Solaris Energy Infrastructure, Inc.SEI
Solaris Energy Infrastructure, Inc. Segments Disclosure
Business Segments
We report two distinct business segments. These segments differ by their revenue-generating activities and align with how our Co-Chief Executive Officers, who are our chief operating decision makers (“CODMs”), assess operating performance and allocate resources.
Our reporting segments are:
•Solaris Power Solutions – delivers power generation and distribution solutions. The segment’s offerings support data center, energy, and other commercial and industrial sector customers by providing flexible, on-demand power infrastructure.
•Solaris Logistics Solutions – designs and manufactures specialized equipment that enables the efficient management of raw materials used in the completion of oil and natural gas wells. Solaris’ equipment-based logistics services include field technician support, software solutions, and may also include last mile and mobilization services.
Our CODMs evaluate the performance of our business segments and allocate resources based on Adjusted EBITDA. We define EBITDA as net income plus depreciation and amortization expense, interest expense, and income tax expense. We define Adjusted EBITDA as EBITDA plus stock-based compensation, certain non-cash items and any extraordinary, unusual or non-recurring gains, losses or expenses.
In making resource allocation decisions, our CODMs primarily consider budget-to-actual variances in Adjusted EBITDA on a monthly basis.
Summarized financial information by business segment is shown below.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue | |||||||||||||||||
| Solaris Power Solutions | $ | 333.5 | $ | 38.6 | $ | — | |||||||||||
| Solaris Logistics Solutions | 288.7 | 274.5 | 292.9 | ||||||||||||||
| Total revenues | $ | 622.2 | $ | 313.1 | $ | 292.9 | |||||||||||
| Adjusted EBITDA | |||||||||||||||||
| Solaris Power Solutions | $ | 189.1 | $ | 26.8 | $ | — | |||||||||||
| Solaris Logistics Solutions | 88.9 | 97.6 | 115.1 | ||||||||||||||
| Total segment adjusted EBITDA | $ | 278.0 | $ | 124.4 | $ | 115.1 | |||||||||||
| Capital expenditures | |||||||||||||||||
| Solaris Power Solutions | $ | 639.4 | $ | 180.7 | $ | — | |||||||||||
| Solaris Logistics Solutions | 7.0 | 7.4 | 63.5 | ||||||||||||||
| Total segment capital expenditures | $ | 646.4 | $ | 188.1 | $ | 63.5 | |||||||||||
| Corporate capital expenditures | 0.4 | 0.3 | 0.9 | ||||||||||||||
| Consolidated capital expenditures | $ | 646.8 | $ | 188.4 | $ | 64.4 | |||||||||||
The following table presents a reconciliation of total segment Adjusted EBITDA to income before income tax expense.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Total segment adjusted EBITDA | $ | 278.0 | $ | 124.4 | $ | 115.1 | |||||||||||
| Depreciation and amortization | (84.3) | (47.2) | (36.2) | ||||||||||||||
| Interest expense | (27.6) | (13.3) | (3.5) | ||||||||||||||
| Interest income | 6.7 | 1.5 | 0.1 | ||||||||||||||
| Loss on extinguishment of debt | (41.5) | (4.1) | — | ||||||||||||||
| Corporate expenses (1) | (33.8) | (21.3) | (18.4) | ||||||||||||||
| Property tax contingency | — | 2.5 | — | ||||||||||||||
| Accrued property tax | — | 1.8 | — | ||||||||||||||
| Change in payables related to Tax Receivable Agreement | (2.4) | 1.6 | — | ||||||||||||||
| Gain on sale of Kingfisher facility | — | 7.5 | — | ||||||||||||||
| Stock-based compensation expense | (19.7) | (10.6) | (7.7) | ||||||||||||||
| Impairment of fixed assets | — | — | (1.4) | ||||||||||||||
| Transaction and acquisition-related costs | (2.2) | (4.4) | — | ||||||||||||||
| Other (2) | (0.1) | (1.5) | (1.4) | ||||||||||||||
| Income before income tax expense | $ | 73.1 | $ | 36.9 | $ | 46.6 | |||||||||||
(1)Corporate expenses include corporate employee salaries and expenses, headquarter office rental, and legal and professional fees.
(2)Other includes the net effect of credit losses, ERP implementation costs, legal fees incurred to execute debt amendments, loss/gain on disposal of assets, transaction costs incurred for activities related to acquisition opportunities, inventory write-offs and other settlements.
Segment assets are presented below.
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Segment assets: | |||||||||||
| Solaris Power Solutions | $ | 1,341.7 | $ | 542.9 | |||||||
| Solaris Logistics Solutions | 349.6 | 371.7 | |||||||||
| Total segment assets (1) | $ | 1,691.3 | $ | 914.6 | |||||||
| Corporate assets (2) | 451.8 | 215.9 | |||||||||
| Consolidated assets | $ | 2,143.1 | $ | 1,130.5 | |||||||
(1)Segment assets consist of accounts receivable, prepaid expenses, inventories, goodwill and long-lived assets.
(2)Corporate assets consist of cash and cash equivalents, restricted cash, prepaid expenses, deferred tax assets and other assets.
Significant segment expenses and other segment items, representing the difference between segment revenue and Adjusted EBITDA, are comprised of the following:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Solaris Power Solutions | |||||||||||||||||
| Labor cost | $ | 23.7 | $ | 3.0 | $ | — | |||||||||||
| Repairs and maintenance | 14.4 | 1.7 | — | ||||||||||||||
| Equipment rental (1) | 85.9 | 5.4 | — | ||||||||||||||
| Other segment items (2) | 20.4 | 1.7 | — | ||||||||||||||
| Total | $ | 144.4 | $ | 11.8 | $ | — | |||||||||||
| Solaris Logistics Solutions | |||||||||||||||||
| Labor cost | $ | 46.4 | $ | 47.8 | $ | 47.9 | |||||||||||
| Repairs and maintenance | 13.3 | 14.8 | 19.2 | ||||||||||||||
| Trucking and mobilizations (3) | 129.3 | 102.9 | 96.2 | ||||||||||||||
| Other segment items (4) | 10.8 | 11.4 | 14.5 | ||||||||||||||
| Total | $ | 199.8 | $ | 176.9 | $ | 177.8 | |||||||||||
(1)Equipment rental is considered a significant expense in the Solaris Power Solutions segment.
(2)Other segment items for Solaris Power Solutions include facilities rental, transportation and freight, professional fees, insurance and other costs.
(3)Trucking and mobilizations are considered a significant expense in the Solaris Logistics Solutions segment.
(4)Other segment items for Solaris Logistics Solutions include facilities and equipment rental, fuel, professional fees, insurance other costs.
Major customers are defined as those that individually account for more than 10% of the Company’s annual revenue. The table below outlines the revenue from our major customers, along with their respective percentages of total consolidated revenue. Customers A and B are part of the Solaris Logistics Solutions segment, while Customer C belongs to the Solaris Power Solutions segment.
| 2025 | 2024 | 2023 | |||||||||||||||
| Customer A | $79.5 million, or 12.8% | $54.6 million, or 17.4% | $35.1 million, or 12.0% | ||||||||||||||
| Customer B | - | $36.6 million, or 11.7% | $35.7 million, or 12.2% | ||||||||||||||
| Customer C | $294.4 million, or 47.3% | $37.0 million, or 11.8% | - | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 5, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.