Solaris Energy Infrastructure Reports Q2 2025 Results, Updates Guidance, and Continues Shareholder Returns

07/23/2025 – 06:34 PM

HOUSTON–(BUSINESS WIRE)–Solaris Energy Infrastructure, Inc. (NYSE:SEI) (“Solaris” or the “Company”) is riding the solar wave, announcing its second-quarter 2025 financial and operational results, along with an updated earnings forecast, signaling strong growth and a positive outlook for the alternative energy provider.

Second Quarter 2025: By the Numbers

• Revenue & Profitability:
  • Revenue clocked in at $149 million, marking an impressive 18% sequential jump from the first quarter of 2025, primarily fueled by escalating activity within the Solaris Power Solutions segment. This segment appears to be a significant growth driver for the company.
  • The bottom line also saw healthy gains, with net income reaching $24 million, or $0.30 per diluted Class A common share. Adjusted pro forma net income⁽¹⁾ followed closely at $25 million, translating to $0.34 per fully diluted share.
  • Total Adjusted EBITDA⁽¹⁾ reached a robust $61 million, surging 29% sequentially from the first quarter of 2025. This figure underscores the operational efficiency and profitability improvements within Solaris.
  • Adjusted EBITDA attributable to Solaris⁽¹⁾⁽⁴⁾ landed at approximately $62 million, excluding the EBITDA loss associated with the non-controlling interest in Stateline Power, LLC (the “Stateline JV”). The Stateline JV, designed to deliver roughly 900 megawatts (“MW”) of primary power to a data center, represents a significant long-term infrastructure investment.
• Guidance Update⁽²⁾:
  • Solaris is raising its third-quarter 2025 Adjusted EBITDA guidance to a range of $58-$63 million, trumping the prior projection of $55-$60 million. Fourth-quarter 2025 Adjusted EBITDA guidance is holding steady with the third quarter, also ranging from $58-$63 million. This consistency points to stable, predictable performance in the near term.
• Financing & Balance Sheet:
  • During the second quarter, Solaris successfully closed $155 million in 4.75% senior convertible notes. This capital injection provides enhanced financial flexibility for upcoming projects and strategic initiatives.
  • The Stateline JV also secured a $550 million senior secured loan facility, drawing an initial $72 million. This financing milestone validates the project’s viability and investor confidence.
  • As of June 30, 2025, the company’s consolidated total debt stood at $535 million, while total cash reserves reached $139 million. Breaking down the debt and cash attributable to Solaris, excluding the portion related to the 49.9% non-controlling interest partner in Stateline JV, reveals figures of $500 million and $119 million, respectively. These numbers indicate a manageable debt load and solid liquidity position.
• Shareholder Returns: Solaris continues its commitment to rewarding investors, approving a third-quarter 2025 dividend of $0.12 per share on July 23, 2025. The payment is slated for September 26, 2025, to shareholders of record as of September 16, 2025. This payout will mark Solaris’s 28th consecutive dividend payment— a testament to its consistent financial performance.

CEO’s Take

Bill Zartler, Solaris’ Chairman and Chief Executive Officer, lauded the company’s performance. “Solaris delivered another quarter of strong results as we continue to execute on our strategy of growing our Power Solutions segment while generating substantial free cash flow in our Logistics Solutions segment,” he stated.

Zartler emphasized expansion of the company’s power fleet, accelerated power delivery on their initial data center project and the adoption of emissions-control equipment. “I’m pleased with the performance this year from a financial, operational and commercial perspective,” he said. “The prospects for continued growth in our Power Solutions segment look strong as we continue to develop our business and asset base.”

Segment Deep Dive⁽³⁾:

Solaris Power Solutions

• Activity: The second quarter of 2025 saw an average of approximately 600 MW of capacity earning revenue, a notable increase from roughly 390 MW in the first quarter.
• Revenue: Revenue reached $76 million, a 53% sequential surge from the first quarter. This growth aligns with the upswing in revenue-generating megawatts.
• Profitability: Segment Adjusted EBITDA⁽¹⁾⁽³⁾ grew by 43% from the first quarter to $46 million, boosted by owned MW, increased contribution from leased capacity, and the start-up and commissioning of higher-than-expected capacity.

Solaris Logistics Solutions

• Activity: The company saw an impressive 94 fully utilized systems, though at a 4% decline sequentially from first-quarter 2025, amidst lower commodity prices.
• Revenue: Clocked in at $74 million, which a slight 4% dip from the first quarter and mirrored industry activity.
• Profitability: Segment Adjusted EBITDA⁽¹⁾⁽³⁾ decreased by 13% from the first quarter to $23 million, primarily owing to a decline in the count of fully utilized systems and heightened fixed-cost absorption.

Key Takeaways and Market Outlook

Solaris Energy Infrastructure’s second-quarter results highlight a company successfully navigating both opportunities and challenges in the ever-shifting renewable energy landscape. The growth of the Power Solutions segment and disciplined financial management position the company for continued momentum in the back half of 2025. However, the company continues to keep tabs on commodity price volatility.

Footnotes

Conference Call

Solaris is hosting a conference call today, July 24, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time), to discuss its second quarter 2025 results. To listen via live webcast, please visit the Investor Relations section of the Company’s website at solaris-energy.com.

About Non-GAAP Measures

This news release presents non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted pro forma net income and Adjusted pro forma earnings per fully diluted share. Management believes that these non-GAAP measures 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. These non-GAAP 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) provides mobile and scalable equipment-based solutions for use in distributed power generation as well as the management of raw materials used in the completion of oil and natural gas wells. Headquartered in Houston, Texas, Solaris serves multiple U.S. end markets, including energy, data centers, 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. Factors 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.

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