Financial Performance - Third quarter 2025 revenue reached $167 million, a 12% increase sequentially from the second quarter 2025[4] - Net income for the third quarter 2025 was $25 million, translating to $0.31 per diluted Class A common share[4] - Total Adjusted EBITDA for the third quarter 2025 was $68 million, also a 12% sequential increase from the second quarter 2025[4] - Total revenues for the three months ended September 30, 2025, were $166,843,000, a significant increase from $75,018,000 in the same period of 2024, representing a growth of 122%[22] - Adjusted EBITDA for the three months ended September 30, 2025, was $67,961,000, compared to $22,231,000 for the same period in 2024, reflecting an increase of 205%[30] - The company reported a net income of $24,814,000 for the three months ended September 30, 2025, compared to a net loss of $2,210,000 in the same period of 2024[30] - Net income attributable to Solaris for the three months ended September 30, 2025, was $14.55 million, compared to a net loss of $0.968 million for the same period in 2024[38] - Adjusted pro forma net income for the nine months ended September 30, 2025, was $60.625 million, significantly up from $17.381 million in 2024, reflecting a growth of approximately 248%[38] - Adjusted pro forma earnings per share (diluted) for the three months ended September 30, 2025, was $0.32, compared to $0.08 in the same period of 2024, indicating a 300% increase[38] Segment Performance - Third quarter 2025 revenue for the Power Solutions segment was $105 million, a 39% sequential increase from the second quarter 2025[8] - Segment Adjusted EBITDA for the Power Solutions segment was $58 million, a 27% increase from the second quarter 2025[8] - Solaris Power Solutions segment generated revenues of $104,939,000 for the three months ended September 30, 2025, up from $4,739,000 in the same period of 2024[22] - Solaris Logistics Solutions segment reported revenues of $61,904,000 for the three months ended September 30, 2025, compared to $70,279,000 in the previous quarter, indicating a decrease of 12%[22] Capital and Investments - The company increased its fourth quarter 2025 Total Adjusted EBITDA guidance to $65-70 million, up from the previous guidance of $58-63 million[4] - Solaris ordered approximately 500 MW of additional generation capacity, expecting consolidated pro forma capacity to reach about 2,200 MW by early 2028[4] - In October 2025, Solaris issued approximately $748 million of 0.25% senior convertible notes due 2031 to enhance financial flexibility and fund growth[4] - Capital expenditures for Solaris Power Solutions were $61,205,000 for the three months ended September 30, 2025, compared to $55,957,000 in the same period of 2024, an increase of 9%[22] - The company plans to continue expanding its market presence through strategic acquisitions and investments in new technologies[20] Debt and Cash Position - Cash and cash equivalents attributable to Solaris as of September 30, 2025, were $106,704,000, down from $114,255,000 as of December 31, 2024[33] - Total consolidated debt and convertible notes attributable to Solaris increased to $532,274,000 as of September 30, 2025, from $315,730,000 as of December 31, 2024[33] Corporate Actions - The acquisition of HVMVLV was completed in the third quarter, enhancing capabilities in voltage distribution and regulation equipment[4] - The board approved a fourth quarter 2025 dividend of $0.12 per share, marking Solaris' 29th consecutive dividend[4] Shareholder Information - The diluted weighted average shares of Class A common stock outstanding increased to 43.77 million for the three months ended September 30, 2025, from 28.38 million in 2024[38] - The total number of potentially dilutive shares increased to 30.831 million for the three months ended September 30, 2025, compared to 19.903 million in the same period of 2024[38] Tax and Other Expenses - Incremental income tax expense for the three months ended September 30, 2025, was $(5.646) million, compared to $(1.102) million in the same period of 2024[38] - The company recognized a change in tax receivable agreement liability of $3.024 million for the nine months ended September 30, 2025[38] - Transaction and acquisition costs for the three months ended September 30, 2025, were $0.278 million, down from $3.065 million in the previous quarter[38] - The company incurred a loss on extinguishment of debt of $4.085 million during the three months ended June 30, 2025[38] - The net loss attributable to Stateline non-controlling interest was $2.432 million for the three months ended September 30, 2025[38]
Solaris Energy Infrastructure, Inc.(SEI) - 2025 Q3 - Quarterly Results