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Here are 1-3 brief analogies for Solaris Energy Infrastructure (SEI):

• Deere for the oilfield: Solaris Energy Infrastructure provides specialized equipment, technology, and logistics services to streamline operations for the oil and gas industry, much like Deere does for agriculture.
• Carvana for oilfield materials delivery: SEI focuses on making the complex "last-mile" delivery and management of proppant, water, and chemicals to well sites efficient and integrated, similar to how Carvana simplifies vehicle delivery.

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• Mobile Proppant, Water, and Chemical Handling Equipment: Designs, manufactures, and sells mobile equipment to unload, store, and deliver proppant, water, and chemicals at oil and natural gas well sites.
• Proppant Transloading and Storage: Provides services for the transloading and storage of proppant from railcars at its transloading facility.
• Railtronix Software: An inventory management software developed for optimizing material flow and tracking.
• Last-Mile Logistics Management Services: Offers management services to optimize the final stage of material delivery to well sites.
• AutoBlend: An integrated electric blender designed for efficient mixing of materials at well sites.
• Top-Fill Equipment: Equipment that enables quick unloading of materials from bottom-drop trucks.
• Fluid Management Systems: Systems designed for the comprehensive management and optimization of fluids at well sites.
• Solaris Lens Software: Proprietary software offering advanced insights and management capabilities for operational processes.

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Solaris Energy Infrastructure (SEI) primarily sells its mobile equipment, software, and services to other companies within the oil and natural gas industry. Based on the company description, its major customer categories are:

• Exploration and Production (E&P) companies: These are companies involved in finding, extracting, and producing crude oil and natural gas.
• Oilfield Services (OFS) companies: These companies provide specialized services, equipment, and technology to E&P companies for the drilling, completion, and production phases of oil and gas wells.

The provided background information does not list specific names or symbols of individual customer companies within these industries.

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William A. Zartler Co-Chief Executive Officer, Founder, and Chairman

William A. Zartler is the Founder, Chairman, and Co-Chief Executive Officer of Solaris Oilfield Infrastructure, Inc., which was founded in 2014. He also serves as the Executive Chairman of Aris Water Solutions. Prior to founding Solaris, Mr. Zartler was a Founder and Managing Partner of Denham Capital Management, a global energy and commodities private equity firm, where he led global investing activity in the midstream and oilfield services sectors and served on the investment and executive committees. While at Denham, he served on the boards of numerous portfolio companies. Earlier in his career, he was a Senior Vice President and General Manager at Dynegy Inc., and a Feedstock Trading Manager and Business Analyst at Dow Hydrocarbons and Resources.

Amanda M. Brock Co-Chief Executive Officer and Director

Amanda M. Brock was appointed Co-Chief Executive Officer of Solaris Energy Infrastructure, Inc. effective October 16, 2025. She previously served as the Chief Executive Officer and President of Aris Water Solutions, Inc., a produced water infrastructure and recycling company that went public in October 2021 and was subsequently acquired by Western Midstream in October 2025. Ms. Brock joined Aris' predecessor, Solaris Water Midstream, in 2017. Her career also includes serving as CEO of Water Standard, managing global projects for Enron in power and water, and working as a lawyer for Vinson & Elkins LLP.

Stephan E. Tompsett Chief Financial Officer

Stephan E. Tompsett was appointed Chief Financial Officer of Solaris Energy Infrastructure, Inc. effective February 12, 2026, bringing over 20 years of finance experience. He most recently served as the Chief Financial Officer for Aris Water Solutions, where he led the company through strategic and operational growth before its merger with Western Midstream. Prior to Aris, Mr. Tompsett was the Chief Financial Officer for Limetree Bay Energy and, before that, for EagleClaw Midstream Ventures, a Blackstone portfolio company. He began his career as an investment banker at JPMorgan and also served as Vice President and Treasurer of Andeavor (formerly Tesoro Corporation).

Kyle S. Ramachandran President and Head of Power Solutions

Kyle S. Ramachandran serves as President and Head of Power Solutions for Solaris Energy Infrastructure, Inc. He previously held the role of President and Chief Financial Officer.

Cynthia M. Durrett Chief Administrative Officer and Director

Cynthia M. Durrett is the Chief Administrative Officer and a Director at Solaris Energy Infrastructure, Inc., and was one of the company's founding leaders in 2014. She is responsible for overseeing the company's information technology, human resources, risk management, and administrative functions. Ms. Durrett has over 30 years of experience in the midstream and oilfield services industries, having previously served as the Director of Business Planning and Capital Projects for Cadre Proppants and as Managing Director of Dynegy Midstream Services.

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The key risks to Solaris Energy Infrastructure (symbol: SEI) primarily stem from its reliance on specific customer segments and the inherent volatility within the energy sectors it serves, alongside competitive pressures.

1. Customer Concentration and Dependence on the Data Center Sector: Solaris Energy Infrastructure's Power Solutions segment, a significant and growing part of its business, exhibits substantial customer concentration. For the years ended December 31, 2025, and 2024, a single data center customer accounted for 88% and 96%, respectively, of the total revenue for this segment. This high reliance on one customer for a large portion of a key business segment introduces considerable risk, as the loss of this customer or a reduction in their demand could severely impact the company's financial performance. The growth of this segment is also closely tied to the demand within the data center sector.

2. Volatility of Oil and Natural Gas Prices and Demand: The company's Logistics Solutions segment, which encompasses the design, manufacturing, and sale of mobile equipment for proppant, water, and chemicals at oil and natural gas well sites, as well as associated logistics and software, remains highly exposed to the inherent volatility of oil and natural gas prices. Fluctuations in these commodity prices directly influence the capital spending and activity levels of exploration and production companies. A sustained downturn in oil and natural gas prices or reduced drilling and completion activity could materially impact the revenue and profitability of this segment.

3. Intense Competition and Market Conditions: Solaris Energy Infrastructure operates in highly competitive environments across both its logistics and power solutions segments. The oilfield services industry, particularly concerning proppant and fluid management, involves numerous competitors. Similarly, the distributed power generation market, serving data centers and various commercial and industrial clients, is also marked by intense competition. This competitive landscape can lead to pricing pressures, challenges in maintaining or gaining market share, and increased costs associated with customer acquisition and retention, all of which could adversely affect the company's margins and overall financial performance.

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Solaris Energy Infrastructure (SEI) operates in two primary segments: Logistics Solutions, which caters to the oil and gas industry, and the rapidly growing Power Solutions segment, focused on distributed power generation. The addressable markets for their main products and services in the U.S. and globally are as follows:

Logistics Solutions (Oilfield Services)

• Proppant Handling and Logistics (Mobile equipment, transloading, storage, delivery, top-fill equipment): The global proppant market size was valued at USD 10.76 billion in 2025 and is projected to grow to USD 22.13 billion by 2034. North America accounts for approximately 48% of the global proppant market. More specifically, the U.S. proppants market size was evaluated at USD 3.47 billion in 2024 and is projected to reach approximately USD 7.80 billion by 2034. The North and Central America proppant market is projected to grow from USD 1.6 billion in 2025 to USD 5.7 billion by 2035.
• Fluid Management Systems (Water and chemicals delivery, fluid management systems, AutoBlend): The global fracking chemicals and fluids market size was valued at USD 35.81 billion in 2023 and is projected to reach USD 56.31 billion by 2030. North America held the dominant share in this market, with 58.3% of the revenue in 2023. The North America fracking chemicals and fluids market is expected to be valued at approximately USD 29.4 billion in 2025, within a global market projected to reach USD 46.9 billion in 2025. Additionally, the global fracking water treatment market size was valued at USD 454.06 million in 2024 and is expected to reach USD 680.33 million by 2032. North America held the largest share in the fracking water treatment market in 2024, around 42.48%. The U.S. fracking water treatment market size was USD 143.15 million in 2024 and is expected to reach USD 216.48 million by 2032.
• Oil and Gas Software (Railtronix, Solaris Lens): The global market for Oil & Gas Software was estimated to be worth USD 11.6 billion in 2025 and is projected to reach USD 16.9 billion by 2032. In the broader context of digital oilfield solutions, the global market size was valued at USD 31.37 billion in 2025 and is projected to grow to USD 54.44 billion by 2034, with software accounting for approximately 58% of this market. In the U.S., the demand for digital oilfield solutions is projected to grow from USD 15.6 billion in 2025 to USD 24.9 billion by 2035. The U.S. digital oilfield market is projected to exceed USD 17 billion by 2034.

Power Solutions

• Distributed Power Generation for Commercial and Industrial Sectors (including data centers): While a specific overall market size for "mobile distributed power generation for data centers and microgrids" is not readily available in the provided information, Solaris Energy Infrastructure's Power Solutions segment, formed through the acquisition of Mobile Energy Rentals, has a contracted pipeline of 2.2 gigawatts (GW) by 2028. This segment now drives over 75% of SEI's adjusted EBITDA as of Q3 2025. The company's power fleet capacity is projected to expand significantly, aiming for 1,700 megawatts (MW) by the first half of 2027.

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Solaris Energy Infrastructure (SEI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion into Distributed Power Solutions, particularly for Data Centers: Solaris Energy Infrastructure's strategic pivot into distributed power solutions, significantly bolstered by the acquisition of Mobile Energy Rentals (MER) in 2024, is the primary driver of future revenue growth. The company is actively targeting the rapidly expanding hyperscale data center market, driven by the increasing demand for AI and cloud computing. This segment is expected to diversify revenue streams beyond traditional oilfield services.
2. Growth of Mobile Power Generation Fleet and Capacity Expansion: A substantial increase in the company's mobile power generation fleet is anticipated to contribute significantly to revenue growth. Solaris Energy Infrastructure projects expanding its fleet capacity from an initial 153 MW to 478 MW by Q3 2025, with a long-term goal of reaching 1.7 GW by H1 2027 and potentially 2.2 GW by 2028. This increased capacity directly translates to higher revenue from leasing its power generation equipment.
3. Securing Long-Term Contracts and Strategic Partnerships: Solaris Energy Infrastructure has focused on securing long-term contracts and entering into strategic partnerships to ensure stable and predictable revenue streams. Notable examples include a seven-year joint venture for 900 MW with a major data center client and a 15-year joint venture and power agreement for approximately 500 to 900 megawatts with another significant data center customer, with one customer (xAI) representing roughly 67% of its 1,700 MW contracted backlog. These agreements provide strong revenue visibility.
4. Operational Efficiency and Free Cash Flow Generation from Logistics: While the Power Solutions segment is the main growth engine, the legacy Logistics Solutions business is expected to continue generating strong free cash flow. Improvements in operational efficiency, such as the high utilization rate of its top-fill system, are anticipated to help maintain stable margins and contribute cash flow that can be reinvested into the higher-growth Power Solutions segment.
5. Expansion to New Customer Segments: The company's strategic shift allows it to broaden its customer base beyond the traditional oil and gas sector. By offering distributed power solutions, Solaris Energy Infrastructure is now able to target new, high-growth segments such as data centers, manufacturing, and other commercial and industrial clients, thereby diversifying its market reach and revenue sources.

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Share Repurchases

• Solaris Energy Infrastructure repurchased approximately $10.12 million in shares during the first quarter of 2025.
• The company executed share repurchases totaling around $9.63 million in the first quarter of 2024.

Share Issuance

• In September 2024, shareholders approved increasing the available shares for issuance by 1.6 million for the Long Term Incentive Plan (LTIP).
• Approximately 16.5 million shares of Solaris Class B common stock were issued to the founders and management of Mobile Energy Rentals (MER) as part of the acquisition consideration in September 2024.
• In October 2025, Solaris issued $650 million of 0.25% convertible senior notes due 2031, with net proceeds estimated at $634.4 million or up to $729.7 million if an over-allotment option is fully exercised.

Outbound Investments

• In September 2024, Solaris acquired Mobile Energy Rentals (MER), a provider of distributed power solutions, for $200 million, consisting of $60 million in cash and the issuance of approximately 16.5 million shares of Solaris Class B common stock.
• Solaris provided a $29.75 million loan to Mobile Energy Rentals (MER) to facilitate the purchase of power generation equipment prior to the acquisition.
• In August 2025, Solaris acquired HVMVLV, a specialty provider of complex electrical control and distribution equipment and associated engineering and technical design services, to expand its Power Solutions offering.

Capital Expenditures

• Consolidated capital expenditures are projected to be $798 million in 2025, $595 million in 2026, and $295 million in 2027.
• Capital expenditures in 2025 were heavily focused on the Solaris Power Solutions segment to grow capacity and deploy more power assets, increasing deployed capacity to approximately 630 MW in 2025 from 230 MW in 2024.
• The company's joint venture, Stateline Power LLC, had deployed approximately $112 million in capital expenditures by Q2 2025, with plans to scale to about 900 MW of dedicated off-grid capacity by 2027.