Solaris Energy Infrastructure, Inc (SEI)
🔔 Watch stock
In 18 months, Solaris Energy turned from a frac-sand logistics company into a lessor of mobile gas-turbine power plants for AI data centers. Revenue has more than doubled over six quarters — our scanner flags triple-digit growth. We read the annual report (10-K) and the quarterly report (10-Q): behind the AI-power story stand capital expenditures above annual revenue, deeply negative cash flow, a debt tower heading toward $2.9 billion — and a single customer who is almost half the company. Not investment advice, just the second look.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.21 | 38.50 | 96 | 52.00 | 6.50 | 13 | -114 |
| 2025: Q1 | 0.15 | -2.60 | 126 | 86.10 | 4.20 | 26 | -119 |
| 2025: Q2 | 0.32 | 44.30 | 149 | 102.10 | 8.00 | 24 | -161 |
| 2025: Q3 | 0.33 | – | 167 | 122.40 | 8.70 | 63 | 1 |
| 2025: Q4 | -0.03 | -116.30 | 180 | 86.60 | -0.90 | 96 | -159 |
| 2026: Q1 | 0.43 | 194.50 | 196 | 55.30 | 10.90 | 79 | -264 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Genuine structural tailwind: AI data centers wait years for grid connections, and "behind the meter" gas turbines are often the only fast route. Solaris fills the gap with an ordered pipeline of about 3,100 megawatts through the end of 2029 and long contracts; turbine slots are scarce.
Not a bookkeeping trick but a genuine ramp-up: group revenue rose for six quarters in a row, from $96.3 to $196.2 million; Power revenue rose from $38.6 million (2024) to $333.5 million (2025). The Power segment operates profitably at an Adjusted EBITDA margin of about 56 percent.
This growth is built on borrowed money: 2025 capital expenditures of $646.8 million exceeded annual revenue, and free cash flow was deeply negative in five of six quarters (minus $264.3 million in the first quarter of 2026). Financial debt rose from about $0.2 billion to a run rate of $2.9 billion, including a $1.3 billion note at 6.375 percent.
A single data-center customer accounted for about 47 percent of group revenue and 88 percent of Power-segment revenue in 2025. At its core is a contract for up to 900 megawatts; per the risk factor, losing that customer could hardly be replaced quickly on similar terms.
Class A shares up 61 percent in 18 months, with $902.5 million in convertible notes forming a further share pipeline. Through the Up-C structure, $28.2 million of $58.4 million in profit went to minority holders in 2025, plus a $75 million tax receivable liability to legacy owners. The legacy business (Logistics) is shrinking, and there is single-supplier risk on turbines.
About $5 billion in market value (order of magnitude, mid-2026) against roughly $692 million in trailing-twelve-month revenue works out, including debt, to an EV/revenue of about 10 and an EV/EBITDA around 24 — the market is paying for the contracted megawatts as if they were already on the grid. Short interest sits around 22 percent, yet the analyst consensus is still "Buy".
Solaris Energy is both things at once: a genuine, even profitable growth story at one of the most exciting points of the AI boom — power for data centers — and a highly leveraged bet. Revenue has doubled over six quarters, but it is paid for with capital expenditures above annual revenue, deeply negative cash flow, debt on a run rate toward $2.9 billion and ongoing dilution. On top of that, almost half the company hangs on a single customer. Not investment advice.
- Was named "Solaris Oilfield Infrastructure, Inc." until 2024; the turn toward power leasing began with the MER acquisition in September 2024.
- The database field for market capitalization ($7.83 billion) is a data artifact and does not match the share count on the SEC cover pages; the reliable figure is the calculation via Class A plus B shares (roughly 76 million shares) to about $5 billion in market value.
- Most of the interest is currently being capitalized into the turbine book values (2025 cash-paid net interest was only $22.4 million); the full interest burden will not hit the income statement until the equipment is in operation.
About the Company
Solaris Energy Infrastructure, Inc. bietet modulare und skalierbare gerätebasierte Lösungen für Stromerzeugung, -steuerung und -verteilung sowie das Management von Rohstoffen für die Komplettierung von Öl- und Erdgasbohrungen in den USA an.
| IPO Year | 2017 |
|---|---|
| Next Earnings | 22. Jul 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.