Solaris Energy Infrastructure Grew Revenue 47% and Turned Free Cash Flow Positive — Even as GAAP Earnings Per Share Fell

Solaris Energy Infrastructure, which provides mobile power generation and fluid-handling equipment used in oil-and-gas and industrial operations, reported second-quarter 2026 revenue of $219.4 million on August 5, 2026, up about 47% from $149.3 million in the same quarter a year earlier. Non-GAAP earnings of $0.39 per share beat the $0.34 estimate by 25.7%. The stock rose 8.2% in the fifteen minutes after the release.

Growth was broad-based across the business: leasing revenue rose about 71% year over year to $105.7 million, and service revenue rose about 30% to $113.7 million. Adjusted EBITDA climbed 30% sequentially to $108.3 million, with the company's Power Solutions segment — mobile and modular power generation equipment, the kind of infrastructure increasingly in demand from data centers and other large power users — doing much of the driving. Free cash flow came in at $491.8 million, a 224% margin, a sharp turnaround from negative free cash flow in the same quarter last year — a potential inflection point in the company's cash generation.

The one number that moved the wrong direction was diluted GAAP Class A earnings per share, which fell to $0.26 from $0.30 a year earlier. That decline traces to a $14.8 million loss on debt extinguishment, higher net interest expense, and a larger diluted share count — financing and capital-structure items rather than anything about the operating business, which is why the non-GAAP profit measure and the market's reaction both point the opposite direction from the GAAP per-share number. The company also raised its third-quarter adjusted EBITDA guidance and issued fourth-quarter guidance for the first time, signaling management's own confidence that the growth continues into the second half of the year.