v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
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”), assess operating performance and allocate 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 expense (income), 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.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue
Solaris Power Solutions$158.3 $75.6 $286.8 $125.0 
Solaris Logistics Solutions61.1 73.7 128.8 150.7 
Total revenues$219.4 $149.3 $415.6 $275.7 
Adjusted EBITDA
Solaris Power Solutions$96.4 $45.7 $168.3 $77.6 
Solaris Logistics Solutions24.8 22.7 48.0 48.7 
Total segment Adjusted EBITDA$121.2 $68.4 $216.3 $126.3 
Capital expenditures
Solaris Power Solutions$488.2 $183.5 $831.5 $325.6 
Solaris Logistics Solutions3.3 1.5 3.4 3.7 
Total segment capital expenditures$491.5 $185.0 $834.9 $329.3 
Corporate and other capital expenditures0.3 0.1 0.3 0.2 
Consolidated capital expenditures$491.8 $185.1 $835.2 $329.5 
The following table presents a reconciliation of total segment Adjusted EBITDA to income before income tax expense.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Total segment Adjusted EBITDA$121.2 $68.4 $216.3 $126.3 
Depreciation and amortization(39.5)(18.4)(64.3)(38.4)
Interest expense(16.9)(7.0)(21.7)(13.2)
Interest income5.5 1.5 8.2 2.6 
Loss on debt extinguishment(14.8)— (16.1)— 
Corporate expenses (1)
(12.9)(7.8)(24.4)(18.8)
Stock-based compensation expense(11.8)(5.2)(18.5)(8.5)
Transaction and acquisition-related costs(1.6)(1.3)(2.0)(1.8)
Other (2)
1.0 (0.1)— (1.1)
Income before income tax expense$30.2 $30.1 $77.5 $47.0 
(1)Corporate employee salaries and expenses, headquarters office rental, and legal and professional fees.
(2)Credit losses or recoveries, the net effect of loss/gain on disposal of assets and lease terminations and inventory write-offs.
Segment assets are presented below.
June 30,
2026		December 31,
2025
Segment assets:
Solaris Power Solutions$2,867.9 $1,341.7 
Solaris Logistics Solutions334.6 349.6 
Total segment assets (1)
$3,202.5 $1,691.3 
Corporate and other assets (2)
1,009.8 451.8 
Consolidated assets$4,212.3 $2,143.1 
(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, restricted cash, 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:
Three Months Ended
June 30, 2026		Six Months Ended
June 30, 2026
Solaris Power SolutionsSolaris Logistics SolutionsSolaris Power SolutionsSolaris Logistics Solutions
Labor cost$13.5 $16.1 $23.3 $30.4 
Repairs and maintenance6.0 2.1 11.4 6.3 
Equipment rental (1)
21.3 — 52.4 — 
Trucking and mobilizations (2)
15.9 13.8 21.9 38.2 
Other segment items (3)
5.2 4.3 9.5 5.9 
Total segment expenses$61.9 $36.3 $118.5 $80.8 
Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
Solaris Power SolutionsSolaris Logistics SolutionsSolaris Power SolutionsSolaris Logistics Solutions
Labor cost$4.7 $11.6 $7.3 $23.3 
Repairs and maintenance4.1 3.5 7.8 6.0 
Equipment rental (1)
17.5 — 26.2 — 
Trucking and mobilizations (2)
2.6 32.9 3.3 67.5 
Other segment items (3)
1.0 3.0 2.8 5.2 
Total segment expenses$29.9 $51.0 $47.4 $102.0 
(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.