Solaris Energy Infrastructure (SEI) Q4 2025 earnings summary

Executive summary

• Full year 2025 revenue nearly doubled to $622 million and Adjusted EBITDA more than doubled to $244 million, driven by a diversified services and solutions strategy, expansion into new markets, and major long-term contracts, including a 10-year, 500+ MW agreement with a global technology company starting January 2027.

• Q4 2025 revenue reached $180 million, up 88% year-over-year and 8% sequentially, with Adjusted EBITDA of $69 million and adjusted pro forma net income of $30 million, or $0.35 per share.

• Strategic acquisitions and investments, including specialty voltage distribution and SCR manufacturing, deepened capabilities and accelerated market penetration.

• Raised $748 million through a 0.25% convertible bond issuance, retired Term Loan B, and fully funded planned capex through 2028, improving financial flexibility.

• Welcomed a new CFO, Stephen Tompsett, and approved a $0.12 per share dividend for Q1 2026, marking the 30th consecutive dividend.

Financial highlights

• FY 2025 revenue was $622 million, up from $313 million in FY 2024; Q4 2025 revenue was $180 million.

• FY 2025 Adjusted EBITDA reached $244 million, up from $103 million in FY 2024; Q4 2025 Adjusted EBITDA was $69 million.

• FY 2025 adjusted pro forma net income was $94 million, or $1.25 per share; Q4 adjusted pro forma net income was $30 million, or $0.35 per share.

• Q4 2025 included a $41 million loss on debt extinguishment and a $7.5 million gain on sale of the Kingfisher facility.

• Logistics Solutions generated over $80 million in free cash flow for 2025.

Outlook and guidance

• Q1 2026 Adjusted EBITDA guidance is $72–$77 million, raised from prior guidance; Q2 2026 guidance is $76–$84 million.

• Power Solutions segment expected to deliver $63–$67 million Adjusted EBITDA in Q1 2026 and $71–$76 million in Q2 2026.

• Pro forma total company earnings expected to exceed $600 million with full delivery of 2,200 MW capacity, excluding additional growth opportunities.

• Power segment Q1 Adjusted EBITDA expected to increase by over 20% as both owned and leased capacity ramps up.

• Management highlights strong demand and advanced customer discussions for Power Solutions capacity beyond current availability.