Financial Data and Key Metrics Changes - Full year 2025 revenue nearly doubled year-over-year to $622 million, while Adjusted EBITDA of $244 million more than doubled [7] - In the fourth quarter, Solaris generated revenue of nearly $180 million and Adjusted EBITDA of $69 million, with Adjusted EBITDA nearly doubling compared to the same quarter of 2024 [22] Business Line Data and Key Metrics Changes - Solaris Power Solutions segment has become the primary growth engine, accounting for roughly 70% of earnings, expected to rise to 90% [7] - Segment Adjusted EBITDA for the power solutions segment was $53 million, a modest decrease from the third quarter due to costs associated with timing and mix impact [23] - The Logistics Solutions segment contributed over $80 million of free cash flow in 2025, with an average of 93 fully utilized systems, an increase of 11% from the third quarter [11][23] Market Data and Key Metrics Changes - The four largest global technology companies have guided to combined capital expenditures exceeding $600 billion in 2026, focused primarily on data center infrastructure and compute, a 70% increase from 2025 levels [11] - Solaris is positioned to capitalize on the surging demand for reliable, scalable power, particularly in the data center sector [11] Company Strategy and Development Direction - Solaris is focused on growing and diversifying its services and solutions business through new products, services, and targeted investments [5] - The company is strategically building capabilities through organic growth and targeted acquisitions, enhancing its engineering and operational capabilities [14][15] - Emissions controls are a focus area, with investments made to enhance capabilities in this sector [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for power solutions, indicating that there is more demand than capacity available [18] - The regulatory environment is seen as favorable, particularly with recent amendments that support behind-the-meter solutions [17] - Management anticipates significant growth opportunities in 2026, with a strong pipeline of negotiations for additional capacity [18] Other Important Information - Solaris has strengthened its balance sheet through capital raises and has established financing for joint ventures, providing significant interest cost savings and financial flexibility [20][21] - The company is fully funded for expected deliveries to reach 2,200 MW of power generation [21] Q&A Session Summary Question: Status of negotiations with additional customers for remaining capacity - Management confirmed active negotiations with multiple customers, expressing confidence in closing additional contracts soon [31][32] Question: Value uplift from additional services like emissions control - Management indicated potential returns on capital could range from 20% to 50% per megawatt depending on the scope of additional services [34] Question: Capacity expansion plans for 2027 and 2028 - Management confirmed plans for additional capacity in 2027 and 2028, aimed at supporting new opportunities [40] Question: Impact of EPA's Quad K amendment - Management viewed the amendment as a positive regulatory tailwind that enhances the company's ability to operate in a behind-the-meter capacity [42] Question: Discussions on incremental 400 MW capacity - Management indicated discussions are ongoing with varying demand levels, from 100 MW to 2-3 GW, with a focus on closing contracts in the 400 MW range [90][91] Question: Pricing strategy in light of rising electricity costs - Management noted that customers understand the pricing dynamics and that they can hedge against rising costs through long-term contracts [92]