Company Announcements

HOUSTON--(BUSINESS WIRE)--Feb. 24, 2026-- Solaris Energy Infrastructure, Inc. (NYSE:SEI) (“Solaris” or the “Company”), today announced fourth quarter 2025 financial and operational results and provided updated earnings guidance.

Fourth Quarter and Full Year 2025 Summary Results and Key Updates

• Fourth Quarter 2025 Revenue and Profitability
  • Revenue of $180 million increased 8% sequentially from third quarter 2025.
  • Net loss of $4 million and $(0.04) per diluted Class A common share; Adjusted pro forma net income⁽¹⁾ of $30 million and $0.35 per fully diluted share.
  • Adjusted EBITDA⁽¹⁾ of $69 million increased 1% sequentially from third quarter 2025.
  • Adjusted EBITDA attributable to Solaris⁽¹⁾⁽⁴⁾ of approximately $71 million, which excludes the EBITDA loss attributable to the non-controlling interest in Stateline Power, LLC (“Stateline”), the Company’s joint venture to provide approximately 900 megawatts (“MW”) of primary power to an artificial intelligence data center.
• Full Year 2025 Revenue and Profitability
  • Revenue growth of 99% compared to 2024 and net income growth of 102%; adjusted EBITDA grew by 137% year over year. Adjusted pro forma net income was up 278% and up 150% per fully diluted share.
• Guidance ⁽¹⁾⁽²⁾
  • Increasing first quarter 2026 Adjusted EBITDA guidance to $72-77 million from previous guidance of $70-75 million and establishing second quarter 2026 Adjusted EBITDA guidance at $76-84 million.
• Power Solutions Contracting Progress
  • On February 12, 2026, the Company entered into an agreement to provide over 500 MW of power to a leading hyperscaler for an initial term of 10 years, with an option to extend an additional 5 years, beginning in the first quarter of 2027.
• Shareholder Returns
  • On February 20, 2026, the Company’s board of directors approved a first quarter 2026 dividend of $0.12 per share, to be paid on March 20, 2026, to holders of record as of March 10, 2026, which, once paid, will represent Solaris’ 30^th consecutive dividend.

CEO Commentary

“Solaris finished the year strong, with continued execution across both our segments and we are building on that momentum in early 2026,” commented Bill Zartler, Solaris’ Chairman and Co-Chief Executive Officer. “In Solaris Power Solutions, we added a significant new long-term customer, allowing us to build on our proven track record of providing reliable, scalable behind-the-meter power solutions. In Solaris Logistics Solutions, activity levels rebounded sharply from third quarter lows, and we continued to generate strong free cash flow.”

Co-Chief Executive Officer Amanda Brock, added “We are in advanced discussions with customers for Power Solutions capacity that significantly surpasses our current open availability, underscoring strong demand in the market. We are developing a diversified business, not just in customers but also capabilities, which gives us and our customers confidence in Solaris’ continued ability to execute at scale and deliver value in the fast-evolving power markets.”

Segment Results ⁽³⁾

Solaris Power Solutions

• Activity – Fourth quarter 2025 averaged approximately 780 MW of capacity earning revenue, which was approximately flat compared to approximately 760 MW in third quarter 2025.

• Revenue – Fourth quarter 2025 revenue of $104 million was approximately flat from third quarter 2025.

• Profitability – Fourth quarter 2025 Segment Adjusted EBITDA ⁽¹⁾⁽³⁾ of $53 million decreased 8% from third quarter 2025 due to a less favorable project mix and related timing impacts on costs.

Solaris Logistics Solutions

• Activity – 93 fully utilized systems, an increase of 11% sequentially from third quarter 2025.

• Revenue – Fourth quarter 2025 revenue of $76 million increased 23% from third quarter 2025.

• Profitability – Fourth quarter 2025 Segment Adjusted EBITDA ⁽¹⁾⁽³⁾ of $23 million increased 31% from third quarter 2025 due primarily to the increase in fully-utilized system count and lower fixed cost absorption.

Footnotes

Conference Call

Solaris will host a conference call to discuss its results for fourth quarter 2025 on Wednesday, February 25, 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 1195904. 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 power generation and distribution solutions, and logistics equipment and services, serving clients in the data center, 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 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, 2024 filed with the U.S. Securities Exchange Commission (the “SEC”) on March 5, 2025, Part II, Item 1A. “Risk Factors” in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 filed with the SEC on May 7, 2025, June 30, 2025 filed with the SEC on August 1, 2025 and September 30, 2025 filed with the SEC on November 6, 2025 and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 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.

SOLARIS ENERGY INFRASTRUCTURE, INC

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

SOLARIS ENERGY INFRASTRUCTURE, INC

SEGMENT REPORTING

(In thousands)

(Unaudited)

We report two distinct business segments, which offer different services and align with how our chief operating decision makers assesses operating performance and allocates resources.

Our reporting segments are:

• Solaris Power Solutions – delivers power generation and distribution solutions. The segment’s offerings support data center, energy, and other commercial and industrial sector customers by providing flexible, on-demand power infrastructure.

• 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 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.

SOLARIS ENERGY INFRASTRUCTURE, INC

RECONCILIATION AND CALCULATION OF NON-GAAP FINANCIAL AND OPERATIONAL MEASURES

(In thousands, except per share data)

(Unaudited)

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 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.

CASH AND DEBT ATTRIBUTABLE TO SOLARIS

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 doesn't 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, it does not account for the earnings attributable to the non-controlling interest holders and therefore does 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/20260224960978/en/

Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
IR@solaris-energy.com

Source: Solaris Energy Infrastructure, Inc.