Solaris Q2 2026: Revenue Up 12% to $219M, EBITDA +30%

For investors, Solaris's Q2 2026 report offers a clear view of an energy infrastructure business converting power demand into EBITDA: revenue rose 12% to $219 million, adjusted EBITDA jumped 30% to $108 million, and Power Solutions margins approximated 61%. The recapitalization with $1.3 billion of senior unsecured notes and $1.4 billion of liquidity sets up the balance sheet for the Q4 guidance midpoint of $110 million, though the Q3 midpoint of $97.5 million implies a near-term sequential dip.

Solaris Energy Infrastructure reported second-quarter 2026 revenue of $219 million, up 12% sequentially, and adjusted EBITDA of $108 million, up 30% from the first quarter. Non-GAAP earnings per share was $0.39 on adjusted pro forma net income of $37 million. The quarter was defined by a clear divergence between its two reporting segments: Power Solutions revenue rose 23% sequentially to $158 million and adjusted EBITDA rose 34% to $96 million, while Logistics Solutions revenue declined 10% to $61 million and adjusted EBITDA rose 7% to $25 million. Management attributed the Power Solutions gains to increased ancillary service revenue and the Logistics revenue decline to lower last-mile transportation activity. Adjusted EBITDA attributable to Solaris was $111 million, excluding a $2.5 million loss attributable to the noncontrolling interest in the Stateline joint venture, a detail that matters because it shows the JV is not yet contributing to profitability despite its expected Q4 ramp.

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The recapitalization with $1.3 billion of senior unsecured notes and $1.4 billion of liquidity sets up the balance sheet for the Q4 guidance midpoint of $110 million, though the Q3 midpoint of $97.5 million implies a near-term sequential dip.

Power Solutions average revenue-earning capacity reached 950 megawatts, up 4% from 910 megawatts in the first quarter. At $96 million of adjusted EBITDA on $158 million of revenue, the segment's EBITDA margin was approximately 61%, reflecting the high incremental profitability of ancillary services such as grid stability, frequency response, and reserve capacity. Logistics Solutions generated a roughly 41% EBITDA margin, with the $25 million result up sequentially despite the revenue decline, helped by a more favorable project mix and increased system activity.

The company also executed a capital-structure transformation during the quarter, issuing $1.3 billion in senior unsecured notes while maintaining $1.4 billion of capital liquidity composed of over $800 million in cash and a $650 million undrawn revolving credit facility. The recapitalization reduces refinancing pressure and provides firepower for the pipeline that management says will drive the back half of 2026, including the Global Energy Services Alliance acquisition and the Stateline joint venture ramp.

Third-quarter 2026 adjusted EBITDA guidance was set at $90 million to $105 million, with the Global Energy Services Alliance expected to contribute. Fourth-quarter guidance of $100 million to $120 million is driven by the Stateline ramp and a new hyperscaler site deployment. The Q3 midpoint of $97.5 million is about 10% below Q2's $108 million, suggesting either integration costs, normalization of ancillary service strength, or both. The Q4 midpoint of $110 million is slightly above Q2, indicating that the growth investments are expected to convert by year-end.

The Hatchbo agreement, with a 660-megawatt scope expanded to include balance of plant, energy management systems, and turnkey operations and maintenance, is a notable 10-year contract. This expansion signals that customers are moving away from standalone generation contracts and toward fully integrated energy infrastructure packages. The new hyperscaler site deployment mentioned for Q4 further ties Solaris's pipeline to the data-center and AI electricity demand cycle.