Solaris Energy Infrastructure (SEI) financial statements
Solaris Energy Infrastructure reported revenue of $622M in fiscal 2025, up 48.1% a year over 9 years.
Net income was $30M and the operating margin 21.8%, against 15.8% in 2016.
Free cash flow was -$438M, and the company returned $22M in dividends.
The diluted share count rose 113% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Solaris Energy Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18M | $67M | $197M | $242M | $101M | $146M | $300M | $293M | $313M | $622M |
| Cost of revenue | — | — | — | $88M | $66M | $115M | $220M | $178M | — | — |
| Gross profit | — | — | — | $154M | $35M | $30M | $80M | $115M | — | — |
| Research and development | $476,000 | $210,000 | $0 | $0 | $0 | — | — | — | — | — |
| Selling, general and admin | $2M | $14M | $17M | $19M | $16M | $19M | $23M | $27M | $36M | $62M |
| Operating income | $3M | $25M | $99M | $108M | -$60M | -$387,000 | $42M | $50M | $53M | $135M |
| Interest expense | $23,000 | $97,000 | $374,000 | $634,000 | — | — | — | $3M | $13M | $28M |
| Pre-tax income | $3M | $48M | $99M | $107M | -$60M | -$634,000 | $41M | $47M | $37M | $73M |
| Income tax | $43,000 | $34M | $13M | $17M | -$9M | $626,000 | $8M | $8M | $8M | $15M |
| Net income | $3M | -$4M | $42M | $52M | -$29M | -$868,000 | $21M | $24M | $16M | $30M |
| EPS (diluted) | — | -$0.34 | $1.59 | — | — | — | — | — | — | — |
| Diluted shares | — | 12M | 26M | — | — | — | — | — | — | — |
| Gross margin | — | — | — | 63.7% | 34.7% | 20.8% | 26.7% | 39.3% | — | — |
| Operating margin | 15.8% | 37.8% | 50.3% | 44.7% | -59.5% | -0.3% | 13.9% | 17.0% | 16.9% | 21.8% |
| Net margin | 15.4% | -6.2% | 21.5% | 21.5% | -29.2% | -0.6% | 7.1% | 8.3% | 5.0% | 4.8% |
Balance sheet
Fiscal years, from Solaris Energy Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $63M | $25M | $67M | $60M | $36M | $9M | $6M | $114M | $353M |
| Receivables | $5M | $13M | $40M | $39M | $18M | $30M | $65M | — | $72M | $103M |
| Inventory | $1M | $8M | $10M | $7M | $954,000 | $2M | $5M | $7M | $11M | $14M |
| Total current assets | $10M | $88M | $81M | $118M | $82M | $81M | $89M | $67M | $251M | $483M |
| Property, plant and equipment | $54M | $151M | $297M | $307M | $246M | $240M | $298M | $325M | — | — |
| Goodwill | $13M | $17M | $17M | $17M | $13M | $13M | $13M | $13M | $104M | $105M |
| Total assets | $77M | $300M | $459M | $505M | $412M | $406M | $463M | $468M | $1.1B | $2.1B |
| Total current liabilities | $3M | $21M | $35M | $20M | $20M | $29M | $56M | $37M | $66M | $163M |
| Long-term debt | — | — | — | — | — | — | — | $30M | $308M | $180M |
| Total liabilities | $6M | $46M | $118M | $95M | $96M | $108M | $145M | $153M | $464M | $1.3B |
| Shareholders' equity | $71M | $113M | $198M | $264M | $201M | $203M | $216M | $206M | $356M | $564M |
| Net debt | -$4M | -$63M | -$25M | -$67M | -$60M | -$36M | -$9M | $24M | $201M | -$169M |
Cash flow
Fiscal years, from Solaris Energy Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5M | $27M | $116M | $115M | $44M | $16M | $68M | $89M | $59M | $209M |
| Capital spending | $11M | $94M | $161M | $35M | $5M | $20M | $81M | $64M | $188M | $647M |
| Free cash flow | -$6M | -$67M | -$45M | $80M | $39M | -$3M | -$13M | $25M | -$129M | -$438M |
| Stock-based compensation | $127,000 | $4M | $4M | $4M | $5M | $5M | $6M | $8M | $11M | $23M |
| Dividends paid | — | — | $3M | $13M | $12M | $13M | $14M | $14M | $15M | $22M |
| Share buybacks (net) | — | — | — | -$3M | -$27M | — | — | -$26M | -$8M | $0 |
| Free cash flow margin | -35.1% | -99.7% | -22.7% | 33.1% | 38.9% | -2.2% | -4.5% | 8.5% | -41.2% | -70.3% |
| Dividends per share | — | — | $0.11 | — | — | — | — | — | — | — |
Questions
What was Solaris Energy Infrastructure's revenue in 2025?
$622M in fiscal 2025, from its 10-K filing.
How much free cash flow does Solaris Energy Infrastructure generate?
-$438M in fiscal 2025 (operating cash flow minus capital spending).
From Solaris Energy Infrastructure's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.