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Dec 31, 2025
Solaris Q4 2025 Earnings Report
Solaris Energy Infrastructure reported fourth quarter 2025 results featuring significant revenue growth and strategic expansion into power solutions for data centers.
Key Takeaways
Solaris delivered a strong Q4 2025 with revenue of $180 million, up 8% sequentially, driven by the rebound in Logistics Solutions and steady performance in Power Solutions. While the company reported a GAAP net loss due to a one-time loss on debt extinguishment, adjusted pro forma net income reached $30 million. The company also secured a major 500 MW power agreement with a leading hyperscaler.
Revenue increased 8% sequentially to $180 million, driven by an 11% increase in fully utilized logistics systems.
Adjusted EBITDA attributable to Solaris reached $71 million, excluding losses from the Stateline joint venture.
Secured a 10-year agreement to provide over 500 MW of power to a leading hyperscaler starting in 2027.
Increased Q1 2026 Adjusted EBITDA guidance and established strong Q2 2026 targets based on robust demand.
Revenue by Segment
Forward Guidance
Solaris raised its Q1 2026 outlook and provided strong initial guidance for Q2 2026, citing high demand for power solutions.
Positive Outlook
- Increased Q1 2026 Adjusted EBITDA guidance to $72-77 million.
- Established Q2 2026 Adjusted EBITDA guidance at $76-84 million.
- Strong demand for Power Solutions capacity surpassing current open availability.
- New 500 MW hyperscaler contract provides long-term revenue visibility for 10+ years.
- Logistics activity levels rebounding sharply from third quarter lows.
Challenges Ahead
- Project mix and timing impacts recently pressured Power Solutions margins.
- Stateline joint venture currently contributing EBITDA losses to the consolidated results.
- Significant capital expenditure requirements for power fleet growth.
- Exposure to volatility in global oil and gas markets for the logistics segment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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