00016975002026Q1False--12-31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puresei:segmentsei:installmentutr:MW00016975002026-01-012026-03-310001697500us-gaap:CommonClassAMember2026-04-270001697500us-gaap:CommonClassBMember2026-04-2700016975002026-03-3100016975002025-12-310001697500us-gaap:CommonClassAMember2026-03-310001697500us-gaap:CommonClassAMember2025-12-310001697500us-gaap:CommonClassBMember2025-12-310001697500us-gaap:CommonClassBMember2026-03-3100016975002025-01-012025-03-310001697500us-gaap:CommonClassAMember2026-01-012026-03-310001697500us-gaap:CommonClassAMember2025-01-012025-03-310001697500us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-12-310001697500us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-12-310001697500us-gaap:AdditionalPaidInCapitalMember2025-12-310001697500us-gaap:RetainedEarningsMember2025-12-310001697500us-gaap:NoncontrollingInterestMember2025-12-310001697500us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-01-012026-03-310001697500us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001697500us-gaap:NoncontrollingInterestMember2026-01-012026-03-310001697500us-gaap:CommonClassBMemberus-gaap:CommonStockMember2026-01-012026-03-310001697500us-gaap:RetainedEarningsMember2026-01-012026-03-310001697500us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-03-310001697500us-gaap:CommonClassBMemberus-gaap:CommonStockMember2026-03-310001697500us-gaap:AdditionalPaidInCapitalMember2026-03-310001697500us-gaap:RetainedEarningsMember2026-03-310001697500us-gaap:NoncontrollingInterestMember2026-03-310001697500us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310001697500us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-12-310001697500us-gaap:AdditionalPaidInCapitalMember2024-12-310001697500us-gaap:RetainedEarningsMember2024-12-310001697500us-gaap:NoncontrollingInterestMember2024-12-3100016975002024-12-310001697500us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001697500us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001697500us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-03-310001697500us-gaap:RetainedEarningsMember2025-01-012025-03-310001697500us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-03-310001697500us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-03-310001697500us-gaap:AdditionalPaidInCapitalMember2025-03-310001697500us-gaap:RetainedEarningsMember2025-03-310001697500us-gaap:NoncontrollingInterestMember2025-03-3100016975002025-03-310001697500sei:StatelinePowerLLCStatelineMember2025-04-282025-04-280001697500sei:StatelinePowerLLCStatelineMember2026-03-310001697500sei:StatelinePowerLLCStatelineMember2026-01-012026-03-310001697500sei:SolarisPowerSolutionsStatelineLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001697500sei:SolarisPowerSolutionsStatelineLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001697500sei:InvestmentInSISUSPVLLCMember2025-12-312025-12-310001697500sei:InvestmentInSISUSPVLLCMember2026-01-012026-03-310001697500sei:InvestmentInSISUSPVLLCMember2026-03-310001697500sei:SISUSPVLLCMembersei:InvestmentInSISUSPVLLCMember2026-01-012026-03-310001697500sei:SolarisPowerSolutionsMember2026-01-012026-03-310001697500sei:SolarisPowerSolutionsMember2025-01-012025-03-310001697500sei:SolarisLogisticsSolutionsMember2026-01-012026-03-310001697500sei:SolarisLogisticsSolutionsMember2025-01-012025-03-310001697500us-gaap:OperatingSegmentsMembersei:SolarisPowerSolutionsMember2026-01-012026-03-310001697500us-gaap:OperatingSegmentsMembersei:SolarisPowerSolutionsMember2025-01-012025-03-310001697500us-gaap:OperatingSegmentsMembersei:SolarisLogisticsSolutionsMember2026-01-012026-03-310001697500us-gaap:OperatingSegmentsMembersei:SolarisLogisticsSolutionsMember2025-01-012025-03-310001697500us-gaap:OperatingSegmentsMember2026-01-012026-03-310001697500us-gaap:OperatingSegmentsMember2025-01-012025-03-310001697500us-gaap:CorporateNonSegmentMember2026-01-012026-03-310001697500us-gaap:CorporateNonSegmentMember2025-01-012025-03-310001697500us-gaap:MaterialReconcilingItemsMember2026-01-012026-03-310001697500us-gaap:MaterialReconcilingItemsMember2025-01-012025-03-310001697500us-gaap:OperatingSegmentsMembersei:SolarisPowerSolutionsMember2026-03-310001697500us-gaap:OperatingSegmentsMembersei:SolarisPowerSolutionsMember2025-12-310001697500us-gaap:OperatingSegmentsMembersei:SolarisLogisticsSolutionsMember2026-03-310001697500us-gaap:OperatingSegmentsMembersei:SolarisLogisticsSolutionsMember2025-12-310001697500us-gaap:OperatingSegmentsMember2026-03-310001697500us-gaap:OperatingSegmentsMember2025-12-310001697500us-gaap:CorporateNonSegmentMember2026-03-310001697500us-gaap:CorporateNonSegmentMember2025-12-310001697500sei:GencoMember2026-03-160001697500sei:GencoMember2026-03-162026-03-160001697500sei:GencoMemberus-gaap:CommonClassAMember2026-03-160001697500sei:PowerGenerationTurbineEngineCoreMember2026-01-012026-03-310001697500sei:PowerGenerationTurbineMember2026-01-012026-03-310001697500srt:MinimumMembersei:PowerGenerationAncillaryEquipmentMember2026-01-012026-03-310001697500srt:MaximumMembersei:PowerGenerationAncillaryEquipmentMember2026-01-012026-03-310001697500sei:PowerControlAndDistributionEquipmentMember2026-01-012026-03-310001697500srt:MinimumMemberus-gaap:OilAndGasPropertiesMember2026-03-310001697500srt:MaximumMemberus-gaap:OilAndGasPropertiesMember2026-03-310001697500srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2026-03-310001697500srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2026-03-310001697500us-gaap:FurnitureAndFixturesMember2026-03-310001697500srt:MinimumMemberus-gaap:ComputerEquipmentMember2026-03-310001697500srt:MaximumMemberus-gaap:ComputerEquipmentMember2026-03-310001697500us-gaap:VehiclesMember2026-03-310001697500us-gaap:BuildingMember2026-03-310001697500sei:LeasingRevenueMembersei:SolarisPowerSolutionsMember2026-01-012026-03-310001697500sei:LeasingRevenueMembersei:SolarisPowerSolutionsMember2025-01-012025-03-310001697500us-gaap:ServiceMembersei:SolarisPowerSolutionsMember2026-01-012026-03-310001697500us-gaap:ServiceMembersei:SolarisPowerSolutionsMember2025-01-012025-03-310001697500us-gaap:ServiceMembersei:SolarisLogisticsSolutionsMember2026-01-012026-03-310001697500us-gaap:ServiceMembersei:SolarisLogisticsSolutionsMember2025-01-012025-03-310001697500sei:PowerGenerationTurbineMember2026-03-310001697500sei:PowerGenerationTurbineMember2025-12-310001697500sei:PowerGenerationTurbineEngineCoreMember2026-03-310001697500sei:PowerGenerationTurbineEngineCoreMember2025-12-310001697500sei:PowerGenerationAncillaryEquipmentMember2026-03-310001697500sei:PowerGenerationAncillaryEquipmentMember2025-12-310001697500sei:PowerControlAndDistributionEquipmentMember2026-03-310001697500sei:PowerControlAndDistributionEquipmentMember2025-12-310001697500us-gaap:ConstructionInProgressMember2026-03-310001697500us-gaap:ConstructionInProgressMember2025-12-310001697500us-gaap:OilAndGasPropertiesMember2026-03-310001697500us-gaap:OilAndGasPropertiesMember2025-12-310001697500sei:LogisticsEquipmentInProcessMember2026-03-310001697500sei:LogisticsEquipmentInProcessMember2025-12-310001697500us-gaap:VehiclesMember2025-12-310001697500us-gaap:MachineryAndEquipmentMember2026-03-310001697500us-gaap:MachineryAndEquipmentMember2025-12-310001697500us-gaap:BuildingMember2025-12-310001697500us-gaap:ComputerEquipmentMember2026-03-310001697500us-gaap:ComputerEquipmentMember2025-12-310001697500us-gaap:LandMember2026-03-310001697500us-gaap:LandMember2025-12-310001697500us-gaap:FurnitureAndFixturesMember2025-12-310001697500us-gaap:CustomerRelationshipsMember2026-03-310001697500us-gaap:TrademarksMember2026-03-310001697500us-gaap:NoncompeteAgreementsMember2026-03-310001697500sei:SoftwareAndPatentMember2026-03-310001697500us-gaap:CustomerRelationshipsMember2025-12-310001697500us-gaap:TrademarksMember2025-12-310001697500us-gaap:NoncompeteAgreementsMember2025-12-310001697500sei:SoftwareAndPatentMember2025-12-310001697500us-gaap:CustomerRelationshipsMembersei:GencoAcquisitionMember2026-03-160001697500us-gaap:CustomerRelationshipsMembersei:GencoAcquisitionMember2026-03-310001697500us-gaap:SecuredDebtMember2026-03-310001697500us-gaap:SecuredDebtMember2025-12-310001697500us-gaap:DelayedDrawTermLoanMember2026-03-310001697500us-gaap:DelayedDrawTermLoanMember2025-12-310001697500sei:StonebriarTermLoanMember2026-03-310001697500sei:StonebriarTermLoanMember2025-12-310001697500sei:CaterpillarTermLoansMember2026-03-310001697500sei:CaterpillarTermLoansMember2025-12-310001697500us-gaap:SecuredDebtMember2026-03-160001697500us-gaap:SecuredDebtMember2026-03-162026-03-1600016975002026-03-162026-03-160001697500us-gaap:SecuredOvernightFinancingRateSofrMember2026-03-162026-03-160001697500us-gaap:BaseRateMember2026-03-162026-03-160001697500us-gaap:SecuredDebtMember2026-01-012026-03-310001697500us-gaap:SecuredDebtMemberus-gaap:SubsequentEventMember2026-04-080001697500us-gaap:DelayedDrawTermLoanMember2025-05-230001697500us-gaap:DelayedDrawTermLoanMember2025-05-232025-05-230001697500us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-05-232025-05-230001697500sei:PeriodOfTimeThroughDecember312026Memberus-gaap:DelayedDrawTermLoanMember2025-05-230001697500sei:PeriodOfTimeAfterDecember312026Memberus-gaap:DelayedDrawTermLoanMember2025-05-230001697500us-gaap:DelayedDrawTermLoanMember2026-01-012026-03-310001697500sei:StonebriarTermLoanMember2026-03-160001697500sei:StonebriarTermLoanMember2026-03-162026-03-160001697500sei:StonebriarTermLoanMembersrt:MinimumMember2026-03-162026-03-160001697500sei:StonebriarTermLoanMembersrt:MaximumMember2026-03-162026-03-160001697500sei:StonebriarTermLoanMember2026-01-012026-03-310001697500sei:CaterpillarEquipmentLoanMember2026-03-160001697500sei:CaterpillarEquipmentLoanMember2026-03-162026-03-160001697500sei:CaterpillarEquipmentLoanMember2026-01-012026-03-310001697500sei:CaterpillarEquipmentLoanMember2026-03-310001697500us-gaap:RevolvingCreditFacilityMember2026-03-160001697500us-gaap:LongTermDebtMember2026-03-310001697500us-gaap:ConvertibleDebtMember2026-03-310001697500sei:ConvertibleSeniorNotes4.75PercentDue2030Member2025-05-020001697500sei:ConvertibleSeniorNotes0.25PercentDue2031Member2025-10-080001697500sei:ConvertibleSeniorNotes4.75PercentDue2030Member2025-05-022025-05-020001697500sei:ConvertibleSeniorNotes0.25PercentDue2031Member2025-10-082025-10-080001697500sei:ConvertibleSeniorNotes4.75PercentDue2030Member2026-01-012026-03-310001697500sei:ConvertibleSeniorNotes4.75PercentDue2030Member2026-03-310001697500sei:ConvertibleSeniorNotes4.75PercentDue2030Member2025-12-310001697500sei:ConvertibleSeniorNotes0.25PercentDue2031Member2026-03-310001697500sei:ConvertibleSeniorNotes0.25PercentDue2031Member2025-12-310001697500sei:ConvertibleSeniorNotes4.75PercentDue2030Memberus-gaap:FairValueInputsLevel1Member2026-03-310001697500sei:ConvertibleSeniorNotes0.25PercentDue2031Memberus-gaap:FairValueInputsLevel1Member2026-03-310001697500sei:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2026-01-012026-03-310001697500sei:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2026-01-012026-03-310001697500us-gaap:RelatedPartyMember2026-01-012026-03-310001697500us-gaap:RelatedPartyMember2025-01-012025-03-310001697500srt:SubsidiariesMember2026-03-310001697500srt:SubsidiariesMember2025-12-310001697500us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001697500us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001697500us-gaap:PerformanceSharesMember2026-01-012026-03-310001697500us-gaap:PerformanceSharesMember2025-01-012025-03-310001697500us-gaap:CommonClassBMember2026-01-012026-03-310001697500us-gaap:CommonClassBMember2025-01-012025-03-310001697500us-gaap:RestrictedStockMember2026-01-012026-03-310001697500us-gaap:RestrictedStockMember2025-01-012025-03-310001697500us-gaap:PerformanceSharesMember2026-01-012026-03-310001697500us-gaap:PerformanceSharesMember2025-01-012025-03-310001697500us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001697500us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001697500sei:TaxReceivableAgreementMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001697500sei:SolarisOilfieldInfrastructureLlcMember2026-01-012026-03-310001697500sei:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001697500sei:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001697500sei:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001697500sei:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001697500sei:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310001697500sei:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310001697500sei:SupplierOneMemberus-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsTotalMember2026-01-012026-03-310001697500sei:SupplierTwoMemberus-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsTotalMember2026-01-012026-03-310001697500sei:SupplierOneMemberus-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsTotalMember2025-01-012025-03-310001697500sei:SupplierOneMemberus-gaap:SupplierConcentrationRiskMemberus-gaap:AccountsPayableMember2026-01-012026-03-310001697500sei:SupplierOneMemberus-gaap:SupplierConcentrationRiskMemberus-gaap:AccountsPayableMember2025-01-012025-12-310001697500sei:ColusaPowerInfrastructurePartnersLLCMember2026-03-132026-03-130001697500sei:BakerHughesEnergyServicesLLCMember2026-03-132026-03-1300016975002026-03-132026-03-130001697500srt:MinimumMember2026-01-012026-03-310001697500srt:MaximumMember2026-01-012026-03-310001697500sei:BakerHughesEnergyServicesLLCMembersei:NovaLT16TurbineAcquisitionMember2026-01-012026-03-310001697500sei:StatelinePowerLLCStatelineMember2026-03-310001697500sei:ColusaPowerInfrastructurePartnersLLCMember2026-03-310001697500sei:ColusaPowerInfrastructurePartnersLLCMember2026-01-012026-03-310001697500sei:SolarisEnergyManagementLlcMemberus-gaap:RelatedPartyMember2026-03-310001697500us-gaap:RelatedPartyMember2026-03-310001697500us-gaap:RelatedPartyMember2025-12-310001697500sei:SolarisOilfieldInfrastructureMemberus-gaap:CommonClassBMemberus-gaap:RelatedPartyMembersei:KtrManagementCompanyLlcMember2026-03-310001697500sei:SolarisOilfieldInfrastructureMemberus-gaap:CommonClassBMemberus-gaap:RelatedPartyMembersei:KtrManagementCompanyLlcMember2026-01-012026-03-310001697500us-gaap:RelatedPartyMembersei:KtrManagementCompanyLlcMemberus-gaap:CommercialRealEstateMember2026-01-012026-03-310001697500us-gaap:RelatedPartyMembersei:KtrManagementCompanyLlcMemberus-gaap:CommercialRealEstateMember2025-01-012025-03-310001697500us-gaap:RelatedPartyMembersei:KtrManagementCompanyLlcMemberus-gaap:EquipmentMember2026-01-012026-03-310001697500us-gaap:RelatedPartyMembersei:KtrManagementCompanyLlcMemberus-gaap:EquipmentMember2025-01-012025-03-310001697500sei:KtrManagementCompanyLlcMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001697500sei:KtrManagementCompanyLlcMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001697500sei:BlackrockPortfolioManagementLlcMembersrt:MinimumMember2026-03-310001697500sei:BlackrockPortfolioManagementLlcMembersei:ConvertibleSeniorNotes4.75PercentDue2030Memberus-gaap:RelatedPartyMember2025-04-302025-04-300001697500sei:BlackrockPortfolioManagementLlcMembersei:ConvertibleSeniorNotes0.25PercentDue2031Member2025-10-062025-10-060001697500sei:CustomerMemberus-gaap:SubsequentEventMember2026-04-240001697500sei:CustomerMemberus-gaap:SubsequentEventMember2026-04-242026-04-240001697500us-gaap:DelayedDrawTermLoanMemberus-gaap:SubsequentEventMember2026-04-282026-04-280001697500us-gaap:DelayedDrawTermLoanMemberus-gaap:SubsequentEventMember2026-04-280001697500us-gaap:SubsequentEventMember2026-04-300001697500us-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2026-04-232026-04-230001697500us-gaap:CommonClassAMembersei:SolarisOilfieldInfrastructureLlcMemberus-gaap:SubsequentEventMember2026-04-232026-04-23

(Exact name of registrant as specified in its charter)

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 27, 2026, the registrant had 58,402,338 shares of Class A common stock, $0.01 par value per share, and 15,139,651 shares of Class B common stock, $0.00 par value per share, outstanding.

This Quarterly Report on Form 10-Q (this “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which involve risks, uncertainties and assumptions. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “could,” “may,” “continue,” “predict,” “potential,” “plan,” “will,” “should” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, management changes, current and potential future long-term contracts, the costs of being a publicly traded corporation, our capital programs and our future business and financial performance. In addition, our forward-looking statements address the various risks and uncertainties associated with extraordinary market environments and the expected impact on our businesses, results of operations, and earnings.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:

•the level of domestic spending and access to capital markets which we serve, namely (i) power generation and (ii) the oil and natural gas industry;

•changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, and the impact of such policies on us, our customers and the global economic environment, including access to resources needed for our products and services;

•customer concentration, the potential for future consolidation amongst current or potential customers and the possibility that customers may not continue to outsource their power system needs, which could affect demand for our products and services, especially in the power generation industry;

•development of alternative power generation technologies or increased grid capacity that could reduce the demand for our products and services;

•ability to secure customer contracts and such ability’s impact on our revenue and operating results;

•developments and uncertainty in the global economy generally, and/or the energy, power and infrastructure sectors specifically, and the resulting impacts to the demand and supply for power generation or crude oil and natural gas or volatility of the prices for such projects, including a potential increase in Venezuelan oil supply and any related impact on global oil prices and domestic oil productions, and therefore the demand for the services we provide and the commercial opportunities available to us;

•volatility in the political, legal and regulatory environments, including the impact of a lapse in federal appropriations that could disrupt our operations and future plans and opportunities;

•geopolitical risks, including the war between Russia and Ukraine, the Israel and Hamas conflict, continued hostilities in the Middle East, U.S. intervention in Venezuela and the U.S.-Iran conflict, which could each affect the stability and continued recovery of oil and gas markets;

•uncertainty regarding methods by which the growing demand for power generation will be met in both the short and long term;

•the success of Stateline (as defined in Note 2. “Variable Interest Entities”) and its impact on the financial condition and results of operations of our Solaris Power Solutions segment;

•inflationary risks, increased interest rates, central bank policy, bank failures and associated liquidity risks and supply chain constraints, including changes in market price and availability of materials and labor;

•uncertainty regarding the future actions of oil producers, including the members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia and the actions taken to set, maintain or cut production levels;

•significant changes in the transportation industries or fluctuations in transportation costs or the availability or reliability of transportation that service our business;

•large or multiple customer defaults, including defaults resulting from actual or potential insolvencies;

•epidemics or pandemics, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to pandemics and their impact on commodity prices, supply and demand considerations and storage capacity;

•technological advancements in well completion technologies and our ability to expand our product and service offerings;

•competitive conditions in our industry;

•inability to fully protect our intellectual property rights;

•actions taken by our customers, competitors and third-party operators;

•changes in the availability and cost of capital;

•our ability to successfully implement our business strategy;

•increases in tax rates or the enactment of taxes that specifically impact exploration and production related operations resulting in an increase in the amount of taxes owed by us;

•the effects of existing and future laws, rulings, governmental regulations and accounting standards and statements (or the interpretation thereof) on us and our customers;

•cyber-attacks targeting systems and infrastructure used by the power generation and oil and natural gas industries;

•the effects of pending and future litigation;

•credit markets;

•business acquisitions, including the failure to integrate the Genco Acquisition (as defined in Note 4. “Genco Acquisition”) or obtain the expected benefits of such acquisition;

•natural or man-made disasters and other external events that may disrupt our manufacturing operations;

•environmental and climate change regulations and policies, and the impact of such regulations and policies on us and our customers;

•the timing of regulatory proceedings and approvals, and the impact of such proceedings and approvals on us and our customers;

•health, safety and environmental risks;

•uncertainty regarding our future operating results; and

•plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.

All forward-looking statements speak only as of the date of this Quarterly Report. You should not place undue reliance on our forward-looking statements. Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors, including the factors described under Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and under Part II, Item 1A. “Risk Factors” of this Quarterly Report and in our other filings with the United States Securities and Exchange Commission (the “SEC”), which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Dollars in millions, except share and per share amounts)

Solaris Energy Infrastructure, Inc. (referred to as the “Company,” “we,” “us,” “our” and “Solaris” either individually or together with its consolidated subsidiaries, as the context requires) and its consolidated subsidiaries provide modular and scalable equipment-based solutions for power generation, control and distribution, and the management of raw materials in oil and natural gas well completions. Headquartered in Houston, Texas, the Company serves multiple U.S. end markets, including data centers, energy, and other commercial and industrial sectors. The Company operates through two reportable business segments: Solaris Power Solutions and Solaris Logistics Solutions.

The accompanying unaudited condensed consolidated financial statements have been prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2026.

These condensed consolidated financial statements reflect all normal recurring adjustments that are necessary for fair presentation. Operating results for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for the full year or for any interim period.

The Company holds a 50.1% equity interest in Stateline Power, LLC (“Stateline”), a variable interest entity (“VIE”) formed on April 28, 2025. Stateline was formed to provide off-grid power to a data center customer pursuant to a long-term equipment rental arrangement.

The Company continues to consolidate Stateline in its condensed consolidated financial statements within the Solaris Power Solutions segment, as the Company remains the primary beneficiary. No reconsideration events occurred during the three months ended March 31, 2026 that would alter this conclusion. There have been no material changes to the nature, structure, or purpose of Stateline as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Stateline’s equipment rental arrangement is with MZX Tech LLC (“MZX”). Each lease under the rental agreement commences upon completion of equipment deployment and commissioning activities. As of March 31, 2026, no related leases had commenced, and therefore no rental revenue was recognized during the three months ended March 31, 2026.

On May 23, 2025, Stateline entered into a delayed draw term loan facility to finance the power generation equipment to be used in the rental arrangement. Refer to Note 10. “Debt – Stateline Term Loan” for additional information regarding Stateline’s delayed draw term loan facility.

The Company did not provide any financial support to Stateline during the three months ended March 31, 2026 that it was not contractually required to provide, and it has no current intention to provide such support beyond its existing obligations. As of March 31, 2026, the Company’s maximum exposure to loss from its involvement with Stateline is limited to its equity investment of $86.4 million. The assets of Stateline may be used only to settle its obligations, and creditors of Stateline do not have recourse to the general credit of the Company.

Refer to Note 13. “Equity and Non-controlling Interest” for a breakdown of non-controlling interest by entity, including MZX’s 49.9% equity interest in Stateline.

The following table summarizes Stateline’s assets and liabilities, included in the Company’s condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

On December 31, 2025, the Company paid a $10.0 million deposit toward an investment in SISU SPV, LLC (“SISU”), a Delaware limited liability company formed to invest in SISU Ultimate Holdings, LLC, which owns SISU Energy & Environmental, LLC, an Oklahoma-based company that provides emissions-reduction solutions, including selective catalytic reduction catalyst systems. During the three months ended March 31, 2026, the Company paid the remaining $2.8 million, completing its total investment of $12.8 million, representing a 29.7% membership interest in SISU.

SISU is a VIE because its equity holders, as a group, lack the power to direct the activities that most significantly impact its economic performance, which are controlled by the managing member. The Company is not the primary beneficiary of SISU and therefore does not consolidate SISU.

The terms of SISU’s operating agreement vest substantive control over all significant decisions in the managing member, and the Company has no ability to significantly influence those decisions. Accordingly, the investment is accounted for under ASC 321, using the measurement alternative as it lacks a readily determinable fair value.

The Company’s maximum exposure to loss is limited to the carrying value of its investment, and the Company has no obligation to provide additional financial support to SISU. As of March 31, 2026, the carrying value of $12.8 million is included in other assets in the condensed consolidated balance sheets.

We report two distinct business segments. These segments differ by their revenue-generating activities and align with how our Co-Chief Executive Officers, who are our chief operating decision makers (“CODMs”), assesses operating performance and allocates resources.

Our reporting segments are:

•Solaris Power Solutions – delivers power generation, power control, and power distribution solutions. The segment’s offerings support data center, energy, and other commercial and industrial sector customers by providing flexible, on-demand power infrastructure, including power control and distribution capabilities.

•Solaris Logistics Solutions – designs and manufactures specialized equipment that enables the efficient management of raw materials used in the completion of oil and natural gas wells. Solaris’ equipment-based logistics services include field technician support, software solutions, and may also include last mile and mobilization services.

Our CODMs evaluate the performance of our business segments and allocate resources based on Adjusted EBITDA. We define EBITDA as net income plus depreciation and amortization expense, interest income (expense), and income tax expense. We define Adjusted EBITDA as EBITDA plus stock-based compensation, certain non-cash items and any extraordinary, unusual or non-recurring gains, losses or expenses.

In making resource allocation decisions, our CODMs primarily consider budget-to-actual variances in Adjusted EBITDA on a monthly basis.

Summarized financial information by business segment is shown below.

The following table presents a reconciliation of total segment Adjusted EBITDA to income before income tax expense.

(1)Corporate employee salaries and expenses, headquarters office rental, and legal and professional fees.

(2)Credit losses, transaction costs, the net effect of loss/gain on disposal of assets and lease terminations, and inventory write-offs.

Segment assets are presented below.

(1)Segment assets consist of accounts receivable, prepaid expenses, inventories, goodwill and long-lived assets.

(2)Corporate and other assets consist of cash and cash equivalents, prepaid expenses, deferred tax assets and other assets.

Significant segment expenses and other segment items, representing the difference between segment revenue and Adjusted EBITDA, are comprised of the following:

(1)Equipment rental is considered a significant expense in the Solaris Power Solutions segment.

(2)Trucking and mobilizations are considered a significant expense in the Solaris Logistics Solutions segment. Beginning in the first quarter of 2026, trucking and mobilizations are considered a significant expense in the Solaris Power Solutions segment and were previously disclosed in other segment items. We are now including the related 2025 expenses in trucking and mobilizations for comparative purposes.

(3)Other segment items for Solaris Power Solutions include facilities rental, transportation and freight, professional fees, insurance and other costs, while those for Solaris Logistics Solutions include facilities and equipment rental, fuel, professional fees, insurance and other costs.

On March 16, 2026, the Company, through its subsidiary Project G Buyer, LLC, completed the acquisition of 100% of the outstanding equity interests in Focus Genco Cayman Ltd. (“Genco”), the parent company of Genco Power Solutions, a distributed power generation company, pursuant to a securities purchase agreement (the “Genco Acquisition”). The acquired assets consist primarily of gas turbine generators held for lease under passive dry-lease arrangements.

The Genco Acquisition was accounted for as an asset acquisition in accordance with ASC 805-50, as the acquired assets did not meet the definition of a business. The total acquisition cost of $484.3 million, including cash consideration, 4,182,772 shares of Class A common stock issued to sellers, liabilities incurred in connection with the acquisition, net amounts related to settlement of pre-existing relationships between the Company and Genco, and transaction costs capitalized in accordance with ASC 805-50, was allocated to the identifiable assets acquired and liabilities assumed based on their relative fair values at the acquisition date. The allocation resulted in a stepped-up cost basis in the acquired gas turbine generators and the recognition of a customer relationship intangible asset at fair value. See Note 6. “Equipment Held for Lease” and Note 8. “Intangible Assets” for more information. Any adjustments to the preliminary allocation will be recognized prospectively as changes in estimates. No goodwill was recognized.

In connection with the Genco Acquisition, the Company assumed certain debt obligations of Genco and incurred new debt obligations to facilitate the closing of the acquisition. See Note 10. “Debt” for more information.

In July 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-05, Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU simplifies the Current Expected Losses model, including a practical expedient that allows entities to assume current economic conditions as of the balance sheet date will remain stable over the life of the short-term accounts receivable and contract assets arising from revenue contracts under ASC 606, without the need to forecast future economic conditions. This standard is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. The Company adopted ASU 2025-05 effective January 1, 2026 on a prospective basis, as permitted by the ASU. The Company elected to apply the practical expedient for its current accounts receivable and current contract assets arising from revenue transactions under ASC 606, Revenues from Contracts with Customer. The adoption of ASU 2025-05 and the election of the practical expedient did not have a material impact on the Company’s condensed consolidated financial statements. The Company's significant accounting policy for allowances for credit losses has been updated to reflect the election of this practical expedient.

In November 2024, the FASB issued ASU 2024-04, Debt — Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The amendments in this ASU primarily clarify the requirements for determining whether the settlement of a convertible debt instrument should be accounted for as an induced conversion. This standard is effective for annual and interim reporting periods in fiscal years beginning after December 15, 2025. The Company adopted ASU 2024-04 effective January 1, 2026 on a prospective basis, as permitted by the standard. The adoption of ASU 2024-04 did not have a material impact on the Company’s condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. This ASU addresses thirty-three items, representing codification changes that (1) clarify, (2) correct errors, or (3) make minor improvements. Generally, the amendments in this Update are not intended to result in significant changes for most entities. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the effects of this ASU, but does not expect a material impact on its condensed consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU clarifies interim disclosure requirements and the applicability of Topic 270. The objective of the amendments is to provide further clarity about the current interim disclosure requirements. This standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effects of this ASU, but does not expect a material impact on its condensed consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU updates the rules on capitalizing costs related to developing software for internal purposes, eliminating the use of specific project phases and introducing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. This standard applies to annual periods starting after December 15, 2027, including interim periods within those annual periods.

Early adoption is permitted. The Company is currently evaluating the potential effects of this ASU on its condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses. This update requires entities to disclose specified information about certain costs and expenses, including the amounts related to (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depletion expense, disaggregated within relevant expense captions on the statement of operations. It also requires qualitative descriptions for amounts not separately disaggregated and the total amount of selling expenses, along with the entity’s definition of selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Clarifying the Effective Date. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of this ASU on its disclosures.

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company has a controlling financial interest. All material intercompany balances and transactions have been eliminated in consolidation.

The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE under US GAAP.

Voting Interest Entities. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance its activities independently and the equity holders have the characteristics of a controlling financial interest, including the power to direct the activities of the entity that most significantly impact its economic performance through voting or similar rights. Voting interest entities are consolidated in accordance with ASC 810, Consolidation, if the Company owns a majority of the voting interests, unless control does not rest with the majority owner (for example, because of veto rights or other substantive participating rights held by non-controlling interest holders).

Variable Interest Entities. VIEs are entities that lack one or more of the characteristics of a voting interest entity, such as sufficient equity at risk to finance their activities without additional subordinated financial support or where the equity holders, as a group, lack the power to direct the activities that most significantly impact the entity’s economic performance. The Company consolidates a VIE in accordance with ASC 810 if it is the primary beneficiary, which occurs when the Company has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

The Company reassesses its initial evaluation of whether an entity is a VIE upon the occurrence of certain reconsideration events as defined in ASC 810. The Company also reassesses its determination of whether it is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter its conclusion.

Non-controlling interests represent the portion of profit or loss and net assets attributable to equity interests in consolidated subsidiaries that are not owned by the Company. Non-controlling interests are presented as a separate component of equity in the condensed consolidated balance sheets and as a separate line item in the condensed consolidated statements of operations.

For additional information on the Company’s involvement with VIEs, refer to Note 2. “Variable Interest Entities.”

The Company accounts for acquisitions of businesses using the acquisition method under ASC 805. The assets acquired, liabilities assumed, and any non-controlling interest in the acquiree are recognized at their fair values on the acquisition date. Acquisition-related costs are expensed as incurred. Goodwill is recognized as the excess of the consideration transferred over the fair value of the net assets acquired.

Acquisitions of assets or groups of assets that do not meet the definition of a business under ASC 805 are accounted for as asset acquisitions. In an asset acquisition, the total cost of the acquisition, including transaction costs which are capitalized as part of the acquisition cost, is allocated to the individual assets acquired and liabilities assumed based on their relative fair values at the acquisition date.

No goodwill is recognized in asset acquisitions.

The preparation of these condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Accounts receivable, which consist of trade receivables, unbilled revenue, and operating lease receivables, are stated at the net amount expected to be collected. We record accounts receivable at the invoiced amount, and unbilled receivables represent revenues recognized but not yet invoiced. Accounts receivable are presented net of allowances for credit losses and uncollectible accounts, as applicable.

Trade receivables are evaluated for impairment under ASC 326, Financial Instruments – Credit Losses, using the current expected credit losses (“CECL”) methodology. For trade receivables arising from transactions accounted for under ASC 606, the Company has elected the practical expedient provided by ASU 2025-05. Under this expedient, the Company assumes that current conditions as of the balance sheet date remain unchanged for the remaining life of these assets when developing reasonable and supportable forecasts.

In determining the allowance for credit losses, we pool trade receivables with similar risk characteristics and apply an expected loss percentage derived from historical loss data. Our assessment of current conditions, including the length of time trade accounts receivable are past due, previous loss history and the condition of the general economy and the industry as a whole, is reflected as of the balance sheet date consistent with the practical expedient elected. The expected credit loss percentage is determined using historical loss data adjusted for current conditions. Along with the expected credit loss percentage approach, we apply a case-by-case review on individual trade receivables when deemed appropriate.

The expense associated with the provision for credit losses on trade receivables is recognized in other operating expenses, net in our condensed consolidated statements of operations. Accounts deemed uncollectible are written off against the allowance when our customers’ financial condition deteriorates, impairing their ability to make payments, such as upon customer bankruptcies. Subsequent recoveries, if any, are credited to the allowance.

Operating lease receivables represent amounts owed by lessees for lease payments under the Company’s operating leases under ASC 842, Leases. Collectability of lease payments is assessed at lease commencement and reassessed throughout the lease term. At lease commencement, we may collect one or more month’s rent in advance, which serve as collateral to mitigate credit risk. If collectability of substantially all lease payments is probable at lease commencement, leasing revenue is recognized on a straight-line basis over the lease term. For leases meeting this recognition threshold, the Company records an allowance for uncollectible operating lease receivables, as necessary, in accordance with ASC 450, Contingencies. The allowance is based on historical loss experience, current customer-specific conditions, and relevant economic factors without incorporating forward-looking expected losses under CECL. If collectability of substantially all lease payments is not probable, we recognize leasing revenue on a cash basis.

The following table presents activity related to our allowance for credit losses and uncollectible operating lease receivables.

Equipment held for lease and property, plant and equipment are stated at cost, net of accumulated depreciation.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets except for turbine engine cores. Turbine engine cores represent a significant component of our turbines and are depreciated using the units of production method based on an expected life of 30,000 fired hours. To reflect this distinct depreciation method and usage-based nature of these assets, turbine engine cores are presented as a separate line item in the table below, Power Generation – Turbine engine core.

We capitalize interest on borrowings to the extent they are incurred during the construction or acquisition period of qualifying assets in accordance with ASC 835-20, Interest – Capitalization of Interest. Qualifying assets are assets which require substantial period of time to get ready for its intended use, such as certain power generation equipment. The amount capitalized is based on the weighted-average expenditures incurred and applicable interest rates on specific or general borrowings. Capitalized interest is included in the cost basis of the related asset and is depreciated over the asset’s estimated useful life once the asset is substantially complete and ready for its intended use. Capitalization of interest ceases when the qualifying asset is substantially complete.

Maintenance and repair costs are expensed as incurred. Expenditures that materially enhance the value or extend the useful life of the assets are capitalized. Upon sale or disposal, the asset’s cost and accumulated depreciation are removed from the balance sheet, with any resulting gain or loss recognized in operations.

Equipment held for lease and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability is assessed by comparing the carrying amount of the asset to its estimated undiscounted future cash flows. If the carrying amount exceeds the estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the asset’s fair value.

Investments in equity securities are accounted for in accordance with ASC-321, Investments-Equity Securities. Equity securities with a readily determinable fair value are measured at fair value with changes in fair value recognized in earnings. For equity securities without a readily determinable fair value, the Company elects the measurement alternative, under which investments are recorded at cost, less impairment, and adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer.

The Company evaluates such investments each reporting period to determine whether impairment indicators are present. If an investment is determined to be impaired, the carrying amount is written down to its fair value, and the resulting loss is recognized in earnings.

Our convertible notes are classified as convertible debt instruments recorded as liabilities in accordance with ASC 470-20 and are initially recognized at their principal amount, net of issuance costs and any discounts. Issuance costs and discounts are amortized to interest expense over the term of the instrument using the effective interest method. We evaluate each instrument to determine its classification as debt or equity and assess whether embedded features, such as conversion options, require bifurcation and separate accounting as derivatives under ASC 815-15. Bifurcation is required if these features are not clearly and closely related to the host contract and do not meet the scope exception criteria under ASC 815-40. Upon conversion, the carrying amount of the debt is reduced, and the settlement is accounted for based on the terms of the instrument, which may include issuance of common stock, cash payment, or a combination thereof. Interest expense includes the contractual coupon rate and amortization of issuance costs and discounts.

We recognize service revenue upon the transfer of control of promised services (or distinct goods) to customers in an amount that reflects the consideration expected to be received. We evaluate collectibility based on historical payment experience and customer financial condition. Customers are generally billed on a weekly or monthly basis, and contracts typically include payment terms of 30 to 60 days.

For contracts with multiple performance obligations, the transaction price is allocated based on relative stand-alone selling prices, or estimates of such prices, and revenue is recognized as each performance obligation is satisfied. Revenue from our mobile proppant and fluid management systems, last mile logistics, and ancillary equipment is primarily recognized over time as customers simultaneously receive and consume the benefits. Mobilization, demobilization, commissioning, and decommissioning services are recognized at a point in time upon completion.

Certain contracts include the grant of exclusive rights to reserve specified equipment for a stated period. These reservation rights represent a stand-ready performance obligation satisfied over time on a straight-line basis as the Company stands ready to make the equipment available exclusively to the customer.

The following table presents the balances of receivables and contract assets arising from contracts with customers. Receivables represent amounts due from customers for goods and services that have been billed. Contract assets represent amounts earned from performance under a contract but not yet billed to the customer (unbilled receivables).

Variable consideration may include discounts, price concessions and incentives. We estimate variable consideration based on the expected amount to be received and updates its estimate as facts and circumstances change.

Leasing revenue is recognized on a straight-line basis over the lease term, reflecting the consumption of benefits derived from the leased assets. Lease payments are fixed throughout the lease term. Leasing arrangements may be renewed, subject to price negotiations with customers.

Future minimum lease payments to be received under our long-term lessor arrangements as of March 31, 2026, including payments from leases that have already commenced and leases that will commence in the future based on estimated commencement dates, were as follows:

We categorize revenue from contracts with customers by revenue-generating activity, in alignment with our two reportable segments. This includes service revenue recognized under ASC 606 and leasing revenue recognized under ASC 842. The table below presents information on our disaggregated revenue.

For the three months ended March 31, 2026 and 2025, sublease income totaled $44.6 million and $7.6 million, respectively, and is included in leasing revenue in the condensed consolidated statements of operations.

Deferred revenue consists of customer payments received in advance of earning revenue. It includes amounts related to advance lease payments (ASC 842) and other upfront fees (ASC 606).

As of March 31, 2026 and December 31, 2025, deferred revenue consisted of the following:

Deferred revenue is classified as current or non-current based on when the related revenue is expected to be recognized. As of March 31, 2026, $29.4 million is classified as current and $46.5 million as non-current. As of December 31, 2025, $5.8 million was classified as current and no amounts were classified as non-current.

Equipment held for lease, used in the Company’s capacity as lessor, consists of the following:

Construction in progress includes deposits, progress payments, and accrued billings for turbines and other equipment that have not yet been delivered. Depreciation commences once the assets are placed in service or ready for their intended use, which occurs upon delivery and commissioning of the applicable equipment.

During the three months ended March 31, 2026, construction in progress increased significantly due to turbine equipment acquired in connection with the Genco Acquisition and the NovaLT16 Turbine Acquisition. See Note 4. “Genco Acquisition” and Note 17. “Commitments and Contingencies” for additional information.

For the three months ended March 31, 2026, we incurred total interest cost of $10.6 million, of which $5.8 million was recognized as capitalized interest. For the three months ended March 31, 2025, we incurred total interest cost of $8.5 million, of which $2.8 million was recognized as capitalized interest.

Depreciation expense on equipment held for lease was $12.6 million and $7.3 million for the three months ended March 31, 2026 and 2025, respectively.

Property, plant and equipment consists of the following:

Depreciation expense on property, plant, and equipment was $9.3 million for each of the three months ended March 31, 2026 and 2025.

Identifiable intangible assets consist of the following.

In connection with the Genco Acquisition, the Company recognized a customer relationship intangible asset of $15.8 million at fair value. This intangible is amortized over an estimated useful life of five years based on the expected pattern of future cash flows associated with the asset. See Note 4. “Genco Acquisition” for additional information.

Amortization expense on intangible assets was $2.8 million and $3.4 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, estimated annual amortization expense is as follows:

Accrued liabilities consist of the following.

Below is an overview of our outstanding debt.

On March 16, 2026, the Company and certain of its subsidiaries entered into a senior secured term loan agreement (the “Bridge Term Loan”) with Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders party thereto, pursuant to which the lenders provided term loans in an aggregate original principal amount of $300.0 million with a 364-day term. The Bridge Term Loan is a one-time draw facility, and the Company used the net proceeds of $295.0 million to fund the Genco Acquisition, the NovaLT16 Turbine Acquisition (see Note 17. “Commitments and Contingencies”), and for working capital and general corporate purposes.

Borrowings under the Bridge Term Loan may be voluntarily prepaid, without penalty or premium. The Company is also required to make prepayments with the proceeds of certain indebtedness, upon the issuance of certain equity securities, and (subject to reinvestment rights) upon certain asset dispositions and casualty events. The outstanding amounts under the Term Loan will mature on March 15, 2027.

The borrowings under the Bridge Term Loan bear interest, at the Company’s option, at a rate equal to either Term SOFR plus 3.00% or the Base Rate plus 2.00% (each as defined in the Bridge Term Loan). Interest expense is recognized using the effective interest method and is payable on the last day of each applicable interest period, with the first payment due on June 30, 2026.

The Bridge Term Loan includes certain covenants, such as limitations on the incurrence of additional debt, granting liens, and making dispositions, investments and restricted payments. Beginning in the quarter ending June 30, 2026, the Company and certain of its subsidiaries are required to comply quarterly with the following financial covenants (as defined in the Bridge Term Loan):

•Interest Coverage ratio of at least 3.00 to 1.00

•Total Leverage Ratio of 5.5 to 1.00

•Secured Leverage Ratio of 3.50 to 1.00, and

•Minimum liquidity of not less than $50.0 million.

To secure borrowings under the Bridge Term Loan, the Company and its subsidiaries have pledged substantially all of their assets as collateral to the collateral agent for the benefit of the lenders. Borrowings under the Bridge Term Loan are subject to acceleration upon the occurrence of events of default that the Company considers customary, including, among others, the failure to pay principal or interest, violation of covenants and default on other indebtedness.

Debt financing costs of $6.0 million were incurred in connection with the Bridge Term Loan. These costs are recorded as a reduction from the carrying amount of the loan and are being amortized as interest expense over the term of the loan using the effective interest method.

Interest expense recognized in connection with the Bridge Term Loan was $0.8 million for the three months ended March 31, 2026. As of March 31, 2026, the $294.3 million outstanding principal is classified as current debt in the condensed consolidated balance sheets.

The carrying amount of the Bridge Term Loan approximates its fair value as of March 31, 2026, due to its recent origination and variable interest rate that reflects current market conditions. The fair value measurement is classified as Level 2 under ASC 820.

On April 8, 2026, Solaris and certain of its subsidiaries entered into Amendment No. 1 to the Bridge Term Loan (the “Bridge Term Loan Amendment”). Among other changes, the Bridge Term Loan Amendment provides for additional commitments (the “Additional Commitments”) in the aggregate principal amount of $200.0 million, in addition to the initial aggregate principal amount of $300.0 million under the Bridge Term Loan. Subject to satisfaction of customary conditions precedent, the Additional Commitments are available for a single borrowing until October 8, 2026.

On May 23, 2025, Stateline entered into a Loan and Security Agreement (the “Stateline Term Loan”) with Stonebriar Commercial Finance LLC (“Stonebriar”), providing for a delayed draw term loan facility with a maximum principal amount equal to the lesser of $550.0 million or 80% of the total cost of the equipment collateral with advances permitted through March 31, 2027. The Company consolidates Stateline as the primary beneficiary of a variable interest entity. See Note 2. “Variable Interest Entities” for additional information.

Advances under the Stateline Term Loan initially bear interest at a variable rate equal to 5.94% plus the greater of SOFR or 4.31%, resetting monthly. Upon conversion, each advance bears a fixed rate of 9.85% per annum for a 72-month term, subject to a one-time adjustment based on market rates at conversion. Principal on converted notes is repaid over a 72-month term, with 80% amortized in equal monthly installments and the remaining 20% due as a lump sum balloon payment at maturity. The Stateline Term Loan is secured solely by Stateline's equipment collateral and related contracts and is non-recourse to the Company.

The Stateline Term Loan includes customary covenants and, beginning in the quarter ending March 31, 2027, requires Stateline to maintain a fixed charge coverage ratio of at least 1.35 to 1.00, a leverage ratio not exceeding 3.5 to 1.00, and minimum liquidity of $5.0 million through December 31, 2026 and $10.0 million thereafter.

As of March 31, 2026, outstanding advances totaled $260.4 million, of which $7.6 million is classified as current. Debt financing costs of $5.8 million were incurred at inception, of which $2.9 million was allocated to advances drawn to date, recorded as a contra liability and amortized over the respective loan terms using the effective interest method, and $2.9 million is deferred as a non-current asset pending allocation to future advances. Interest cost of $5.1 million was incurred for the three months ended March 31, 2026, all of which was capitalized as part of the cost of qualifying assets under ASC 835-20. The carrying amount of the Stateline Term Loan approximates fair value as of March 31, 2026, classified as Level 2 under ASC 820.

On March 16, 2026, the Company entered into a Loan and Security Agreement (the “Stonebriar Term Loan”) with Eldridge Asset Finance LLC, as administrative agent, and Stonebriar, as initial lender, with a principal amount of $148.6 million. The Stonebriar Term Loan was incurred in connection with the Genco Acquisition, with $123.2 million representing a component related to the extinguishment of pre-existing Genco obligations, $24.7 million representing cash proceeds received at closing, and $0.7 million representing debt financing costs rolled into the principal at inception. See Note 4. “Genco Acquisition” for additional information.

The Stonebriar Term Loan bears interest at a fixed rate of 8.50% per annum. Payments are interest only through April 1, 2026, followed by 72 consecutive equal monthly installments of combined principal and interest of $2.1 million, commencing May 1, 2026, with the remaining unpaid principal balance due at maturity on April 1, 2032. Any prepayment, whether voluntary or upon acceleration following an event of default, is subject to a prepayment fee ranging from 0.5% to 4.0% of the outstanding principal amount, depending on the timing of such prepayment. No partial prepayments are permitted. The Stonebriar Term Loan is secured by certain equipment of the Company acquired in connection with the Genco Acquisition.

Debt financing costs of $1.0 million were incurred in connection with the Stonebriar Term Loan, recorded as contra liability and amortized as interest expense over the loan term using the effective interest method. Interest expense of $0.6 million was recognized for the three months ended March 31, 2026. As of March 31, 2026, $12.3 million of the outstanding principal balance of $148.6 million is classified as current in the condensed consolidated balance sheets.

The carrying amount of the Stonebriar Term Loan approximates its fair value as of March 31, 2026, due to its recent origination at a fixed rate reflective of market conditions at that time. The fair value measurement is classified as Level 2 under ASC 820.

On March 16, 2026, in connection with the Genco Acquisition, the Company assumed two term loans (collectively, the “Caterpillar Term Loans”) with an aggregate outstanding principal balance of $15.3 million under a Master Loan Agreement with Caterpillar Financial Services Corporation, originally dated September 26, 2024 and amended on March 16, 2026 to recognize the Company as the successor borrower. See Note 4. “Genco Acquisition” for additional information.

The Caterpillar Term Loans bear interest at a fixed rate of 7.5905% per annum. The principal is repayable in equal monthly installments of 1/48th of the aggregate principal amount, with payments due on the first day of each calendar month, beginning on April 1, 2026. All outstanding principal and accrued interest are due on the maturity date of April 30, 2029. Full prepayment is permitted with 90 days prior written notice subject to a prepayment premium of 1.0% of the outstanding principal balance. No partial prepayments are permitted. The Caterpillar Term Loans are secured by certain equipment of the Company acquired in connection with the Genco Acquisition.

Interest expense recognized was $0.1 million for the three months ended March 31, 2026. As of March 31, 2026, $5.0 million of the outstanding principal balance of $15.3 million is classified as current in the condensed consolidated balance sheets.

The carrying amount of the Caterpillar Term Loans approximates fair value as of March 31, 2026, due to their recent assumption at a fixed rate reflective of market conditions at that time. The fair value measurement is classified as Level 2 under ASC 820.

On March 16, 2026, substantially concurrently with the closing of the Term Loan, the Company terminated its revolving credit facility agreement with Bank of America, N.A. The facility provided for borrowings of up to $75.0 million. As of the date of termination, there were no outstanding borrowings under the facility, and all liens and security interests were released upon termination. The extinguishment of the facility resulted in a loss on extinguishment of debt of $1.3 million, primarily consisting of unamortized debt issuance costs, which was recognized in the condensed consolidated statements of operations for the three months ended March 31, 2026.

The following table presents the Company’s expected future principal maturities of long-term debt as of March 31, 2026 (which consisted of the Stateline Term Loan, Stonebriar Term Loan, Caterpillar Term Loans and Convertible Notes):

The Bridge Term Loan, which had an outstanding principal balance of $300.0 million as of March 31, 2026, is excluded from the table above as it is classified as current in the condensed consolidated balance sheets and matures on March 15, 2027. Refer to the Bridge Term Loan section above for additional details.

The expected future principal maturities of the Stateline Term Loan are based solely on the outstanding principal balance of $260.4 million as of March 31, 2026, and assumed conversion dates in 2026 and 2027. Actual maturities may vary based on timing of conversions and any prepayments.

On May 2, 2025 and October 8, 2025, the Company issued convertible senior notes due 2030 (the “2030 Notes”) and 2031 (the “2031 Notes”), respectively (collectively, the “Convertible Notes”). The following table summarizes the material terms of the Convertible Notes: