SEI on NYSE

Solaris Energy Infrastructure, Inc.

American oil and gas field machinery and equipment company based in Houston2

In its 2026 annual report the company says: “We provide modular and scalable equipment-based solutions for power generation, control and distribution, and the management of raw materials in oil and natural gas well completions.”6 Its shares trade on NYSE under the symbol SEI.2

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Last updated Oct 20, 2026.

Overview

$622.2MRevenue, fiscal 20253
$30.2MNet income, fiscal 20253

Compare with Oil States International, Forum Energy Technologies or Innovex International, Inc., or pick any stock.

  • TickerSEI on NYSE2
  • IndustryOil & Gas Field Machinery & Equipment2
  • HeadquartersHouston, United States2
  • Incorporated inDE4
  • Business address9651 Katy Freeway, Suite 300, Houston, Tx 770244
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation2
  • LEI529900MTK3C8Y8TIIC102
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 63037952

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We provide modular and scalable equipment-based solutions for power generation, control and distribution, and the management of raw materials in oil and natural gas well completions. Headquartered in Houston, Texas, Solaris serves multiple U.S. end markets, including data center, energy, and other commercial and industrial sectors.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.8%Operating margin3
4.8%Net margin3
98.7%Revenue growth, 20253
5.3%Return on equity3
0.32×Debt to equity3
-$437.7MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin10¢$61.7M
  • Other costs83¢$515.7M
  • Income tax2¢$14.7M
  • Profit5¢$30.2M

Out of $622.2M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending97¢$646.8M
  • Dividends paid3¢$21.8M

Out of $209.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue7893$622.2M in 2025+216% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $197.2M$197.2M20182019: $241.7M$241.7M2019+23%2020: $100.7M$100.7M2020−58%2021: $145.7M$145.7M2021+45%2022: $300.0M$300.0M2022+106%2023: $292.9M$292.9M2023−2%2024: $313.1M$313.1M2024+7%2025: $622.2M$622.2M2025+99%
Operating income789103$135.4M in 2025+36% since 2018
-$100.0M-$50.0M0$50.0M$100.0M$150.0M2018: $99.3M$99.3M20182019: $107.9M$107.9M2019+9%2020: -$59.9M-$59.9M20202021: -$387.0K-$387.0K2021−99%2022: $41.8M$41.8M20222023: $49.9M$49.9M2023+19%2024: $52.8M$52.8M2024+6%2025: $135.4M$135.4M2025+156%
Net income789103$30.2M in 2025−29% since 2018
-$50.0M-$25.0M0$25.0M$50.0M$75.0M2018: $42.4M$42.4M20182019: $52.0M$52.0M2019+23%2020: -$29.3M-$29.3M20202021: -$868.0K-$868.0K2021−97%2022: $21.2M$21.2M20222023: $24.3M$24.3M2023+15%2024: $15.8M$15.8M2024−35%2025: $30.2M$30.2M2025+91%
Fiscal year20182019202020212022202320242025
Revenue$197.2M7$241.7M8$100.7M9$145.7M9$300.0M9$292.9M3$313.1M3$622.2M3
Research and development$07$07$07
Selling, general and admin$16.8M7$18.6M8$16.5M9$19.3M10$23.1M10$27.0M3$35.6M3$61.7M3
Operating expenses$159.6M10$278.2M10$243.0M3$260.3M3$486.8M3
Operating income$99.3M7$107.9M8-$59.9M9-$387.0K10$41.8M10$49.9M3$52.8M3$135.4M3
Interest$374.0K14$634.0K14
Income before tax-$634.0K10$41.3M10$46.6M3$36.9M3$73.1M3
Income tax$13.0M7$16.9M8-$9.0M9$626.0K10$7.8M10$7.8M3$8.0M3$14.7M3
Net income$42.4M7$52.0M8-$29.3M9-$868.0K10$21.2M10$24.3M3$15.8M3$30.2M3
Earnings per share$1.6015
Earnings per share (diluted)$1.5915

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Corporate structure

Solaris Energy Infrastructure, Inc. sits at the top of its group. 12 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Solaris Energy Infrastructure, Inc.

  • Yorktown Energy Partners X, L.P. Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Aug 14, 2026 (3 filings since Feb 14, 2023)
  • BlackRock Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Aug 6, 2026 (3 filings since Jan 8, 2025)
  • Encompass Capital Advisors LLC Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest May 15, 2026 (10 filings since Oct 1, 2021)
  • FMR LLC Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest May 6, 2026 (2 filings since Nov 5, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Mar 27, 2026 (6 filings since Feb 10, 2022)
  • William A. Zartler Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Feb 13, 2026 (5 filings since Feb 15, 2022)
  • JANE STREET GROUP, LLC Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Feb 4, 2026 (2 filings since Dec 8, 2025)
  • DRIEHAUS CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Nov 14, 2025 (2 filings since May 15, 2025)
  • SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Nov 14, 2025 (4 filings since Dec 13, 2024)
  • KTR Management Company, LLC Filed SCHEDULE 13D/A on Solaris Energy Infrastructure, Inc., latest Nov 6, 2025 (3 filings since Sep 13, 2024)
  • BlackRock Portfolio Management LLC Filed SCHEDULE 13G/A on Solaris Energy Infrastructure, Inc., latest Oct 17, 2025 (3 filings since Apr 3, 2025)
  • J Turbines, Inc. Filed SCHEDULE 13D/A on Solaris Energy Infrastructure, Inc., latest Jul 30, 2025 (3 filings since Sep 13, 2024)
  • Solaris Energy Infrastructure, Inc. Houston, Texas, United States
    • Solaris Logistics, LLC Subsidiary · Delaware, United States
    • Solaris Oilfield Early Property, LLC Subsidiary · Texas, United States
    • Solaris Oilfield Site Services Operating, LLC Subsidiary · Texas, United States
    • Solaris Oilfield Site Services Personnel LLC Subsidiary · Delaware, United States
    • Solaris Oilfield Technologies, LLC Subsidiary · Delaware, United States
    • Solaris Power Distribution Solutions, LLC Subsidiary · Texas, United States
    • Solaris Power Solutions Stateline Operating, LLC Subsidiary · Delaware, United States
    • Solaris Power Solutions Stateline, LLC Subsidiary · Delaware, United States
    • Solaris Power Solutions, LLC Subsidiary · Texas, United States
    • Solaris Transportation, LLC Subsidiary · Delaware, United States
    • Stateline Power, LLC Subsidiary · Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Solaris Energy Infrastructure, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$10.6M3 Dec 31, 2025$10.0M3 Dec 31, 2024+6.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$353.3M3 Dec 31, 2025$114.3M3 Dec 31, 2024+209.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$105.4M3 Dec 31, 2025$104.0M3 Dec 31, 2024+1.3%
Intangible assets, net (excluding goodwill)$59.8M3 Dec 31, 2025$71.5M3 Dec 31, 2024−16.4%
Finite-lived intangibles, gross$74.6M3 Dec 31, 2025$74.1M3 Dec 31, 2024+0.7%
Accumulated amortization$14.8M3 Dec 31, 2025$2.6M3 Dec 31, 2024+469.2%
Finite-lived intangibles, net$59.8M3 Dec 31, 2025$71.5M3 Dec 31, 2024−16.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$14.4M3 Dec 31, 2025$10.9M3 Dec 31, 2024+32.0%

Properties, in its own words

Our principal properties are described in Part I, Item 1. “Business” under the caption “—Our Properties.”

Item 2 of the 10-K filed Feb 27, 2026.6

Leadership

Who has led Solaris Energy Infrastructure, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gregory A. Lanham2017–2018
  2. William A. Zartler2019–2025
  3. Amanda M. Brock2025–now

Chair

  1. William A. Zartler2019–now

President

  1. Kyle S. Ramachandran2018–now

Chief financial officer

  1. Kyle S. Ramachandran2017–2026
  2. Stephan E. Tompsett2026–now

Chief operating officer

  1. Kelly L. Price2017–2024
20202025
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Solaris Energy Infrastructure, LLC Delaware5
  • Solaris Logistics, LLC Delaware5
  • Solaris Oilfield Early Property, LLC Texas5
  • Solaris Oilfield Site Services Operating, LLC Texas5
  • Solaris Oilfield Site Services Personnel LLC Delaware5
  • Solaris Oilfield Technologies, LLC Delaware5
  • Solaris Power Distribution Solutions, LLC Texas5
  • Solaris Power Solutions Stateline Operating, LLC Delaware5
  • Solaris Power Solutions Stateline, LLC Delaware5
  • Solaris Power Solutions, LLC Texas5
  • Solaris Transportation, LLC Delaware5
  • Stateline Power, LLC Texas5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Solaris Oilfield Infrastructure, Inc.Feb 9, 2017 to Sep 3, 20244

Timeline

  1. Oct 1, 20268-K Entered a material agreement; New debt or obligation39
  2. Sep 23, 20268-K Entered a material agreement; Other events40
  3. Sep 22, 20268-K Regulation FD disclosure; Other events41
  4. Sep 8, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares42
  5. Aug 5, 20268-K Results of operations43
  6. Jul 6, 20268-K Unregistered sale of shares; Regulation FD disclosure44
  7. May 19, 20268-K Shareholder vote45
  8. May 12, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation46
  9. May 6, 20268-K Entered a material agreement; Other events47
  10. May 5, 20268-K Regulation FD disclosure; Other events48
  11. May 1, 20268-K Completed an acquisition or sale49
  12. Apr 28, 20268-K Other events50
  13. Oct 17, 2025New chief executive Amanda M. Brock becomes CEO18
  14. Mar 4, 2019New chief executive William A. Zartler becomes CEO19
  15. May 11, 2017New chief executive Gregory A. Lanham becomes CEO20
  16. Feb 2, 2017Founded Solaris Energy Infrastructure, Inc. is founded2

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.32 a share, on Nov 3, 2025.51

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results43
  2. Apr 27, 2026Reported quarterly or annual results52
  3. Feb 24, 2026Reported quarterly or annual results53
  4. Nov 3, 2025Reported quarterly or annual results54
  5. Jul 24, 2025Reported quarterly or annual results55
  6. Apr 30, 2025Reported quarterly or annual results56
  7. Apr 29, 2025Reported quarterly or annual results57
  8. Apr 3, 2025Reported quarterly or annual results58

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

354 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 148 insider forms, 65 large holders, 62 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 23, 20268-K EDGAR
  3. Sep 22, 20268-K EDGAR
  4. Sep 9, 20264 EDGAR
  5. Sep 8, 20268-K EDGAR
  6. Aug 25, 20264 EDGAR
  7. Aug 25, 20264 EDGAR
  8. Aug 25, 20264 EDGAR
  9. Aug 25, 20264 EDGAR
  10. Aug 25, 20264 EDGAR
  11. Aug 25, 20264 EDGAR
  12. Aug 25, 20264 EDGAR
  13. Aug 14, 2026SCHEDULE 13G/A EDGAR
  14. Aug 6, 2026SCHEDULE 13G/A EDGAR
  15. Aug 6, 202610-Q EDGAR
  16. Aug 5, 20268-K EDGAR
  17. Jul 30, 2026SCHEDULE 13G/A EDGAR
  18. Jul 6, 20268-K EDGAR
  19. Jun 2, 20264 EDGAR
  20. May 19, 20268-K EDGAR

The 354 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

69 open-market trades by officers, directors and large owners since October 2021: 25 buys and 44 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026TEAGUE AJDirectorBuy7,800$64.23$501.0KForm 4
May 13, 2026Wirtz Christopher P.Chief Accounting OfficerSale700$77.22$54.1KForm 4
May 12, 2026Argo Laurie HDirectorSale5,200$72.88$379.0KForm 4
May 11, 2026Powell Christopher MChief Legal OfficerSale36,852$74.63$2.8MForm 4
May 8, 2026TEAGUE AJDirectorBuy6,175$72.98$450.7KForm 4
May 8, 2026Walker Ray N JRDirectorSale56,841$72.11$4.1MForm 4
May 6, 2026Keenan W Howard JRDirectorSale2,000,000$74.50$149.0MForm 4
Apr 30, 2026KTR Management Company, LLC10% ownerSale2,000,000$70.75$141.5MForm 4
Dec 17, 2025Brock Amanda MCo-Chief Executive OfficerBuy3,669$40.89$150.0KForm 4
Dec 17, 2025Durrett Cynthia M.Chief Administrative OfficerSale47,011$44.62$2.1MForm 4
Dec 17, 2025Argo Laurie HDirectorSale2,300$44.25$101.8KForm 4
Dec 17, 2025TEAGUE AJDirectorBuy4,620$43.12$199.2KForm 4
Dec 10, 2025BURKE JAMES RDirectorSale11,277$53.03$598.0KForm 4
Nov 4, 2025Tuma John10% ownerSale2,114,783$50.15$106.1MForm 4
Sep 10, 2025BURKE JAMES RDirectorSale5,000$29.22$146.1KForm 4
Sep 9, 2025Zartler William AChairman and Co-CEOBuy10,000$24.83$248.3KForm 4
Sep 9, 2025Ramachandran Kyle S.PresidentBuy2,000$25.00$50.0KForm 4
Aug 26, 2025Powell Christopher MChief Legal OfficerSale12,750$30.00$382.5KForm 4
Aug 25, 2025Giesinger Edgar R. JR.DirectorSale10,000$28.86$288.6KForm 4
Aug 6, 2025KTR Management Company, LLC10% ownerSale4,000,000$29.50$118.0MForm 4

All 69 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025William A. ZartlerChairman and Co-Chief Executive Officer$450.0K$13.9M79
2025Amanda M. BrockCo-Chief Executive Officer$72.7K$7.0M79
2025Kyle S. RamachandranPresident and Former Chief Financial Officer41$400.0K$4.7M79
2025Cynthia M. DurrettDirector and Chief Administrative Officer$350.0K$2.7M79
2025Christopher M. PowellChief Legal Officer and Corporate Secretary51$375.0K$2.5M79
2025Christopher P. WirtzChief Accounting Officer52$265.0K$759.0K79
2024William A. ZartlerChairman and Co-Chief Executive Officer$321.0K$3.8M79
2024Kyle S. RamachandranPresident and Former Chief Financial Officer41$350.0K$2.0M79
2024Christopher M. PowellChief Legal Officer and Corporate Secretary51$325.0K$1.3M79
2024Cynthia M. DurrettDirector and Chief Administrative Officer$285.0K$1.2M79
2023William A. ZartlerChairman and Co-Chief Executive Officer$321.0K$2.5M79
2023Kyle S. RamachandranPresident and Former Chief Financial Officer41$326.4K$1.5M79
2023Christopher M. PowellChief Legal Officer and Corporate Secretary51$325.0K$1.1M79
2023Cynthia M. DurrettDirector and Chief Administrative Officer$267.5K$1.0M79

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,204,415$418.7M0.0%+1,081,979
Encompass Capital Advisors LLC2,519,604$202.7M8.7%+769,604
Vanguard Capital Management LLC2,447,630$196.9M0.0%+407,179
Morgan Stanley2,024,283$162.9M0.0%+316,828
Two Sigma Investments, LP1,979,861$159.3M0.1%+38,315
Summit Partners Public Asset Management, LLC1,692,838$136.2M3.5%−36,217
Jennison Associates LLC1,691,193$136.1M0.1%+511,457
Valiant Capital Management, L.P.1,604,346$129.1M8.0%+484,843
Driehaus Capital Management LLC1,584,985$127.5M0.7%−43,189
Fmr LLC1,581,402$127.2M0.0%−281,159
State Street Corp1,487,464$119.7M0.0%+132,118
Van Eck Associates Corp1,478,669$119.0M0.1%−475,786
Geode Capital Management, LLC1,352,450$108.8M0.0%+251,299
Goldman Sachs Group Inc1,278,618$102.9M0.0%+144,755
Ameriprise Financial Inc1,144,927$92.1M0.0%+419,904
Clearbridge Investments, LLC1,138,159$91.6M0.1%+1,026,595
Situational Awareness LP1,129,621$90.9M0.5%+24,070
Korea Investment CORP1,096,000$88.2M0.2%+425,486
Advent International, L.P.1,094,427$88.1M0.5%−146,935
Principal Financial Group Inc1,072,200$86.3M0.0%−72,452
Neuberger Berman Group LLC927,422$74.6M0.0%+669,742
Wellington Management Group Llp879,771$70.8M0.0%−49,391
Dimensional Fund Advisors LP868,808$69.9M0.0%−2,654
UBS Group AG806,686$64.9M0.0%+93,977
Vanguard Portfolio Management LLC794,184$63.9M0.0%+188,023

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 9, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseSale$15,001 - $50,000−11.9%Report
May 6, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000+155.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Solaris Energy Infrastructure, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSolaris Energy Infrastructure, Inc.1
  • CIK0001697500
  • Employer ID (EIN)81-52231096
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)3533 Oil & Gas Field Machinery & Equipment1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address9651 Katy Freeway, Suite 300, Houston, TX 770241
  • Phone(281)501-30701
  • Shares outstanding53,115,995 Common Class A shares; 15,350,605 Common Class B shares as of Feb 19, 20266
  • Public float$959.4M as of Jun 30, 20256
  • AuditorBDO USA, P.C., Houston, Texas PCAOB ID 243; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceFeb 9, 20171
  • Filings660 in all: 4 (270), 8-K (92), SC 13G/A (42), 10-Q (29), SCHEDULE 13G/A (28), 3 (26), SC 13G (23), DEFA14A (14)1
    All 40 form types

    CORRESP (13), 4/A (11), SCHEDULE 13G (11), UPLOAD (10), 10-K (9), DEF 14A (9), 424B5 (8), 144 (6), 424B4 (5), EFFECT (5), 8-K/A (4), ARS (4), FWP (4), S-1/A (4), S-3ASR (4), SCHEDULE 13D/A (4), S-3 (3), 5 (2), 8-A12B (2), CT ORDER (2), DRS (2), S-1 (2), S-8 (2), SC 13D (2), 10-K/A (1), 10-Q/A (1), 424B3 (1), CERT (1), CERTNYS (1), DEFM14A (1), PRE 14A (1), PREM14A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common StockSEI

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Solaris Energy Infrastructure, Inc. names in Item 1A of its 10-K filed Feb 27, 2026: 52 risks under these headings, as written.6

  • Risks Related to Our Operations and Industry
  • We may be unable to adapt our distributed power technologies to meet increasing customer needs and power loads, which could result in increased downtime of our power generation offering and disruptions to the power supply to our customers.
  • Distributed power generation services in some applications compete with access to the grid.
  • We expect to face significant competition in the future as the distributed power industry evolves.
  • Reliance upon a small number of large customers may adversely affect our revenue and operating results.
  • We are subject to a number of risks associated with Stateline.
  • We face significant competition, as well as the prospect of further consolidation in the industry and amongst current and potential customers, either of which may impede our ability to gain market share or cause us to lose market share, or that could make adoption of new product offerings or services difficult.
  • Our Power Solutions segment is dependent on our relationships with key suppliers to obtain equipment.
  • Many of our power systems involve long sales cycles.
  • Our customers may not continue to outsource their power system needs.
  • The volatility of oil and natural gas prices may adversely affect the demand for our systems, products and services, and negatively impact our results of operations.
  • Sustained levels of inflation and associated changes in monetary policy may result in increases to the cost of our goods, services and personnel, which in turn could cause our capital expenditures and operating costs to rise.
The other 41 risks
  • Tariffs and other trade measures could adversely affect our results of operations, financial position and cash flows.
  • Changes in the transportation industry, including the availability or reliability of transportation to supply our products and services, fluctuations in transportation costs, or changes in the way in which proppant or chemicals are transported to the well site, could impair the ability of our customers to take delivery of proppant or chemicals or make our products and services less attractive and thereby adversely impact our business.
  • Events outside of our control, including a pandemic or outbreak of an infectious disease, political unrest, armed conflicts and economic recessions occurring around the globe, could materially adversely affect our business, liquidity, results of operations and financial condition.
  • We may grow through acquisitions and our failure to properly plan and manage those acquisitions may adversely affect our performance. Alternatively, we may wish to grow through acquisitions but may fail to find suitable targets or execute such acquisitions which may adversely affect our performance.
  • We engage in transactions with related parties and such transactions present possible conflicts of interest that could have an adverse effect on us.
  • Our failure to protect our proprietary information and intellectual property rights, or any successful intellectual property challenges or infringement proceedings against us, could result in a loss in our competitive advantage or market share.
  • Technological advancements in the products and technologies we provide could have a material adverse effect on our business, financial condition and results of operations.
  • We are subject to cybersecurity risks. A cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss.
  • We rely on a few key employees whose absence or loss could adversely affect our business.
  • If we are unable to access the services of a sufficient number of skilled and qualified workers, or are required to significantly increase wages to attract or retain such workers, our capacity and profitability could be diminished and our growth potential could be impaired.
  • We are subject to extensive government laws and regulations concerning our employees, and the cost of compliance with such laws and regulations could be material.
  • Unsatisfactory safety performance may negatively affect our customer relationships and, to the extent we fail to retain existing customers or attract new customers, adversely impact our revenues.
  • Risks Related to Financial Condition
  • Our business depends on domestic capital spending by the industries we service, and reductions in capital spending could have a material adverse effect on our liquidity, results of operations and financial condition.
  • We may be adversely affected by uncertainty in the global financial markets or the deterioration of the financial condition, and resulting credit risk, of our customers.
  • Our financing agreements subject us to various financial and other restrictive covenants. These restrictions may limit our operational or financial flexibility and could subject us to potential defaults under our financing agreements.
  • Our ability to use our net operating loss (“NOL”) carryovers may be limited.
  • We have incurred indebtedness in connection with the operation of the Company and may incur additional indebtedness in the future, and such indebtedness may limit our operating or financial flexibility and could subject us to potential defaults under the applicable financing agreements.
  • Risks Related to Regulatory Matters
  • Laws, regulations, executive orders and other regulatory initiatives relating to hydraulic fracturing could increase our and our customers’ costs of doing business and result in restrictions, delays or cancellations that may serve to limit future oil and natural gas exploration and production activities and could have a material adverse effect on our business, results of operations and financial condition.
  • We are subject to environmental and occupational health and safety laws and regulations that may expose us to significant costs and liabilities.
  • Our and our customers’ operations are subject to a number of risks arising out of the threat of climate change, energy conservation measures or initiatives that stimulate demand for alternative forms of energy that could result in increased operating and capital costs for our customers and reduced demand for the products and services we provide.
  • Increased attention to sustainability matters may impact our business.
  • Anti-indemnity provisions enacted by many states may restrict or prohibit a party’s indemnification of us.
  • Changes to applicable tax laws and regulations or exposure to additional income tax liabilities could affect our operating results and cash flows.
  • Risks Related to Our Class A Common Stock
  • Solaris Inc. is a holding company. Solaris Inc.’s sole material asset is its equity interest in Solaris LLC, and Solaris Inc. is accordingly dependent upon distributions from Solaris LLC to pay taxes, make payments under the Tax Receivable Agreement and cover its corporate and other overhead expenses.
  • Our stock price could be volatile, and you may not be able to resell shares of your Class A common stock at or above the price you paid.
  • We may be subject to short selling strategies and are party to various proceedings and claims related thereto from time to time.
  • Future sales of our Class A common stock in the public market, or the perception that such sales may occur, could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.
  • We may be unable to raise the funds necessary to repurchase the 2030 Notes or 2031 Notes for cash following a fundamental change or to pay any cash amounts due upon maturity or conversion of the 2030 Notes or 2031 Notes, and our other indebtedness limits our ability to repurchase the 2030 Notes or 2031 Notes or to pay any cash amounts due upon their maturity or conversion.
  • The issuance of shares of our Class A common stock upon conversion of each of the 2030 Notes and 2031 Notes will dilute the ownership interests of our stockholders and could depress the trading price of our Class A common stock.
  • Provisions in the Indentures governing the 2030 Notes and 2031 Notes could delay or prevent an otherwise beneficial takeover of us.
  • The conditional conversion feature of the 2030 Notes and 2031 Notes, if triggered, may adversely affect our financial condition and operating results.
  • The accounting method for each of the 2030 Notes and 2031 Notes could adversely affect our reported financial condition and results.
  • Holders of our Class A common stock may not receive dividends on our Class A common stock.
  • Our principal stockholders collectively hold a significant amount of the voting power of our common stock.
  • Certain Designated Parties are not limited in their ability to compete with us, and the corporate opportunity provisions in our amended and restated certificate of incorporation could enable such Designated Parties and their respective affiliates to benefit from corporate opportunities that might otherwise be available to us.
  • Certain of our executive officers and directors have significant duties with, and spend significant time serving, entities that may or may not compete with us and, accordingly, may have conflicts of interest in allocating time or pursuing business opportunities.
  • Our amended and restated certificate of incorporation and amended and restated bylaws, as well as Delaware law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our Class A common stock and could deprive our investors of the opportunity to receive a premium for their shares.
  • Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
  • Solaris Inc. will be required to make payments under the Tax Receivable Agreement for certain tax benefits that it may claim, and the amounts of such payments could be significant.
  • In certain cases, payments under the Tax Receivable Agreement may be accelerated and/or significantly exceed the actual benefits, if any, Solaris Inc. realizes in respect of the tax attributes subject to the Tax Receivable Agreement.
  • The requirements of being a public company, including compliance with the reporting requirements of the Exchange Act, and the requirements of the Sarbanes-Oxley Act, may strain our resources, increase our costs and distract management, and we may be unable to comply with these requirements in a timely or cost-effective manner.

Legal proceedings

Disclosure concerning legal proceedings is incorporated by reference to “Part II. Item 8. “Financial Statements and Supplementary Data—Note 19. Commitments and Contingencies” in this Annual Report.

The opening of Item 3, Legal Proceedings.6

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