Key Highlights

● Second-quarter total revenue rose to $219.4 million from $149.3 million a year earlier.

● Power Solutions segment revenue rose 23 per cent sequentially to $158.3 million.

● Debt attributable to the company rose to $2,323.9 million from $972.6 million.

● Three long-term contracts were expanded, expected to add over $100 million of annual EBITDA.

Solaris Energy Infrastructure (NYSE:SEI), which was added to the S&P SmallCap 600 effective 15 July 2026 according to S&P Dow Jones Indices, reported second-quarter results on 5 August 2026. The company supplies on-site power generation and sand-handling logistics, and its results show a business changing shape quickly. Total revenue was $219.4 million, compared with $196.2 million in the first quarter and $149.3 million a year earlier. Leasing revenue was $105.7 million and service revenue $113.7 million. Adjusted EBITDA reached $108.3 million, against $83.6 million in the previous quarter and $60.6 million in the second quarter of 2025. Six-month revenue was $415.6 million, adjusted EBITDA $191.9 million.

Profit Did Not Keep Pace

Growth at the top line did not translate neatly into earnings per share. Net income was $25.2 million, up from $24.1 million a year earlier but below the first quarter's $32.1 million. Diluted Class A earnings per share were $0.26, against $0.30 a year ago. Adjusted pro forma diluted earnings per share were $0.39, compared with $0.34 a year earlier and $0.44 in the first quarter. Two items help explain this. The company booked a $14.8 million loss on debt extinguishment tied to financing for its Genco acquisition, and selling, general and administrative expense rose to $30.0 million from $20.9 million in the first quarter.

Capacity, Contracts and Spending

The Power Solutions segment generated $158.3 million of revenue, up 23% sequentially, with about 950 megawatts earning revenue on average, up from roughly 910. The Logistics segment's revenue fell 10% to $61.1 million on lower last-mile activity. Power Solutions segment adjusted EBITDA rose 34% to $96.4 million, driven mainly by higher ancillary service revenue, which may be less repeatable than contracted leasing income. Management said three long-term contracts were expanded and together are expected to add more than $100 million of annual adjusted EBITDA. One involves a turnkey power plant of about 660 megawatts for artificial intelligence workloads, with a tenor of up to 18 years. Capital expenditure was $491.8 million in the quarter and $835.2 million for the half year. The company also disclosed an equity investment in Deployable Energy, a small modular reactor technology developer, which is an early-stage commitment rather than a source of current revenue.

Earnings Per Share Is Lagging the Build-Out

Solaris Energy Infrastructure's capacity growth, including a roughly 660-megawatt turnkey power plant contract for artificial intelligence workloads with an 18-year tenor, is pulling forward heavy investment well ahead of earnings, with diluted earnings per share actually below the first quarter's level despite higher revenue. A $14.8 million debt extinguishment loss tied to its Genco acquisition financing and rapidly rising leverage, now rated below investment grade by all three major agencies, mean the pace of spending relative to cash generation is the clearest risk behind the raised guidance.