Q4 2025 Solaris Energy Infrastructure Inc Earnings Call

February 25, 2026

Participants will be in listen-only mode.

Speaker #9: Good morning, everyone.

Speaker #1: Good morning.

Should you need assistance please signal a conference specialist by pressing the star key followed by zero.

Speaker #9: As you indicated in your prepared remarks, it certainly—as we've seen in the market—demand seems to be much greater than supply and capacity. How is that evolving relative to the moat that you're creating, given the momentum you've put together over the past couple of years?

After today's presentation, there will be an opportunity to ask questions.

to ask a question, you may press star then 1 on a touchtone phone,

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Please note this event is being recorded.

Speaker #9: And how is that impact relative to what you want to do in the uplift to the other services to provide for your integration? Is the acquisition market or the opportunities there are there quickly enough for you to generate the value from that?

I would now like to turn the conference over to Yvonne Fletcher senior Vice President of Finance and investor relations. Please go ahead.

Speaker #3: Good day, and welcome to the Solaris Q4 2025 earnings teleconference and webcast. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0.

Speaker #9: Just to really solidify your solutions profile.

Thank you, operator. Good morning and welcome to the Solaris fourth quarter and full year 2025 earnings conference call. Joining us today are our chairman and co-ceo of bills, Artur, our co-ceo and director, Amanda Brock.

Speaker #1: Yeah. I mean, I think, number one, this is a very big market. We will not be alone in developing power for this industry, right?

Our president Kyle ramachandran and our CFO Steve Thompson.

Speaker #3: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on a touch-tone phone.

Speaker #1: The numbers are staggering. So our moat and our offering is one of experience, of operations, of knowledge, of ensuring as reliable power as possible at attractive pricing.

Before we begin, I'd like to remind you of our standard cautionary, remarks regarding the forward-looking nature of some of the statements that we will make today

Speaker #3: To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations.

Such forward-looking statements may include comments regarding future Financial results, and reflect a number of known and unknown risks.

Speaker #1: As we build out our offering, the more capital we can put to work and the more services we offer that we can get paid for is valuable.

Please refer to our press release issued yesterday, along with other recent public filings with the Securities and Exchange Commission that outlined those risks.

Speaker #3: Please go ahead.

Speaker #4: Thank you, Operator. Good morning and welcome to the Solaris fourth quarter and full year 2025 earnings conference call. Joining us today are Chairman and Co-CEO Bill Zartler, our Co-CEO and Director Amanda Brock, our President Kyle Ramachandran, and our CFO Steve Thompson.

Speaker #1: And I think valuable to the customer in that what we're doing ultimately is just ensuring that they get the power where they need it, when they need it, at the right voltage and type.

We also encourage you to refer to our earnings supplement, slide deck, which was published last night on the investor relations section of our website under events and presentations.

Speaker #1: And that will give us the amount of runway that this business needs to continue to grow very rapidly over the next several years.

I would like to point out that our earnings release in today's conference call, will contain discussion of non-gaap financial measures which we believe can be useful in evaluating our performance.

Speaker #4: Before we begin, I'd like to remind you of our standard cautionary remarks regarding the forward-looking nature of some of the statements that we will make today.

Speaker #9: Excellent. Thanks, Bill.

The presentation of this additional information, should not be considered in isolation or as a substitute for results prepared in accordance with gaap.

Speaker #4: Such forward-looking statements may include comments regarding future financial results and reflect a number of known and unknown risks. Please refer to our press release issued yesterday, along with other recent public filings with the Securities and Exchange Commission that outline those risks.

Speaker #4: Our next question comes from Jeff LeBlanc with TPH. Please go ahead.

Reconciliation to compare Gap. Measures are available in our earnings release which is posted in the news section on our website.

Speaker #10: Good morning, Bill and Amanda. Thank you for taking my question.

Speaker #1: Good morning.

For more details on the company's earnings guidance. Please refer to the earning supplements beside deck published on our website.

Speaker #10: In SLS, you're guiding the flat EBITDA on a sequential basis, while the pressure pumpers are flagging the winter storm, firmly—excuse me—as having a sizable impact on Q1 profitability.

Speaker #4: We also encourage you to refer to our earnings supplement slide deck, which was published last night on the Investor Relations section of our website under Events and Presentations.

I'll now turn the call over to our chairman and co-ceo Builder. Thank you. Ivonne and thank you everyone for joining us this morning.

Speaker #10: Can you expound upon how your Reynolds business is insulating SEI from these types of disruptions? Thank you.

Speaker #4: I would like to point out that our earnings release and today's conference call will contain discussion of non-gap financial measures, which we believe can be useful in evaluating our performance.

Speaker #1: Well, we did see some downtime during the storm. So what we also see is additional growth in the business that's offsetting that. So I think we're growing maybe faster than the current pressure pumping market is, just in terms of touch the top-fill offering and the savings that it offers for some of these large frac jobs is real.

2025 marked a meaningful step forward for Solaris. We showed that we are successfully executing our strategy of growing and establishing a more Diversified services and solutions business with accelerated earnings growth. Improved long-term visibility and multiple Pathways for Meaningful expansion.

Speaker #4: The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release, which is posted in the news section on our website.

Speaker #1: And so we continue to see demand there. And we're virtually sold out, as I mentioned on the call, without equipment. So given the growth in that from quarter over quarter, that's going to offset some of the declines that we saw in or most of the declines we saw in the storm.

Speaker #4: For more details on the company's earnings guidance, please refer to the earnings supplement slide deck published on our website. I'll now turn the call over to our Chairman and Co-CEO Bill Zartler.

Through new products, services and targeted Investments, both organic and inorganic. We strengthened our engineering manufacturing and operational capabilities. This is positioned us to deliver. Reliable integrated Power Solutions to meet our customers rapidly escalating needs.

Speaker #5: Thank you, Yvonne, and thank you, everyone, for joining us this morning. 2025 marked a meaningful step forward for Solaris. We showed that we are successfully executing our strategy of growing and establishing a more diversified services and solutions business with accelerated earnings growth, improved long-term visibility, and multiple pathways for meaningful expansion.

Speaker #10: Okay, thank you very much. I'll hand the call back to the operator.

Coming out of 2025, for serving a much wider customer base with active contracts, and employment is now, spanning multiple data centers, energy infrastructure and diverse Industrial and Commercial and markets with generation distribution, and full TurnKey power.

Speaker #4: Our next question comes from Don Christ with Johnson Rice. Please go ahead.

Speaker #11: Good morning, guys. Hope you all are doing well this morning. One macro question from me. As you're having these discussions, given all the state of the world right now with energy prices and the consumer-facing kind of aspects of that, how many of your discussions are 100% behind the meter versus kind of a hybrid approach with grid versus behind the meter?

Speaker #5: Through new products, services, and targeted investments, both organic and inorganic, we've strengthened our engineering, manufacturing, and operational capabilities. This has positioned us to deliver reliable integrated power solutions to meet our customers' rapidly escalating needs.

Our 2025 Financial results highlight the success of our Diversified strategy. Full year 2025 Revenue, nearly doubled, year-over-year to 622 million. While just a diva de of 244 million, more than doubled, both of our power and Logistics, segments, contributed meaningfully to these results. This is just the beginning of additional step change growth that we believe will accelerate through 26 and 27,

Speaker #5: Coming out of 2025, we're serving a much wider customer base, with active contracts and deployments now spanning multiple data centers, energy infrastructure, and diverse industrial and commercial end markets.

Starting with our power solution segment, which has become the primary growth engine for Solaris power. Now accounts for roughly, 70% of our earnings, and is heading to 90% contribution. As we've consistently grown the business.

Speaker #5: With generation, distribution, and full turnkey power. Our 2025 financial results highlight the success of our diversified strategy. Full year 2025 revenue, nearly doubled year over year to $622 million, while adjusted EBITDA of $244 million more than doubled.

Speaker #11: Is it shifting more to where you're going to be a standalone island power plant for the life of the data center, or is it still kind of a hybrid approach?

Expanding our capabilities and built on a strong track record of execution.

Speaker #1: I think there's a little there's still a bit of a hybrid. It's probably weighted toward behind the meter for the life of the plant.

Speaker #1: Although we're having discussions with a few customers around having a mobile kit that they may rent for the next ten years that we set up in advance of grid connections that they hope to get there over some period of time.

Speaker #5: Both of our power and logistics segments contributed meaningfully to these results. This is just the beginning of an additional step change growth that we believe will accelerate through 26 and 27.

Solaris is capitalizing on the rapid demand growth for power, particularly to support data center. Compute needs our Solutions have enabled customers to deploy power quickly and cost-effectively while delivering the operational reliability high uptime and efficiency. They require whether as an alternative or as a supplement to the grid.

Speaker #1: And so the mobile nature and the service of being able to set up power quickly, the tailwinds with the quad K regulations, which allowing some of that to happen on a temporary basis, kind of gives a couple of pieces of this offering.

Speaker #5: Starting with our power solution segment, which has become the primary growth engine for Solaris, power now accounts for roughly 70% of our earnings and is heading to 90% contribution as we've consistently grown the business, expanding our capabilities, and built on a strong track record of execution.

Speaker #1: One is the pure behind the meter that may end up being colocated over time or we can go in and are looking for long-term contracts to be a bridge provider, which would mean that we may sit on sites between one and two years but we have a contract with that customer for multiple years beyond that to move the site to site as they recognize that connections are slow and they're building out locations maybe faster than the grid can connect to them and they need a solution like that to complement their rapid growth.

With strategically positioned Solaris across the power life cycle from molecule to electron, this integrated approach delivers, true, TurnKey power, for our customers. We can handle sourcing and delivery of clean natural gas at the right volumes and pressure converted through multiple generation sources and manage the distribution storage and final delivery of electrons, all engineered as a cohesive system to meet the most complex and demanding load profiles.

Speaker #5: Solaris is capitalizing on the rapid demand growth for power, particularly to support data center compute needs. Our solutions have enabled customers to deploy power quickly and cost-effectively while delivering the operational reliability, high uptime, and efficiency they require, whether as an alternative or as a supplement to the grid.

Strategy has translated into Commercial Success With both existing and new customers.

Speaker #5: We've strategically positioned Solaris across the power lifecycle from molecule to electron. This integrated approach delivers true turnkey power for our customers. We can handle sourcing and delivery of clean natural gas at the right volumes and pressure, convert it through multiple generation sources, and manage the distribution, storage, and final delivery of electrons all engineered as a cohesive system to meet the most complex and demanding load profiles.

In 2025, we significantly expanded our partnership with our initial major data center customer. We finalized a 15-year joint venture and upsize the associated long-term power agreement for approximately 500 to 900 megawatts, providing greater visibility with substantial committed capacity for years ahead.

Speaker #12: Don, we are seeing, as we said, these accelerations of discussions. The tailwinds here: one, greater tenor on contracts—we always like to see that.

Our Solutions.

Speaker #12: Two, people in the last quarter—customers and end users—are getting very comfortable that they can be in fully islanded mode successfully, reliably, for a 10-plus-year contract.

This strategic acquisition has deepened, our capabilities and accelerated Market penetration enabling us to deliver integrated equipment and Engineering solutions to at least 6 different data centers across the us as well as in numerous Industrial, and Commercial sites.

Speaker #5: Our strategy has translated into commercial success with both existing and new customers. In 2025, we significantly expanded our partnership with our initial major data center customer.

Speaker #12: So it's all of the above, but definitely a tailwind toward people getting comfortable that maybe they don't have to connect to the grid. And we think that last night's state of the union address with the rate payer protection pledge these discussions will continue.

Speaker #5: We finalized a 15-year joint venture and upsized the associated long-term power agreement for approximately $500 to $900 megawatts, providing greater visibility with substantial committed capacity for years ahead.

Speaker #12: To gain traction.

Speaker #5: We also acquired a specially provider of voltage distribution and control equipment that has now been integrated into Solaris Power Solutions. This strategic acquisition has deepened our capabilities and accelerated market penetration enabling us to deliver integrated equipment and engineered solutions to at least six different data centers across the US, as well as to numerous industrial and commercial sites.

Speaker #11: Yeah, that makes a lot of sense. And just one further one for me. Obviously, the fourth quarter had some maintenance issues—or not issues, but maintenance costs—that were elevated as you had to kind of update your equipment.

Speaker #11: But how do we look at it going forward, as you add a whole lot more new equipment? Is that maintenance schedule kind of de minimis going forward, or do you have another wave of stuff coming through in the next 12 to 15 months or so that needs to go through that process?

Building on our success. I'm excited to highlight a significant new long-term, Contracting customer, which further validates our strategy and reputation in the behind the meter power Market in early February. We announced a 10 year agreement with a 5 year, extension option to provide leading investment grade, global technology company, with over 500, megawatts of power generation, tailored to their compute needs, the initial 10-year term, begins January, 1st 2027 with energization targeted to be faced in, in the beginning of the q1 of 2027 this agreement, validates our strategy of sourcing generation capacity in advance of a contract, so that we can successfully deliver behind the meter power on aggressive timelines.

Speaker #5: Building on our success, I'm excited to highlight a significant new long-term contracted customer which further validates our strategy and reputation in the behind-the-meter power market.

Speaker #5: In early February, we announced a 10-year agreement with a 5-year extension option to provide leading investment-grade global technology company with over $500 megawatts of power generation tailored to their compute needs.

Speaker #1: Yeah, Don. I think the color on the fourth quarter was around some equipment coming off of a utility project that was relatively short-term in nature and we were doing some modifications to that equipment to get it ready for a long-term contract to serve a microgrid in the West Texas area.

We're actively working with this customer to deliver more services related to balance of plant equipment, such as full power, control storage, and delivery infrastructure, engineering and site preparation. As we move forward expanding our scope, we will deploy additional Capital which will provide Solaris with enhanced returns to the contracted period.

We believe that we are well positioned to continue to work with this customer on behind the meter solutions to meet their growing compute needs.

Speaker #5: The initial 10-year term begins January 1, 2027, with energization targeted to be phased in at the beginning of Q1 2027. This agreement validates our strategy of sourcing generation capacity in advance of a contract so that we can successfully deliver behind-the-meter power on aggressive timelines.

Speaker #1: So that was sort of, I'd say, more of a kind of a one-off in nature. As we've talked about historically, this equipment has an overhaul cycle, which is episodic relative to the number of hours run in the engines.

underscoring, the opportunity ahead the 4 largest global technology companies have recently, guided to combine Capital expenditures exceeding billion dollars in 2026 focused primarily on data center, infrastructure and compute that's roughly a 70% increase from 2025 levels and nearly double the spending seen in 2024,

Speaker #1: And on average, they're roughly 30,000-hour overhaul cycles. So it's every four-ish kind of year timeframe depending on the fired hours per day or per year for those engines.

With Data Center and compute power Investments. Accelerating rapidly. Solaris is exceptionally. Well, positioned to capitalize on the surging demand for Reliable scalable power.

Speaker #1: So yeah, we're obviously in a period here where we're not seeing significant maintenance capital over time that will be running through the business. And that's several years out from now.

Our proven Solutions enable us to partner effectively with leading technology companies who are Contracting directly for behind the meter options to meet their urgent compute needs.

Speaker #1: And then the other thing in the fourth quarter was we did secure some additional third-party equipment to meet an accelerated ramp schedule for one of our larger projects.

Speaker #1: And so we pulled that in a little bit ahead of when the equipment was deployed onto site. And so that was just some additional costs that were transitory in nature in the fourth quarter.

Of free cash flow in 2025. In the fourth quarter, we saw activity levels for both the industry and Solaris increase with solar success driven in part by increasing adoption of our top fill systems. Our topical system. Utilization rate was in the mid 90% in the fourth quarter and now nearing a 100% in the first quarter.

Speaker #11: I appreciate all the color. Thanks, guys. Turn it back.

This momentum is expected to carry through for the first half of 2026 supporting consistent, utilization and margins, while generating cash and fun. A broader growth initiatives across the company.

Speaker #4: This concludes our question and answer session. I would like to turn the conference back over to Bill Zartler for any closing remarks.

In summary 2025 was a year of successful execution.

Speaker #1: Thank you all for joining us today. We're excited about the strong momentum we've built in all aspects of our business in 2025, and the significant opportunities ahead.

Speaker #1: It's rewarding to see our team grow and deliver real value in this fast-evolving market. And to say a big thank you to our dedicated employees, our trusted customers, and valued supplier partners.

Which positioned Solaris for even greater success in 2026. We are extremely focused on delivering value for our customers and shareholders. And we're excited about 2026 which is already shaping up as another year of significant growth. New Opportunities continue to execution and results with that. I'll turn it over to Amanda.

Thank you, Bill, and thank you everyone for joining us this morning.

Speaker #1: Your commitment makes it all possible. Thank you.

We want to spend a few minutes sharing with you how we see our opportunities evolving in the power sector.

2025 with a year of Rapid change and significant Tailwind for the company, our customer base expanded, and we grew our capabilities to meet our customers increased demand for TurnKey behind the meter power.

We focused not only on building on our proven track record of generation but also distribution offering a comprehensive power solution which we refer to as molecule to electron.

we have strategically building our capabilities through organic growth and targeted Acquisitions like, hvm vlv, which Bill mentioned

Which is already exceeded expectations, since closing, last summer, this brings in-house expertise to design manufacturer refurbished, sell and rent, specialized control and distribution equipment such as Transformers, switch gear, e-house's, and this also deepens our engineering expertise across voltages and related applications.

The result is broader reach to Data Centers Industrials, utilities and Beyond delivering tailored Power Solutions, regardless of source or setup. For example, Solaris is now providing equipment and Engineering support to customers where grid connections are delayed due to Utility Equipment and interconnection challenges.

This type of diversification creates real value and expands our opportunity set significantly Beyond just generation.

We will continue to look for opportunities like this to expand our capabilities as a comprehensive provider of critical power infrastructure.

Is another area of focus where Solaris has inverted both organically and inorganically to enhance our capabilities.

We view the invest in class and Emissions management at essential to our own operations and customer priorities.

Organically we've drawn on our growing internal, engineering and Manufacturing teams to refine and customize selective, catalytic reduction, or scr designs for improved flexibility and Mobility. Additionally, we recently made a small inorganic investment in an scr manufacturer bolstering. Our ability to further integrate these Technologies

Our Emissions Control Technologies are well aligned with the epa's recent subpart kkkk. A quad K, amendments to the new source performance standards.

These changes provide clarification and support for operating modular and mobile turbines in temporary applications for up to 24 months, Bridging the Gap. Before permanent behind the meter air permits or grid connections are secured.

Combined with our vertical integration in Emissions Control, this gives us significantly greater flexibility to deliver fast, reliable and compliant, deployments for our customers.

We're continuing to see strong regulatory Tailwinds from ercot whose recent push to batch large load studies for requests over 75, megawatts is a necessary step forward to clearing the estimated 230 gigawatt. Queue back log fueled by data center demand.

However, it also spotlights the growing delays and scrutiny facing grid-based projects.

Our rapid deployment.

Behind the meter Solutions. Mitigate these challenges for technology companies attempting to quickly deploy compute capability.

Starting a project in Ireland mode, fully behind the meter can avoid significant, delays associated with connecting to the grid.

The growing demand for power.

Combined with these regulatory, Tailwinds are demonstrated track record of execution and are expanded capabilities. Have accelerated, our ongoing discussions with multiple end users to deploy more capacity.

We're an advanced negotiations to contract our remaining open capacity and are actively pursuing new capacity additions to support incremental opportunities.

Something put we believe we have more demand than we have capacity and are actively exploring innovative ways to access new capacity to ensure. We can meet the growing needs of all our existing and potential new partners.

We are particularly encouraged by The Accelerated pace of these opportunities and The credibility we have earned through nearly 2 years of successful at scale operations, including the rapid commissioning of multiple large data sets. This proven Foundation gives us a clear Edge and

A gale further. And

Continue to grow in the coming years.

With that, I will turn the call over to Kyle for a detailed financial review.

Thanks Bill and Amanda, and good morning. Everyone.

So where is this fourth quarter, demonstrated, solid execution and our power solution setup as well as continued execution and strong free cash flow generation in our Logistics Solutions segment.

For the full year growth was tremendous across the Power Solutions platform and we're excited to continue to grow this segment as well as a total company.

2025 was also a year in which we strategically positioned Solaris for growth from financing perspective.

You strengthen the balance sheet by using capital for 2 convertible Bond issuances, established financing for our joint venture partnership with a key customer and repaid, our 2024 term 1.

Including the rapid commissioning of multiple large data centers. This proven Foundation gives us a clear Edge as we scale further and continue to grow in the coming years with that. I will turn the call over to Kyle for a detailed financial review.

The combination of these activities has driven significant interest cost savings and financial flexibility for the company.

Thanks Bill and Amanda, and good morning. Everyone.

Solaris's fourth quarter demonstrated solid execution in our Power Solution segment, as well as continued execution and strong free cash flow generation in our Logistics Solutions segment.

As a result of these recent financings in the ongoing cash flow generation from the business. We are currently fully funded for all of our expected. Deliveries to reach. 2,200 men of power generation. We expect to have pro-forma for all, the scheduled equipment deliveries,

For the full year growth was tremendous across the Power Solutions platform and we're excited to continue to grow this segment as well as the total company.

this leads our secured borrowing capacity outside of the JV completely available as an option to fund future growth outside of our plan deliveries

2025 was also a year in which we strategically positioned flares for growth from financing perspective.

We strengthened the balance sheet by using capital for 2. Convertible, Bond issuances, established financing for our joint venture partnership with a key customer.

And repaid. Our 2024 term 1.

Our financial profile has also improved significantly. With our recent Commercial Success, having a new investment grade. Customer for a minimum of 10 year term for over 500 megawatts at significant visibility to our earnings and cash flow profile providing additional Financial flexibility.

Turning now to a review of our fourth quarter results, and our outlook for the next 2 quarters.

The combination of these activities has driven significant interest cost savings and financial flexibility for the company.

The data of 69 million on a Consolidated basis.

As a result of these recent financing and the ongoing cash flow generation from the business. We are currently fully funded for our all of our expected deliveries to reach 2,200 megawatts of power generation. We expect to have pro-forma for all, the scheduled equipment deliveries,

Our adjusted Eva increased slightly from the prior quarter and nearly doubled as compared to the same quarter of 2024 driven by the acceleration of our Power Solutions.

this leaves our secured borrowing capacity outside of the JV completely available as an option to fund future growth outside of our plan deliveries

Our financial profile has also improved significantly with our recent commercial success.

During the quarter logistic Solutions, benefited from an increase in completions activity as well as a continued adoption of our top Bill Solutions which more than offset, a modest decline in Power Solutions, due to a less favorable project mix and related timing impacts on costs.

Having a new investment grade customer for a minimum of 10 year term for over 500 megawatts at significant visibility to our earnings and cash flow profile providing additional Financial flexibility.

we generate a revenue from approximately 780, megawatts of capacity during the fourth quarter, relatively flat with the prior quarter,

Turning now to a review of our fourth quarter results, and our outlook for the next two quarters.

During the fourth quarter Solaris generated revenue of nearly 180 million and adjusted Eva de of 69 million on a Consolidated basis.

Segment adjusted even down from the power solution. Segment was 53 million in modest. Decrease from the third quarter due to costs associated with timing and mixed impact as own generation units rotated off a utility resiliency project and into planned refurbishment before being redeployed under a long-term contract in the first quarter of 2026.

Our adjusted evaa increased slightly from the prior quarter and nearly doubled as compared to the same quarter of 2024 driven by the acceleration of our power solution segment.

This impact was more than offset by an increase in the continued selective use of third-party power generation capacity as activity continued to ramp at our second data center site, which also contributed to a lower margin mix.

During the quarter Logistics Solutions. Benefited from an increase in completions activity as well as a continued adoption of our top Bill solution which more than offset, a modest decline in Power Solutions, due to a less favorable project mix and related timing impacts on costs.

We expect power segment adjusted Eva do for the first quarter to increase by more than 20% as both owned and third-party lease capacity, generating Revenue should increase.

we generate a revenue from approximately 780, megawatts of capacity during the fourth quarter, relatively flat with the prior quarter,

In our Logistics segment. We averaged 93 fully utilized systems an increase of 11% from the third quarter.

Fourth quarter segment, adjusted Eva was approximately 23 million. We expect our Logistics segment, adjusting Eva dot to remain relatively flat for the next 2 quarters.

Segment adjusted Eva down from the power solution. Segment was 53 million in modest. Decrease from the third quarter due to costs associated with timing and mixed impact as own generation units rotated off a utility resiliency project and into planned refurbishment before being redeployed under a long-term contract in the first quarter of 2026.

Netting. These factors and considering corporate and other expenses total adjusted Eva dog. Guidance. For the first quarter is now 72 to 777 million.

Up from the prior guidance of 70 to 75 million.

And a sequential increase in the fourth quarter.

We are also introducing our second quarter 2026 total adjustment Eva dog, guidance of 776 to 84 million.

County for expected longer term tenor. On our fully delivered, 2,200 megawatt, generation capacity.

We expect power segment. Adjusted IBA do for the first quarter to increase by more than 20% as both owned and third-party lease capacity, generating Revenue should increase.

And our recent acquisition, we continue to expect pro-forma, total company earnings of over $600 million.

In our Logistics segment. We averaged 93 fully utilized systems and increase of 11% from the third quarter.

Before considering any additional project scope or growth with our existing customers or new opportunities.

Fourth quarter segment, adjusting IBA was approximately 23 million. We expect our Logistics segment, adjusting EBA dot to remain relatively flat for the next 2 quarters.

Finally, I'd like to introduce and welcome, Steve Thompson, who officially joined earlier this month. As far as his new Chief Financial Officer.

Netting. These factors and considering corporate and other expenses total adjusted Eva guidance. For the first quarter is now 72 to 777 million.

Up from the prior guidance of $70 to $75 million.

And a sequential increase in the fourth quarter.

Steve brings a strong record of the financial executive with deep expertise, in capital markets, building and leading high performance, Finance and Accounting teams. And guiding companies through periods of significant transformation and growth.

We're also introducing our second quarter 2026, total adjusted Eva dial guidance of 76 to 84 million.

Many members of our management team board employees and investors have worked with Steve before and we are confident. He will exemplify the swears culture and deliver substantial value to the company.

Accounting for expected longer term tenor. On our fully delivered, 2,200 megawatt, generation capacity.

I am excited to continue as president of the company and will be able to allocate in.

Total company earnings of over a million dollars.

Priorities of advancing our overall growth strategy.

Strengthening operations and driving long-term value for our stakeholders.

Before considering any additional project scope or growth with our existing customers or new opportunities.

With that, we've now be having to take your questions.

We will now begin the question and answer session.

Finally, I'd like to introduce and welcome, Steve Thompson, who officially joined earlier this month. As far as his new Chief Financial Officer.

Please limit yourself to 1 question and 1 follow-up.

to ask a question, you may press star then 1 on your touchtone phone,

Steve brings a strong record as a financial executive, with deep expertise in capital markets, building and leading high-performance finance and accounting teams, and guiding companies through periods of significant transformation and growth.

If you're using a speaker-phone, please pick up your handset before pressing the keys.

if at any time your question has been addressed and you would like to withdraw the question please press star then 2

Many members of our management team board employees and investors have worked with Steve before and we are confident you will exemplify the swears culture and deliver substantial value to the company.

At this time, we will pause momentarily to assemble our roster.

Our first question will come from David arera with Morgan Stanley.

I am excited to continue as president of the company and will be able to allocate increased focus on our strategic priorities of advancing our overall growth strategy.

Please go ahead.

Strengthening operations and driving long-term value for our stakeholders.

Oh hi. Uh, thanks so much. Good morning.

With that, we will now be happy to take your questions.

Morning. Um,

We will now begin the question and answer session.

Please limit yourself to 1 question and 1 follow-up.

to ask a question, you may press star then 1 on your touchtone phone,

you know, congratulations on the, uh, new customer announcement here. Um, but I do have to ask, uh, where do negotiations stand with additional customers. Now, um, to allocate your remaining capacity, uh, if you get a elaborate on that and what potential timing uh, might be possible.

If you're using a speakerphone, please pick up your handset before pressing the keys.

if at any time your question has been addressed and you would like to withdraw the question please press star then 2

At this time, we will pause momentarily to assemble our roster.

Our first question will come from David arera with Morgan Stanley. Please go ahead.

Oh hey uh, thanks so much. Good morning.

Good day. Um,

As Amanda referred to, um, and that we'll be seeing things unfold, um, in due time David, these are not discussions.

you know, congratulations on the, uh, new customer announcement here. Um, but I do have to ask, uh, where do negotiations stand with additional customers. Now, um, to allocate your remaining capacity, uh, if you could elaborate on that and what potential timing uh, might be possible.

We were very, you know, deliberate in our wording. These are active, um, negotiations. So we expect um, to have, you know, good news here and then near future.

Well, we're wearing very active dialogue and I think that it, it keeps up the discussion. We we really have the, have the history and the operating philosophy of focusing on announcing deals when they're completed and done that. The pipeline is extremely active, we have lots of paper flying back and forth with multiple customers, but but our goal is to deliver to the, to the public and do our shareholders, you know, signed and completed contracts and have a lot of meeting them. So um, the the dialogue is active and we feel very confident that we've got plenty more demand and Supply as a man to refer to.

And that we'll be seeing things unfold, um, in due time.

Okay, excellent. Um, understood that makes sense. Uh, then I was curious, you know, you had mentioned um, increasing scope here that you are seeing opportunities. For I wonder if you could, just maybe characterize how much of a value uplift, you could realize, you know, relative to maybe like the the EP stream and the Baseline power. Uh, for. And if you're starting to consider those things, like balance of plant, Emissions Control, uh, Etc, um, and wondering if that could apply to your current, uh, contracted Fleet as well. Are there kind of almost uh, upsell opportunities there?

David, these are not discussions. We were very, you know, deliberate in our wording. These are active, um, negotiations. So we expect um, to have, you know, good news here and the near future.

Yeah, I think that the notion of adding additional distribution equipment and Battery Systems to the offering um, is real. I think what, what the, uh, current customer that we, the most recent announcement, the intent is to build out that system and deliver a full TurnKey power service. So as that develops, we we continue to believe return on Capital, um, is the way we look at that and that return on incremental Capital will be there. Um, and I think the range is anywhere between 20 and 50% per megawatt, depending on how that scope there is and how far Upstream to the gas.

Handling it goes and how far Downstream to the the actual distribution and transformation of the power goes.

Got it. Okay, thank you so much.

Okay, excellent. Um, understood, that makes sense. Uh, then I was curious—you know, you had mentioned, um, increasing scope here, that you are seeing opportunities. Was wondering if you could just maybe characterize how much of a value uplift you could realize, you know, relative to maybe, like, the EP stream and the baseline power offering. If you're starting to consider those things like balance of plant, emissions control, etc., um, and wondering if that could apply to your current, uh, contracted fleet as well. Are there kind of almost, uh, upsell opportunities there?

Our next question comes from, Derek Whitfield with Texas Capitol, please go ahead.

Good morning all and uh, thanks for your time and also congrats on your recent hyperscaler contract.

Morning.

Yeah, I think that the notion of adding additional distribution equipment and Battery Systems to the offering um, is real. I think with, with the, uh, current customer that we, the most recent announcement, the intent is to build out that system and deliver a full TurnKey power service. So as that develops, we we continue to believe return on Capital, um, is the way we look at that and that return on incremental Capital will be there. Um, and I think the range is anywhere between 20 and 50% per megawatt, depending on how that scope varies and how far Upstream to the gas handling, it goes and how far down

Stream to the the actual distribution and transformation of the power goes.

Uh, perhaps uh, Amanda in your prepared remarks. You noted, you're in advanced negotiations. To contract your remaining open capacity in our actively pursuing new capacity additions to support incremental opportunities. Regarding the new capacity, are you attempting to solve for new capacity in 2027, or early 20228? And then, secondly, is that really to expand with your current customers? Or, is it really to add a third hyperscaler to the opportunity set?

Got it. Okay, thank you so much.

Our next question comes from Derek Whitfield with Texas Capitol. Please go ahead.

Good morning all and uh, thanks for your time and also congrats on your recent hyperscaler contract.

And yes, um, capacity is something we've been talking about for a long time. We made it very clear that the 2.2 gigawatts was not where we were going to stop. We also, as you know, have talked about through all of our Acquisitions. Got a lot of domain knowledge through me and HV in terms of where there is additional capacity,

We are looking and have line of sight for capacity in digital capacity in 27 and 28. Um, and this capacity will be for additional opportunities. We have enough capacity for the opportunities that we have signed up for at this time, even though we also expect that to expand over time.

To solve for new capacity in 2027, early 2028, and then, secondly, is that really to expand with your current customers? Or is it really to add a third hyperscaler to the opportunity set?

Terrific. And then um maybe Amanda just staying with you on epa's recent quad K amendment. That seems like a very positive element for your business and speed to Market.

How should we think about its practical impact for what you're facing today? And while I understand permits, aren't your issue per se? There has been some noise or concerns around the Mississippi operations, so I guess in your review,

What's your view on the business impact with quadcare Amendment and then secondly, um, how are you thinking about? What's taking place right now in Mississippi? And it's that will likely take the same direction than Memphis did.

Um, thanks for the question, Derek. And yes, um, capacity is something we've been talking about for a long time. We made it very clear that the 2.2 gigawatts was not where we were going to stop. We also, as you know, have talked about, through all of our acquisitions, got a lot of domain knowledge through me and HV in terms of where there is additional capacity. We are looking and have line of sight for capacity and additional capacity in '27 and '28. Um, and this capacity will be for additional opportunities. We have enough capacity for the opportunities that we have signed up for at this time, even though we also expect that to expand over time.

Terrific. And then, um, maybe Amanda, just to stand with you on EPA's recent Quad K amendment. It seems like a very positive development for your business and speed to market.

How should we think about its practical impact for what you're facing today? And while I understand permits aren't your issue per se, there has been some noise or concerns around the Mississippi operations. So I guess, in your view,

Options and you know, Alternatives that we offer um particularly in an environment in which fee to compute is incredibly important. So this is great for us. I'm having this clarification. In terms of Mississippi we really don't comment on that. Um and moving on to another question.

What's your view on the business impact with quad K Amendment? And then secondly um, how are you thinking about? What's taking place right now in Mississippi? And if that will likely take the same direction, then Memphis did

At certain locations, work with our customers, as it relates to ensuring um, that the appropriate permits are their customers are increasingly asked us to take on additional scope. We are talking about, this is molecule to electron, um, and bills remarks. He referred to doing more on the gas side and obviously as part of that, we may be doing more on the permitting side. So quad k.

Great Tailwind for us.

Great update. Thanks.

Our next question comes from, Bobby. Brooks with Northland, please. Go ahead.

So quad K is a clarification and further sort of enabling certainty. Um so it comes up as a regulatory Tailwind, we see this um, as something that we expected to come through, we were very pleased to see the 24 months. So expanding, the temporary ability to be there from 12 to 24. That is certainly something that, you know, very much favors the behind the meter um, options and, you know, Alternatives that we offer, um, particularly in an environment in which speed to compute is incredibly important. So this is great for us. I'm having this clarification. In terms of Mississippi, we really don't comment on that. Um, and moving on to another question.

Hi, good morning. Um, this is Keaton for Bobby. Um, other companies providing or planning to provide behind the meter power of come out and announce targets to where their feet capacity will grow to. For example, they might be at 100 megawatts today, with another 300 megawatts ordered, because they've talked about getting to a full gigawatt by 2030. What are your thoughts on that firstly? And then secondly um, could you discuss? Maybe how you think about your capacity evolving through the end of the decade?

The way you refer to our responsibility from a permit perspective—I will say that we track that very carefully, and there are circumstances in which we are in discussions, where we will, at certain locations, work with our customers as it relates to ensuring that the appropriate permits are there. Customers are increasingly asking us to take on additional scope. We are talking about, this is molecule to electron, and Bill's remarks—he referred to doing more on the gas side and, obviously, as part of that, we may be doing more on the permitting side. So, quad K.

Great Tailwind for us.

Great update. Thanks.

Our next question comes from Bobby Brooks with Northland. Please go ahead.

That's a good question. I mean, I think I alluded to a little bit earlier. I mean that the, the pipeline of opportunities is just Giant. And, you know, would we have come out when we bought in the year 2 years ago and said we'd be at 2 gigs? Now we we didn't do that but we did it. So I think our our philosophy on how we operate is is

Hi, good morning. Um, this is Keaton Shaw on for Bobby. Uh, other companies have been providing or planning to provide behind-the-meter power that they've come out with or announced targets on where their fleet capacity will grow to. For example, they might be at 100 megawatts today, with another 300 megawatts ordered, but they've talked about getting to a full table.

30.

Yes, can you hear me?

Operator, can you hear us?

Yeah. Can you hear? Can you hear me? I'm able to hear everyone.

Can you hear me?

Yes. Okay.

Uh, so operator, can you hear us?

Yes, I'm able to hear you.

Yeah, um, so what are you up to?

Building your shut down.

Communicate to our shareholders when we're have deals across the finish line and not expect the ball too early, but the pipeline of opportunities. And the opportunities that is is very large. Um, um, it's I'm very confident that we will have more than we have today, um, in a couple of years. And if you look forward, um, it continues to grow. There's a lot of Tailwinds both in how, how should work in this country for these large loads and what the right, um, mechanical setup is for that generation behind the meter and, and I think we'll play a significant role in how this evolves, um, with our partner customers that, understand how to position this, um, how to position it within the greater, um, Power infrastructure, and ecosystem to enable it to be um therefore the development of data centers, as well as you know, trying not to impact consumer pricing in a in a negative way. Yeah. And just to follow up and we alluded to the the now on the call around the hyperscalers capital spend

But this is a massive investment cycle, and we've got really attractive opportunities to build infrastructure to support. Um, their underlying Investments at rates of returns that are very attractive to us under long-term contracts. And to, to the last Point bill made their, you know, clearly last night in the State of the Union affordability, with respect to Energy prices, broadly is Paramount to the administration as well as to the the consumer and I think what's very clear

Here is what we're offering is both economically attractive. Uh, relative to the long-term costs of adding additional power onto the grid and secondly, from a time to power perspective. It's it's a really, uh, valuable uh, operate strategic opportunity for our customers to have in, in their quiver,

Great, thank you for that very helpful additional color, and then secondly, or another follow-up. Uh, it was great to see the 500 megawatts come off the board with an investigative technology leader. Uh, what, I was curious to hear was if you could provide any further color around how the deal came to fruition and the associated timeline of that deal.

Well, I mean, it every, every deal, every transaction has its own life cycle. I think we've been in communication with most of the major customers, uh, for the past, you know, 6 months to a year and, you know, they evolved their needs have evolved and the recognition of of where they need, you know, kind of takes a while. These are big decisions. So at the end of the day, you know, the, the contract enter link requires a high level of

approval within a very large organization. So, you know, we're Nimble and quick and, and we'll go with the patient, which our customers can go and need the power. So, um, you know, they they, I would on average say that the industry would agree. They're taking slightly longer to put together than anyone might have expected, but they're, they're happening and deals are closing. And, and we've been, you know, at this strategy and and operation for roughly 2

2 years, and I would say the first year was certainly in stealth mode. And, you know, more and more of the sort of track record that we've developed is, is being well understood, uh, by the other participants in this market and so that that has just been a process for for that track record to get unfolded. And I think that's really resonating with customers. Yeah. And philosophically our notion of, um,

From a delivery of information to the street as well as from an operational perspective, our operational capabilities and Engineering capabilities and execution capabilities have dramatically improved. As we've built that out over the last year and so that gives us a lot more confidence on how we build out the balance of plan and how we how we deploy the equipment.

Kathy to be a little specific. Um we do make the comment that these conversations are accelerating as people are looking at sites as people are getting comfortable and Ireland and mode um, you know, complex deals.

Um, but we've been dealing directly with the hyperscalers themselves, which is an advantage and these deals and the timelines are accelerating.

Great. Great to hear. Um I'll return to the queue. Thank you.

Our next question comes from Derek Todd, Heiser with Piper Sandler, please go ahead.

Hey uh good morning everybody. Um, just wanted to go back to the capacity expansion commentary. Obviously, I know you need more than the 2.2 gigawatts and you have today but maybe on the funding side. Just how should we think about the funding mechanisms that are available to you? You obviously noted that you freed up your secured bar and capacity but just thinking about as you progress towards 3, gigawatts 4 gigawatts where wherever that Target May uh, migrate over time maybe just help us understand further as far as what you what funding we can expect as we continue to push, the the capacity targets higher.

Yeah, I think you'll be really clean up the balance sheet quite well, uh, at the end of last year and added significant liquidity in the system, um, that liquidity is is already proving to be very advantageous from a strategic execution standpoint.

Um, we did that last year obviously, with a couple of convertible bonds um as the maturity in the contract profile continues to um grow and and you know, the notion of potentially multiple investment grade counterparties, really think the secured financing options for the business both in the bank Market, as well as the sort of, uh, term debt Market are ample, um, bringing in Stephen has been a huge help. Uh, with that regards you've got extensive experience and, and getting out getting rated, uh, getting notes, um, issued on behalf of companies, and that bandwidth is, is critical for us as we look at the long term opportunities for us to finance the business. Um, so I think, you know, as we look at it going forward, we've got really attractive cost of capital options relative, to where we've been over, uh, the last couple of years.

Yeah, hi. This is there's quite a bit of um, appetite out there in the market as Kyle, alluded to both Bank Market, um, terminal and Market high yield and project Finance. So I think um you're going to see our cost of capital is improving and I was just going to recreate to the bottom line.

Got it. Okay. No, that that's great. I appreciate the call there and then maybe thinking about this the integrated power solution, you've talked about molecule to electron just thinking about how you optimize your TurnKey solution with the grid longer term. Obviously, we're behind the meter. We're Island power today, but maybe longer term. How do you think about it potentially integrating with the grid just say, as we move further into the 2030s, just how do you see your TurnKey solution evolving as an integrated strategy and optimization with the grid over a longer period of time?

Well, we certainly believe that that that will be potentially Excess power ability at times to move back into the grid, you know, complicated, interconnection agreements and all that stuff, mechanically, we have supported the Grid in many ways with our equipment before. So we know how to, uh,

Form to the grid and um, and and perform all that. It's a matter of working closely with the utility and The Regulators to ensure that what we can provide from an interconnection agreement. What we focus on today however is getting that power up and running and speed the timing. For those agreements is is not fast and um but over time, we do think that if they evolved that direction

Great, appreciate all the color. I'll turn it back.

The next question will come from Scott Gruber with Citigroup. Please go ahead.

Yes, good morning. Now, let go the latest good morning. I'll let go the congrats on the latest contract. Um, so how do you think about getting back into the queue for additional equipment? You do you, wait to contract the additional 400 megawatts, you get the queue soon? And what are your thoughts on, uh, diversifying your your supplier base. You know, just as backlogs still uh, uh, cross the supplier base.

For oems, we have uh to date been tied pretty closely to 1 OEM they've been a great partner we'll continue to to work with them but we're obviously looking at other options. Um, there are other new product lines coming into the market that look, quite similar to the sort of Workhorse asset that we've got in our generation Fleet. And so we're, we're evaluating all those options. Um, and, and clearly, while we were working in conjunction with our new customer, we were also working supply chain. So, this isn't like a, you know, a standing start. We, we've had these conversations warm for quite some time. Um, and and those dialogues are very healthy. I think we've demonstrated to be a very good customer to suppliers paying on time doing what we we say we will do and, and generally being pretty Cooperative, um, with with that whole mix. So we, we we, we are being consistent with what Bill mentioned as you know, doing what we say. And so with respect to more capacity, that's more of the

Same. And so we are actively uh analyzing those opportunities and and expect to be able to provide updates in due course.

Bill Zartler: We improved as we built that out over the last year. That gives us a lot more confidence on how we build out the balance of plan and how we deploy the equipment.

[Company Representative] (Solaris Energy Infrastructure): Keaton, to be a little specific, we do make the comment that these conversations are accelerating as people are looking at sites, as people are getting comfortable in islanded mode, you know, complex deals. We've been dealing directly with the hyperscalers themselves, which is an advantage, and these deals and the timelines are accelerating.

Amanda Brock: Keaton, to be a little specific, we do make the comment that these conversations are accelerating as people are looking at sites, as people are getting comfortable in islanded mode, you know, complex deals. We've been dealing directly with the hyperscalers themselves, which is an advantage, and these deals and the timelines are accelerating.

No, appreciate that. Um, it was nice to see the, uh, 1 Q. EBA dub bump, uh, in 2q grows. Um, but it's a, it's a little bit more slowly than expectations, uh, across the street. And maybe the street was just a bit ahead of itself, but, you know, Logistics, uh, that segment is is looking better. Um, so can you just walk us through the kind of megawatts deployed, um, you know, across 1 q and into q? And is there any uncertainty around the deployment schedule? You know, at Colossus 2 into into 2 Q? Or are you just embedding? You know, some conservatism and until you get better line of sight.

Don Crist: Great. Great to hear. I'll return to the queue. Thank you.

[Analyst]: Great. Great to hear. I'll return to the queue. Thank you.

Operator: Our next question comes from Derek Podhaizer with Piper Sandler. Please go ahead.

[Company Representative] (Solaris Energy Infrastructure): Hey, good morning, everybody. Just wanted to go back to the capacity expansion commentary. Obviously, I know you need more than the 2.2 gigawatts than you have today. Maybe on the funding side, just how should we think about the funding mechanisms that are available to you? You obviously noted that you freed up your secured borrowing capacity. Just thinking about as you progress towards 3 gigawatts, 4 gigawatts, wherever that target may migrate over time, maybe just help us understand further as far as what funding we can expect as we continue to push the capacity targets higher.

Derek Podhaizer: Hey, good morning, everybody. Just wanted to go back to the capacity expansion commentary. Obviously, I know you need more than the 2.2 gigawatts than you have today. Maybe on the funding side, just how should we think about the funding mechanisms that are available to you? You obviously noted that you freed up your secured borrowing capacity. Just thinking about as you progress towards 3 gigawatts, 4 gigawatts, wherever that target may migrate over time, maybe just help us understand further as far as what funding we can expect as we continue to push the capacity targets higher.

Kyle: Yeah, I think, you know, we really cleaned up the balance sheet quite well at the end of last year and added significant liquidity into the system. That liquidity is already proving to be very advantageous from a strategic execution standpoint. We did that last year, obviously, with a couple of convertible bonds. As the maturity in the contract profile continues to grow and, you know, the notion of potentially multiple investment-grade counterparties, I really think the secured financing options for the business, both from the bank market as well as the sort of term debt market, are ample. Bringing in Stephen has been a huge help with that regards. He's got extensive experience in getting out and rated, getting notes issued on behalf of companies.

Kyle Ramachandran: Yeah, I think, you know, we really cleaned up the balance sheet quite well at the end of last year and added significant liquidity into the system. That liquidity is already proving to be very advantageous from a strategic execution standpoint. We did that last year, obviously, with a couple of convertible bonds. As the maturity in the contract profile continues to grow and, you know, the notion of potentially multiple investment-grade counterparties, I really think the secured financing options for the business, both from the bank market as well as the sort of term debt market, are ample. Bringing in Stephen has been a huge help with that regards. He's got extensive experience in getting out and rated, getting notes issued on behalf of companies.

Well, I mean, I think generally as we look at providing guidance, we always try to embed some level of conservatism, um, rational and reasonable but but some level of conservative, I mean, when it comes to the timing of equipment getting deployed, most of that is out of our control. Um, that's obviously subject to the OEM. And, you know, if you look at how we even shape sort of the capital guidance from the fourth quarter around, to what happened. We we, we assumed in the guidance that we would be receiving installment, invoices ahead of when we actually did. And so some of this is a function of the the supply chain and where they sit with their, with their processes. We we feel very good about the, uh, cost of 2 projects with respect to the total of 900 megawatts, that will be deployed their the exact prescriptive timing week to week.

Month-to-month quarter quarter is going to be somewhat in flux. Depending on OEM deliveries, it's a massive project that's being built in real time and so there's lots of civil work that needs to take place there as well. So there's lots of puts and takes that are outside of our control, quite frankly. And so that's that's driving maybe somewhat of the the guidance but I don't think it has any material. Any impact whatsoever with respect to the Run rate as as we look at it?

I appreciate the caller, thank you. And we're yeah, I'm still on track for q1 of next year to to be at the full 900 megawatts, at cost with 2.

Kyle: That bandwidth is critical for us as we look at the long-term opportunities for us to finance the business. I think, you know, as we look at it going forward, we've got really attractive cost of capital options relative to where we've been over the last couple of years.

Kyle Ramachandran: That bandwidth is critical for us as we look at the long-term opportunities for us to finance the business. I think, you know, as we look at it going forward, we've got really attractive cost of capital options relative to where we've been over the last couple of years.

And then just, you know, finally we have been able to use and demand this point with respect to some of the new regulatory, uh, analysis and ability, to put more power out there in a temporary basis, to allow the customer to ramp their demand uh, potentially ahead of when the, the permanent.

Power comes into play.

Well, that's a great color. Thanks Kyle. Turn it back.

Bill Zartler: Yeah. Hey, this is Steve. There's quite a bit of appetite out there in the market, as Kyle alluded to, both bank market, terminal market, high yield, and project finance. I think, you're gonna see our cost of capital is improving, and that's just gonna accrete to the bottom line.

Stephan Tompsett: Yeah. Hey, this is Steve. There's quite a bit of appetite out there in the market, as Kyle alluded to, both bank market, terminal market, high yield, and project finance. I think, you're gonna see our cost of capital is improving, and that's just gonna accrete to the bottom line.

Our next question comes from Stephen. Gengaro with stifel, please go ahead.

Uh thanks and good morning everybody.

[Company Representative] (Solaris Energy Infrastructure): Got it. Okay. No, that's great. I appreciate the color. Then maybe thinking about this, the integrated power solution. You've talked about molecule to electron. Just thinking about how you optimize your turnkey solution with the grid longer term. Obviously, we're behind the meter, we're island power today. Maybe longer term, how do you think about it potentially integrating with the grid, just say, as we move further into the 2030s? Just how do you see your turnkey solution evolving as an integrated strategy and optimization with the grid over a longer period of time?

Derek Podhaizer: Got it. Okay. No, that's great. I appreciate the color. Then maybe thinking about this, the integrated power solution. You've talked about molecule to electron. Just thinking about how you optimize your turnkey solution with the grid longer term. Obviously, we're behind the meter, we're island power today. Maybe longer term, how do you think about it potentially integrating with the grid, just say, as we move further into the 2030s? Just how do you see your turnkey solution evolving as an integrated strategy and optimization with the grid over a longer period of time?

Uh, I think I think 2, for me, the first and I'm not sure how much color you can add, but when you talk about discussions that are out there for that, for, I guess, roughly incremental 400 megawatts. Are we talking about, like discussions that are in the gigawatt range, where you have multiple conversations going on? Or is it, are they more sort of isolated discussions with specific customers? Like, is there any way to think about?

And kind of quantify sort of the the near-term demand for that power.

I see and I think the the the discussions are as widely varies as we

100 megawatt.

Bill Zartler: Well, we certainly believe that that will be potentially excess power ability at times to move back into the grid, you know, complicated interconnection agreements and all that stuff. Mechanically, we have supported the grid in many ways with our equipment before, so we know how to form to the grid and perform all that. It's a matter of working closely with the utility and the regulators to ensure that what we can provide from the interconnection agreement. What we focus on today, however, is getting that power up and running at speed. The timing for those agreements is not fast. Over time, we do think it'll, it may evolve that much.

Stephan Tompsett: Well, we certainly believe that that will be potentially excess power ability at times to move back into the grid, you know, complicated interconnection agreements and all that stuff. Mechanically, we have supported the grid in many ways with our equipment before, so we know how to form to the grid and perform all that. It's a matter of working closely with the utility and the regulators to ensure that what we can provide from the interconnection agreement. What we focus on today, however, is getting that power up and running at speed. The timing for those agreements is not fast. Over time, we do think it'll, it may evolve that much.

Um what, what happens in these negotiations, um, which like we've said, are negotiations not discussions. Um, if we will, maybe start with the 400 megawatts, but because of how electrification is phased in, we will then add over time.

[Company Representative] (Solaris Energy Infrastructure): Great. Appreciate all the color. I'll turn it back.

Derek Podhaizer: Great. Appreciate all the color. I'll turn it back.

Okay, now, that that that's helpful. Thank you and the other question.

Operator: The next question will come from Scott Gruber with Citigroup. Please go ahead.

Scott Gruber: Yes, good morning. Now, Aleko, the...

[Company Representative] (Solaris Energy Infrastructure): Morning, Scott.

Kyle Ramachandran: Morning, Scott.

Scott Gruber: Good morning, Aleko. Congrats on the latest contract. How do you think about getting back into the queue for additional equipment? You know, do you wait to contract the additional 400 megawatts? Do you get in the queue soon? What are your thoughts on diversifying your supplier base, you know, just as backlogs fill across the supplier base?

Kyle: I think we've been pretty clear from the beginning that as capacity gets contracted, we will be back obtaining more capacity in multiple different options in that regard. To your point, there's also OEMs. We have to date been tied pretty closely to one OEM. They've been a great partner, and we'll continue to work with them, but we're obviously looking at other options. There are other new product lines coming into the market that look quite similar to the sort of workhorse asset that we've got in our generation fleet. We're evaluating all those options. Clearly, while we were working in conjunction with our new customer, we were also working supply chain. This isn't like a, you know, a standing start.

Kyle Ramachandran: I think we've been pretty clear from the beginning that as capacity gets contracted, we will be back obtaining more capacity in multiple different options in that regard. To your point, there's also OEMs. We have to date been tied pretty closely to one OEM. They've been a great partner, and we'll continue to work with them, but we're obviously looking at other options. There are other new product lines coming into the market that look quite similar to the sort of workhorse asset that we've got in our generation fleet. We're evaluating all those options. Clearly, while we were working in conjunction with our new customer, we were also working supply chain. This isn't like a, you know, a standing start.

Um um when you think about the the price of power and I know like when you were first applying assets and you know, you're because you're basically at the customer's site, you're kind of your your cost of power was pretty close to to grid power. And it, it feels like grid power or even even at or below grid power. But as, as we, you know, have these, these kind of conversations about Rising electricity costs over time. How do you price the power like? Are you able to take advantage or at least leverage, the fact that power prices are likely rising over the next decade? When you're when you're when you're signing these longer term contracts like how is that discussion going?

Yeah. I mean I think customers intuitively understand this and how the shape of our card we're really focused on maternal Capital focused on protecting our costs with with Cola we're we're in most cases not buying the gas, the the customers are buying their gas so we're not at risk for that part of the part of the the, the expense going up. But we do see, you know, maintenance and all the regular costs that that can

Kyle: We've had these conversations warm for quite some time, and those dialogues are very healthy. I think we've demonstrated to be a very good customer to suppliers, paying on time, doing what we say we will do, and generally being pretty cooperative with that whole mix. We are being consistent with what Bill mentioned of, you know, doing what we say. With respect to more capacity, that's more of the same. We are actively analyzing those opportunities and expect to be able to provide updates in due course.

Kyle Ramachandran: We've had these conversations warm for quite some time, and those dialogues are very healthy. I think we've demonstrated to be a very good customer to suppliers, paying on time, doing what we say we will do, and generally being pretty cooperative with that whole mix. We are being consistent with what Bill mentioned of, you know, doing what we say. With respect to more capacity, that's more of the same. We are actively analyzing those opportunities and expect to be able to provide updates in due course.

Increase over time. Um, but I think this is a, you know, you you can lock it up now and just like you might with a, with a big Power, you could do a capacity deal, um, with some variable, um, which is what we're seeing both on the, this kind of behind the meter scale, as well as co-located scale, and, um, and protect and Hedge for the next, you know, 10 to 20 years.

As a customer, okay.

Great. Thanks for the additional caller.

Our next question comes from Michael dudus, with vertical research, please go ahead.

Good morning, everyone.

Morning.

Scott Gruber: No, I appreciate that. It was nice to see the Q1 EBITDA bump and Q2 grows. It's a little bit more slowly than expectations across the street. Maybe the street was just a bit ahead of itself. You know, logistics, that segment is looking better. Can you just walk us through the kind of megawatts deployed, you know, across Q1 and into Q2? Is there any uncertainty around the deployment schedule, you know, at Colossus Two into Q2, or are you just embedding, you know, some conservatism until you get better line of sight?

Um, as you as you indicated in, in your prepared remarks, it surely is we would see the market, you know, demand seems to be much greater than Supply and capacity. How is that evolving relative to the moat that you're creating given the the moment that you've put together over the past couple of years. And how is that impact relative to what you want to do in the uplift, to the other services to provide for your integration? Um, you know, is the acquisition Market, or the opportunities there uh are there quickly enough for you to, you know, generate the value from that. Um, just to, you know, really solidify your, your Solutions profile.

Kyle: Well, I mean, I think generally as we look at providing guidance, we always try to embed some level of conservatism, rational and reasonable, but some level of conservatism. I mean, when it comes to the timing of equipment getting deployed, most of that is out of our control. That's obviously subject to the OEM. You know, if you look at how we even shaped sort of the capital guidance for Q4 relative to what happened, we assumed in the guidance that we would be receiving installment invoices ahead of when we actually did. Some of this is a function of the supply chain and where they sit with their processes. We feel very good about the Colossus Two project with respect to the total 900 megawatts that will be deployed there.

Kyle Ramachandran: Well, I mean, I think generally as we look at providing guidance, we always try to embed some level of conservatism, rational and reasonable, but some level of conservatism. I mean, when it comes to the timing of equipment getting deployed, most of that is out of our control. That's obviously subject to the OEM. You know, if you look at how we even shaped sort of the capital guidance for Q4 relative to what happened, we assumed in the guidance that we would be receiving installment invoices ahead of when we actually did. Some of this is a function of the supply chain and where they sit with their processes. We feel very good about the Colossus Two project with respect to the total 900 megawatts that will be deployed there.

Yeah, I mean, I think number 1, this is a very big Market. We will not be alone in developing power for this this industry, right, the numbers are staggering. So, um, our our moat and our our

Offering is 1 of experience of, of operations, of knowledge, of ensuring, as reliable power as possible at at, you know, at attractive pricing, um, as we build out our offering the, the more, uh, Capital we can put to work in the more services. We offer that we can get paid for uh, is valuable and and I think valuable to the customer in that what we're doing and ultimately is just ensuring that they get the power where they need it when they need it at the right, um, at the right voltage and and time and uh and that will give us the amount of Runway that this business needs to continue to grow very rapidly over the next several years.

Kyle: The exact prescriptive timing, week to week, month to month, Q to Q, is going to be somewhat in flux, depending on OEM deliveries. It's a massive project that's being built in real time, and so there's lots of civil work that needs to take place there as well. There's lots of puts and takes that are outside of our control, quite frankly. That's, that's driving maybe somewhat of the guidance, but I don't think it has any impact whatsoever with respect to the run rate as we look at it.

Kyle Ramachandran: The exact prescriptive timing, week to week, month to month, Q to Q, is going to be somewhat in flux, depending on OEM deliveries. It's a massive project that's being built in real time, and so there's lots of civil work that needs to take place there as well. There's lots of puts and takes that are outside of our control, quite frankly. That's, that's driving maybe somewhat of the guidance, but I don't think it has any impact whatsoever with respect to the run rate as we look at it.

Excellent. Thanks Bill.

Our next question comes from Jeff. LeBlanc with tph please. Go ahead.

Uh, good morning Bill and Amanda. Thank you for taking my question.

Morning.

In SLS or a guy in the flat eBid doll on a sequential basis. While the pressure Pumpers are flagging, uh, the winter storm firm as a fern, excuse me, as having a sizable impact on q1 profitability,

Scott Gruber: I appreciate the color. Thank you.

Kyle: We're you know, still on track for Q1 of next year to be at the full 900 megawatts at Colossus Two. Just, you know, finally, we have been able to use, and to Amanda's point, with respect to some of the new regulatory analysis, an ability to put more power out there on a temporary basis to allow the customer to ramp their demand, potentially ahead of when the permanent power comes into play.

Kyle Ramachandran: We're you know, still on track for Q1 of next year to be at the full 900 megawatts at Colossus Two. Just, you know, finally, we have been able to use, and to Amanda's point, with respect to some of the new regulatory analysis, an ability to put more power out there on a temporary basis to allow the customer to ramp their demand, potentially ahead of when the permanent power comes into play.

Can you expound upon how that your rentals business is insulating SEI from these types of uh disruptions thank you.

Scott Gruber: Well, that's great color. Thanks, Kyle. Turn it back.

Operator: Our next question comes from Stephen Gengaro with Stifel. Please go ahead.

Stephen Gengaro: Thanks, and good morning, everybody. I think two for me. The first, and I'm not sure how much color you can add, but when you talk about discussions that are out there for that, for, I guess, roughly incremental 400 megawatts, are we talking about like discussions that are in the gigawatt range, where you have multiple conversations going on? Or are they more sort of isolated discussions with specific customers? Like, is there any way to think about and kind of quantify sort of the near-term demand for that power?

Our next question comes from Don Crist with Johnson rice.

Please go ahead.

Morning, guys. Hope you all are doing well, this morning. Um,

1 macro question from me. Um you know, as you're having these discussions

uh, you know, given all the state of the world right now with with

Bill Zartler: Stephen, I think the discussions are as widely varied as we need 100 megawatts to we need 2 to 3 gigawatts. How does that roll out over the course of 2027, 2028, 2029, kind of timeframe, and it's with multiple customers or single customers. The opportunity set, as Amanda mentioned, is significant, it's large. I think where we will focus on is closing with 1 or 2 customers in that, you know, in that 400 megawatt kind of range.

Stephan Tompsett: Stephen, I think the discussions are as widely varied as we need 100 megawatts to we need 2 to 3 gigawatts. How does that roll out over the course of 2027, 2028, 2029, kind of timeframe, and it's with multiple customers or single customers. The opportunity set, as Amanda mentioned, is significant, it's large. I think where we will focus on is closing with 1 or 2 customers in that, you know, in that 400 megawatt kind of range.

Uh, Energy prices and and the the consumer facing kind of aspects of that, how many of your discussions are 100% behind the meter versus kind of a hybrid approach with, you know grid versus you know behind the meter is is is it more is it shifting more to where you're going to be a standalone Island, power plant for the life of the data center? Or is it still kind of a hybrid approach?

Scott Gruber: What happens in these negotiations, which, like we've said, are negotiations, not discussions, is we will maybe start with the 400 megawatts, but because of how electrification is phased in, we will then add over time.

Amanda Brock: What happens in these negotiations, which, like we've said, are negotiations, not discussions, is we will maybe start with the 400 megawatts, but because of how electrification is phased in, we will then add over time.

Stephen Gengaro: Okay. No, that's helpful. Thank you. The other question, when you think about the price of power, and I know, like, when you were first deploying assets and, you know, because you're basically at the customer site, you're kind of your cost of power was pretty close to grid power, and it feels like grid power or even at or below grid power. As we, you know, have these kind of conversations about rising electricity costs over time, how do you price the power? Like, are you able to take advantage or at least leverage the fact that power prices are likely rising over the next decade when you're signing these longer-term contracts? Like, how does that discussion go?

I I think there's a little there's still a bit of a hybrid. It's it's probably weighted toward behind the meter for the life of the plant. Although we're having discussions with a few customers around, having a mobile kit that they may rent for the next 10 years that we set up in advance of grid connections that they hope to get there over some period of time. And so the, the mobile nature of the service of being able to set up fair power quickly, the Tailwind with the quad K regulations, which allowing some of that to happen on temporary basis, kind of gives a couple of pieces of this offering 1 is the

Appear behind the meter that may end up being co-located over time or, um, we can go in and, and are looking for long-term contracts to be a bridge provider, which would mean that we may sit on sites between 1 and 2 years. But we have a contract with that customer for multiple years beyond that to move the sight to sight as they recognize that, um, connections are slow, um, and they're building Out locations, maybe faster than the, uh, the grid can connect to them and they need a solution like that, to complement their rapid growth.

Bill Zartler: Yeah, I mean, I think customers intuitively understand this and how the shape of our curve. We're really focused on return on capital, focused on protecting our costs with COLA. We're in most cases, not buying the gas. The customers are buying their gas, we're not at risk for that part of the expense going up. We do see, you know, maintenance and all the regular costs that can increase over time.

Stephan Tompsett: Yeah, I mean, I think customers intuitively understand this and how the shape of our curve. We're really focused on return on capital, focused on protecting our costs with COLA. We're in most cases, not buying the gas. The customers are buying their gas, we're not at risk for that part of the expense going up. We do see, you know, maintenance and all the regular costs that can increase over time.

Bill Zartler: I think this is a, you know, you can lock it up now and just like you might with a, with a big power, you could do a capacity deal, with some variable, which is what we're seeing both on this kind of behind the meter scale as well as co-located scale, and protect and hedge for the next, you know, 10 to 20 years as a customer.

Stephan Tompsett: I think this is a, you know, you can lock it up now and just like you might with a, with a big power, you could do a capacity deal, with some variable, which is what we're seeing both on this kind of behind the meter scale as well as co-located scale, and protect and hedge for the next, you know, 10 to 20 years as a customer.

John we are seeing you know as we said this acceleration in the discussions the the Tailwind here. 1 greater, tener on contracts. Um we always like to see that 2 people in the last quarter um customers and end users getting very comfortable that they can be in fully islanded mode successfully reliably for a 10 plus year contract. So, it's all of the above but definitely a Tailwind toward people getting comfortable that maybe they don't have to connect to the grid. And we think that, you know, last night's State of the Union Address with the rate payer protection pledge, these discussions will continue to, to gain traction.

Stephen Gengaro: Okay. Great. Thanks for the additional color.

Yeah, that that makes a lot of sense and and just 1 further 1 for me, obviously the fourth quarter, had some maintenance issues or not issues, but maintenance cost, uh, that were elevated. As you had to kind of update your your equipment, but how do we look at it going forward? You know, as as you

Operator: Our next question comes from Michael Dudas with Vertical Research Partners. Please go ahead.

Add a whole lot more. New equipment is that maintenance schedule kind of the minimum is going forward. Or do you have another wave of stuff coming through in the next 12 to 15 months or so that that need to go through that process?

Michael Dudas: Good morning, everyone.

Yeah, that I think.

Bill Zartler: Good morning.

Amanda Brock: Good morning.

Scott Gruber: Morning.

Michael Dudas: Morning.

Michael Dudas: As you indicated in your prepared remarks, and certainly as we've seen in the market, you know, demand seems to be much greater than supply and capacity. How is that evolving relative to the moat that you're creating, given the momentum you've put together over the past couple of years? How does that impact relative to what you want to do in the uplift to the other services to provide for your integration? You know, is the acquisition market or the opportunities there, are there quickly enough for you to, you know, generate the value from that, just to, you know, really solidify your solutions profile?

Bill Zartler: Yeah, I mean, I think, number one, this is a very big market. We will not be alone in developing power for this industry, right? The numbers are staggering. Our moat and our offering is one of experience, of operations, of knowledge, of ensuring as reliable power as possible at, you know, at attractive pricing. As we build out our offering, the more capital we can put to work and the more services we offer that we can get paid for, is valuable. I think valuable to the customer, in that what we're doing ultimately is just ensuring that they get the power where they need it, when they need it, at the right, at the right voltage, and type.

Of the utility project that, uh, was relatively short-term in nature. And, and we're doing some modifications to that equipment to get it. Ready for a, a long-term contract to serve a micro Grid in the, in the, in West, Texas area. Um, so that, that was sort of, I'd say, more of a kind of a, a 1-off in nature. Um, as we've talked about, historically, this equipment has, um, an overhaul cycle, which is episodic relative to the number of hours uh run in the engines and and on average they're roughly 30,000 our overhaul Cycles. So it's it's every you know, 4ish kind of year time frame depending on the the fire and hours per per day or per per per year for those engines. Um so yeah we're obviously in a period here where we're not seeing significant maintenance Capital over time, that will be running through the business and that that's

Several years out from now. And then the other thing in the fourth quarter was, uh, we did secure some additional third-party equipment to meet and accelerated ramp schedule, um, for for 1 of our larger projects. And so we we pulled that in a little bit ahead of when the equipment was deployed onto site and so that was just some additional cost that was

Sanitary in nature in the fourth quarter.

I appreciate all the color. Thanks guys, turn it back.

Bill Zartler: That will give us the amount of runway that this business needs to continue to grow very rapidly over the next several years.

This concludes our question and answer session. I would like to turn the conference back over to Bill's artwork for any closing remarks.

Michael Dudas: Excellent. Thanks, Bill.

Operator: Our next question comes from Jeff LeBlanc with TPH. Please go ahead.

5 and the significant opportunities ahead is rewarding to see our team grow and deliver real value in this fast evolving Market.

Jeff LeBlanc: good morning, Bill and Amanda. Thank you for taking my questions.

Bill Zartler: Morning.

[Company Representative] (Solaris Energy Infrastructure): Morning.

Amanda Brock: Morning.

Jeff LeBlanc: In SLS, you're guiding the flat EBITDA on a sequential basis, while the pressure pumpers are flagging, the Winter Storm Uri, excuse me, as having a sizable impact on Q1 profitability. Can you expound upon how that your rentals business is insulating SEI from these types of disruptions? Thank you.

If you like a big, thank you to our dedicated employees. Our trusted customers and valued supplier Partners. Your commitment makes it all possible. Thank you.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect

Bill Zartler: Well, we did see some downtime during the storm. What we also see is an additional growth in the business that's offsetting that. I think we're growing maybe faster than the current pressure pumping market is, just in terms of touch. The Top-Fill offering and the savings that it offers for some of these large frac jobs is real. We continue to see demand there, and we're virtually sold out, as I had mentioned on the call, with that equipment. Given the growth in that from quarter-over-quarter, that's gonna offset some of the declines that we saw in or most of the declines we saw in the storm.

Jeff LeBlanc: Okay. Thank you very much. I'll hand the call back to the operator.

Operator: Our next question comes from Don Crist with Johnson Rice. Please go ahead.

Don Crist: Good morning, guys. Hope you all are doing well this morning. One macro question for me, you know, as you're having these discussions, you know, given all the state of the world right now with energy prices and the consumer-facing kind of aspects of that, how many of your discussions are 100% behind the meter versus kind of a hybrid approach with, you know, grid versus, you know, behind the meter? Is it shifting more to where you're gonna be a standalone island power plant for the life of the data center, or is it still kind of a hybrid approach?

Bill Zartler: I think there's still a bit of a hybrid. It's probably weighted toward behind the meter for the life of the plant. Although we're having discussions with a few customers around having a mobile kit that they may rent for the next 10 years, that we set up in advance of grid connections that they hope to get there over some period of time. The mobile nature and the service of being able to set up their power quickly, the tailwinds with the Subpart K regulations, which allowing some of that to happen on a temporary basis, kind of gives a couple of pieces of this offering.

Bill Zartler: One is the pure behind the meter that may end up being co-located over time, or we can go in and are looking for long-term contracts to be a bridge provider, which would mean that we may sit on sites between one and two years, but we have a contract with that customer for multiple years beyond that, to move the site to site, as they recognize that connections are slow and they're building out locations maybe faster than the grid can connect to them, and they need a solution like that to complement their rapid growth.

[Company Representative] (Solaris Energy Infrastructure): Don, we are seeing, you know, as we said, the acceleration of discussions. The tailwinds here: 1, greater tenor on contracts. We always like to see that. 2, people in the last quarter, customers and end users getting very comfortable that they can be in fully islanded mode successfully, reliably for a 10-plus-year contract. It's all of the above, but definitely a tailwind toward people getting comfortable that maybe they don't have to connect to the grid. We think that, you know, last night's State of the Union Address with the Ratepayer Protection Pledge, these discussions will continue to gain traction.

Amanda Brock: Don, we are seeing, you know, as we said, the acceleration of discussions. The tailwinds here: 1, greater tenor on contracts. We always like to see that. 2, people in the last quarter, customers and end users getting very comfortable that they can be in fully islanded mode successfully, reliably for a 10-plus-year contract. It's all of the above, but definitely a tailwind toward people getting comfortable that maybe they don't have to connect to the grid. We think that, you know, last night's State of the Union Address with the Ratepayer Protection Pledge, these discussions will continue to gain traction.

Don Crist: Yeah, that makes a lot of sense. Just 1 further one for me. Obviously, the Q4 had some maintenance issues, or not issues, but maintenance costs that were elevated as you had to kind of update your equipment. How do we look at it going forward, you know, as you add a whole lot more new equipment? Is that maintenance schedule kind of de minimis going forward, or do you have another wave of stuff coming through in the next 12 to 15 months or so that need to go through that process?

Kyle: Yeah, Don, I think the color on the Q4 was around some equipment coming off of a utility project that was relatively short term in nature, and we were doing some modifications to that equipment to get it ready for a long-term contract to serve a microgrid in West Texas area. That was sort of, I'd say, more of a, kind of a one-off in nature. As we've talked historically, this equipment has an overhaul cycle, which is episodic relative to the number of hours run in the engines. On average, they're roughly 30,000 hour overhaul cycles. It's every, you know, 4-ish kind of year timeframe, depending on the fired hours per day or per year for those engines.

Kyle Ramachandran: Yeah, Don, I think the color on the Q4 was around some equipment coming off of a utility project that was relatively short term in nature, and we were doing some modifications to that equipment to get it ready for a long-term contract to serve a microgrid in West Texas area. That was sort of, I'd say, more of a, kind of a one-off in nature. As we've talked historically, this equipment has an overhaul cycle, which is episodic relative to the number of hours run in the engines. On average, they're roughly 30,000 hour overhaul cycles. It's every, you know, 4-ish kind of year timeframe, depending on the fired hours per day or per year for those engines.

Kyle: Yeah, we're obviously in a period here where we're not seeing significant maintenance capital. Over time, that will be running through the business, and that's several years out from now. The other thing in Q4 was, we did secure some additional third-party equipment to meet an accelerated ramp schedule, for one of our larger projects. We pulled that in a little bit ahead of when the equipment was deployed onto site, and so that was just some additional cost that was transitory in nature in Q4.

Kyle Ramachandran: Yeah, we're obviously in a period here where we're not seeing significant maintenance capital. Over time, that will be running through the business, and that's several years out from now. The other thing in Q4 was, we did secure some additional third-party equipment to meet an accelerated ramp schedule, for one of our larger projects. We pulled that in a little bit ahead of when the equipment was deployed onto site, and so that was just some additional cost that was transitory in nature in Q4.

Bill Zartler: I appreciate all the color. Thanks, guys. Turn it back.

Don Crist: I appreciate all the color. Thanks, guys. Turn it back.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Bill Zartler for any closing remarks.

Bill Zartler: Thank you all for joining us today. We're excited by the strong momentum we've built in all aspects of our business in 2025 and the significant opportunities ahead. It's rewarding to see our team grow and deliver real value in this fast-developing market. A big thank you to our dedicated employees, our trusted customers, and valued supplier partners. Your commitment makes it all possible. Thank you.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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