quality, infrastructure position, and cost structure. Solaris Energy Infrastructure, which averaged 42.6% gross margin over the last five years, exhibits subpar unit economics in the sector. It means the company will struggle more at lower commodity prices than peers with better gross margins. Free cash flow isn’t a prominently featured metric in company financials and earnings releases, but we think it’s telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. Solaris Energy Infrastructure’s demanding reinvestments have drained its resources over the last five years, putting it in a pinch and limiting its ability to return capital to investors. Its free cash flow margin averaged negative 54.6%, meaning it lit $54.57 of cash on fire for every $100 in revenue. Solaris Energy Infrastructure isn’t a terrible business, but it doesn’t pass our bar. With its shares beating the market recently, the stock trades at 79× forward P/E (or $65.50 per share). This multiple tells us a lot of good news is priced in - we think other companies feature superior fundamentals at the moment. We’d suggest looking at one of our all-time favorite software stocks. ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Solaris Energy Infrastructure delivered a robust second quarter, surpassing Wall Street’s revenue and profit expectations and prompting a positive market reaction. Management attributed the quarter’s outperformance to expanded contract scope with major technology and energy customers, higher ancillary service revenue, and successful integration of new business lines. Chairman and Co-CEO Bill Zartler emphasized, “We continue to provide dedicated power at scale to data centers, consistently achieving high reliability,” while highlighting recent contract expansions and the company’s ability to secure long-term earnings and cash flow visibility through its customer base and backlog. Is now the time to buy SEI? Find out in our full research report (it’s free). Revenue: $219.4 million vs analyst estimates of $204.9 million (46.9% year-on-year growth, 7.1% beat) Adjusted EPS: $0.39 vs analyst estimates of $0.31 (25.7% beat) Adjusted EBITDA: $108.3 million vs analyst estimates of $90.79 million (49.4% margin, 19.3% beat) Operating Margin: 25.8%, up from 23.8% in the same quarter last year Market Capitalization: $3.87 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. David Arcaro (Morgan Stanley): Asked about the upside potential of the expanded strategy and the run-rate earnings impact. Chairman and Co-CEO William Zartler responded that current projections are conservative and GESA offers significant additional upside not yet fully reflected in guidance. Michael Sullivan (Wolfe Research): Inquired about Solaris’s approach to financing future growth and appetite for new partnerships. CFO Stephan Tompsett stated the company has substantial liquidity and is open to flexible project finance or partner structures as commercial opportunities arise. John Anderson (Barclays): Questioned the long-term mix of contracted balance of plant services. Zartler explained that Solaris aims to increasingly control and operate full plant systems, seeing customer demand for turnkey solutions as a major trend. Derrick Whitfield (Texas Capital): Asked about the impact of data center moratoriums on the project pipeline. President Kyle Ramachandran emphasized Solaris’s flexibility to deploy power solutions in various locations, allowing the company to capitalize on shifting demand. Stephen Gengaro (Stifel): Sought clarification on turbine wear and tear in data center operations. Zartler assured that Solaris’s turbines are in good shape, with engineering designs and hybrid solutions managing equipment lifecycle risks. In the quarters ahead, StockStory analysts will watch (1) the pace and profitability of contract signings with hyperscale and AI compute customers, (2) integration progress and margin improvement from the GESA acquisition, and (3) Solaris’s ability to deploy new capacity amid supply chain and permitting challenges. Progress in commercializing small modular reactor technology and further expansion into ancillary services will also be critical signposts. Solaris Energy Infrastructure currently trades at $59.58, up from $55.57 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 9:00 a.m. ET Senior Vice President of Finance and Investor Relations - Yvonne Fletcher Chairman and Co-Chief Executive Officer - Bill Zartler Co-Chief Executive Officer and Director - Amanda Brock President - Kyle Ramachandran Chief Financial Officer - Steve Tompsett Operator: Good morning, and welcome to the Solaris Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations. Please go ahead, ma'am. Yvonne Fletcher: Thank you, operator. Good morning, and welcome to the Solaris Second Quarter 2026 Earnings Conference Call. Joining us today are our Chairman and Co-CEO, Bill Zartler; our Co-CEO and Director, Amanda Brock; our President, Kyle Ramachandran; and our CFO, Steve Tompsett. Before we begin, I'd like to remind you that some of the statements we will make today are forward-looking and reflect a number of known and unknown risks. Please refer to our press release issued yesterday, along with other recent public filings with the Securities and Exchange Commission that outline those risks. I would like to point out that our earnings release and today's conference call will contain discussion of non-GAAP financial measures. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release, which is posted in the News section on our website. Additionally, we encourage you to refer to our earnings supplement slide deck, which was published last night on the Investor Relations section of our website under Events and Presentations. I'll now turn the call over to our Chairman and Co-CEO, Bill Zartler. William Zartler: Thank you, Yvonne, and thank you, everyone, for joining us this morning. The second quarter was a record-setting quarter for Solaris and a further step along the significant growth path that is ahead of us. We are executing our strategy at all levels, including operationally, commercially and strategically. We continue to provide dedicated power at scale to 2 data centers consistently achieving high reliability, and we are under construction at 2 other data center locations, one of which will energize in September. This track record of performance has resulted in the execution of long-term contracts with 3 leading investment-grade technology companies. Two of those contracts were executed in the last 6 months, and this quarter, we've already expanded the scope of both, in addition to a third expansion of a contract with one of our large energy customers. These additions and increased contract scope translate directly into improved earnings and cash flow visibility, which is why we believe there is a significant disconnect between current public market valuations and the fundamentals, performance and positive outlook for our company. We expect the cash flow generated from our current contracts well exceeds our enterprise value today before including any additional cash flow from assets on order that are not yet contracted. We have transformed Solaris into a unique and sustainable power and infrastructure solutions company built for the long-term. We are collaborating with our customers to identify and work through bottlenecks in the market. We are also pursuing M&A partnerships that strengthen our ability to deliver on these goals. Our most recent acquisition, Global Energy Services Alliance extends our capabilities to full cycle power services, which follows our earlier investment in a selective catalytic reduction or SCR manufacturer and the acquisition of the electrical distribution business that is now Solaris Power Distribution Services. All of these acquisitions enhance our execution capabilities and also create additional earnings streams on top of our existing long-term power projects. Looking into the future, we've recently made an equity investment in Deployable Energy, an early-stage nuclear small modular reactor company, or SMR. We are excited to highlight that since we've made this investment, Deployable Energy has now achieved criticality working under a program with the Department of Energy. Reaching criticality, the point at which a reactor first achieves a controlled self-sustaining fission reaction, is a foundational milestone that validates the core design and marks a step change from development toward commercial readiness. It also meaningfully derisks the technology. We will be working with Deployable to help commercialize their technology, which we believe can one day complement our existing power generation capabilities. Within the power infrastructure and solutions market, the demand for islanded behind-the-meter power in conjunction with some level of grid connectivity continues to be exceptionally strong. Today, we are in active negotiations for multiple gigawatts of additional demand with multiple hyperscalers and AI compute companies. The tailwinds we've described over the past several quarters, grid interconnection delays, the market's focus on speed to compute and enhanced regulatory focus on protecting consumer prices all continue to reinforce the significant demand for the bring-your-own-power solutions that Solaris delivers. Our Solaris Logistics segment also continues to perform well, consistently producing over $20 million per quarter of free cash flow that we are investing in our power and infrastructure services business at attractive rates of return. We are effectively sold out of our top fill equipment, and we see robust fundamentals for the business. We are excited about the large and growing opportunities for Solaris. Our execution history, culture and team, combined with the integration of additional services and capabilities will continue to enable our success today and in the future. With our premier customer base, some of the best contracts in the industry and a demonstrated ability to deliver, we are well positioned to continue to execute on the growth opportunities ahead of us. With that, I'll turn it over to Amanda. Amanda Brock: Thank you, Bill, and good morning, everyone. As Bill noted, the most compelling evidence of our strategy's success is that our existing customers are choosing to grow with us and expand relationships and our contracts. In July, we finalized an amendment to our Hatchbo agreement to convert the original power capacity agreement into a comprehensive capacity and operating agreement, which includes additional balance of plant and batteries as well as full operation and maintenance services for the turnkey, 660-megawatt power plant. In addition, we've extended the term from up to 15 years to up to 18 years, a 10-year base term with an 8-year extension option. This extension aligns the power contract with other agreements our customers have on this site. We are making rapid progress under this contract. We commenced civil construction in July, and we have more than 70% of the equipment required to service this contract already available to deploy on time. We will begin earning revenue in January 2027. Our second contract expansion with our third investment-grade global technology customer relates to the contract we executed in April of this year. We've already expanded the scope from the original 640 megawatts of generation to include incremental balance of plant and energy storage as well as the procurement, delivery and management of natural gas on a cost-plus basis with no commodity price risk. The first deployment under this contract is on time, under construction with energization expected next month. Power shortages, grid, infrastructure and regulatory-related delays continue to be widespread. In July, we expanded and extended our contract with one of our large energy customers who has been informed that the grid interconnect time is now 7 to 8 years away. They increased power capacity from 60 megawatts to approximately 80 megawatts and extended the term of the contract from 4 to 6 years. These delays are indicative of what medium to large load businesses are experiencing nationwide. We have a diverse and high-quality customer base. Our proven performance to date gives us confidence that these relationships will continue to strengthen and grow. Our long-term customers have come back to expand their contracts, seeking more capacity and scope and longer tenor. While our commercial team develops deep relationships resulting in the initial execution of our contracts, it is also our operational performance, engineering and service capabilities that we believe result in the expansions of our contracts as well as opportunities to evaluate new sites. Looking forward, we have approximately 800 megawatts of open capacity with attractive nearer-term delivery timelines and have line of sight to additional capacity, both through the traditional OEM channels as well as the secondary market. We continue to make positive progress and are in advanced detailed discussions with numerous customers related to the deployment of this equipment under long-term contracts. In summary, as a result of the credibility we have earned through 2 years of at-scale operations, the recent additions to our team who have decades of power and infrastructure experience and the strategic acquisitions we have made, we continue to perform as a leader in the distributed power sector. We are well-positioned and pleased with our performance to date, our positive momentum in the market and our overall growth. I'll now turn it over to Kyle to discuss our M&A and vertical integration strategy. Kyle Ramachandran: Thank you, Amanda, and good morning, everyone. At Solaris, we are building a diversified integrated power and infrastructure service company organically and through acquisitions so that we can deliver the solutions our customers are looking for. Today, we deliver infrastructure and services across the full power asset life cycle of design, deployment, operations and maintenance for our own generation and for generation owned by others. We are targeting growth initiatives that, one, derisk our ability to deliver for customers; two, add recurring revenue; and three, create a competitive edge. We focus on opportunities that bring us capabilities or scarce resource that enhances our ability to execute for our customers, skilled labor, engineering depth, access to equipment, which enhances the value proposition for our customers and widens the moat both around the contracts we already have and the new ones we are working on. To date, every acquisition we have made has been founder-led with entrepreneurs taking mostly stock rather than cash, which creates alignment culturally and financially to keep building the business after closing. Global Energy Services Alliance or GESA is the latest and largest example. In early July, we acquired GESA, which was formed from the combination of Baseload Power, a U.S. provider of generation aftermarket, installation and commissioning services and Pro-Per Energy Services, a global installation and operations and maintenance provider with project experience in more than 30 countries. GESA supports a wide range of customers, including utilities and IPPs, governments and OEMs and services a wide range of generation technologies, including large gas turbines. GESA also brings in-house installation and commissioning, long-term operations and maintenance, repair, refurbishment and 24/7 emergency response across aeroderivative, heavy-duty industrial, hydroelectric and steam turbine classes. Following the acquisition of GESA, we now have a team of over 600 skilled and experienced colleagues installing, commissioning, operating and maintaining power infrastructure. This workforce provides several key strategic benefits for us, including derisking our own execution at a time when the market for experienced and skilled labor is exceptionally tight. As the global installed base of turbines matures, GESA is also well positioned to benefit from significant aftermarket opportunities. Additionally, GESA provides boots on the ground to identify equipment available for refurbishment, which we can add to our own capacity or market. Finally, it strengthens how we earn new business. Providing turnkey installation, commissioning and long-term operations under one roof enhances our execution capabilities and eliminate multi-contractor handoff risks. That gives customers greater schedule and performance certainty. We are excited about additional opportunities that we're actively evaluating that we believe will strengthen Solaris over the long run. I'll now hand it over to Steve. Stephan Tompsett: Good morning, everyone. In the second quarter, we generated revenue of approximately $219 million, up 12% sequentially from the first quarter and adjusted EBITDA of approximately $108 million, up 30% sequentially. Adjusted EBITDA attributable to Solaris, excluding the impact of the noncontrolling interest in our Stateline joint venture was approximately $111 million. Net income was $25 million and adjusted pro forma net income was $37 million or $0.39 per fully diluted share. In Power Solutions, we averaged approximately 950 megawatts of capacity earning revenue during the quarter, up 4% from approximately 910 megawatts in the first quarter. Segment revenue of approximately $158 million was up 23% sequentially and segment adjusted EBITDA of approximately $96 million increased 34%, driven primarily by increased ancillary service revenue. In Logistics, segment revenue of $61 million was down 10% on lower last mile transportation activity, while segment adjusted EBITDA of $25 million increased 7% on higher activity and a more favorable project mix. We have increased our third quarter adjusted EBITDA guidance to $90 million to $105 million, reflecting the contribution of the GESA acquisition as well as our expectations for continued execution. We are also establishing initial fourth quarter adjusted EBITDA guidance of $100 million to $120 million, reflecting the ramp of energization at our Stateline joint venture as well as the first location for our third hyperscaler customer. I'd also note that our guidance excludes any potential benefits from additional ancillary services. These services, which include third-party engineering studies, start-up, commissioning or decommissioning costs, option payments and now with GESA, third-party equipment sales, can be both short cycle and difficult to precisely predict, but the earnings and cash impact could be meaningful. During the second quarter, we transformed our capital structure by successfully issuing $1.3 billion of senior unsecured notes and securing a new $650 million 5-year revolving credit facility. In connection with these financings, we were assigned corporate credit ratings of BB minus from S&P, Ba3 from Moody's and BB from Fitch. We ended the quarter with over $800 million in cash and a fully undrawn revolver. This approximately $1.4 billion of liquidity, combined with our operating cash flow, supports our current projected growth. We also remain committed to our dividend program, and on August 4, our Board approved a third quarter dividend of $0.12 per share, which once paid, will represent our 32nd consecutive dividend. In summary, the Solaris team delivered another great quarter. And following a successful financing, our balance sheet is in great shape and our growth plan is on track. With that, we'd be happy to take your questions. Operator: [Operator Instructions] And our first question today will come from David Arcaro with Morgan Stanley. David Arcaro: You've added a lot of new capabilities recently. I'm looking at Slide 4, which now has quite a long list, I guess, of upside strategies here. I was wondering if you could maybe help just elaborate or frame the magnitude of the upside potential as you look at your deployed and contracted fleet over time and what that upside could look like on that run rate EBITDA? William Zartler: Well, I think what we've laid out here is a view of this on a conservative basis. I think what's embedded in this is not a lot of option value to the growth of the GESA platform as well. So I think there's significant upside to that. This does include some level of probably less than we're actually seeing a balance of plant associated with the additional capacity, but there's more to come on that on top of GESA. So GESA's footprint is global and massive, and we see lots of opportunities out there with that business. They're seeing equipment that has uses both in the U.S. and outside the U.S. with the ability to refurbish and do some work there. So we're seeing a little bit of an aftermarket activity there where we actually can see significant opportunities to generate additional cash in that business as we grow it over the next year or 2. David Arcaro: Okay. Great. And I was wondering if we could also get your latest thoughts on other technologies outside of the turbines that you've been securing. Does the GESA acquisition make you look maybe more seriously at things like combined cycle plants or larger frame turbines in the market? And just any evolution in your thinking around that or more like reciprocating engines, et cetera? William Zartler: Yes. I mean we're, as we've said all along, agnostic to the source of power. We do understand the limitations and the strengths of the turbines that we're selecting. We are evaluating some technologies on some smaller scale steam generation that could go along with the waste heat that they produce and the capabilities there with the steam generation history that GESA has on top of the ability to look at frames. And I think as we see this market evolve, I think the nimbyism is clearly real. Everyone reads about it every day. What it will dictate is once there's more than likely a friendly local environment where the local citizens realize the benefits of these manufacturing facilities, if you will, in their towns and that the benefits may be been overblown. I mean the negatives have been overblown. There'll be opportunities to continue to grow those facilities. And so where we see opportunities is evolving these 500 to 1 gigawatt power plants using small, medium-scale turbines and enhancing that with larger equipment and larger units. And so we're actively in the design phase and in the discussion on how you design those facilities to see the continued growth in specific locations because I think it will be easier to grow locations that have been accepted and it will be kind of starting new ones. Operator: And our next question will come from Michael Sullivan with Wolfe Research. Michael Sullivan: I wanted to just ask on thoughts around financing potential future growth. We've obviously seen what William has done recently with the partner in Blackstone and just your appetite for something like that and what could potentially catalyze it. William Zartler: Yes. Great question. I'll let Stephen address that. Stephan Tompsett: Yes. As we said in the prepared remarks, we're sitting on significant liquidity today for the projects that we have in front of us. And we actually think there's probably some incremental debt capacity for small additions to our portfolio of projects. But as you may have gathered from our comments, there's quite a few commercial opportunities we're looking at. Some of those may lend themselves to more of a project finance or a structure in which we bring in a partner. So we're in discussions with a wide variety of market participants. We feel there's quite a few attractive options out there if some of these projects come to fruition. We're going to be flexible around those structures, taking into account, of course, cost of capital and flexibility provides the business. Michael Sullivan: Okay. Great. Very helpful. And then just in terms of -- maybe you could just give us a little color on what you're seeing in the secondary market for turbines that could maybe hit in the next year or 2? William Zartler: There is active market for the OEMs continue to make it. There's things around the world. Obviously, the U.S. is still -- U.S. and Canada are still sitting on very favorable natural gas prices. The rest of the world is not today. And so the cost of the use of some incremental generation around the world may not be as attractive for the gas-fired equipment as it would be moving here. So the GESA guys with their footprint and activity are on top of all that. And I think that we will see some ability to free up. We've been active in picking up additional equipment when folks have walked to the OEMs produce 1 or 2 more than they thought they had, and we've been able to get kind of a first call on that or at least the second call. But the market is active. And I think the GESA and the ability to repair, maintain, move, deliver, do all the stuff that is the hard part there that really gives us advantage on finding the equipment and getting it in the shape it needs to be in the U.S. market or in the opportunistic place where we may find it internationally and keep it international and just sell it to somebody else. So I think that it opens a lot of doors for us in the power generation market. Operator: And our next question will come from David Anderson with Barclays. John Anderson: So balance of plant is really starting to show up in the numbers and it's clearly a big part of your execution platform. Can you talk a bit about how much of your deployed capacity by the end of '27 will have a contracted balance of plant element? Maybe kind of longer-term, kind of how -- like what percentage are you sort of thinking in terms of that part of your business? William Zartler: Well, obviously, the more the better if we get the right returns on it. So I think it's really addressing the specific customer situation and how we're fitting into their behind-the-meter power solution. But if you -- we've kind of flashed numbers out there kind of arranging the cost and the return to an incremental dollar per megawatt basis, and it ranges clearly as we add balance of plant to that. So I think one of the evolutions of the company is as we grow this, as we grow into other platforms, it is this X number of megawatts times Y number equals this, equals to our stock price. I think that math is going to be less and less meaningful as we continue to grow the business in the ancillary parts of it as well. So it's not a hard and fast rule. Obviously, we believe that running the entire plant as the operator and owner of it, it's better to control all that equipment and operate it as one specific unit. So I think our goal is to continue to do more of that as we grow and put the fleet to work. Amanda Brock: I think the other thing that is happening, it's not only that we believe it is more efficient and cost effective, but our existing customers and the customers that we are talking to believe that sort of one-stop turnkey where we deliver all of the generation, SaaS access and also the distribution side, that turnkey approach is something that they want. John Anderson: That makes a lot of sense and sort of leads to my next question. It's more of a kind of broader strategic question. So you're obviously moving away from just deploying megawatts. You're talking about balance of plant, there's an SMR, you're talking about the GESA acquisition. Can you talk a little bit about how your strategy has evolved to date? And any insight into how you see the strategy expanding further over the next few years? Clearly, you're looking in many different areas. Just any insight on that would be great. William Zartler: Yes. I think the strategy is not -- the strategy is -- it's showing up now more than changing. I think we've always believed and understood that adding the balance of plant scope was something that we were looking at. The acquisition strategy to broaden our capabilities is really our view of the market needs and how do we provide those turnkey solutions to the customers and how are we able to grow as a couple of the critical paths here are both having equipment and then having the team and the skill set to put it all together and run it and the ability to maintain it over the life cycle of the equipment. So I think it is -- the strategy hasn't necessarily changed. What's happening now is it's actually showing up. Operator: And our next question will come from Derrick Whitfield with Texas Capital. Derrick Whitfield: Congrats on your quarter and update. I wanted to start on your project pipeline. What impact, if any, have data center moratoriums had on your project pipeline? It would seem to me that your offering would inherently be more valuable given the tightness in compute and power. Kyle Ramachandran: Yes. Maybe I'll just jump in. I mean, I think clearly, what we're seeing is the demand for compute is outpacing the incremental supply of compute getting put online broadly. And to the point on moratoriums in different jurisdictions, I think where we fit really neatly into that story is the flexibility of our solution. If you've got access to gas, we can really kind of go anywhere. And so I think rather than having a certain location when we put in a bunch of infrastructure that's kind of stuck there. I think what really helps us be nimble is the flexibility around the solution that we have, the team that we have that can go out and build projects kind of anywhere. So I think it's kind of all playing into our hand. Bill alluded to it, there's significant job creation here. There's significant stimulus that comes from these localities, and we are seeing areas where there's local influence that is meaningfully pushing towards development. So there are significant pockets available. But certainly, where we sit relative to a fixed geographic position is a really advantageous position in the portfolio. Derrick Whitfield: Great. And then maybe with respect to GESA, while the impact it will have on your offering is clear, how are you thinking about its impact on the industries you can serve from a distributed power perspective and your ability to grow third-party business within their existing offering? William Zartler: Well, I think that's -- we see that as clear. The data center market is a giant and massively growing market, but there's still utilities. There's still growth in the sector. There's still electrification of lots of things in this country. They're still reshoring the manufacturing. So the ability for us to provide those solutions and the GESA platform really helping us get there is significant. And they're providing utility power internationally in several countries today running those assets. And so we could see that continue and grow, and we can see playing a role in partial ownership of assets. We have the joint venture today where we share -- we own it with our customer, but we operate it. And so that can be a model as things evolve as well. Amanda Brock: GESA's largest customer segment at this point is delivering services, both refurb, O&M to utilities. So that is just one example of where we are opening up additional business and the third-party opportunities are significant. We're very excited about what GESA brings to the table. Operator: And our next question will come from Scott Gruber with Citigroup. Scott Gruber: I guess just to staying on GESA, Bill, you mentioned the upside in the next year or 2. It sounds like a kind of bullish kind of outlook for commercial synergies. Any targets that you could provide for us? And as you think about it, is it kind of ramping within the kind of core utility market? Or is it really ramping with the behind-the-meter solutions and helping with the install and commissioning on that side of things William Zartler: I'll give you the perfect answer. The answer is yes. I mean the markets are big. They're broad. The traditional utility market has been at the pace that it's grown. You haven't seen a lot of growth in the U.S. in the last few years. Internationally, power demands are growing. The world is getting more electrified and the needs for that are continuous and steady. The fuel choice is different around the world. So you kind of have a different use case there. But the target markets and the opportunities we see both with GESA and its core and its ability to find, locate, refurbish used equipment that we can either put internationally or back domestically, I think, is going to be a mix on whether it's going to be a fit for short-term U.S. needs or whether these are long-term assets that stay outside the U.S. But it's big and broad. We don't have any specific targets necessarily other than... Kyle Ramachandran: I think importantly, we're in the middle of the flywheel here, and it's continuing to accelerate. We're 2-plus years into this journey and the opportunity set, I think, is continuing to grow. We have found ourselves in a position where all the M&A we've done to date has really been proprietarily sourced. We brought in tremendous entrepreneurs. GESA is the latest example of that, where people see the value of the track record that we've established in actually powering the fastest-growing piece of the power segment. And jumping on to the platform, which is not necessarily a word we love to use, is providing an expansion of opportunities not only for us, but for the businesses that we're bringing in as well. And so tremendous synergies commercially that we are just at the tip of the spear here on this evolution happening around the world, and we'll just continue to find ways to add more to the flywheel. Amanda Brock: And at a time that you see labor and skilled labor a shortage and in many cases, potentially a bottleneck. We've just added 600 people to deep domain knowledge, and that just gives us a lot of opportunity looking forward. William Zartler: Yes. And developing the training programs, it gives us the critical mass to do a lot of those important things. We've got an internal training program that we've combined up with GESA's talent. They've got a relationship with the Main Maritime Academy on their engine training programs, where they bring interns into the facility and work on generators. So I think the real motion is how do we see the next 5 and 10 years rolling out and what kind of skills and assets do we want to have ready to take advantage of the market need. Scott Gruber: Yes. It's a good segue into my follow-up, which is on the cost synergy side because it seems like there could be some ability to help on the cost of installation, cost of commissioning and obviously, the maintenance of your turbines over their life. So any color that you can provide on how GESA can help on the cost side of things? And is there a cost angle here, too, that can aid your margins? William Zartler: There's cost angle, there's spare parts angle, and there's time to do turnarounds and time to do things that are all as we have it in-house, as Scott alerts it, we have control of it. We're doing it for third parties. So the bigger you are, the quicker you can do all the work you need to do in an emergency response or in a planned maintenance cycle. So we got to look at both parts of that and you recognize that there are a lot of equipment here, whether it's our turbines out on a site or third-party turbines or even a third party recips out there with generators that have maintenance needs. So it is -- it's just a tremendous and big opportunity that we see. Kyle Ramachandran: And when we look at our own projects, I mean, certainly, when we think about the capitalization of some of these long-term projects, we see some synergy there on bringing cost down by having it in-house. But most critical is the theme of time to compute and hitting time lines and having the in-house execution capabilities where, as we alluded to in the call -- in the prepared remarks, we provide that level of certainty now to customers saying, we are going out and putting together 20 different vendors to make this project happen. We are continuing to build the in-house capabilities to provide certainty to quality as well as execution time line. Operator: And our next question will come from Sean Milligan with Needham. Sean Milligan: On the July slide deck, you had $100 million plus in EBITDA potential on scope from customer B and C. First, I just want to make sure I'm thinking about it correctly that, that's all been signed up. And now, I guess, the updated slide deck is showing scope on open capacity. Is that the correct way to think about that first? Stephan Tompsett: Yes. I'd say on the -- first on the additional EBITDA, yes, it is for the balance of plant and the incremental CapEx, which is in line with what we've been communicating in the last several quarters. And then there is still significant upside for the uncontracted capacity that we've already committed to. So all that stays intact relative to what we communicated before. Sean Milligan: Okay. And then some customers are dual sourcing equipment? Or is there a potential for you to bring that equipment under your managed services like via some type of agreement? And is that contemplated at all in that Slide 4 guidance? William Zartler: No, that's not contemplated in the forward numbers. That is a possibility, though. Kyle Ramachandran: And as Bill alluded to the JV. William Zartler: Yes. And we are doing that today in a smaller way. But yes, it can grow, especially with the added capabilities we bring house. And part of this is us maintaining that we keep -- we've had our labor force and struggling -- not struggling, but just really trying to maintain our capital deployment and our people there, and it's been a big task hiring. This accelerates that and really does, to some extent, pull that off of our critical path when we're making decisions on how to continue to grow. Kyle Ramachandran: And our ability to service the power market is not limited to our balance sheet to that point. We're working for groups with obviously very large balance sheets and to the extent they've taken a position in some equipment and they want to partner with us in some mix of their own equipment, our equipment and having us in the position of making it all happen is some we can play. Operator: And our next question will come from Derek Podhaizer with Piper Sandler. Derek Podhaizer: I wanted to go back to the GESA conversations. How -- what else should we be thinking about as you look to continue to deepen your moat as a turnkey power supplier? What else from an integrated services perspective, ancillary services, obviously, there was a big impact on your financials this quarter. And as you integrate GESA look forward to seeing that go back to HV MV LV. What else is out there? How could you educate us as far as the different areas that you could pursue to really deepen the moat around the turnkey power supplier you're building out here? William Zartler: That's a great question. As Kyle alluded to, all these opportunities we've internally sourced through our networks and through working with several of them on different sites. So the last thing I want to do is tell an investment bank on where we're going to go find opportunities to go buy. But I think there are lots of them out there that are entrepreneur-owned. I mean the folks that we're tucking in underneath that see the opportunity. They see the -- frankly, they see taking our stock as it being undervalued in the whole package. So that's part of the point is they're coming in as our partners and helping us to grow this business. And I think we will -- there are more of those out there, and we're going to continue to try to deliver them at the right relative valuation with the right skill sets and focus. Derek Podhaizer: Got it. That all makes sense. So the announcement on the equity investment in the SMR Nuclear company was clearly interesting. So maybe just kind of your high-level thoughts, Bill, as far as you see the future energy mix for your solution and how you see this advancing over time as that looks to scale up and kind of be part of maybe a future solution of yours? William Zartler: Well, I think that the nuclear industry is going through a bit of a renaissance here as we retrace from the big plants and the engineering battles and the regulatory permitting battles to the SMR market where you've got a few select companies that are really making progress on reactor small designs that actually work and are safe. And so I think us picking the Deployable and understanding where they were in the process for getting critical is really important. The technologies are -- they're going to work. It's a matter of how do we piece them together and how do we get the demonstration of that power up and running as part of this tool. The economics are still to be determined. So it does save a lot of gas, and it's environmentally friendly to the most extent. But how is this going to fit into the mix of power generation in this country. And we think it will. We think it will have a role. It's a matter of how quick. I think the time lines of some of these, especially with support of the federal government can be quicker than expected, and I think that's what's exciting to us here. Operator: And our next question will come from Stephen Gengaro with Stifel. Stephen Gengaro: Two from me. The first is -- and maybe this acquisition you announced today helps, but we've heard more and more about sort of the wear and tear on turbines in the field working for data centers. I'm just curious kind of your take on that and what you've seen. William Zartler: I read the Bloomberg article this morning, and there's a lot of experts in this world. We've been doing this. All of our turbines work. We have turbines that, as we've said, are going to be -- that have been temporary that are moving off to another site, and we have checked them all over and we've looked at them, and they're all in great shape. So there is a lot of noise around it. They are difficult loads, pairing it up with some sort of buffer solution, be it a battery or a fuel cell is a good way of managing that. And we've seen the dynamics. I think we've got designs and experience on how to manage that without ring equipment, so to speak, or accelerating the life cycle. I mean the benefits of some of the equipment we use is this can run on multi-fuels and it has run on multi-fuels and running clean natural gas from a utility through them is far less impactful than trying to run diesel fuel through them or somewhere else, some other fuel around the world. So from our perspective, I mean, we see the dynamic. We think we've engineered and designed in a way that actually eliminates that risk on the equipment. Stephen Gengaro: Great. And my second question is, and you always lay things out really well in the deck. So thanks. And I think when we think about Solaris in 2030, right, do you think it will be materially different? Do you think there'll be M&A in the business on the power gen side? Like how do you think the company evolves from here? I mean, obviously, there's more contracts to sign, et cetera. But do you think the world changes much? Or do you think we kind of have more of the same? William Zartler: I think it's going to look dramatically different. I mean I think we have a stairstep through here in terms of what we can see today and what we can talk about. But I think if we look at what opportunity set lies out there, what we think is happening, I think that the company will be materially different than it is today. Our goals are far beyond what we have in this deck in terms of the growth of this company. And a capital-intensive industry, getting ourselves to the size at which we're investment grade is a big step. And I think that we will see things heading that direction by 2030. We'll look back -- if you go back to 2020 -- first quarter of 2024, looking at where we were, looking at where we are today, I think the step change will be about as radical as the last 2 years have been. Operator: And our next question comes from Bobby Brooks with Northland Capital Markets. Robert Brooks: Something that really stuck out to me in the prepared remarks was the line of sight commentary on additional capacity. And I'm less interested in trying to size that or time that because I think you've constantly shown the market you can and will execute on that. But what I do want to ask is with the GESA acquisition and the expertise they brought in-house across a broader array of turbine, OEMs, makes models, does that inherent -- did that directly tie to that improved line of sight on capacity additions? And maybe just expand on that. William Zartler: I think you hit the nail on the head. I mean we have established very good relations with the OEMs and be able to pick up a little bit of kind of used equipment and slots from the OEMs that may have come up or slots they may have been conservative in their rollout and had a few extra turbines that we've been able to buy up. But GESA changes that dramatically from out there, the used or lightly used or highly used equipment where we can actually in-house determine and do the diligence quickly on what might need to be done to that equipment and get it moved. And so the level of involvement knowledge that's applied to that scanning the world, if you will, looking for opportunistic power generation, I think, is giant with their addition. And we had hired them before to do diligence for us on a set of assets. So we knew their capabilities and are really excited to have them as part of the team. Amanda Brock: GESA's footprint is in over -- they've operated in over 30 countries. So they have a lot of visibility into what is happening in these countries, where the power plants are that might be decommissioned and where there is good equipment. William Zartler: And there's a lot of equipment that isn't going to be suitable. So I think very quickly, understanding what's a wild goose chase and what's a real effort we apply time and energy to is an important thing that they bring to the table. Robert Brooks: Very helpful. And it seems -- and also on GESA, it seems like this gives you a notable second and separate shot on that with the entire power gen build-out because of their aftermarket service maintenance across various different turbines. So I just wanted to ask, one, do you plan -- and I think you kind of answered this earlier, but just to confirm, it seems like you do plan on having GESA continue to pursue an expanding set of maintenance and servicing jobs where it might not necessarily be your assets on site. And then secondly, on your own projects or future ones, does adding the GESA team further expand potential scope. William Zartler: Yes and yes. So I think we do anticipate and want them to continue to grow their third-party work from an O&M perspective and from a generator maintenance perspective, and rewinding and all the really important stuff that they can do for third parties as well as us and continue to grow their shop. On top of that, they do give us a greater level of expertise on certain elements of what we do, especially as we're developing our preventative maintenance programs, and we're developing all the protocols around that, and we're applying some really cool AI tools to manage and anticipate issues to get ahead of any maintenance to make sure that it's planned versus unplanned. So I think the team there and integration into what we're developing is very important to how we run our business and how we are as reliable as possible for our customers. Operator: And our next question will come from Michael Dudas with Vertical Research Partners. Michael Dudas: Maybe a very supportive commentary this morning. What are some of the things we should look for that maybe there's some -- any headwinds on timing, customer commitment, supply chain, integration, anything that we should be thinking about, not that there's any news flow in the marketplace, but to gain continued confidence in the execution moving forward in the next few quarters? William Zartler: Well, the good news about this market today, it's pretty good at pointing out what it thinks is going to go wrong. These are complicated businesses and us putting the team forward, understanding execution, understanding build-out risk, understanding permitting challenges, understanding all the aspects to make all this happen, I think is really a key driver and a key risk mitigation strategy that we think about every project, every location we're building, every subset of what's happening, maintaining that we've got the team, we've got the ability to put we need. We've got friendly local relationships with the community where we operate and understanding how to think about that and how to manage that is all part of ensuring that we that we can execute equipment over the short-term. There is more demand for compute than there is compute and power to compute right now from what we see. And so I think getting things up and running at the speed at which the industry wants is important. And we're going to do what we can do. We're going to do it safely, but we're going to do it as fast as possible. Amanda Brock: We're also going to be very focused on signing the right contracts at the right time with the right people. Operator: And our next question will come from Jerry Revich with Wells Fargo. Kevin Uherek: This is Kevin on for Jerry. Congrats on the quarter. Could you help us walk through the economics of the expanded scope? Where is the incremental $100 million plus of annual EBITDA coming from balance of plant infrastructure support, et cetera? Where are you getting the most interest in terms of scope from existing or prospective clients? And how are the returns trending on that scope compared to the rest of the business? Stephan Tompsett: Yes. I'll take a piece of that. As we talked about consistently, when we look at these projects, the generation as well as the balance of plant, we look at it on a return on capital basis when we price the contract. So we look for similar rates of return. So the incremental capital is going to be earning rates of return very similar to what we've already deployed for the turbines. So it's all consistent from a pricing strategy standpoint. Kyle Ramachandran: And from an offering standpoint, Bill used the word evolution earlier today, and that's a word we've been using quite frequently recently. And if we look at just the evolution of the offering and the scope that we've put in place here across the 3 major data center contracts that we have, the scope continues to expand at each contract. And so I think to Amanda's point, people are looking for a turnkey trusted provider, and we're doing it organically and inorganically in terms of being able to articulate that value proposition. So we think the earnings potential here is very compelling as we sort of land and expand here. Amanda Brock: Every time we've signed a contract, we have expanded the scope under that contract. Operator: And our next question will come from Blake McLean with Daniel Energy. Blake McLean: A lot of great insights already. So maybe I've got just one broader question here. I'm curious to get your take on insights from customers and potential customers from a mindset evolution perspective. You guys had a great interconnection delay data point in your materials. How are those types of anecdotes and other grid headwinds that we keep hearing about changing commercial conversations. So like clearly, it's broadening interest levels. But how is it shaping like when they want to engage with you all? How they think about site selection, size of capacity commitments, that sort of stuff? William Zartler: Well, I think I alluded to it a little bit earlier. It does -- I think the momentum toward expanding sites that are already there if you've got strong local relationships, continues to be a little bit easier than a greenfield project. That said, there are still many large greenfield projects with eyes to larger-sized campuses, and it's really about the evolution of, if I want to build a 4, 5, 10 gigawatt campus, the sky is the limit, how do I start that? And so what does that look like starting that and rolling up the power supply into a facility like that over the next 2 to 5 years as they build it out. And so I think that's the ongoing conversation is what does the design look like for that? How does it all fit together? How does it look? What does the generation stack look like for 5-gigawatt islanded power project 3 years from now or 5 years from now. So I think all of those conversations are very ongoing. I think that there -- our dialogues are consultative with our customers and trying to figure out what -- how that we fit a solution into there and how you partner up with others to execute on the scale, which is needed to execute on. Amanda Brock: Moratoriums, the issues associated with the interconnection and the queues, look at the Abbott letter that there's been a lot of conversations about. I mean these are all tailwinds. The -- one of the primary solutions to meaningfully alleviate the strain on public infrastructure and eliminate or at least mitigate the potential of increased costs on the ratepayer really pushes you back to behind the meter. And so these are tailwinds, and as Bill said, we are in discussions as to how to make it happen and how to make it happen and where to make it happen. So the conversations are very consultative. William Zartler: Yes. And I think their view of the time value of compute time between now and energizing in early '27 versus '29 or '30 is significant value to the customers. And so they see that and they recognize the need to get this going quickly but then have a long-term plan about what it looks like. I think there's always been a bit of a perception that some more efficient large combined cycle unit is going to be -- fleet is going to be a much more lower cost solution. But in today's environment with the cost of the EPC contracts, the location, siting of all that, the needs for high-voltage transformers and needs for high-voltage transmission and on-site backup power, the costs are beginning to converge in a way that we think is really much pushing the behind-the-meter solution to really become the next generation of power. And that at some point, it can turn around and survive back into the grid as resiliency as needed. And I'm sure you have one more question, Blake, about the logistics segment. Blake McLean: Anything you want to share on that? We'd love to hear it. William Zartler: Thank you, Blake. That business continues to perform extremely well. We do see customers focused on it that the trucking bottlenecks with the data center market has taken a lot of the pneumatic trucks and use them for cement service. So the evolution of kind of what's happening there with the growth of the need, and I think John's letter of Sunday night highlighted that you're going to need more frac spreads next year to complete the wells that are being drilled as the rig count grows a little bit. So all of that points to continued growth in that business for us, and we've got strong reliability. We've really spent a lot of effort in that business, continue to focus on equipment reliability and getting it working. And I think that we're hitting on all cylinders in that business as well. Operator: And this will conclude our question-and-answer session. I'd like to turn the conference back over to Bill Zartler for any closing remarks. William Zartler: Thanks, Cole. Thank you all for joining us today. This quarter's progress showed once again that our strategy is working. Our team is executing and the company is growing quickly. Our customers keep choosing to grow with us. We keep integrating more of the power value chain and all that combination is producing durable results. About our 2.3 gigawatts that are currently under long-term contract and have a clear path to significant free cash flow from those contracts and other parts of our business over the next decade. A sincere thank you to our employees, customers and partners. Your dedication and trust are the foundation of everything we are building, and they are why we are more excited about the future than at any point in our history. We look forward to sharing our continued progress. And thanks again. Have a great day. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time. Before you buy stock in Solaris Energy Infrastructure, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Solaris Energy Infrastructure wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Solaris Energy Infrastructure (SEI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Solaris Energy Infrastructure, Inc. SEI reported second-quarter 2026 adjusted earnings of 39 cents per share, up 14.7% year over year, and beat the Zacks Consensus Estimate of 31 cents by 25.81%. The outperformance was driven by the exceptional results of the Power Solutions segment. Revenues of $219 million increased 47% year over year and topped the consensus estimate of $198 million by 10.78%, driven by higher leasing and service revenues. The company’s leasing and service revenues increased 70.8% and 30% year over year, respectively. Solaris Energy Infrastructure, Inc. price-consensus-eps-surprise-chart | Solaris Energy Infrastructure, Inc. Quote Net income reported by SEI was $25.2 million in the quarter. On a non-GAAP basis, adjusted EBITDA was $108.3 million, up from $60.6 million in the year-ago period, driven primarily by higher Power Solutions activity levels and a lift in Logistics profitability. On Aug. 4, 2026, the company’s board of directors approved a third-quarter 2026 dividend of 12 cents per share, payable on Sept. 25 to its shareholders of record as of Sept. 15. Solaris Power Solutions:Power Solutions revenues increased to $158.3 million compared with $75.6 million in the year-ago period. Capacity earning revenues in the segment averaged 950 MW during the quarter. Adjusted EBITDA from the segment increased to $96.4 million, driven by increased ancillary service revenues. Solaris Logistics Solutions: Logistics Solutions delivered revenues of $61 million, decreasing 17.2% from the year-ago period. Adjusted EBITDA from the segment increased year over year to $24.7 million, driven by increased system activity and a more favorable project mix. Solaris Energy expanded three long-term contracts that are expected to add more than $100 million of annual adjusted EBITDA. The expanded Hatchbo agreement now covers a turnkey, roughly 660-MW power plant, including balance-of-plant equipment, batteries and operating services. The contract term was extended to as long as 18 years, and revenues are expected to begin in January 2027. SEI also broadened the scope of its April 2026 agreement with a global technology customer to include balance of plant, energy storage and natural gas procurement and management. Separately, a large energy customer increased contracted microgrid capacity to about 80 MW from 60 MW and extended the agreement to six years from four years. The acquisition of Global Energy Services Alliance, or GESA, expands SEI’s installation, commissioning, operations, maintenance and aftermarket capabilities. GESA added more than 600 skilled employees and brings project experience spanning more than 30 countries. Management sees the acquisition as a way to improve project execution while expanding third-party service opportunities. Solaris Energy also has approximately 800 MW of open capacity with relatively near-term delivery timelines and said it is in advanced discussions with multiple customers regarding long-term deployments. For the third quarter of 2026, the Zacks Rank #5 (Strong Sell) company raised adjusted EBITDA guidance to $90-$105 million from $80-$95 million previously, and established fourth-quarter adjusted EBITDA guidance of $100-$120 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. At quarter-end, Cash and cash equivalents attributable to Solaris Energy were $888.5 million, while long-term debt attributable to SEI (net of current portion) was $1.6 billion, with a debt-to-capitalization of 58%. During the quarter, the company completed an inaugural $1.3 billion senior, unsecured notes offering and secured a new, undrawn $650 million credit facility. While we have discussed SEI’s second-quarter results in detail, let’s see how some other oilfield service companies have fared this earnings season. NOV Inc. NOV reported second-quarter 2026 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 16 cents. The bottom line also increased 6.9% from the year-ago quarter’s 29 cents, driven by outperformance of the Energy Equipment segment. The oil and gas equipment and services company’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by $39 million. However, NOV’s revenues fell 2.5% from the year-ago quarter’s figure of $2.2 billion due to lower year-over-year revenues from the Energy Products and Services segment. As of June 30, 2026, the backlog for Energy Equipment capital orders was $4.1 billion, reflecting a $220 million decrease from the prior year. Liberty Energy Inc. LBRT reported a second-quarter 2026 adjusted net profit of 9 cents per share, beating the Zacks Consensus Estimate of 7 cents. The outperformance was driven by the company’s focus on AI-driven technology advancements and strong operational execution. However, the bottom line decreased from the year-ago quarter’s profit of 12 cents due to increased year-over-year costs and expenses. LBRT's revenues totaled $1.2 billion, which beat the Zacks Consensus Estimate of $1.1 billion. The top line also increased from the prior-year quarter’s $1 billion by 14%, supported by record utilization and a modest pricing uplift along with higher product sales. As of June 30, Liberty Energy had approximately $555.4 million in cash and cash equivalents. The pressure pumper’s long-term debt of $1.3 billion represented a debt-to-capitalization of 39.5%. Further, the company’s total liquidity, including availability under the credit facility, amounted to $1 billion. Oceaneering International, Inc. OII reported second-quarter 2026 earnings of 65 cents per share, up from 54 cents in the year-ago quarter. Higher year-over-year operating income from the company's Subsea Robotics, Manufactured Products, Offshore Projects Group and Aerospace and Defense Technologies segments contributed to this improvement. Total revenues of $768.2 million increased approximately 10% from the year-ago quarter’s $698.2 million. This increase reflected revenue growth across all segments except Integrity Management & Digital Solutions. As of June 30, 2026, OII had cash and cash equivalents worth $629.5 million and $688.9 million, respectively, along with a long-term debt of about $490.2 million. The debt-to-capitalization was 29.6%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Solaris Energy Infrastructure, Inc. (SEI) : Free Stock Analysis Report NOV Inc. (NOV) : Free Stock Analysis Report Oceaneering International, Inc. (OII) : Free Stock Analysis Report Liberty Energy Inc. (LBRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Solaris Energy Infrastructure (SEI) has just reported second quarter 2026 results alongside a fresh dividend decision, giving you new data on sales, earnings and cash returns to shareholders. See our latest analysis for Solaris Energy Infrastructure. Alongside these earnings and dividend updates, Solaris Energy Infrastructure has also been active on the corporate front with its investment in Deployable Energy’s microreactor technology. Yet the stock’s 30 day share price return is down 17.86% and the 90 day share price return is down 23.84%, even as the 1 year total shareholder return stands at 93.69% and the 5 year total shareholder return is very large. Overall, momentum in the share price has cooled in recent months while long term total shareholder returns remain strong. If this mix of power infrastructure and nuclear exposure catches your interest, it may be worth widening your search to other grid focused plays through our 36 power grid technology and infrastructure stocks Solaris Energy Infrastructure now trades at $58.79 while analyst targets and intrinsic value estimates sit much higher. With that spread and a sharp recent pullback, where does a fair valuation range realistically land for you? The most followed narrative values Solaris Energy Infrastructure at $94.34 per share compared with the current $58.79. This frames a sizable valuation gap for you to judge. Read the complete narrative. Want to see what underpins that higher fair value for Solaris Energy Infrastructure? The narrative leans heavily on rapid top line expansion, rising margins and a future earnings base that looks very different to today. Curious how those moving parts compound into that $94.34 figure? Result: Fair Value of $94.34 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Solaris Energy Infrastructure still faces meaningful risks if one-off Power Solutions strength fades, or if hyperscaler contract execution and funding needs prove more challenging. Find out about the key risks to this Solaris Energy Infrastructure narrative. There is a sharp contrast between the narrative fair value of $94.34 and what the market is paying for Solaris Energy Infrastructure today when using simple earnings multiples. SEI trades on a P/E of 73x, compared with 27.1x for the US Energy Services industry and 32.4x for peers, while the fair ratio is 28.4x. That premium suggests the market already prices in a lot of future success. The key question is how comfortable you are with that valuation gap if expectations slip. See what the numbers say about this price — find out in our valuation breakdown. If the mixed signals on Solaris Energy Infrastructure leave you undecided, use that as a prompt to move fast and test the numbers yourself. Weigh the upside and downside in detail by checking the 4 key rewards and 4 important warning signs If Solaris Energy Infrastructure has sharpened your thinking, keep that momentum going by lining up your next watchlist candidates now rather than reacting later. Spot opportunities that combine quality and a possible discount by scanning our 49 high quality undervalued stocks before other investors focus on them. Build a steadier core to your portfolio by reviewing income focused opportunities in the 8 dividend fortresses while yields still look appealing. Protect your downside by filtering for companies that score well on resilience using the 85 resilient stocks with low risk scores so you are not caught off guard by surprises. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SEI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Solaris Energy Infrastructure, Inc.? Here are five stocks we like better. Record Q2 performance: Revenue rose 12% sequentially to approximately $219 million, while adjusted EBITDA increased 30% to approximately $108 million, driven by 23% growth in Power Solutions revenue and higher ancillary-service income. Expanding long-term project pipeline: Solaris expanded several customer agreements, including a turnkey 660-megawatt Hatchbo power plant with a potential 18-year term, and has approximately 800 megawatts of open capacity with near-term delivery potential. Raised outlook and strengthened liquidity: The company acquired GESA to add more than 600 employees and broaden project-services capabilities, raised Q3 adjusted EBITDA guidance to $90 million-$105 million, and ended the quarter with approximately $1.4 billion in liquidity. Solaris Energy Infrastructure (NYSE:SEI) reported record second-quarter results as growth in its Power Solutions business, expanded customer contracts and the acquisition of Global Energy Services Alliance, or GESA, supported its outlook for the second half of 2026. The company generated approximately $219 million in second-quarter revenue, up 12% sequentially, and approximately $108 million in adjusted EBITDA, up 30% from the first quarter, CFO Steve Tompsett said. Net income was $25 million, while adjusted pro forma net income totaled $37 million, or $0.39 per fully diluted share. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Chairman and Co-CEO Bill Zartler said Solaris continues to provide dedicated power to two operating data centers and is building projects at two additional locations, including one expected to energize in September. The company has signed long-term contracts with three investment-grade technology companies, two of which were executed during the past six months. Solaris averaged about 950 megawatts of revenue-generating capacity during the quarter, compared with about 910 megawatts in the first quarter. Power Solutions revenue increased 23% sequentially to approximately $158 million, while adjusted EBITDA rose 34% to about $96 million. Tompsett attributed the improvement primarily to higher ancillary-service revenue. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Its Logistics segment generated $61 million in revenue, down 10% sequentially due to lower last-mile transportation activity. However, Logistics adjusted EBITDA rose 7% to $25 million, reflecting higher activity and a more favorable project mix. Zartler said the Logistics business continues to produce more than $20 million in quarterly free cash flow, which Solaris is investing in its power and infrastructure services operations. He said the company is effectively sold out of its top-fill equipment and sees favorable market fundamentals for the segment. → No Hangover: Revisiting Microsoft One Week After Earnings Co-CEO Amanda Brock said Solaris amended its Hatchbo agreement in July, converting the original power-capacity arrangement into a capacity and operating agreement for a turnkey 660-megawatt power plant. The expanded agreement includes additional balance-of-plant equipment, batteries and full operations and maintenance services. The agreement has a 10-year base term and an eight-year extension option, increasing its potential duration to 18 years from the prior maximum of 15 years. Solaris began civil construction in July, has more than 70% of the required equipment available, and expects to begin earning revenue from the project in January 2027, Brock said. The company also expanded an April contract with its third investment-grade global technology customer. The scope grew from 640 megawatts of generation to include incremental balance-of-plant equipment, energy storage and natural-gas procurement, delivery and management on a cost-plus basis. Solaris expects the first deployment under that contract to energize next month. In July, Solaris expanded and extended a contract with a large energy customer after that customer was told its grid interconnection could take seven to eight years. The customer increased capacity to about 80 megawatts from 60 megawatts and extended the contract term to six years from four years. Brock said Solaris has approximately 800 megawatts of open capacity with near-term delivery potential and is in advanced discussions with customers regarding long-term deployments. Solaris acquired GESA in early July, adding installation, commissioning, operations, maintenance, repair, refurbishment and emergency-response capabilities across several generation technologies. GESA was formed from the combination of Baseload Power and Pro-Per Energy Services and has experience serving utilities, independent power producers, governments and original equipment manufacturers. President Kyle Ramachandran said the acquisition adds more than 600 skilled employees and strengthens Solaris’ ability to execute projects during a period of tight labor availability. He said GESA also provides access to aftermarket opportunities and equipment-refurbishment capabilities, including the ability to identify generation equipment that may be suitable for Solaris projects or third-party sales. Management said the company intends to continue expanding GESA’s third-party work while using its expertise to support Solaris’ own installations, maintenance programs and project timelines. Solaris also disclosed an equity investment in Deployable Energy, an early-stage small modular reactor company. Zartler said Deployable Energy has achieved reactor criticality under a Department of Energy program, a milestone he said advances the technology toward commercial readiness. Solaris plans to work with Deployable Energy on commercialization efforts. Solaris raised its third-quarter adjusted EBITDA guidance to between $90 million and $105 million, citing the GESA contribution and continued execution. The company set initial fourth-quarter adjusted EBITDA guidance of $100 million to $120 million, reflecting expected energization at its Stateline joint venture and the first location for its third hyperscaler customer. The guidance excludes potential contributions from ancillary services, including engineering studies, commissioning and decommissioning costs, option payments and, following the GESA acquisition, third-party equipment sales. During the quarter, Solaris issued $1.3 billion of senior unsecured notes and secured a new $650 million five-year revolving credit facility. The company ended the quarter with more than $800 million in cash and a fully undrawn revolver, for about $1.4 billion in liquidity, Tompsett said. The board also approved a third-quarter dividend of $0.12 per share on Aug. 4. Once paid, it will represent Solaris’ 32nd consecutive dividend. Solaris Energy Infrastructure Fund Inc (NYSE: SEI) is a closed-end management investment company that seeks to provide total return through a combination of current income and capital appreciation. The fund pursues its objective by investing primarily in equity securities of energy infrastructure companies, including master limited partnerships (MLPs) and other midstream entities. SEI is externally managed by Solaris Asset Management LP, a firm specializing in energy infrastructure investments. The fund’s portfolio targets businesses involved in the gathering, processing, transportation, storage and terminalling of oil, natural gas and refined products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Solaris Energy Infrastructure Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Solaris Energy Infrastructure, Inc. (SEI) reported $219.4 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 46.9%. EPS of $0.39 for the same period compares to $0.34 a year ago. The reported revenue represents a surprise of +10.78% over the Zacks Consensus Estimate of $198.06 million. With the consensus EPS estimate being $0.31, the EPS surprise was +25.81%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Solaris Energy Infrastructure, Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Solaris Logistics Solutions - Activity - Average Systems (fully utilized systems): 106 versus the two-analyst average estimate of 105. Solaris Power Solutions - Activity - Managed (capacity): 950.00 MW versus 950.00 MW estimated by two analysts on average. Revenue- Solaris Power Solutions: $158.34 million versus $124.19 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +109.4% change. Revenue- Solaris Logistics Solutions: $61.06 million versus the four-analyst average estimate of $72.41 million. The reported number represents a year-over-year change of -17.2%. Adjusted EBITDA- Solaris Logistics Solutions: $24.75 million compared to the $23.17 million average estimate based on three analysts. Adjusted EBITDA- Solaris Power Solutions: $96.43 million versus $77.37 million estimated by three analysts on average. Adjusted EBITDA- Corporate: $-12.91 million versus the two-analyst average estimate of $-12.5 million. View all Key Company Metrics for Solaris Energy Infrastructure, Inc. here>>> Shares of Solaris Energy Infrastructure, Inc. have returned -16.5% over the past month versus the Zacks S&P 500 composite's +2.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Solaris Energy Infrastructure, Inc. (SEI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Solaris Energy Infrastructure, Inc. (SEI) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +25.81%. A quarter ago, it was expected that this company would post earnings of $0.26 per share when it actually produced earnings of $0.44, delivering a surprise of +69.23%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Solaris Energy Infrastructure, Inc., which belongs to the Zacks Oil and Gas - Mechanical and and Equipment industry, posted revenues of $219.4 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 10.78%. This compares to year-ago revenues of $149.33 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Solaris Energy Infrastructure, Inc. shares have added about 26% since the beginning of the year versus the S&P 500's gain of 13%. While Solaris Energy Infrastructure, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Solaris Energy Infrastructure, Inc. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $201.58 million in revenues for the coming quarter and $1.01 on $805.81 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Mechanical and and Equipment is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, North American Construction (NOA), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 12. This heavy construction and mining services company is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of +2800%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. North American Construction's revenues are expected to be $252.93 million, up 9.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Solaris Energy Infrastructure, Inc. (SEI) : Free Stock Analysis Report North American Construction Group Ltd. (NOA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, Solaris Energy Infrastructure, Inc. (SEI) reported revenue of $219.4 million, up 46.9% over the same period last year. EPS came in at $0.39, compared to $0.34 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $198.06 million, representing a surprise of +10.78%. The company delivered an EPS surprise of +25.81%, with the consensus EPS estimate being $0.31. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Solaris Energy Infrastructure, Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Solaris Power Solutions - Activity - Managed (capacity): 950.00 MW versus the two-analyst average estimate of 950.00 MW. Revenue- Solaris Power Solutions: $158.34 million compared to the $124.19 million average estimate based on four analysts. The reported number represents a change of +109.4% year over year. Revenue- Solaris Logistics Solutions: $61.06 million versus the four-analyst average estimate of $72.41 million. The reported number represents a year-over-year change of -17.2%. Adjusted EBITDA- Solaris Logistics Solutions: $24.75 million versus the three-analyst average estimate of $23.17 million. Adjusted EBITDA- Solaris Power Solutions: $96.43 million compared to the $77.37 million average estimate based on three analysts. Adjusted EBITDA- Corporate: $-12.91 million versus $-12.5 million estimated by two analysts on average. View all Key Company Metrics for Solaris Energy Infrastructure, Inc. here>>> Shares of Solaris Energy Infrastructure, Inc. have returned -11.4% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Solaris Energy Infrastructure, Inc. (SEI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

HOUSTON, August 05, 2026--(BUSINESS WIRE)--Solaris Energy Infrastructure, Inc. (NYSE:SEI) ("Solaris" or the "Company"), today announced the following: Second Quarter 2026 Summary Results Revenue of approximately $219 million increased 12% sequentially from first quarter 2026. Net income of $25 million and $0.26 per diluted Class A common share; Adjusted pro forma net income(1) of $37 million and $0.39 per fully diluted share. Adjusted EBITDA(1) of approximately $108 million increased 30% sequentially from first quarter 2026. Adjusted EBITDA attributable to Solaris(1)(4) of approximately $111 million, which excludes the EBITDA loss attributable to the non-controlling interest in Stateline Power, LLC ("Stateline"), the Company’s joint venture. Recent Growth Initiatives Expanded Three Long-Term Contracts Adding >$100 Million of Expected Annual Adjusted EBITDA Strengthened Balance Sheet with $2 billion of Growth Financing. Successfully completed an inaugural $1.3 billion senior, unsecured notes offering and secured a new, undrawn $650 million credit facility. Corporate credit ratings assigned by S&P Global Ratings (BB-), Moody’s Ratings (Ba3) and Fitch Ratings (BB). Ended the quarter with approximately $1.4 billion in available liquidity. Acquisition of Global Energy Services Alliance, Inc. ("GESA"), a full cycle power generation service provider with a strong track record. GESA’s skilled team enhances Solaris’ project execution capacity, adds aftermarket repair, maintenance, installation and commissioning services, and brings in-house proven capabilities to service and operate a broad range of generation technology. Invested in and Collaborating with Deployable Energy, a Small Modular Reactor ("SMR") Nuclear Technology Company. Made an equity investment in Deployable Energy, providing early exposure to next-generation nuclear technology. Solaris will work with Deployable on commercialization of their SMR technology, complementing our existing generation capabilities. Guidance (1)(2) Raising third quarter 2026 Adjusted EBITDA guidance to $90-105 million from $80-95 million and establishing fourth quarter 2026 Adjusted EBITDA guidance at $100-120 million. Shareholder Returns On August 4, 2026, the Company’s board of directors approved a third quarter 2026 dividend of $0.12 per share, to be paid on September 25, 2026, to holders of record as of September 15, 2026, which, once paid, will represent Solaris’ 32nd consecutive dividend. CEO Commentary "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," said Bill Zartler, Chairman and Co-Chief Executive Officer. "Our accomplishments and activities this quarter, from expanding the scope of our turnkey power plants and bringing GESA's service and aftermarket capabilities in-house, to taking an early equity position in a small modular reactor technology company, reflect our strategy to grow our offerings and capabilities to deliver valuable solutions to our customers." "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," said Amanda Brock, Co-Chief Executive Officer. Segment Results (3) Solaris Power Solutions Activity – Second quarter 2026 averaged approximately 950 MW of capacity earning revenue, which was up 4% compared to approximately 910 MW in first quarter 2026. Revenue – Second quarter 2026 revenue of approximately $158 million was up 23% from first quarter 2026. Profitability – Second quarter 2026 Segment Adjusted EBITDA (1)(3) of approximately $96 million increased 34% from first quarter 2026 due primarily to increased ancillary service revenue. Solaris Logistics Solutions Revenue – Second quarter 2026 revenue of $61 million decreased 10% from first quarter 2026 due to lower last-mile transportation activity. Profitability – Second quarter 2026 Segment Adjusted EBITDA (1)(3) of $25 million increased 7% from first quarter 2026 due primarily to increased system activity and a more favorable project mix. Footnotes Conference Call Solaris will host a conference call to discuss its results for second quarter 2026 on Thursday, August 6, 2026 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978, or for participants outside of the United States (412) 317-6594. Participants should ask the operator to join the Solaris Energy Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at solaris-energy.com. An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (855) 669-9658 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 2265312. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days. About Non-GAAP Measures In addition to financial results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), this news release presents non-GAAP financial measures. Management believes that EBITDA, Adjusted EBITDA, Adjusted pro forma net income and Adjusted pro forma earnings per fully diluted share provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating Solaris’ overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables. About Solaris Energy Infrastructure, Inc. Solaris Energy Infrastructure, Inc. (NYSE:SEI) delivers comprehensive power infrastructure solutions including generation, distribution, installation and commissioning, aftermarket support, and operations and maintenance. Headquartered in Houston, Texas, the Company serves multiple U.S. end markets, including data centers, energy, and other commercial and industrial sectors. Additional information is available on our website, solaris-energy.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, our business strategy, our industry, our future profitability, changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, and the impact of such policies on us, our customers and the global economic environment, the success of Stateline and associated transactions and its impact on the financial condition and results of operations of our Solaris Power Solutions segment, the anticipated growth of our power fleet and sources of financing thereafter, the volatility in global oil markets, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts, our future business and financial performance and our results of operations, and the other risks discussed in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities Exchange Commission (the "SEC") on February 27, 2026, Part II, Item 1A. "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the SEC subsequent to the issuance of this communication. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. We report two distinct business segments, which offer different services and align with how our chief operating decision makers assess operating performance and allocate resources. Our reporting segments are: Solaris Power Solutions – delivers power generation, power control, and power distribution solutions. The segment’s offerings support data center, energy, and other commercial and industrial sector customers by providing flexible, on-demand power infrastructure, including power control and distribution capabilities. Solaris Logistics Solutions – designs and manufactures specialized equipment that enables the efficient management of raw materials used in the completion of oil and natural gas wells. Solaris’ equipment-based logistics services include field technician support, software solutions, and may also include last mile and mobilization services. We evaluate the performance of our business segments based on Adjusted EBITDA. We define Adjusted EBITDA as our net income plus depreciation and amortization expense, interest (income) expense, income tax expense, stock-based compensation expense, and certain non-cash items and any extraordinary, unusual or non-recurring gains, losses or expenses. Summarized financial information by business segment is shown below. The financial information by business segment for prior periods has been restated to reflect the changes in reportable segments. EBITDA AND ADJUSTED EBITDA We view EBITDA and Adjusted EBITDA as important indicators of performance. We use them to assess our results of operations because it allows us, our investors and our lenders to compare our operating performance on a consistent basis across periods by removing the effects of varying levels of interest expense due to our capital structure, depreciation and amortization due to our asset base and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding trends and other factors affecting our business in addition to measures calculated under generally accepted accounting principles in the United States ("GAAP"). We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest (income) expense and (iii) income tax expense. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses. EBITDA and Adjusted EBITDA should not be considered in isolation or as substitutes for an analysis of our results of operation and financial condition as reported in accordance with GAAP. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted EBITDA. ADJUSTED PRO FORMA NET INCOME AND ADJUSTED PRO FORMA EARNINGS PER FULLY DILUTED SHARE Adjusted pro forma net income represents net income attributable to Solaris assuming the full exchange of all outstanding membership interests in Solaris Energy Infrastructure, LLC ("Solaris LLC") not held by Solaris Energy Infrastructure, Inc. for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of ongoing business operations. Adjusted pro forma earnings per fully diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding units of Solaris LLC ("Solaris LLC Units"), after giving effect to the dilutive effect of outstanding equity-based awards. When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding Solaris LLC Units, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in net income attributable to Solaris as a result of increases in its ownership of Solaris LLC, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should not be considered alternatives to net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, they do not account for the earnings attributable to the non-controlling interest holders and therefore do not provide a complete understanding of the net income attributable to Solaris. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to net income attributable to Solaris, the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully diluted share are set forth below. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805236964/en/ Contacts Yvonne FletcherSenior Vice President, Finance and Investor Relations(281) [email protected]