Solaris Energy Infrastructure, Inc.

solaris-energy.com

What Do They Do?

Provides power generation, control and distribution equipment and services for data centers, energy, and commercial and industrial customers. Also designs equipment and provides logistics services for managing materials used in oil and gas well completions.

How Do They Make Money?

Power customers pay fixed rental fees over the lease term and for related services as provided. Logistics customers are billed weekly or monthly for systems and logistics services.

revenue

Segment	Share	Revenue	How money arrives
Solaris Power Solutions Recurring	54%		Recurring
Solaris Logistics Solutions Mix	46%		Mix

Who Are Their Customers?

Data center, energy, and commercial and industrial customers use power solutions; exploration and production companies and oilfield services companies use well-completion logistics systems, typically under master service agreements with individual work orders.

Customers above 10% of revenue, FY2025

of revenue from two customers (47%, 13%)

FY2023: 24% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$437.7M.

Operating income, FY2025

22% of revenue

▲ +156% vs FY2024 ($52.8M, 17%)

Net income, FY2025

5% of revenue

▲ +91% vs FY2024 ($15.8M, 5%)

Free cash flow, FY2025

−70% of revenue

▲ +239% (Loss) vs FY2024 (−$129.1M, −41%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue
Net income: ▲ +5%; vs $24.1M in Q2 FY2025

Solaris Power Solutions share of revenue vs 50.6% in Q2 FY2025

Sep 1, 2026 Acquired Omega, adding engineering and construction capabilities for power projects. The acquisition adds site services, plant installation and commissioning, and electrical substation development.
Aug 5, 2026 Raised third-quarter guidance and established fourth-quarter guidance.
Jul 6, 2026 Acquired GESA, adding power-generation services. Adds installation, commissioning, operations, maintenance and repair services for power plants.
Apr 28, 2026 Signed a long-term power agreement with a new technology-company customer. The agreement covers over 600 MW of power capacity for a 10-year term, beginning in late 2026 and scaling through 2028.

Growing. Revenue grew 3.9x in 4 years, from $159.2M in FY2021 to $622.2M in FY2025, about 41% a year.

Added power infrastructure The older report focused on equipment and services for oil and gas well completions. The latest report also describes power infrastructure for data center, energy, and commercial and industrial customers, while retaining well-completion logistics.

Revenue over time

Solaris Power Solutions Solaris Logistics Solutions

$1B$500M$0

FY2023 FY2024 FY2025

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