Solaris Energy Infrastructure, Inc.

Solaris said second-quarter revenue was approximately $219 million, up 12% sequentially from Q1, and adjusted EBITDA was approximately $108 million, up 30% sequentially. Adjusted EBITDA attributable to Solaris, excluding noncontrolling interest in Stateline, 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, average capacity earning revenue was approximately 950 megawatts, up 4% sequentially; segment revenue was approximately $158 million, up 23%, and segment adjusted EBITDA was approximately $96 million, up 34%. In Logistics, segment revenue was $61 million, down 10%, while segment adjusted EBITDA was $25 million, up 7%. Management raised Q3 adjusted EBITDA guidance to $90 million to $105 million and initiated Q4 adjusted EBITDA guidance at $100 million to $120 million. The company said guidance excludes potential benefits from additional ancillary services. Solaris also said it issued $1.3 billion of senior unsecured notes, secured a new $650 million five-year revolver, ended the quarter with over $800 million of cash and a fully undrawn revolver, and had approximately $1.4 billion of liquidity. The Board approved a third-quarter dividend of $0.12 per share, which would be the 32nd consecutive dividend once paid.

Bill Zartler framed the quarter as record-setting and evidence that Solaris’ strategy is working, with customers expanding contracts and the company adding capabilities across the power value chain. He emphasized long-term demand for islanded behind-the-meter power, said the company is in active negotiations for multiple gigawatts with hyperscalers and AI compute companies, and argued that current public valuations do not reflect the earnings and cash flow potential of the contracts already signed. His tone was confident and expansionary, with repeated comments that the business is becoming more durable, more integrated, and materially larger over time.

Steve Tompsett focused on the financial step-up, highlighting the 12% sequential revenue growth, 30% sequential adjusted EBITDA growth, and improved segment profitability, especially in Power Solutions. He pointed to the capital structure reset: $1.3 billion of senior unsecured notes, a new $650 million revolver, ratings of BB- from S&P, Ba3 from Moody’s, and BB from Fitch, plus over $800 million of cash and a fully undrawn revolver. He also noted that management sees additional debt capacity for small additions and may use project finance or partner structures for some future projects, while keeping dividend commitments intact.

Analysts pressed management on the size of upside from expanded scope, the role of GESA in improving capacity visibility, and whether the company might broaden into other generation technologies such as combined cycle, larger frame turbines, or SMRs. Management said the current guidance and deck are conservative, with significant upside not fully captured from GESA, aftermarket activity, and uncontracted open capacity already on hand. They also said the strategy has not fundamentally changed; rather, it is now showing up through more turnkey scope, more equipment control, and deeper in-house execution capabilities.