Solaris Energy Infrastructure (SEI) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $219.4 million, up 47% year-over-year and 12% sequentially, driven by Solaris Power Solutions growth and increased MW capacity deployed.

• Adjusted EBITDA was $121.2 million, up 30% sequentially to $108 million attributable to the company, with net income of $25.2 million and adjusted pro forma net income of $37 million.

• Expanded three long-term contracts, adding over $100 million in expected annual adjusted EBITDA and extending contract tenors.

• Major developments included the $263.9 million GESA acquisition, investment in Deployable Energy, and a $1.3 billion Senior Notes issuance.

• Solaris Power Solutions contributed 72% of Q2 revenue and 80% of segment Adjusted EBITDA.

Financial highlights

• Q2 2026 revenue: $219.4 million (Q2 2025: $149.3 million); adjusted EBITDA: $121.2 million (Q2 2025: $68.4 million); net income: $25.2 million.

• Earnings per diluted share: $0.26; adjusted pro forma EPS: $0.39.

• Operating cash flow for H1 2026: $265.5 million.

• Cash and cash equivalents at June 30, 2026: $888.5 million attributable to the company.

• Adjusted EBITDA margin for Q2 2026 was approximately 49%.

Outlook and guidance

• Q3 2026 adjusted EBITDA guidance raised to $90–105 million; Q4 2026 guidance set at $100–120 million.

• Remaining 2026 capital expenditures expected to be ~$1 billion, focused on Solaris Power Solutions.

• Power generation capacity projected to reach ~3,200 MW by end of 2029, with most under long-term contracts.

• Effective tax rate on pro forma pre-tax income expected at 26% for Q3 and Q4 2026.