Solaris Energy Infrastructure (SEI) Q1 2026 earnings summary

Executive summary

• Revenue grew 55% year-over-year to $196.2 million in Q1 2026, driven by expansion in power solutions for AI data centers, major new contracts, and strategic acquisitions, including Genco Power Solutions and a distributed energy company, increasing fleet capacity by over 40% to 3,100 MW.

• Net income attributable to common shareholders rose to $20.7 million, with diluted EPS of $0.32 and adjusted pro forma EPS of $0.44.

• Adjusted EBITDA reached $95.1 million, up 22% sequentially and 79% year-over-year, and 14% above consensus estimates.

• Secured multiple long-term contracts, including a 10-year, 600+ MW agreement with a global technology customer, supporting data center growth from late 2026.

• Upsized credit facility from $300 million to $500 million, enhancing liquidity for growth initiatives.

Financial highlights

• Q1 2026 total revenue was $196.2 million, up from $126.3 million in Q1 2025 and $180 million in Q4 2025.

• Adjusted EBITDA for Q1 2026 was $95.1 million, compared to $57.9 million in Q1 2025 and $69 million in Q4 2025.

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

• Operating cash flow was $79.0 million, up from $25.7 million year-over-year.

• Capital expenditures totaled $343.4 million, primarily for power generation assets.

Outlook and guidance

• Q2 2026 adjusted EBITDA guidance raised to $83–93 million (previously $76–84 million); Q3 2026 guidance set at $80–95 million.

• Pro forma generation capacity expected to reach 3,100 MW with recent and planned additions, with most under long-term contracts.

• Majority of future capex to support power solutions growth and contracted AI data center projects.

• Effective tax rate projected at 26–32.2%.

• Pro forma Adjusted EBITDA for all 3.1 GW delivered and operating could exceed $1 billion annually.