Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2026

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.

Consolidation

These condensed consolidated financial statements reflect all normal recurring adjustments that are necessary for fair presentation.Consolidation

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.”

Reclassification of Prior Year Presentation

Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations

Recently Issued Accounting Standards

Recently Adopted

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 Credit 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 Customers. 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.

Not Yet Adopted

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 statements 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.

Business Combinations and Asset Acquisitions

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.

Use of Estimates

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. Significant estimates are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Beginning in the third quarter of 2026, significant estimates also include the estimated total costs to complete contracts for which revenue is recognized over time using a cost-to-cost method. Actual results could differ from those estimates.

Restricted Cash

Restricted cash primarily consists of amounts held in a money market account at a financial institution that serve as collateral for outstanding standby letters of credit. The Company does not have the right to access or withdraw these funds while the related letters of credit remain outstanding. Interest earned on the account is not subject to these restrictions.

Restricted cash that is expected to be available for use within one year of the balance sheet date is classified as a current asset. Restricted cash that is not expected to be available for use within one year from the balance sheet date is classified as a non-current asset.

Accounts Receivable, Contract Assets and Related Allowances

Accounts Receivable

Accounts receivable consist of trade receivables and operating lease receivables and are stated at the net amount expected to be collected. Trade receivables represent amounts billed to customers, or for which the Company’s right to consideration is unconditional, under contracts accounted for under ASC 606. Operating lease receivables represent amounts due from lessees under ASC 842. Accounts receivable are presented net of allowances for credit losses and uncollectible accounts, as applicable.

Contract Assets

Contract assets arise under ASC 606 and represent the Company’s right to consideration for goods or services already transferred when that right is conditioned on something other than the passage of time. On construction contracts, contract assets represent costs and estimated earnings in excess of billings. Contract assets are reclassified to accounts receivable when the right to consideration becomes unconditional, generally upon invoicing.

Trade Receivables and Contract Assets - Credit Losses

Trade receivables and contract assets are evaluated for impairment under ASC 326, Financial Instruments – Credit Losses, using the current expected credit losses (“CECL”) methodology. 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 and contract assets 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

Collectability of lease payments is assessed at lease commencement and reassessed throughout the lease term. At lease commencement, the Company may collect one or more months’ 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, and 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, leasing revenue is recognized on a cash basis.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Balance at beginning of period	$	0.7	$	1.1	$	1.7	$	1.3
Provision for (recovery of) credit losses, net	1.0		0.3		0.6		0.9
Provision for uncollectible operating lease receivables	—		0.1		0.2		0.1
Write-offs	—		—		(0.8)		(0.8)
Balance at end of period	$	1.7	$	1.5	$	1.7	$	1.5

The Company’s contract assets, including accrued (unbilled) revenue, are also within the scope of ASC 326. Management evaluated these balances for expected credit losses as of September 30, 2026 and did not identify any customer disputes, credit deterioration, or other factors indicating an expected loss; accordingly, no allowance for credit losses was recorded against the Company’s contract assets.

Retainage receivable is assessed separately because retainage arises from contractual holdbacks pending project completion and satisfaction of lien-release requirements, rather than from collectability concerns, and is not associated with customer disputes or credit deterioration. As of September 30, 2026, management estimated no expected credit loss on the Company’s retainage receivable.

Accounts receivable retainage of $0.6 million at September 30, 2026 relates to amounts withheld by customers under contractual retention provisions pending completion of the related projects and satisfaction of applicable lien-release requirements. Management does not expect any portion of the retainage receivable to be collected more than one year from the condensed consolidated balance sheet date. There was no accounts receivable retainage recorded as of December 31, 2025.

Accounts Receivable, Contract Assets and Related Allowances

Accounts Receivable

Contract Assets

Trade Receivables and Contract Assets - Credit Losses

Operating Lease Receivables

Accounts Receivable, Contract Assets and Related Allowances

Accounts Receivable

Contract Assets

Trade Receivables and Contract Assets - Credit Losses

Operating Lease Receivables

Equipment Held for Lease and Property, Plant and Equipment

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 a substantial period of time to get ready for their 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.


			Useful Life
Equipment held for lease
Power Generation - Turbine			25 years
Power Generation - Turbine engine core			30,000 fired hours
Power Generation - Ancillary equipment			3 - 20 years
Power control and distribution equipment			15 years

Property, plant and equipment
Oil and gas logistics equipment			5 - 15 years
Machinery and equipment			3 - 12 years
Construction equipment			7 years
Furniture and fixtures			5 years
Computer hardware and software			3 - 10 years
Vehicles			3 - 5 years
Buildings and leasehold improvements			15 years

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.

Inventories

Inventories consist of raw materials, work in process, finished goods, and parts and supplies. Inventories managed in the Company’s Solaris Logistics Solutions segment primarily consist of raw materials used in the manufacturing and maintenance of the Company’s oil and gas logistics equipment, which is used to provide services to customers. Inventories managed in the Company’s Solaris Power Solutions segment primarily consist of maintenance spare parts for equipment held for lease, parts and supplies used in refurbishment, repair, and operations and maintenance services, and equipment held for sale, including refurbished equipment and balance-of-plant equipment such as transformers and breakers.

Inventories are stated at the lower of weighted-average cost or net realizable value. Net realizable value is determined based on the expected utility of the inventory in the Company’s operations and considers factors such as inventory quality, excess quantities, obsolescence, and expected usage levels in our manufacturing, maintenance and service processes. Inventory expected to be used beyond 12 months is classified as non-current on the Company’s condensed consolidated balance sheets. Inventory write-downs to net realizable value, including for obsolete inventory, are recorded in cost of services, cost of leasing revenue or cost of product sales, as applicable.

Inventories consisted of the following:


	September 30, 2026		December 31, 2025
Parts and supplies	$	17.0	$	5.9
Raw materials	35.2		9.8


Total inventories	$	52.2	$	15.7
Less: non-current portion of inventories	(1.5)		(1.3)
Inventories, current portion	$	50.7	$	14.4

Prepaid expense and other current assets as of September 30, 2026 included $28.2 million of advance payments to suppliers for equipment the Company intends to sell. The Company had not obtained control of this equipment as of that

date, and the advances are therefore excluded from inventories. The Company will reclassify these amounts to inventories when control of the equipment transfers to the Company. The Company had no such advances as of December 31, 2025.

Goodwill

(i) Goodwill

Goodwill represents the excess of the purchase price of a business over the estimated fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is evaluated for impairment annually during the fourth quarter or more frequently if events or circumstances indicate that impairment may exist. Factors such as adverse economic conditions, competition or changes in market dynamics may require more frequent assessments.

The Company assesses goodwill for impairment initially using a qualitative approach to determine whether it is more likely than not that the carrying value of a reporting unit exceeds its fair value. If such conditions are identified, the Company then performs a quantitative analysis, comparing the fair value of the reporting unit to its carrying amount to assess for impairment. There were no goodwill impairment losses recognized in the three and nine months ended September 30, 2026 and 2025.

The following table presents the changes in the carrying amount of goodwill by reportable segment.


	Solaris Power Solutions		Solaris Logistics Solutions		Total
Balance at December 31, 2025	$	92.4	$	13.0	$	105.4
Acquisition of GESA	169.5		—		169.5
Acquisition of Omega	110.9		—		110.9
Balance at September 30, 2026	$	372.8	$	13.0	$	385.8

Investments

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.

Convertible Notes

Convertible NotesOur 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.

Revenue

The Company’s revenue consists of service revenue and product sales, which are accounted for under ASC 606, and leasing revenue, which is accounted for under ASC 842.

Service Revenue

Service revenue is derived from services related to the Company’s mobile proppant and fluid management systems (“Systems”), last mile logistics management services and ancillary equipment, and construction services and operations and

maintenance services. Service revenue also includes non-lease installation, commissioning, mobilization, fuel and other services, whether provided under standalone contracts or included in leasing arrangements.

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 Systems, last mile logistics, and ancillary equipment is primarily recognized over time as customers simultaneously receive and consume the benefits.

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.

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

Construction Services

Through Omega, acquired on September 1, 2026, the Company provides engineering, procurement, and construction services, primarily under fixed-price contracts and, in certain cases, time-and-materials (“T&M”) contracts. Each project is generally a single performance obligation satisfied over time, and customers are billed in installments as provided in the contract. Revenue on fixed-price contracts is recognized over time using a cost-to-cost input method, measured by costs incurred to date relative to estimated total costs for each project. Changes in estimated costs, change orders and claims are recognized in the period determined on a cumulative catch-up basis, and provisions for estimated losses on uncompleted contracts are recognized in the period the loss is determined. Contract modifications are generally accounted for as part of the existing contract. Revenue on T&M contracts is recognized over time as labor hours and materials are incurred. Warranties are assurance-type and are accrued as part of the estimated cost to complete each contract.

Operations, Maintenance, Installation and Commissioning Services

Through GESA, acquired on July 1, 2026, the Company provides installation and commissioning, operations and maintenance, and repair and field services to third parties. Operations and maintenance services are a series of distinct services recognized over time as the services are performed. Installation, commissioning and repair services on customer-owned equipment are recognized over time as the customer controls the asset as it is serviced.

Deferred Contract Costs

The Company capitalizes costs incurred to fulfill a contract in accordance with ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers, including civil infrastructure, site preparation, design and engineering costs, when the costs relate directly to a contract, generate or enhance resources that will be used to satisfy future performance obligations, and are expected to be recovered. These costs relate to non-lease components of a leasing arrangement for which the lease has not yet commenced, and are expensed as cost of services when the related performance obligation is satisfied. As of September 30, 2026, deferred contract costs were $22.7 million. No amortization or impairment was recognized during the three and nine months ended September 30, 2026.

Product Sales

Product sales consist of the sale of equipment, including equipment that the Company sources and, in certain cases, refurbishes before sale, and balance-of-plant equipment such as transformers and breakers. Product sales revenue is recognized at the point in time control of the goods transfers to the customer. Control generally transfers upon the delivery, at which time the customer has legal title and physical possession, the Company has a present right to payment, and the significant risks and rewards of ownership have transferred to the customer.

Contract Balances

The following table presents the balances arising from contracts with customers under ASC 606:


	September 30, 2026		December 31, 2025
Accounts receivable from contracts with customers	$	217.5	$	64.3
Contract assets	46.0		11.7
Contract liabilities - current	87.0		—

Accounts receivable on the condensed consolidated balance sheets also include operating lease receivables of $66.6 million and $27.1 million as of September 30, 2026 and December 31, 2025, respectively.

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets represent the Company’s right to consideration for goods or services already transferred when that right is conditioned on something other than the passage of time. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration or has billed the customer under the terms of the contract, and are classified as current because the related revenue is expected to be recognized within twelve months.

Contract assets increased primarily due to the timing of billings on service contracts and balances of $20.5 million assumed in the Omega and GESA acquisitions. Contract liabilities increased primarily due to an advance payment of $61.5 million received from a customer for an equipment sale and balances of $9.5 million assumed in the Omega acquisition. See Note 4, “Acquisitions” for balances acquired. There was no contract liability balance at December 31, 2025 and accordingly no revenue recognized during the nine months ended September 30, 2026 was included in the contract liability balance at the beginning of the period.

Remaining Performance Obligations

The Company has elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.

Leasing Revenue

At commencement, the Company classifies leases in which it is the lessor as operating or sales-type leases. A lease is classified as a sales-type lease if it meets any of the criteria in ASC 842, including a transfer of ownership, a purchase option the lessee is reasonably certain to exercise, a lease term for the major part of the asset’s remaining economic life, or lease payments that equal or exceed substantially all of the asset’s fair value. All other leases are classified as operating leases.

Operating leases

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.

Sales-Type Leases

At commencement, the Company derecognizes the underlying asset and recognizes a net investment in the lease, measured at the present value of the lease payments and residual value discounted at the rate implicit in the lease. Any difference between the net investment and the carrying amount of the underlying asset is recognized as selling profit or loss at commencement. No selling profit or loss has been recognized to date because the carrying amount of the underlying assets equaled their fair value at commencement. Interest income on the net investment is recognized over the lease term and is included in leasing revenue. The net investment in sales-type leases is included in other assets on the condensed consolidated balance sheets. Sales-type leases were not material to the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2026.

Lease and Non-Lease Components

Certain contracts contain lease and non-lease components. The Company allocates the consideration in the contract between components based on their relative stand-alone selling prices, except for contracts for which it has elected the

practical expedient to account for lease and non-lease components as a single lease component. Consideration allocated to the lease component is recognized as leasing revenue. Non-lease components that transfer a distinct service to the customer are accounted for under ASC 606 and included in service revenue.

Future minimum lease payments to be received under our long-term lessor arrangements as of September 30, 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:


Year Ending December 31,	Future Lease Payments to be Received
2026 (remainder of)	$	127.5
2027	801.0
2028	820.6
2029	805.0
2030	800.8
Thereafter	3,396.6
Total	$	6,751.5

Lease classification is determined at lease commencement. Accordingly, the amounts above include payments under leases that have not yet commenced, which have not been classified as operating or sales-type leases. Also included in the amounts above are undiscounted payments of $42.1 million under leases that commenced in the third quarter of 2026 and were classified as sales-type leases, which are expected to be received as follows: $1.1 million in the remainder of 2026, $4.3 million in each of the years ending December 31, 2027 through 2030, and $23.8 million thereafter.

Disaggregation of Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Solaris Power Solutions
Leasing revenue	$	90.6	$	82.4	$	301.7	$	183.4
Service revenue	142.3		22.2		214.8		45.0
Product sales	51.3		0.3		54.6		1.5
Solaris Logistics Solutions
Service revenue	56.9		61.9		185.6		212.6
Total revenue	$	341.1	$	166.8	$	756.7	$	442.5

Sublease income totaled $0.3 million and $38.1 million for the three months ended September 30, 2026 and 2025, respectively, and $72.8 million and $74.3 million for the nine months ended September 30, 2026 and 2025, respectively. Sublease income is included in leasing revenue in the condensed consolidated statements of operations.

Deferred Revenue

Deferred revenue consists of advance lease payments received from lessees under ASC 842 and is recognized as leasing revenue over the lease term. Customer advances under ASC 606 are presented separately as contract liabilities. Deferred revenue is classified as current or non-current based on when the related revenue is expected to be recognized.