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Call sheet · Q4'25

Solaris Energy Infrastructure (SEI)

Q4'25 earnings call · held February 25, 2026 · compared with the Q3'25 call · management-credibility review
2/12
Disclosure score
2 high, 5 medium, 1 low flags
Financial quality
Bottom line
The market will celebrate the 500MW win, but this is a financial quality disaster in the making. DSO vanishing while revenue grows and cash flow goes undisclosed is the classic accounts receivable bubble pattern we saw with SunEdison before its collapse. Management's regression from 'negotiations' to 'dialogue' on the remaining 400MW suggests the pipeline isn't as robust as claimed. The binding constraint is actual cash generation, not capacity or demand, which explains why they're hiding CFFO while touting adjusted EBITDA. 'We're very confident that we've got plenty more demand than supply' rings hollow when you won't disclose basic working capital metrics. My view changes if they provide full GAAP financials and DSO below 60 days next quarter.

The 30-second version

  • The sleeper: Cash flow from operations massively lagging net income, while receivables mysteriously vanish from discussion
  • New 500MW hyperscaler deal validates strategy but at mystery economics
  • Narrative regression alert: 'Active negotiations' softens to 'active dialogue' for remaining 400MW

What changed this quarter

MetricQ3'25Q4'25Change
Revenue$167M (5x YoY)$180M (2x YoY)YoY growth decelerated from 5x to 2x
Adjusted EBITDA$68M (3x YoY)$69M (2x YoY)Flat sequentially despite capacity additions
EPSNot disclosedNot disclosedStill avoiding GAAP metrics
Net IncomeNot disclosedNot disclosedAnother quarter without GAAP profitability
Operating IncomeNot disclosedNot disclosedNon-GAAP only story continues
Power Solutions Revenue~$100M (60% of total)~$126M (70% of total)+26% sequential on mix shift
Power EBITDA$58M$53M-9% despite capacity growth
Logistics EBITDA~$20M$23M+15% on higher utilization
MW Capacity Operated760 MW780 MWOnly +20MW despite major expansion
Free Cash FlowNot disclosed$80M from Logistics onlyPower segment FCF conspicuously absent

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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