Solaris Raises Fourth-Quarter and First-Quarter 2027 EBITDA Outlook

The Tip Desk · November 11, 2026 · 3 min read

Adjusted EBITDA reached about $136 million in the third quarter, and the company lifted fourth-quarter 2026 guidance to $165 million to $185 million.

Solaris Energy Infrastructure, Inc. (SEI), the Houston-based power infrastructure solutions provider, reported third-quarter 2026 revenue of approximately $341 million, up 55% from the second quarter.

Net income was $39 million, or $0.42 a share, up 56% from the second quarter. Adjusted pro forma net income was $43 million, or $0.45 a fully diluted share. Adjusted EBITDA attributable to Solaris, which excludes the non-controlling interest in the Stateline Power joint venture, was approximately $138 million.

The sequential revenue step-up followed a 12% increase in the second quarter. Adjusted EBITDA rose 26% from about $108 million in the second quarter.

Solaris Power Solutions carried the quarter. Segment revenue was approximately $284 million, up 79% from the second quarter, and segment Adjusted EBITDA was approximately $127 million, up 32%, which the company attributed primarily to increased services revenue. Average capacity earning revenue in the segment was about 820 MW, down 14% from about 950 MW in the second quarter, which the company said reflected the planned release of temporary third-party generation as it transitions to owned capacity under long-term contracts.

Solaris Logistics Solutions revenue was $57 million, down 7% from the second quarter on lower last-mile transportation activity. Segment Adjusted EBITDA was $24 million, down 3%.

On October 29, the company signed a 15-year agreement, with an option to extend another 15 years, to provide about 900 MW of generation, balance-of-plant equipment and operations and maintenance to an existing investment-grade industrial and technology customer. Deployments are expected to begin in the first half of 2027 and scale through 2028. The company said the deal was its third long-term power contract with an investment-grade counterparty year to date, bringing total capacity under long-term contracts to 3.2 GW.

It also said it secured an additional 200 MW of available generation capacity through time-advantaged equipment to be deployed under 2027 contracts ahead of long OEM queues, putting pro forma consolidated generation capacity at about 3.5 GW in 2029. A new seven-year operations and maintenance agreement covers about 400 MW of capacity owned by an existing customer.

Solaris completed a $1.25 billion senior unsecured notes offering and added $200 million of bank commitments, bringing revolving credit facility capacity to $850 million, currently undrawn. S&P Global Ratings, Moody’s and Fitch reaffirmed corporate credit ratings of BB-, Ba3 and BB, respectively.

The company increased fourth-quarter 2026 Adjusted EBITDA guidance to $165 million to $185 million from $145 million to $180 million, and increased first-quarter 2027 Adjusted EBITDA guidance to $220 million to $260 million from $200 million to $240 million. Chairman and co-chief executive officers Bill Zartler and Amanda Brock said quarterly Adjusted EBITDA has more than doubled over the last year and that they expect 2027 Adjusted EBITDA to be more than double 2026, with further growth beyond that.

The board approved a fourth-quarter 2026 dividend of $0.12 a share, payable December 18 to holders of record December 8, which once paid will be Solaris’ 33rd consecutive dividend.