Solaris Energy Infrastructure (SEI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $196.2 million, up 55% year over year; Adjusted EBITDA was $83.6 million.

• More than 2 GW is under long-term contracts, with secured generation capacity expanded to 3,100 MW.

• A new 10-year contract for over 600 MW with a global technology customer begins deploying in late 2026.

• Strategy spans integrated behind-the-meter power for data centers and industrial loads, including generation, fuel delivery, distribution, and balance of plant.

Financial highlights

• Q1 revenue was $196.2 million, versus $126.3 million in Q1 2025 and $180 million in Q4 2025.

• Adjusted EBITDA was $83.6 million, versus $57.9 million in Q1 2025 and $68.8 million in Q4 2025.

• Net income attributable to common shareholders was $20.7 million, or $0.32 per diluted share; adjusted pro forma net income was $39.4 million, or $0.44 per diluted share.

• Operating cash flow was $79.0 million; capital expenditures were $343.4 million, primarily for power generation assets.

Outlook and guidance

• Q2 Adjusted EBITDA guidance rose to $83–93 million from $76–84 million; Q3 guidance is $80–95 million.

• Q2 segment Adjusted EBITDA guidance is $72–81 million for Power Solutions and $22–24 million for Logistics Solutions.

• Committed generation capacity is projected to reach 3,100 MW by end-2029; operating all 3,100 MW could support annual Adjusted EBITDA well above $1 billion, pro forma.

• Remaining 2026 capital expenditures are projected at $1,263 million, including $232 million for Stateline.

• Potential additional CapEx of $800 million–$1 billion could generate $160 million–$200 million of incremental EBITDA, subject to contracting and excluded from current contracted projections.