The company has demonstrated strong operating leverage, with revenue growth accelerating to 55.3% in 2026Q1 while gross margins expanded to 37.1% from 22.8% in 2024Q3.
| Sales/Revenue | 692.11M | 622.21M | 313.09M | 292.95M | 320M | 159.19M | 102.98M | 241.69M | 197.2M | 67.39M | 18.16M | 14.21M |
| Revenue Growth % | 86.29% | 98.73% | 6.88% | -8.46% | 101.02% | 54.59% | -57.39% | 22.56% | 192.6% | 271.18% | 27.82% | - |
| Cost of Goods Sold | 456.83M | 336.79M | 232.14M | 214.03M | 250.21M | 142.67M | 92.78M | 114.59M | 79.32M | 23.52M | 10.14M | 9.18M |
| COGS % of Revenue | - | 54.13% | 74.14% | 73.06% | 78.19% | 89.62% | 90.1% | 47.41% | 40.23% | 34.9% | 55.84% | 64.65% |
| Gross Profit | 235.28M | 285.41M | 80.95M | 78.92M | 69.8M | 16.52M | 10.19M | 127.1M | 117.87M | 43.87M | 8.02M | 5.02M |
| Gross Margin % | 34% | 45.87% | 25.86% | 26.94% | 21.81% | 10.38% | 9.9% | 52.59% | 59.77% | 65.1% | 44.16% | 35.35% |
| Gross Profit Growth % | - | 252.57% | 2.58% | 13.06% | 322.5% | 62.1% | -91.98% | 7.83% | 168.67% | 447.18% | 59.69% | - |
| Operating Expenses | 69.88M | 150.03M | 28.14M | 29.01M | 27.99M | 16.91M | 70.09M | 19.17M | 18.59M | 18.41M | 5.16M | 6.23M |
| OpEx % of Revenue | - | 24.11% | 8.99% | 9.9% | 8.75% | 10.62% | 68.07% | 7.93% | 9.42% | 27.32% | 28.4% | 43.89% |
| Selling, General & Admin | 67.26M | 61.66M | 35.62M | 26.95M | 23.07M | 19.26M | 16.48M | 18.59M | 16.76M | 14.29M | 5.16M | 6.23M |
| SG&A % of Revenue | - | 9.91% | 11.38% | 9.2% | 7.21% | 12.1% | 16% | 7.69% | 8.5% | 21.2% | 28.4% | 43.89% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 210K | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.31% | - | - |
| Other Operating Expenses | 1.11M | 88.37M | -7.48M | 2.06M | 4.92M | -2.36M | 53.61M | 585K | 1.83M | 3.92M | 0 | 0 |
| Operating Income | 165.4M | 135.39M | 52.82M | 49.9M | 41.8M | -387K | -59.9M | 107.93M | 99.29M | 25.46M | 2.86M | -1.21M |
| Operating Margin % | 23.9% | 21.76% | 16.87% | 17.03% | 13.06% | -0.24% | -58.17% | 44.66% | 50.35% | 37.78% | 15.76% | -8.54% |
| Operating Income Growth % | - | 156.34% | 5.84% | 19.37% | 10902.07% | 99.35% | -155.5% | 8.71% | 289.96% | 789.93% | 335.86% | - |
| EBITDA | 251.16M | 216.45M | 100.03M | 86.09M | 72.24M | 26.82M | -32.88M | 134.85M | 117.71M | 32.1M | 6.65M | 1.18M |
| EBITDA Margin % | 36.29% | 34.79% | 31.95% | 29.39% | 22.57% | 16.85% | -31.93% | 55.8% | 59.69% | 47.62% | 36.64% | 8.32% |
| EBITDA Growth % | 105.42% | 116.37% | 16.2% | 19.17% | 169.31% | 181.58% | -124.38% | 14.57% | 266.74% | 382.43% | 462.86% | - |
| D&A (Non-Cash Add-back) | 85.76M | 81.06M | 47.22M | 36.19M | 30.43M | 27.21M | 27.02M | 26.93M | 18.42M | 6.63M | 3.79M | 2.4M |
| EBIT | 127.15M | 100.67M | 48.73M | 49.9M | 41.8M | -387K | -59.9M | 107.93M | 99.29M | 25.46M | 2.86M | -1.28M |
| Net Interest Income | -17.7M | -20.86M | -11.81M | -3.31M | -489K | -247K | -162K | -634K | -374K | -97K | -23K | -22K |
| Interest Income | 5.73M | 6.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.43M | 27.59M | 11.81M | 3.31M | 489K | 247K | 162K | 634K | 374K | 97K | 23K | 22K |
| Other Income/Expense | -61.93M | -62.31M | -15.89M | -3.31M | -489K | -247K | -162K | -634K | -374K | 22.93M | -15K | -93K |
| Pretax Income | 103.48M | 73.08M | 36.92M | 46.59M | 41.31M | -634K | -60.06M | 107.3M | 98.91M | 48.39M | 2.85M | -1.31M |
| Pretax Margin % | 14.95% | 11.75% | 11.79% | 15.91% | 12.91% | -0.4% | -58.33% | 44.39% | 50.16% | 71.79% | 15.67% | -9.19% |
| Income Tax | 25.99M | 14.68M | 8.01M | 7.82M | 7.8M | 626K | -8.97M | 16.94M | 12.96M | 33.71M | 43K | 67K |
| Effective Tax Rate % | 25.11% | 20.08% | 21.68% | 16.78% | 18.89% | -98.74% | 14.93% | 15.78% | 13.1% | 69.67% | 1.51% | -5.13% |
| Net Income | 46.29M | 30.17M | 15.81M | 24.34M | 21.16M | -868K | -29.34M | 52.01M | 42.43M | -4.17M | 0 | 0 |
| Net Margin % | 6.69% | 4.85% | 5.05% | 8.31% | 6.61% | -0.55% | -28.49% | 21.52% | 21.52% | -6.19% | - | - |
| Net Income Growth % | 175.34% | 90.85% | -35.04% | 15.02% | 2537.56% | 97.04% | -156.42% | 22.57% | 1116.55% | - | - | - |
| Net Income (Continuing) | 77.49M | 58.4M | 28.92M | 38.77M | 33.51M | -1.26M | -51.09M | 90.36M | 85.95M | 14.68M | 2.8M | -1.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 323.62M | 262.91M | 311.11M | 109.6M | 101.41M | 94.73M | 114.22M | 145.81M | 142.43M | 140.85M | 0 | 0 |
| EPS (Diluted) | 0.94 | 0.66 | 0.51 | 0.78 | 0.65 | -0.04 | -1.03 | 1.69 | 1.60 | -0.34 | 0.00 | 0.00 |
| EPS Growth % | 103.28% | 29.41% | -34.62% | 20% | 1725% | 96.12% | -160.95% | 5.63% | 570.59% | - | - | - |
| EPS (Basic) | - | 0.69 | 0.51 | 0.78 | 0.65 | -0.04 | -1.01 | 1.69 | 1.60 | -0.34 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 49.5M | 49.52M | 29.23M | 29.69M | 31.48M | 30.79M | 28.91M | 30.18M | 25.83M | 12.12M | 10.1M | 10.1M |
| Basic Shares Outstanding | 52.17M | 45.71M | 28.76M | 29.69M | 31.48M | 30.79M | 28.91M | 30.14M | 25.68M | 12.12M | 10.1M | 10.1M |
| Dividend Payout Ratio | - | 72.12% | 92.36% | 57.82% | 65.24% | - | - | 37.03% | 11.11% | - | - | - |
Cyclical completion demand volatility
As reported in recent financial statements, SEI achieved a 55.3% year-over-year revenue growth in 2026Q1, marking a significant acceleration from the 7.7% growth observed in 2024Q3, which suggests that the company's strategic pivot toward broader energy infrastructure is successfully capturing increased market share and service intensity.
The dramatic shift in top-line trajectory appears to be driven by a combination of inorganic expansion and increased utilization of the company's specialized proppant storage systems. Investors should monitor whether this growth rate is sustainable or if it reflects a temporary surge in mobilization fees associated with new project deployments.
Based on the provided income statement data, SEI's gross margin expanded to 37.1% in 2026Q1 from 22.8% in 2024Q3, indicating that the company is successfully leveraging its proprietary hardware and software integration to command higher pricing power within the competitive oilfield services landscape.
This margin improvement suggests that the company's vertical silo technology is effectively differentiating its service offering from commoditized logistics providers. The ability to maintain these margins during periods of high revenue growth implies that the firm is successfully scaling its operations without sacrificing pricing discipline.
According to the latest quarterly filings, SEI's operating income reached $50.6 million in 2026Q1, demonstrating a clear trend of operating leverage as the company scales its revenue base significantly faster than its underlying SG&A expenses, which rose only modestly over the same ten-quarter period.
The company appears to be benefiting from a high fixed-cost model where incremental revenue flows efficiently to the operating line. This efficiency suggests that the current management team is maintaining strict control over overhead costs even as they aggressively pursue new market opportunities in the power infrastructure space.
As evidenced by the 2025Q4 net loss of $1.7 million despite $39.8 million in operating income, SEI's bottom-line results are frequently impacted by non-operating items and structural complexities, which warrants further investigation into the consistency of earnings available to common shareholders under the current Up-C organizational structure.
The significant gap between operating and net margins suggests that investors should focus on operating cash flow rather than headline net income to gauge true performance. The recurring stock-based compensation expenses, which reached $6.7 million in 2026Q1, also represent a meaningful dilution factor that analysts must account for when evaluating EPS growth.
Quick answers to the most common questions about buying SEI stock.
For fiscal year 2025, Solaris Energy Infrastructure, Inc. (SEI) reported total revenue of $622.2M. This represents a 4280.2% increase compared to $14.2M in 2015.
Solaris Energy Infrastructure, Inc. (SEI) is profitable, generating $30.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.8%.
Solaris Energy Infrastructure, Inc. (SEI) reported an operating income of $135.4M, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Solaris Energy Infrastructure, Inc. (SEI) generated $285.4M in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.