Solaris Energy Infrastructure (SEI) FY2024 results: revenue $313 million, up 6.9% on the year

Solaris Energy Infrastructure, Inc. (SEI) reported revenue of $313 million for fiscal 2024, the year ended 31 December 2024, up 6.9% on the year before. Net income was $16 million, down 35.0%, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2025.

Revenue

$313 million

+6.9% on the year

FY2017FY2024

Operating margin

16.9%

17.0% a year earlier

FY2017FY2024

Net income

$16 million

-35.0% on the year

FY2017FY2024

Diluted EPS

$0.50

-35.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	313	293	320	+6.9%
Cost of revenue	n/a	178	220
Gross profit	n/a	115	100
Gross margin	n/a	39.3%	31.3%
Selling, general and administrative	35.6	27.0	23.1	+32.2%
Operating income	52.8	49.9	41.8	+5.8%
Operating margin	16.9%	17.0%	13.1%
Interest expense	13.3	3.5	n/a	+284.6%
Pre-tax income	36.9	46.6	41.3	-20.8%
Income tax	8.0	7.8	7.8	+2.4%
Effective tax rate	21.7%	16.8%	18.9%
Net income	15.8	24.3	21.2	-35.0%
Net margin	5.0%	8.3%	6.6%
Diluted EPS	$0.50	$0.78	$0.64	-35.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	59.4	89.4	68.0	-33.6%
Capital expenditure	188	64.4	81.4	+192.6%
Free cash flow	-129	25.0	-13.4
Free cash flow margin	-41.2%	8.5%	-4.2%
Cash from investing	-305	-62.0	-79.5
Cash from financing	400	-30.4	-16.1
Depreciation and amortisation	47.2	36.2	30.4	+30.5%
Share-based compensation	10.6	7.7	6.1	+36.8%
Buybacks	8.1	26.4	n/a	-69.4%
Dividends paid	14.6	14.1	13.8	+3.8%
Dividend per share	$0.48	$0.45	$0.42	+6.7%
Diluted shares, weighted	29m	30m	31m	-1.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	356	206	216	+72.6%
Non-controlling interest	311	110	101	+183.9%
Debt	316	30.0	80.6	+952.3%
Operating lease liabilities	8.1	11.5	6.2	-30.2%
Finance lease liabilities	1.2	2.4	3.4	-50.8%
Other liabilities	139	109	55.2	+27.6%
Total liabilities and equity	1,130	468	463	+141.4%
Goodwill	104	13.0	13.0	+699.6%
Intangible assets	71.5	0.7	1.4	+10,088.2%
Cash and equivalents	114	5.8	8.8	+1,858.8%
Receivables	71.8	n/a	64.5
Inventory	10.9	6.7	5.3	+64.1%
Other assets	758	442	369	+71.5%
Total assets	1,130	468	463	+141.4%

10-K for the year ended 31 December 2024, filed 5 March 2025: the filing.