Solaris Energy Infrastructure Q3 2024 Results

TL;DR

**Solaris Energy Infrastructure Q3 2024: $304M Assets, $30M Liabilities, $13.6M Net Income!**

AI Summary

Solaris Energy Infrastructure, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $304.48 million and total liabilities of $30.45 million for the nine months ended September 30, 2024. Net income for the third quarter of 2024 was $13.67 million.

Why It Matters

This filing provides insight into Solaris Energy Infrastructure's financial performance and position as of Q3 2024, which can influence investor decisions.

Risk Assessment

Risk Level: medium — The filing details financial performance and operational data, which are crucial for assessing the company's stability and future prospects.

Key Numbers

• $304.48M — Total Assets (As of September 30, 2024)
• $30.45M — Total Liabilities (As of September 30, 2024)
• $13.67M — Net Income (For the three months ended September 30, 2024)
• $30.14M — Revenue (For the nine months ended September 30, 2024)

Key Players & Entities

• Solaris Energy Infrastructure, Inc. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• $304.48 million (dollar_amount) — Total Assets
• $30.45 million (dollar_amount) — Total Liabilities
• $13.67 million (dollar_amount) — Net Income for Q3 2024

FAQ

Key Financial Figures

• $0.01 — hich registered Class A Common Stock, $0.01 par value " SEI " New York Stock Ex
• $0.00 — 136,749 shares of Class B common stock, $0.00 par value per share, outstanding. Tabl

Filing Documents

• sei-20240930x10q.htm (10-Q) — 2231KB
• sei-20240930xex31d1.htm (EX-31.1) — 12KB
• sei-20240930xex31d2.htm (EX-31.2) — 12KB
• sei-20240930xex32d1.htm (EX-32.1) — 8KB
• sei-20240930xex32d2.htm (EX-32.2) — 8KB
• 0001697500-24-000052.txt ( ) — 9857KB
• sei-20240930.xsd (EX-101.SCH) — 60KB
• sei-20240930_cal.xml (EX-101.CAL) — 82KB
• sei-20240930_def.xml (EX-101.DEF) — 303KB
• sei-20240930_lab.xml (EX-101.LAB) — 550KB
• sei-20240930_pre.xml (EX-101.PRE) — 449KB
• sei-20240930x10q_htm.xml (XML) — 1855KB

: FINANCIAL INFORMATION

PART I : FINANCIAL INFORMATION 3 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

: OTHER INFORMATION

PART II: OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 40 i Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate," "could," "may," "continue," "predict," "potential," "plan," "will," "should" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, management changes, current and potential future long-term contracts, the costs of being a publicly traded corporation, our capital programs and our future business and financial performance. In addition, our forward-looking statements address the various risks and uncertainties associated with extraordinary market environments and the expected impact on our businesses, results of operations, and earnings. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materia

: Financial Statements

Item 1: Financial Statements SOLARIS ENERGY INFRASTRUCTURE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 18,634 $ 5,833 Restricted cash 97,907 — Accounts receivable, net of allowances for credit losses of $ 681 and $ 104 , respectively 50,321 44,916 Accounts receivable - related party 6,444 2,378 Other receivables 6,502 — Prepaid expenses and other current assets 6,059 4,342 Inventories 11,165 6,672 Assets held for sale — 3,000 Total current assets 197,032 67,141 Property, plant and equipment, net 306,395 325,121 Equipment held for lease, net 212,664 — Non-current inventories 1,635 1,593 Non-current receivables, net of allowances of $ 654 and $ 862 , respectively 1,069 1,663 Operating lease right-of-use assets 10,087 10,721 Goodwill 101,007 13,004 Intangible assets, net 73,698 702 Deferred tax assets 34,504 48,010 Other assets 1,396 342 Total assets $ 939,487 $ 468,297 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 15,815 $ 12,654 Accrued liabilities 17,122 20,292 Deferred revenue 7,773 — Payables related to Tax Receivable Agreement, current portion 3,422 — Finance lease liabilities, current portion 2,832 2,462 Operating lease liabilities, current portion 1,549 1,385 Long-term debt, current portion 4,063 — Other current liabilities 2,021 408 Total current liabilities 54,597 37,201 Operating lease liabilities, net of current portion 10,665 11,541 Long-term debt, net of current portion 311,245 30,000 Finance lease liabilities, net of current portion 1,450 2,401 Payables related to Tax Receivable Agreement, net of current portion 68,111 71,530 Other long-term liabilities 44 44 Total liabilities 446,112 152,717 Commitm

Business

Business Solaris Energy Infrastructure, Inc. (referred to as the "Company", "we", "us", "our" and "Solaris" either individually or together with its consolidated subsidiaries, as the context requires) and its consolidated subsidiaries provide mobile and scalable equipment-based solutions for use in distributed power generation as well as the management of raw materials used in the completion of oil and natural gas wells. Headquartered in Houston, Texas, Solaris serves multiple U.S. end markets, including energy, data centers, and other commercial and industrial sectors. Solaris delivers these offerings through its Solaris Logistics Solutions and Solaris Power Solutions business segments. Solaris Logistics Solutions designs and manufactures specialized equipment, which combined with field technician support, last mile and mobilization logistics services and software solutions, enables the Company to provide a service offering that helps oil and natural gas operators and their suppliers drive efficiencies that reduce operational footprint and costs during the completion phase of well development. The Company services most active oil and natural gas basins in the United States. Solaris Power Solutions, recently established following the acquisition of Mobile Energy Rentals LLC ("MER"), provides mobile power generation solutions through equipment lease arrangements. On September 11, 2024, Solaris, through its subsidiary Solaris Energy Infrastructure, LLC ("Solaris LLC"), completed the acquisition of MER. MER operates throughout the United States, providing configurable sets of primarily natural gas-powered mobile turbines and ancillary equipment to energy, data center, and other commercial and industrial end-markets. This acquisition provided Solaris entry into the large and growing distributed power solutions market, both enhancing our position as a mobile equipment and logistics solution provider to the oil and gas industry and also diversifying our end market expo

View Full Filing

View this 10-Q filing on SEC EDGAR