Research · Sep 3, 2026
[SOLS] Solaris Energy Infrastructure Thesis 2026: Distributed Power Cycle Drives AI Datacenter Mobile Energy Recovery
Solaris Energy Infrastructure Inc. (NYSE: SOLS; formerly Solaris Oilfield Infrastructure) FY2025 revenue ~$430-490M (+45-65%) with adj. EPS ~$0.85-1.20 reflecting continued post-September 2024 ~$200M+ aggregate Mobile Energy Rentals (MER) acquisition completion + selected continued post-2024 ~$220-260M aggregate Distributed Power revenue (~50%+ aggregate revenue mix; selected primary mobile natural gas turbines + selected various distributed power solutions for AI datacenter + selected various oilfield + selected various) + selected continued post-2024 ~$210-230M aggregate Solaris Logistics + frac sand storage + selected various Solaris Logistics revenue (~45-50% aggregate revenue mix; selected primary US Permian + selected various basin frac sand logistics) under continued President + CEO William Zartler since 2014 (~11-year tenure as Solaris Founder + CEO). One of the leading US distributed power + frac sand logistics + selected various energy infrastructure platforms. Founded 2014 as Solaris Oilfield Infrastructure in Houston Texas by William Zartler + selected various (~11-year heritage); selected post-May 2017 NYSE IPO; selected post-September 2024 ~$200M+ aggregate Mobile Energy Rentals (MER) acquisition completion; selected post-2024 selected name change from Solaris Oilfield Infrastructure to Solaris Energy Infrastructure. Headquartered in Houston Texas; ~700+ employees globally with ~$430-490M revenue. Two primary business segments: Solaris Logistics (~45-50% ~$210-230M), Distributed Power (~50%+ ~$220-260M). Geographic mix: US ~95%+ + selected various international ~5%. Distributed Power AI Datacenter cycle: post-September 2024 ~$200M+ aggregate Mobile Energy Rentals acquisition completion; selected primary mobile natural gas turbines for AI datacenter + selected various enterprise customer + selected various oilfield. Solaris Logistics + frac sand recovery: selected primary US Permian + selected various basin frac sand storage + selected various oilfield service infrastructure. President + CEO William Zartler since 2014 (~11-year tenure); CFO Kyle Ramachandran. Capital return: ~$0.48 annual dividend FY2025 (~6-year continuous dividend track); ~$30-50M aggregate FY2024-2025 buyback program (~$15-25M aggregate FY2025); aggregate capital return ~$30-50M; net leverage ratio ~1.5-2.0x; investment-grade pathway B1/B+. FY2026 thesis: Distributed Power AI Datacenter cycle + Mobile Energy Rentals integration + Solaris Logistics + frac sand recovery + ~$0.48 annual dividend + ~6-year continuous dividend track + ~$15-40M aggregate annual buybacks + selected post-September 2024 deleveraging + selected potential post-deleveraging dividend acceleration. Risks: Distributed Power + AI datacenter cycle, ProFrac + Cactus competition, US Permian oilfield service activity, Mobile Energy Rentals integration execution, WTI + natural gas pricing.