Short answer
Solaris Energy Infrastructure, Inc. (SEI) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $622M (+98.7% year over year) and net income of $30M.
- Top risk flagged: Regulatory risk from variable interest rate under Stateline Term Loan linked to SOFR and U.S. Treasury rates
FY2025 key financial metrics · XBRL
- Revenue
- $622M
- +98.7% YoY
- Net income
- $30M
- +90.8% YoY
- Operating margin
- 21.8%
- +4.9 pp YoY
- ROE
- 5.3%
- +0.9 pp YoY
- Operating cash flow
- $209M
- +252.2% YoY
Source: XBRL data from the Solaris Energy Infrastructure, Inc. (SEI) FY2025 10-K on SEC EDGAR. USD.
Solaris Energy Infrastructure, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focused on hydrocarbon products and oilfield services with emphasis on sustainability integration risks
- No new product segments; increased disclosure and management focus on sustainability policies and regulatory risks this year
- Strategic emphasis on managing costs and litigation risks from evolving environmental regulations and social initiatives scrutiny
- Largest shareholders own approx. 22% economic interest and voting power, potentially influencing control and transaction approvals
- 2030 and 2031 convertible notes create potential liquidity risk and significant shareholder dilution upon conversion
Management Discussion & Analysis
- Revenue mix 2025: Solaris Power Solutions 54% of total revenue, 58% in Q4, reflecting significant growth
- Adjusted EBITDA 2025: Solaris Power Solutions 68% of total, 70% in Q4, dominant segment
- Capital expenditures $646.8M in 2025, $233.8M for Stateline (Solaris Power Solutions), $7.0M for Logistics segment
- Financing: Issued $747.5M 2031 Convertible Notes, $114.0M drawn on Stateline term loan for growth capex
- Outlook: 2026 capex expected higher, capacity to reach ~2,200 MW by early 2028, demand driven by AI computing and constrained grid
Risk Factors
- Regulatory risk from variable interest rate under Stateline Term Loan linked to SOFR and U.S. Treasury rates
- Macroeconomic exposure to crude oil and natural gas price fluctuations affecting drilling activity and customer demand
- Operational risk from $186 million variable-rate Stateline Term Loan with 100 bp SOFR increase causing $1.9 million interest expense change
- Financial risk from reliance on delayed draw term loan facility and convertible senior notes for debt financing
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