Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38090 SOLARIS OILFIELD INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) Delaware 81-522 ...

[PART I: FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Solaris Oilfield Infrastructure, Inc. reported significant Q2 2022 growth, with revenue up 146% to $86.7 million, net income of $5.5 million, and total assets reaching $442.4 million [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$442.4 million** by June 30, 2022, driven by higher accounts receivable and property, plant, and equipment, while cash decreased to **$15.4 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $15,351 | $36,497 | | Accounts receivable, net | $66,854 | $33,120 | | Total current assets | $92,944 | $81,068 | | Property, plant and equipment, net | $267,816 | $240,091 | | **Total assets** | **$442,420** | **$406,223** | | **Liabilities & Equity** | | | | Total current liabilities | $58,544 | $29,299 | | Total liabilities | $137,825 | $108,347 | | Total stockholders' equity | $304,595 | $297,876 | | **Total liabilities and stockholders' equity** | **$442,420** | **$406,223** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2022 revenue surged **146%** to **$86.7 million**, resulting in operating income of **$10.3 million** and net income of **$5.5 million** Statements of Operations Summary (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $86,711 | $35,179 | $143,626 | $63,848 | | Operating income (loss) | $10,322 | $(2,032) | $17,735 | $(4,121) | | Net income (loss) attributable to Solaris | $5,453 | $(1,211) | $8,955 | $(2,380) | | Diluted EPS | $0.16 | $(0.04) | $0.27 | $(0.08) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$22.4 million** for the first six months of 2022, despite a **$21.1 million** overall decrease in cash due to investing and financing activities Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $22,394 | $4,040 | | Net cash used in investing activities | $(31,409) | $(7,670) | | Net cash used in financing activities | $(12,131) | $(10,460) | | **Net decrease in cash** | **$(21,146)** | **$(14,090)** | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, debt, equity, and contingencies, highlighting wellsite services as the primary revenue source, an undrawn **$50.0 million** credit facility, a **$3.1 million** tax contingency, and significant customer concentration Disaggregation of Revenue (in millions) | Revenue Source | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Wellsite services | $86.5 | $34.9 | $143.1 | $63.3 | | Transloading and Other | $0.2 | $0.2 | $0.5 | $0.6 | | **Total revenue** | **$86.7** | **$35.2** | **$143.6** | **$63.8** | - The company has a **$50.0 million** revolving credit facility with a **$25.0 million** uncommitted accordion option. As of June 30, 2022, there were no borrowings outstanding[45](index=45&type=chunk) - A property tax contingency of **$3.1 million** was recognized in Q2 2022 following an unfavorable court ruling regarding the disqualification of equipment for certain property tax exemptions. The company intends to appeal the ruling[69](index=69&type=chunk) - For the six months ended June 30, 2022, one customer accounted for **20%** of total revenues. As of June 30, 2022, two customers accounted for **14%** and **10%** of accounts receivable[65](index=65&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes significant revenue growth to increased demand and higher commodity prices, with Q2 2022 Adjusted EBITDA reaching **$21.1 million**, supported by strong liquidity [Recent Trends and Outlook](index=24&type=section&id=Recent%20Trends%20and%20Outlook) Q2 2022 saw WTI oil prices between **$95** and **$120+** per barrel, driving growth in North American drilling activity and a **32%** increase in the company's fully utilized systems - WTI oil prices ranged from **$95** to over **$120** per barrel between April and June 2022, supporting growth in North American drilling and completion activity[81](index=81&type=chunk) - The Baker Hughes Land rig count increased by **29%** from the start of the year to the end of June 2022. The company's fully utilized systems increased by **32%** since the fourth quarter of 2021[82](index=82&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 2022 revenue increased **146%** to **$86.7 million**, driven by a rise in fully utilized mobile proppant systems, with cost of services at **71%** of revenue and a **$3.1 million** property tax contingency expense - The number of fully utilized mobile proppant systems increased from **53** for the three months ended June 30, 2021, to **84** for the three months ended June 30, 2022[86](index=86&type=chunk) - Cost of services as a percentage of revenue was **71%** for Q2 2022, consistent with **71%** in Q2 2021 (calculated from table data)[88](index=88&type=chunk) - A property tax contingency of **$3.1 million** was recognized related to a court ruling on the disqualification of equipment for certain tax exemptions[89](index=89&type=chunk) [Comparison of Non-GAAP Financial Measures](index=28&type=section&id=Comparison%20of%20Non-GAAP%20Financial%20Measures) Adjusted EBITDA significantly increased to **$21.1 million** in Q2 2022 and **$36.8 million** for the first six months, reflecting higher revenues and improved operating results Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $8,289 | $(1,870) | $14,011 | $(3,795) | | EBITDA | $17,454 | $4,720 | $31,796 | $9,324 | | **Adjusted EBITDA** | **$21,064** | **$6,498** | **$36,804** | **$12,616** | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2022, the company maintained strong liquidity with **$15.4 million** in cash and **$50.0 million** available credit, despite increased capital expenditures of **$32.3 million** for fleet enhancements - As of June 30, 2022, the company had **$15.4 million** in cash and cash equivalents and **$50.0 million** of available borrowing capacity under its Credit Agreement[104](index=104&type=chunk) - Net cash from operating activities increased to **$22.4 million** for the first six months of 2022, compared to **$4.0 million** for the same period in 2021[106](index=106&type=chunk) - Capital expenditures for the first six months of 2022 were **$32.3 million**, a significant increase from **$7.7 million** in the first half of 2021[28](index=28&type=chunk)[107](index=107&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risk exposure were reported, though credit risk concentration remains, with two customers representing **24%** of accounts receivable as of June 30, 2022 - As of June 30, 2022, two customers accounted for **24%** of total accounts receivable, down from **42%** for two customers as of December 31, 2021[123](index=123&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective at a reasonable assurance level[126](index=126&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter ended June 30, 2022, that have materially affected, or are reasonably likely to materially affect, internal controls[127](index=127&type=chunk) [PART II: OTHER INFORMATION](index=36&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is appealing an unfavorable district court ruling regarding property tax exemptions, which led to a **$3.1 million** accrual in Q2 2022 - Following an unfavorable ruling by the 35th District Court of Brown County, Texas, regarding property tax exemptions, the company recognized a **$3.1 million** liability in the three and six-month periods ended June 30, 2022. The company intends to appeal[131](index=131&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) No material updates to risk factors were reported since the Annual Report on Form 10-K for the year ended December 31, 2021 [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased **1,675** shares of Class A common stock at an average price of **$12.39** per share to satisfy tax withholding obligations for employee restricted stock vesting Issuer Purchases of Equity Securities (Q2 2022) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 1 - April 30 | 505 | $11.41 | | May 1 - May 31 | 256 | $11.25 | | June 1 - June 30 | 914 | $13.25 | | **Total** | **1,675** | **$12.39** | [Other Items (3, 4, 5, 6)](index=36&type=section&id=Other%20Items%20%283%2C%204%2C%205%2C%206%29) No defaults upon senior securities, mine safety disclosures, or other material information were reported for the quarter, with Item 6 detailing filed exhibits - The company reported no information for Item 3 (Defaults upon Senior Securities), Item 4 (Mine Safety Disclosures), and Item 5 (Other Information)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38090 SOLARIS OILFIELD INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) Delaware 8 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38090 SOLARIS OILFIELD INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) Delaware 81-522 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q SOLARIS OILFIELD INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) Delaware 81-5223109 (State or other jurisdiction of incorporation or organization) (Mark One) (I.R.S. Employer Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 9811 Katy Freeway, Suite 700 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REP ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SOLARIS OILFIELD INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38090 Delaware 81 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38090 SOLARIS OILFIELD INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) Delaware 8 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38090 SOLARIS OILFIELD INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) Delaware 81-522 ...