Solaris Energy Infrastructure, Inc. reported a total revenue of $313.1 million for the fiscal year ending December 31, 2024, marking an increase of 6.9% from $292.9 million in 2023. The growth was primarily driven by the newly established Solaris Power Solutions segment, which generated $38.6 million in revenue following the acquisition of Mobile Energy Rentals LLC (MER) on September 11, 2024. In contrast, revenue from the Solaris Logistics Solutions segment decreased by 6% to $274.5 million, attributed to a reduction in fully utilized systems from 109 in 2023 to 91 in 2024.
The company's net income for 2024 was $28.9 million, a decline from $38.8 million in the previous year. This decrease was influenced by increased interest expenses, which rose to $11.8 million from $3.3 million in 2023, largely due to the new term loan agreement associated with the MER acquisition. Additionally, selling, general, and administrative expenses increased by 32% to $35.6 million, reflecting higher corporate headcount and professional fees.
In terms of operational metrics, Solaris reported an average of 91 fully utilized systems in its Logistics Solutions segment, down from 109 in 2023. The Power Solutions segment, which began operations post-acquisition, is expected to expand significantly, with plans to increase its power generation capacity to approximately 1,400 megawatts by mid-2027. The company has secured long-term contracts for about two-thirds of this capacity, indicating strong demand for its mobile power solutions.
Strategically, Solaris has made significant investments in its growth, with total capital expenditures for 2024 amounting to $188.4 million, a substantial increase from $64.4 million in 2023. The company anticipates capital expenditures of approximately $690 million in 2025, primarily to support the expansion of its Power Solutions segment. Solaris has also entered into additional purchase commitments totaling $549.1 million for power generation equipment, which are integral to its growth strategy.
Looking ahead, Solaris expects continued demand for its services, particularly in the context of increasing power needs driven by sectors such as data centers and oil and gas operations. The company is focused on leveraging its recent acquisition to enhance its market position and diversify its offerings, while also navigating the challenges posed by fluctuating commodity prices and regulatory changes in the energy sector.
About Solaris Energy Infrastructure, Inc.
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