Solaris Surges on AI Power Demand, Inks 600 MW Tech Contract

HOUSTON, TX – April 27, 2026 – Solaris Energy Infrastructure, Inc. (NYSE:SEI) today announced blockbuster first-quarter results that significantly outpaced expectations, driven by its rapidly expanding role as a critical power supplier to the booming artificial intelligence industry. The company coupled its strong financial report with the announcement of a third major long-term contract to provide over 600 megawatts of power to an affiliate of an investment-grade global technology company, cementing its strategic pivot into the high-demand data center market.

The Houston-based firm reported first-quarter revenue of approximately $196 million, a 9% sequential increase, and a remarkable 22% sequential jump in Adjusted EBITDA to $84 million. The performance prompted Solaris to raise its second-quarter 2026 Adjusted EBITDA guidance to a range of $83-93 million, signaling strong confidence in continued momentum. This series of successes highlights a profound shift in the company's focus, capitalizing on the insatiable energy needs of AI and hyperscale computing.

Riding the AI Power Wave

The centerpiece of Solaris's announcement is the new 10-year power agreement, which includes an option for a five-year extension. This contract, for over 600 MW of power capacity and associated "balance of plant" infrastructure, marks the third such deal with a major technology player. Combined with previous agreements, including a 900 MW joint venture to power an AI data center, Solaris now has over two gigawatts of contracted generation capacity dedicated to the tech sector.

This strategic alignment places Solaris squarely at the center of one of the most significant industrial trends of the decade. The proliferation of AI is creating unprecedented demand for electricity, with some forecasts predicting global data center electricity consumption could double by 2030. A single modern AI data center can consume as much electricity as a small city, and the traditional power grid is struggling to keep pace, with interconnection delays often stretching for years. Solaris's strategy of providing dedicated, on-site, or "behind-the-meter" power solutions directly addresses this critical bottleneck, offering technology giants a faster path to bringing their power-hungry computing facilities online. Reports have previously linked the company to providing such rapid-deployment power solutions for Elon Musk's AI venture, xAI, underscoring the appeal of its model to companies in a race for AI supremacy.

Chairman and Co-Chief Executive Officer Bill Zartler commented on the company's trajectory, stating, “Solaris is off to an exceptional start in 2026, with operational, commercial, and financial performance all exceeding expectations. The momentum we are seeing across our entire business reinforces our conviction in Solaris' positioning and the durability of the demand we are serving.”

A Tale of Two Segments

The company's quarterly results paint a vivid picture of its strategic transformation, showcasing a stark contrast between its two primary business segments. The Solaris Power Solutions segment is in a period of explosive growth. Its first-quarter revenue surged 24% sequentially to $129 million, while its Segment Adjusted EBITDA soared by 34% to approximately $72 million. This performance is a direct result of increased capacity being brought online to serve its new technology clients.

In contrast, the Solaris Logistics Solutions segment, which serves the oil and natural gas industry, saw its revenue decline 11% sequentially to $68 million, a drop attributed to lower last-mile transportation activity. However, the segment's profitability remained resilient, with its Adjusted EBITDA ticking up 2% to $23 million due to a more favorable project mix and a 12% increase in fully utilized systems. This dynamic illustrates a clear corporate strategy: the mature, cash-generating logistics business is providing a stable financial foundation to fund the capital-intensive, hyper-growth Power Solutions division. While the future of Solaris is clearly tied to powering data centers, its legacy business remains a crucial and steadying component of its overall financial health.

Fueling Growth with Financial Muscle

This aggressive expansion into the power sector requires immense capital, and Solaris's financial maneuvering reflects its ambition. The company reported capital expenditures of a staggering $343 million in the first quarter alone, almost entirely dedicated to its Power Solutions segment. To fund this growth, Solaris upsized its term loan in early April by $200 million, bringing its total commitment to $500 million and boosting its near-term liquidity.

The company's balance sheet now carries over $1 billion in total debt, a significant increase in leverage undertaken to seize the data center opportunity. While this introduces risk, the market appears to be rewarding the bold strategy. The company's stock has been trading at a premium compared to its energy service peers, reflecting investor enthusiasm for its pivot to the high-growth infrastructure space. Reinforcing this confidence, the board of directors approved its 31st consecutive quarterly dividend, signaling a commitment to shareholder returns even amidst heavy reinvestment.

Co-Chief Executive Officer, Amanda Brock, elaborated on the scale of the operations, adding, “Today, we are operating, constructing, and in the design and planning stages of behind-the-meter projects for three distinct hyperscalers across multiple data centers, which is continued validation of Solaris' strategy and leading project execution capabilities.” This execution, backed by a fortified balance sheet and a clear market need, positions Solaris as a key enabler of the ongoing AI revolution.