Solaris Energy Infrastructure — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenue was approximately $341 million, a 55% increase sequentially from the second quarter 2026.
• Net income was $39 million, a 56% increase sequentially from the second quarter 2026, equating to $0.42 per diluted Class A common share.
• Adjusted pro forma net income was $43 million, an 18% increase sequentially from the second quarter 2026, or $0.45 per fully diluted share.
• Adjusted EBITDA was approximately $136 million, a 26% increase sequentially from the second quarter 2026.
• Adjusted EBITDA attributable to Solaris was approximately $138 million, excluding the EBITDA impact of the non-controlling interest in Stateline Power, LLC.
• Total capital expenditures for the quarter were $547.2 million, with $542.4 million attributed to Solaris Power Solutions.
• Consolidated cash and cash equivalents were $497.976 million as of September 30, 2026, compared to $353.319 million as of December 31, 2025.
• Debt attributable to Solaris was $2.398 billion as of September 30, 2026, up from $972.6 million as of December 31, 2025.

Guidance and Future Outlook:

• Fourth quarter 2026 Adjusted EBITDA guidance was increased to $165-185 million from a previous range of $145-180 million.
• First quarter 2027 Adjusted EBITDA guidance was increased to $220-260 million from a previous range of $200-240 million.
• Management expects 2027 Adjusted EBITDA to be more than double 2026 levels, with further growth anticipated beyond that period.
• Deployments under the new 15-year power contract are expected to begin in the first half of 2027 and scale through 2028.
• Pro forma consolidated generation capacity is projected to reach approximately 3.5 GW in 2029.

Business Segments and Product Lines:

• Solaris Power Solutions:
  • Revenue was approximately $284 million, up 79% sequentially from the second quarter 2026.
  • Segment Adjusted EBITDA was approximately $127 million, a 32% increase sequentially from the second quarter 2026, driven primarily by increased services revenue.
  • Activity averaged approximately 820 MW of capacity earning revenue, a 14% decrease from the second quarter 2026 due to the planned release of temporary third-party generation as the company transitions to owned capacity under long-term contracts.
• Solaris Logistics Solutions:
  • Revenue was $57 million, a 7% decrease sequentially from the second quarter 2026 due to lower last-mile transportation activity.
  • Segment Adjusted EBITDA was $24 million, a 3% decrease sequentially from the second quarter 2026, consistent with activity levels.
• New Contracts and Capacity:
  • Signed a new 15-year power contract (with an option to extend for an additional 15 years) to provide approximately 900 MW of power generation, balance of plant equipment, and O&M services to an existing investment-grade customer.
  • Secured an additional 200 MW of available generation capacity by procuring time-advantaged equipment for 2027 deployment.
  • Signed a new 7-year operating and maintenance agreement to manage approximately 400 MW of generation capacity for an existing customer.
  • Total capacity under long-term contracts with investment-grade counterparties reached 3.2 GW year-to-date.

Market and Competitive Landscape:

• The company serves multiple end markets including data centers, energy, and other commercial and industrial sectors.
• Corporate credit ratings were reaffirmed by S&P Global Ratings (BB-), Moody's Ratings (Ba3), and Fitch Ratings (BB).
• The company successfully completed a $1.25 billion senior, unsecured notes offering and secured an additional $200 million of bank commitments.
• Total revolving credit facility capacity is $850 million, currently undrawn.

Other Key Points:

• The Board of Directors approved a fourth quarter 2026 dividend of $0.12 per share, payable on December 18, 2026, to holders of record as of December 8, 2026. This marks the company's 33rd consecutive dividend.
• The company reported a loss on debt extinguishment of $14.8 million in the second quarter 2026 related to the Genco acquisition, which was extinguished following the issuance of new senior notes and a revolving credit facility.
• Transaction and acquisition-related costs were $2.1 million for the third quarter 2026, primarily related to acquisitions of Genco, GESA, Omega, and other opportunities.
• Stock-based compensation expense was $14.8 million for the third quarter 2026.
• The company operates through two reportable business segments: Solaris Power Solutions and Solaris Logistics Solutions.