Solaris Q3 Earnings Call Highlights Power Deals and Raised Outlook

SEI beat on both lines in Q3 2026 and paired the results with higher guidance, putting the focus on its contracted power pipeline. Revenue came in at $341.1M with adjusted EPS of $0.45, both ahead of estimates.

The headline catalyst is a new 15-year, 900-MW power contract. It lifts SEI's contracted capacity to 3.2 GW and pushes backlog above $16B. A 15-year term gives the company long-dated revenue visibility, which is our interpretation of why the backlog figure matters to the story.

Guidance moved up across two quarters. SEI now sees Q4 2026 EBITDA of $165-$185M and Q1 2027 EBITDA of $220-$260M. The Q1 2027 range sits well above the Q4 range, implying a steep sequential step-up if management delivers. SEI tied the outlook to recent acquisitions that expand its services capabilities, plus $1.5B in new financing.

The financing is the other side of the ledger. A $1.5B raise supports the buildout behind the 3.2 GW of contracted capacity, but interpretation: it also means execution and funding costs now matter as much as the backlog headline.