Financial Data and Key Metrics Changes - Solaris generated revenue of $167 million and Adjusted EBITDA of $68 million in Q3 2025, with Adjusted EBITDA growing 12% from the prior quarter and increasing more than three times compared to the same quarter last year [19][22] - The company operated approximately 760 megawatts during Q3, reflecting an increase of more than 27% from the prior quarter [19][20] - Total adjusted EBITDA guidance for Q4 is now $65-$70 million, up from the prior guidance of $58-$63 million, and relatively flat from Q3 [22] Business Line Data and Key Metrics Changes - Power solutions contributed more than 60% of total revenue and over three-quarters of segment-level Adjusted EBITDA in Q3 [16] - Segment-adjusted EBITDA for the power solutions segment was $58 million, a 27% increase from Q2 [20] - The logistics solutions segment averaged 84 fully utilized systems, a decline of 11% from Q2 [20] Market Data and Key Metrics Changes - Demand for reliable and efficient power generation is accelerating, particularly driven by data center investments [4][5] - Many data centers now require more than one gigawatt of electricity demand per site, indicating a growing market opportunity [4] Company Strategy and Development Direction - Solaris aims to provide critical infrastructure and services to support the growing demand for power generation, particularly in the data center sector [5][10] - The company is focusing on an all-of-the-above generation approach, incorporating various power sources including natural gas turbines, battery energy storage systems, and renewable technologies [6][7] - Solaris has expanded its capabilities through acquisitions, including the acquisition of HVMVLV, which enhances its power solutions offering [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for power services and the company's ability to secure long-term contracts [14][15] - The company is optimistic about the significant growth opportunities ahead, driven by the increasing size and complexity of infrastructure projects [82] Other Important Information - Solaris raised approximately $748 million in senior convertible notes to repay existing term loans and fund new generation capacity [18] - The company expects pro forma generation capacity to reach approximately 2,200 megawatts by early 2028, up from a prior plan of 1,700 megawatts [9][17] Q&A Session Summary Question: Supply chain challenges and competition for OEM slots - Management acknowledged that the supply chain is stretched and competition for OEM slots has tightened, but emphasized their strong relationships and experience in securing necessary equipment [26][27][29] Question: Impact of HVMVLV acquisition on balance of plant - Management indicated that the acquisition enhances their ability to manage power distribution and generation, contributing to increased revenue per megawatt [30][31] Question: Competitive landscape and growth opportunities - Management stated that the market is large enough to require multiple companies to meet growing power demand, and recent announcements from competitors have not changed their outlook [37][39] Question: Contract tenor and behind-the-meter solutions - Management noted that contract tenors are evolving to longer terms due to grid delays and increasing power needs, with a focus on behind-the-meter solutions [92] Question: Future contract negotiations and flexibility - Management confirmed that future contracts will include options for various types of generation assets, providing flexibility to meet customer demands [100][102] Question: Pipeline size and future capacity - Management described the customer pipeline as enormous, with expectations to exceed current orders in a couple of years [82]