Solaris Energy Infrastructure Inc (SEI) 2025 Q4 法說會逐字稿

Good day and welcome to the Solaris Q4 2025 earnings teleconference and webcast.

大家好，歡迎參加 Solaris 2025 年第四季財報電話會議和網路直播。

(Operator Instructions)

（操作說明）

Please note this event is being recorded.

請注意，本次活動正在錄影。

I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations. Please go ahead.

現在我將把會議交給財務和投資者關係高級副總裁伊馮娜·弗萊徹。請繼續。

Thank you, operator. Good morning and welcome to the Solaris 4th quarter and full year 2025 earnings conference call. Joining us today are our Chairman and Co-CEO, Bill Hartler, our co-CEO and Director Amanda Brock, our President, Kyle Ramachandran, and our CFO, Steve Thompson.

謝謝接線生。早安，歡迎參加 Solaris 2025 年第四季及全年業績電話會議。今天與我們一同出席的有：董事長兼聯席首席執行官比爾·哈特勒，聯合首席執行官兼董事阿曼達·布羅克，總裁凱爾·拉馬錢德蘭，以及首席財務官史蒂夫·湯普森。

Before we begin, I'd like to remind you of our standard cautionary remarks regarding the forward-looking nature of some of the statements that we will make today. Such forward-looking statements may include comments regarding future financial results and reflect a number of known and unknown risks.

在開始之前，我想提醒各位，我們今天將要發表的一些聲明具有前瞻性，需要注意，這是我們一貫的謹慎態度。此類前瞻性陳述可能包括對未來財務表現的評論，並反映出許多已知和未知的風險。

Please refer to our press release issued yesterday along with other recent public filings with the Securities and Exchange Commission that outlined those risks. We also encourage you to refer to our earnings supplement slide deck, which was published last night on the investor relations section of our website under events and presentations.

請參閱我們昨天發布的新聞稿以及近期向美國證券交易委員會提交的其他公開文件，其中概述了這些風險。我們也建議您參考我們昨晚在網站投資者關係版塊「活動與簡報」欄位下發布的獲利補充幻燈片。

I would like to point out that our earnings release in today's conference call will contain discussion of non-GAAP financial measures which we believe can be useful in evaluating our performance.

我想指出，我們在今天的電話會議中發布的收益報告中將包含對非GAAP財務指標的討論，我們認為這些指標有助於評估我們的績效。

The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

不應孤立地看待這些補充信息，也不應將其視為按照公認會計原則編制的結果的替代品。

Reconciliations to comparable GAAP measures are available in our earnings release, which is posted in the new section on our website. For more details on the company's earnings guidance, please refer to the earnings supplement slide deck published on our website. I'll now turn the call over to our Chairman and co-CEO, Bill Zartler.

與可比較 GAAP 指標的調整表可在我們的獲利報告中查閱，該報告已發佈在我們網站的新版塊中。有關公司盈利預期的更多詳情，請參閱我們網站上發布的盈利補充幻燈片。現在我將把電話交給我們的董事長兼聯合執行長比爾‧札特勒。

Thank you, Yvonne, and thank you everyone for joining us this morning.

謝謝伊馮娜，也謝謝今天早上各位的到來。

2025 marked a meaningful step forward for Solaris. We showed that we are successfully executing our strategy of growing and establishing a more diversified services and solutions business with accelerated earnings growth, improved long-term visibility, and multiple pathways for meaningful expansion.

2025 年是 Solaris 向前邁出的重要一步。我們已經證明，我們正在成功執行發展和建立更加多元化的服務和解決方案業務的策略，實現了加速的盈利增長、提高了長期可見性，並開闢了多條有意義的擴張途徑。

Through new products, services, and targeted investments, both organic and inorganic, we've strengthened our engineering, manufacturing, and operational capabilities. This has positioned us to deliver reliable, integrated power solutions to meet our customers' rapidly escalating needs. Coming out of 2025, we're serving a much wider customer base with active contracts and deployments now spanning multiple data centers, energy infrastructure, and diverse industrial and commercial end markets. With generation, distribution, and full turnkey power.

透過新產品、新服務以及有針對性的投資（包括內部投資和外部投資），我們加強了我們的工程、製造和營運能力。這使我們能夠提供可靠的、一體化的電力解決方案，以滿足客戶快速成長的需求。展望 2025 年，我們將服務於更廣泛的客戶群，目前活躍的合約和部署專案涵蓋多個資料中心、能源基礎設施以及各種工業和商業終端市場。提供發電、輸配電和全套統包電力解決方案。

Our 2025 financial results highlight the success of our diversified strategy. Full year 2025 revenue nearly doubled year over year to $622 million while adjusted DV da of $244 million more than doubled. Both of our power and logistics segments contributed meaningfully to these results. This is just the beginning of an additional step change growth that we believe will accelerate through 26 and 227.

我們2025年的財務表現凸顯了我們多元化策略的成功。2025 年全年營收年增近一倍，達到 6.22 億美元，而調整後的 DV da 為 2.44 億美元，成長超過一倍。我們的電力和物流業務都為這些績效做出了重要貢獻。這只是另一個階躍式成長的開始，我們相信這種成長將在 26 年至 227 年加速。

Starting with our power solution segment, which has become the primary growth engine for Solaris, power now accounts for roughly 70% of our earnings and is heading to 90% contribution as we've consistently grown the business, expanding our capabilities, and built on a strong track record of execution.

從我們的電源解決方案業務開始，該業務已成為 Solaris 的主要成長引擎，目前電源業務約占我們收益的 70%，並且隨著我們不斷發展業務、擴展能力以及建立強大的執行記錄，這一比例正朝著 90% 的方向邁進。

Solaris is capitalizing on the rapid demand growth for power, particularly to support data center compute needs. Our solutions have enabled customers to deploy power quickly and cost effectively while delivering the operational reliability, high up time, and efficiency they require, whether as an alternative or as a supplement to the grid.

Solaris 正在利用電力需求的快速成長，尤其是在滿足資料中心運算需求方面。我們的解決方案使客戶能夠快速、經濟高效地部署電力，同時提供他們所需的運作可靠性、高正常運作時間和效率，無論是作為電網的替代方案還是補充方案。

We have strategically positioned Solaris across the power life cycle from molecule to electron. This integrated approach delivers true turnkey power for our customers. We can handle sourcing and delivery of clean natural gas at the right volumes of pressure, convert it through multiple generation sources, and manage the distribution, storage, and final delivery of electrons, all engineered as a cohesive system to meet the most complex and demanding load profiles.

我們已將 Solaris 策略性地部署在從分子到電子的整個能源生命週期中。這種一體化方案為我們的客戶提供真正的交鑰匙電力解決方案。我們可以處理清潔天然氣的採購和輸送，確保壓力適宜，並透過多種發電方式進行轉換，並管理電力的分配、儲存和最終輸送，所有這些都被設計成一個統一的系統，以滿足最複雜、最苛刻的負載需求。

Our strategy has translated into commercial success with both existing and new customers. In 2025, we significantly expanded our partnership with our initial major data center customer. We finalized a 15-year joint venture and upsized the associated long-term power agreement for approximately 500 to 900 megawatts, providing greater visibility with substantial committed capacity for years ahead.

我們的策略已經轉化為商業上的成功，贏得了現有客戶和新客戶的青睞。2025年，我們大幅擴展了與首位大型資料中心客戶的合作關係。我們最終敲定了一項為期 15 年的合資企業，並將相關的長期電力協議規模擴大了約 500 至 900 兆瓦，從而在未來幾年內提​​供了更大的可視性，並保證了大量的產能。

We also acquired a specialty provider of voltage distribution and control equipment that has now been integrated into Solaris Power Solutions. This strategic acquisition has deepened our capabilities and accelerated market penetration, enabling us to deliver integrated equipment and engineered solutions to at least 6 different data centers across the US, as well as to numerous industrial and commercial sites.

我們還收購了一家專門從事電壓分配和控制設備的供應商，該公司現已併入 Solaris Power Solutions。此次策略性收購加深了我們的能力，加快了市場滲透，使我們能夠向美國至少 6 個不同的資料中心以及眾多工業和商業場所提供整合設備和工程解決方案。

Building on our success, I'm excited to highlight a significant new long-term contracted customer which further validates our strategy and reputation in the behind the meter power market. In early February, we announced a 10-year agreement with a 5-year extension option to provide leading investment grade global technology company with over 500 megawatts of power generation tailored to their compute needs. The initial 10-year term begins January 1, 2027 with energization targeted to be phased in at the beginning of the Q1 of 2027. This agreement validates our strategy of sourcing generation capacity in advance of a contract so that we can successfully deliver behind the meter power on aggressive timelines.

繼我們取得成功之後，我很高興地宣布我們與一家重要的新長期合約客戶簽訂了合同，這進一步驗證了我們在表後電力市場的戰略和聲譽。2月初，我們宣布了一項為期10年、並可選擇續約5年的協議，為一家領先的投資級全球科技公司提供超過500兆瓦的電力，以滿足其運算需求。最初的 10 年期限從 2027 年 1 月 1 日開始，目標是在 2027 年第一季初開始分階段投入使用。該協議驗證了我們在簽訂合約之前採購發電能力的策略，以便我們能夠按時交付用戶側電力。

We are actively working with this customer to deliver more services related to balance of plant equipment such as full power control, storage, and delivery infrastructure, engineering, and site preparation. As we move forward, expanding our scope, we will deploy additional capital which will provide Solaris with enhanced returns through the contracted period.

我們正在積極與該客戶合作，提供更多與電廠輔助設備相關的服務，例如全功率控制、儲存和傳輸基礎設施、工程和場地準備。隨著我們繼續向前發展，擴大業務範圍，我們將投入更多資金，這將使 Solaris 在合約期間獲得更高的回報。

We believe that we are well positioned to continue to work with this customer on behind the meanor solutions to meet their growing compute needs.

我們相信，我們有能力繼續與該客戶合作，提供底層解決方案，以滿足他們不斷增長的運算需求。

Underscoring the opportunity ahead, the four largest global technology companies have recently guided to combined capital expenditures exceeding $600 billion in 2026, focused primarily on data center infrastructure and compute. That's roughly a 70% increase from 2025 levels and nearly double the spending seen in 2024.

為了凸顯未來的機遇，全球四大科技公司最近預測，到 2026 年，它們的資本支出總額將超過 6,000 億美元，主要集中在資料中心基礎設施和運算領域。這比 2025 年的水準成長了約 70%，幾乎是 2024 年支出的兩倍。

With data center and compute power investments accelerating rapidly, Solaris is exceptionally well positioned to capitalize on the surging demand for reliable, scalable power.

隨著資料中心和運算能力投資的快速成長，Solaris 擁有得天獨厚的優勢，能夠充分利用對可靠、可擴展電力的激增需求。

Our proven solutions enable us to partner effectively with leading technology companies who are contracting directly for behind the meter options to meet their urgent compute needs.

我們成熟的解決方案使我們能夠與領先的技術公司有效合作，這些公司直接簽訂合同，採用用戶端解決方案來滿足其迫切的計算需求。

I would also like to highlight the continued performance of our logistics solution segment, which is performing well and contributed over $80 million in free cash flow in 2025. In the fourth quarter we saw activity levels for both the industry and Solaris increase, with Solaris' success driven in part by increasing adoption of our top FY systems. Our topfill system utilization rate was in the mid 90% in the fourth quarter and now nearing 100% in the first quarter. This momentum is expected to carry through for the first half of 2026, supporting consistent utilization at margins while generating cash to fund our broader growth initiatives across the company.

我還想重點介紹一下我們物流解決方案部門的持續良好表現，該部門在 2025 年貢獻了超過 8000 萬美元的自由現金流。在第四季度，我們看到產業和 Solaris 的活動水準都有所提高，Solaris 的成功部分得益於我們年度最佳系統的採用率不斷提高。第四季我們的頂部灌裝系統利用率在 90% 左右，而第一季已接近 100%。預計這一動能將持續到 2026 年上半年，在保證利潤率的同時，還能產生現金，為公司更廣泛的成長計畫提供資金。

In summary, 2025 was a year of successful execution.

總而言之，2025 年是成功執行的一年。

Which positioned Solaris for even greater success in 2026. We're extremely focused on delivering value for our customers and shareholders, and we're excited about 2026, which is already shaping up as another year of significant growth, new opportunities, continued execution, and results. With that, I'll turn it over to Amanda.

這將使 Solaris 在 2026 年取得更大的成功。我們非常注重為客戶和股東創造價值，我們對 2026 年充滿期待，因為 2026 年有望成為另一個實現顯著成長、迎來新機會、持續推進並取得成果的年份。接下來，我將把麥克風交給阿曼達。

Thank you, Bill, and thank you everyone for joining us this morning.

謝謝你，比爾，也謝謝今天早上各位的到來。

We want to spend a few minutes sharing with you how we see our opportunities evolving in the power sector.

我們想花幾分鐘與您分享我們對電力產業發展機會的看法。

2025 was a year of rapid change and significant tailwinds for the company. Our customer base expanded and we grew our capabilities to meet our customers' increased demand for turnkey behind the meter power. We focus not only on building on our proven track record in generation, but also distribution, offering a comprehensive power solution which we refer to as molecule to electrons.

2025年是公司快速變化和迎來重大利多因素的一年。我們的客戶群擴大了，我們的能力也隨之增強，以滿足客戶對統包式錶後電力服務日益增長的需求。我們不僅專注於鞏固我們在發電領域的成就，還專注於配電領域，提供我們稱之為「從分子到電子」的綜合電力解決方案。

We're strategically building our capabilities through organic growth and targeted acquisitions like HVMVLV, which Bill mentioned. Which has already exceeded expectations since closing last summer. This brings in-house expertise to design, manufacture, refurbish, cell, and rent specialized control and distribution equipment such as transformers, switch gear, e-houses, and this also deepens our engineering expertise across voltages and related applications.

我們正在透過內生成長和有針對性的收購（例如比爾提到的 HVMVLV）來策略性地提升自身能力。自去年夏天開幕以來，其業績已超乎預期。這使公司擁有了設計、製造、翻新、單元化和租賃專用控制和配電設備（如變壓器、開關設備、配電室）的內部專業知識，同時也加深了我們在電壓和相關應用方面的工程專業知識。

The result is broader reach to data centers, industrials, utilities, and beyond, delivering tailored power solutions regardless of source or setup. For example, Solaris is now providing equipment and engineering support to customers where grid connections are delayed due to utility equipment and interconnection challenges.

結果是，無論電源或配置如何，都能更廣泛地涵蓋資料中心、工業、公用事業等領域，提供量身定制的電源解決方案。例如，Solaris 目前正在為客戶提供設備和工程支持，以解決公用設施設備和互聯挑戰而導致的電網連接延遲問題。

This type of diversification creates real value and expands our opportunity set significantly beyond just generation. We will continue to look for opportunities like this to expand our capabilities as a comprehensive provider of critical power infrastructure.

這種多元化投資方式能夠創造真正的價值，並將我們的機會範圍大大擴展，而不僅限於世代傳承。我們將繼續尋找類似的機會，以擴大我們作為關鍵電力基礎設施綜合供應商的能力。

As we evaluate opportunities across the power spectrum, emissions controls is another area of focus where Solaris has invested both organically and inorganically to enhance our capabilities.

在評估整個電力領域的機會時，排放控制是 Solaris 重點關注的另一個領域，我們透過內部和外部投資來增強自身能力。

We view being best in class in emissions management as essential to our own operations and customer priorities. Organically, we've drawn on our growing internal engineering and manufacturing teams to refine and customize selective catalytic reduction, or SCR, designed for improved flexibility and mobility. Additionally, we recently made a small inorganic investment in an SCR manufacturer, bolstering our ability to further integrate these technologies.

我們認為，在排放管理方面做到一流，對於我們自身的營運和客戶的優先事項至關重要。我們充分利用不斷壯大的內部工程和製造團隊，對選擇性催化還原（SCR）進行了改進和定制，旨在提高靈活性和機動性。此外，我們最近對一家 SCR 製造商進行了一筆小規模的非內生性投資，增強了我們進一步整合這些技術的能力。

Our emissions control technologies are well aligned with the EPA's recent subpart KKKKA QuadK amendments to the new source performance standards. These changes provide clarification and support for operating modular and mobile turbines in temporary applications for up to 24 months, bridging the GAAP before permanent behind the meter air permits or grid connections are secured.

我們的排放控制技術與美國環保署最近對新污染源​​性能標準進行的 KKKKA QuadK 子部分修訂非常吻合。這些變化為在臨時應用中運行模組化和移動式渦輪機提供了澄清和支持，最長可達 24 個月，從而在獲得永久性表後空氣許可證或併網之前，彌補了 GAAP 的不足。

Combined with our vertical integration in emissions controls, this gives us significantly greater flexibility to deliver fast, reliable, and compliant deployments for our customers.

結合我們在排放控制領域的垂直整合，這使我們能夠更靈活地為客戶提供快速、可靠且合規的部署方案。

We're continuing to see strong regulatory tailwinds from Urquhart, whose recent push to batch large load studies for requests over 75 megawatts is a necessary step forward to clearing the estimated 230 gigawatt cu backlog fueled by data center demand.

我們繼續看到來自 Urquhart 的強勁監管利好，他最近推動批量處理超過 75 兆瓦的大型負載研究請求，這是清除資料中心需求造成的預計 230 吉瓦立方英尺積壓的必要一步。

However, it also spotlights the growing delays and scrutiny facing grid-based projects. Our rapid deployment behind the meter solutions mitigate these challenges for technology companies attempting to quickly deploy compute capability. Starting a project in island mode fully behind the meter can avoid significant delays associated with connecting to the grid.

然而，這也凸顯了電網工程面臨的日益嚴重的延誤和審查。我們快速部署的表後解決方案可以緩解科技公司在快速部署運算能力方面面臨的這些挑戰。以孤島模式啟動項目，完全脫離電網，可以避免與併網相關的重大延誤。

The growing demand for power combined with these regulatory tailwinds, our demonstrated track record of execution, and our expanded capabilities have accelerated our ongoing discussions with multiple end users to deploy more capacity.

不斷增長的電力需求，加上這些監管利好因素、我們已證明的執行記錄以及我們不斷擴大的能力，加速了我們與多個終端用戶就部署更多容量進行的持續討論。

We're in advanced negotiations to contract our remaining open capacity and are actively pursuing new capacity additions to support incremental opportunities. Simply put, we believe we have more demand than we have capacity and are actively exploring innovative ways to access new capacity to ensure we can meet the growing needs of all our existing and potential new partners.

我們正在就剩餘的可用產能進行深入談判，並積極尋求新增產能以支持不斷增長的機會。簡而言之，我們認為我們的需求超過了我們的產能，並且正在積極探索創新的方法來獲取新的產能，以確保我們能夠滿足所有現有和潛在新合作夥伴不斷增長的需求。

We are particularly encouraged by the accelerated pace of these opportunities and the credibility we have earned through nearly 2 years of successful at scale operations, including the rapid commissioning of multiple large data centers. This proven foundation gives us a clear edge as we scale further and continue to grow in the coming years. With that, I will turn the call over to Kyle for a detailed financial review.

我們對這些機會的加速發展以及近兩年來透過大規模成功運作（包括快速啟用多個大型資料中心）所贏得的信譽感到特別鼓舞。這一成熟的基礎為我們在未來幾年進一步擴大規模和持續發展提供了明顯的優勢。接下來，我將把電話交給凱爾，讓他進行詳細的財務審查。

Thanks, Bill and Amanda, and good morning, everyone. Solaris's 4th quarter demonstrated solid execution in our power solution segment, as well as continued execution and strong free cash flow generation in our logistics solution segment.

謝謝比爾和阿曼達，大家早安。Solaris 第四季在電力解決方案領域表現出色，同時在物流解決方案領域也保持了良好的業績和強勁的自由現金流。

For the full year, growth was tremendous across the Power Solutions platform, and we're excited to continue to grow this segment as well as the total company.

全年來看，電力解決方案平台實現了巨大的成長，我們很高興能夠繼續發展這項業務板塊以及整個公司。

2025 was also a year in which we strategically positioned Solaris for growth from a financing perspective.

2025 年，我們也從融資角度對 Solaris 進行了策略性佈局，以實現成長。

We strengthened the balance sheet by using capital through two convertible bond issuances, established financing for our joint venture partnership with a key customer, and repaid our 2024 term loan.

我們透過發行兩筆可轉換債券利用資本加強了資產負債表，為與一位重要客戶的合資夥伴關係建立了融資，並償還了 2024 年定期貸款。

The combination of these activities has driven significant interest cost savings and financial flexibility for the company.

這些措施的結合為公司節省了大量利息成本，並提高了財務靈活性。

As a result of these recent financings and the ongoing cash flow generation from the business, we're currently fully funded for all of our expected deliveries to reach 2,200 megawatts of power generation.

由於最近的融資以及業務持續產生的現金流，我們目前資金充足，可以按預期交付所有項目，實現 2200 兆瓦的發電量。

We expect to have pro forma for all the scheduled equipment deliveries.

我們預計將收到所有計劃設備交付的預估報價。

This leaves our secured borrowing capacity outside of the JV completely available as an option to fund future growth outside of our planned deliveries.

這樣一來，我們在合資企業之外的擔保借款能力就完全可以作為未來成長的融資選擇，用於彌補我們計劃交付專案之外的資金缺口。

Our financial profile has also improved significantly with our recent commercial success. Adding a new investment grade customer for a minimum 10-year term for over 500 megawatts adds significant visibility to our earnings and cash flow profile, providing additional financial flexibility.

隨著近期商業上的成功，我們的財務狀況也得到了顯著改善。新增一位投資等級客戶，合約期限至少 10 年，裝置容量超過 500 兆瓦，這將顯著提高我們獲利和現金流狀況的可見性，並提供額外的財務靈活性。

Turning now to a review of our 4th quarter results and our outlook for the next 2 quarters.

現在讓我們回顧一下第四季的業績，並展望未來兩個季度。

During the fourth quarter, Solaris generated revenue of nearly $180 million and adjusted EBITDA of $69 million on a consolidated basis. Our adjusted EBITDA increased slightly from the prior quarter and nearly doubled as compared to the same quarter of 2024, driven by the acceleration of our power solution segment.

第四季度，Solaris 的合併收入接近 1.8 億美元，調整後 EBITDA 為 6,900 萬美元。受電力解決方案業務加速成長的推動，我們調整後的 EBITDA 較上一季略有成長，與 2024 年同期相比幾乎翻了一番。

During the quarter, logistics Solutions benefited from an increase in completions activity, as well as the continued adoption of our top bill solution, which more than offset a modest decline in power solutions due to a less favorable project mix and related timing impacts on costs. We generated revenue from approximately 780 megawatts of capacity during the 4th quarter, relatively flat with the prior quarter. The segment adjusted even for the power solution segment was $53 million a modest decrease from the third quarter due to costs associated with timing and mixed impact as own generation units rotated off a utility resiliency project and into planned refurbishment before being redeployed under a long-term contract in the first quarter of 2026.

本季度，物流解決方案受益於竣工活動的增加，以及我們頂級帳單解決方案的持續採用，這足以抵消電力解決方案因專案組合不太有利以及相關的時間安排對成本的影響而導致的輕微下滑。第四季度，我們從約 780 兆瓦的發電容量中獲得了收入，與上一季基本持平。即使扣除電力解決方案部分，該部分也調整為 5300 萬美元，較第三季度略有下降，原因是時間安排相關的成本以及混合影響，因為自有發電單元從公用事業彈性項目中輪換出來，進入計劃翻新階段，然後在 2026 年第一季度根據長期合同重新部署。

This impact was more than offset by an increase in the continued selective use of third-party power generation capacity as activity continued to ramp at our second data center site, which also contributed to a lower margindex.

由於我們第二個資料中心的業務持續成長，第三方發電能力的持續選擇性使用增加，抵消了上述影響，這也導致了利潤率下降。

We expect power segment adjusted EBITDA for the 1st quarter to increase by more than 20% as both owned and third-party leases capacity generating revenue should increase.

我們預計第一季電力業務調整後 EBITDA 將成長超過 20%，因為自有和第三方租賃產能的發電收入都將增加。

In our logistics segment, we averaged 93 fully utilized systems, an increase of 11% from the third quarter. Fourth quarter, segment adjustment EBITDA was approximately $23 million. We expect our logistics segment adjustment EBITDA to remain relatively flat for the next two quarters.

在我們的物流部門，平均有 93 個系統完全利用，比第三季成長了 11%。第四季度，分部調整後的 EBITDA 約為 2,300 萬美元。我們預計未來兩季物流業務調整後的 EBITDA 將保持相對穩定。

Netting these factors and considering corporate and other expenses, total adjusted EBITDA guidance for the first quarter is now $72 million to $77 million up from the prior guidance of $70 million to $75 million and a sequential increase in the fourth quarter. We are also introducing our second quarter 2026 total adjusted EBITDA guidance of $76 million to $84 million.

考慮到這些因素以及公司和其他費用，第一季調整後 EBITDA 總額預期為 7,200 萬美元至 7,700 萬美元，高於先前預期的 7,000 萬美元至 7,500 萬美元，較第四季有所成長。我們同時發布了 2026 年第二季調整後 EBITDA 總額預期，為 7,600 萬美元至 8,400 萬美元。

Accounting for expected longer-term tenure on our fully delivered 2,200 megawatt generation capacity and our recent acquisition, we continue to expect pro forma total company earnings of over $600 million before considering any additional project scope or growth with our existing customers or new opportunities.

考慮到我們已全面交付的 2,200 兆瓦發電容量的預期長期使用期限以及我們最近的收購，我們仍然預計，在考慮任何額外的項目範圍或與現有客戶的增長或新的機會之前，公司備考總收益將超過 6 億美元。

Finally, I'd like to introduce and welcome Steve Thompson, who officially joined earlier this month as Solaris's new Chief Financial Officer.

最後，我謹向大家介紹並歡迎史蒂夫湯普森，他於本月初正式加入 Solaris 公司，擔任財務長。

Steve brings a strong record as a financial executive with deep expertise in capital markets, building and leading high-performance finance and accounting teams, and guiding companies through periods of significant transformation and growth. Many members of our management team, board, employees, and investors have worked with Steve before, and we are confident he will exemplify this hilarious culture and deliver substantial value to the company.

史蒂夫是一位經驗豐富的財務高管，在資本市場、組建和領導高績效的財務和會計團隊以及指導公司度過重大轉型和增長時期方面擁有深厚的專業知識。我們管理團隊、董事會、員工和投資者中的許多人以前都與史蒂夫共事過，我們相信他會展現這種幽默的企業文化，並為公司帶來巨大的價值。

I am excited to continue as President of the company and will be able to allocate increased focus on our strategic priorities of advancing our overall growth strategy, strengthening operations, and driving long-term value for our stakeholders. With that, we'd now be happy to take your questions.

我很高興能夠繼續擔任公司總裁，並將能夠更加專注於我們的策略重點，即推進我們的整體成長策略、加強營運以及為我們的利害關係人創造長期價值。那麼，我們現在很樂意回答您的問題。

We will now begin the question-and-answer session.(Operator Instructions) David Arcaro with Morgan Stanley. Please go ahead.

現在開始問答環節。 （操作說明）David Arcaro，摩根士丹利員工。請繼續。

Oh hi, thanks so much. Good morning.

哦，你好，非常感謝。早安.

Good morning.

早安.

Congratulations on the, new customer announcement here, but I do have to ask, where do negotiations stand with additional customers now, to allocate your remaining capacity, if you could elaborate on that and what, potential timing, might be possible.

恭喜貴公司宣布新增客戶，但我必須問一下，目前與更多客戶的談判進度如何，以便分配剩餘產能？能否詳細說明一下，以及可能的交付時間？

Well, we're in very active dialogue, and I think it tees up the discussion. We really have the have the history and operating philosophy of focusing on announcing deals when they're completed and done. The pipeline is extremely active. We have lots of paper flying back and forth with multiple customers, but But our goal is to deliver to the public and to our shareholders, signed and completed contracts that have a lot of meat in them. So the dialogue is active and we feel very confident that we've got plenty more demand and supply as Amanda referred to, and that we'll be seeing things unfold in due time.

我們正在積極對話，我認為這為討論奠定了基礎。我們一直以來都秉持著這樣的理念和經營哲學：只有在交易完成時才宣布交易。該管道運行非常活躍。我們有大量的文件在與多個客戶之間來回傳遞，但我們的目標是向公眾和股東交付內容充實、已簽署完成的合約。所以對話很活躍，我們非常有信心，正如阿曼達所說，我們還有很多需求和供應，我們會看到事情在適當的時候得到解決。

David, these are not discussions. We were very, deliberate in our wording. These are active negotiations, so we expect to have, good news here in the near.

戴維，這不是討論。我們的措辭非常謹慎。目前談判正在積極進行中，因此我們預計不久後會有好消息傳來。

Future.

未來。

Okay, excellent, understood. That makes sense. Then I was curious, you had mentioned, increasing scope here that you are seeing opportunities for. I'm wondering if you could just maybe characterize how much of a value uplift you could realize, relative to maybe like the EITA stream and the baseline power offering if you're starting to consider those things like balance of plant emissions control, etc.

好的，明白了。這很有道理。然後我很好奇，你曾提到，你在這裡看到了擴大範圍的機會。我想知道，如果您開始考慮諸如電廠平衡排放控制等因素，您能否描述一下相對於 EITA 流和基準電力產品，您可以實現的價值提升有多大？

. And wondering if that could apply to your current, contracted fleet as well. Are there kind of almost, upsal opportunities there?

。我想知道這是否也適用於您目前簽約的車隊。那裡是否存在某種程度上的晉昇機會？

Yeah, I think that the notion of adding additional distribution equipment and battery systems to the offering is real. I think with the with the current customer that with the most recent announcement, the intent is to build out that system and deliver a full turnkey power service. So as that. We continue to believe return on capital, is the way we look at that and the return on incremental capital will be there, and I think the range is anywhere between 20 and 50% per megawatt depending on how that scope varies and how far upstream to the gas handling it goes and how far downstream to the the actual distribution and transformation of the power goes.

是的，我認為在產品組合中增加配電設備和電池系統的想法是切實可行的。我認為，根據最近的公告，與現有客戶合作的目的是建立該系統並提供完整的交鑰匙電力服務。就是這樣。我們仍然相信資本回報率，這是我們看待這個問題的方式，增量資本的回報是存在的，我認為每兆瓦的回報率在 20% 到 50% 之間，具體取決於範圍的變化，以及天然氣處理的上游延伸距離和電力實際分配和轉換的下游延伸距離。

Got it. Okay, thank you so much.

知道了。好的，非常感謝。

Derek Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Good morning all and thanks for your time and also congrats on your recent HyperSkiller contract.

各位早安，感謝你們抽出時間，也祝賀你們最近獲得了 HyperSkiller 的合約。

Morning. Perhaps, Amanda, in your prepared remarks, you noted you're in advanced negotiations to contract your remaining open capacity and are actively pursuing new capacity additions to support incremental opportunities. Regarding the new capacity, are you attempting to solve for new capacity in 2027, early 202,028? And then secondly, is that really to expand with your current customers, or is it really to add a third hyper scaler to the opportunity set?

早晨。阿曼達，或許你在事先準備好的發言稿中提到，你正在就剩餘的未開放產能進行深入談判，並積極尋求新增產能以支持不斷增長的機會。關於新增產能，您想解決 2027 年初、2028 年初的新增產能問題嗎？其次，這樣做真的是為了拓展現有客戶群，還是真的是為了在商機集中增加第三家超大規模企業？

Thanks for the question, Derek, and yes, capacity is something we've been talking about for a long time. We made it very clear that the 2.2 gigawatts was not where we were going to stop. We also, as have talked about through all of our acquisitions, a lot of domain knowledge through MER and HP in terms of where there is additional capacity.

謝謝你的提問，德里克。是的，容量問題是我們討論很久的話題了。我們非常明確地表示，2.2 吉瓦並不是我們的終點。正如我們在所有收購中都談到的那樣，我們也透過 MER 和 HP 獲得了大量的領域知識，了解哪些方面還有額外的產能。

We are looking and have line of sight for capacity, additional capacity in 27 and 28. And this capacity will be for additional opportunities. We have enough capacity for the opportunities that we have signed up for at this time, even though we also expect that to expand over time.

我們正在尋找並看到了27號和28號樓的產能和額外產能。而這種能力將為更多機會創造條件。我們目前有足夠的能力應對我們已經報名參加的項目，儘管我們也預計隨著時間的推移，這個能力會不斷擴大。

Terrific. And then, maybe Amanda, just staying with you on EPA's recent Quadk amendment, it seems like a very positive development for your business and speed to market.

了不起。然後，Amanda，也許可以繼續和你討論 EPA 最近對 Quadk 的修訂，這似乎對你的業務和上市速度來說是一個非常積極的進展。

How should we think about its practical impact for what you're facing today?

我們應該如何看待它對您今天所面臨的問題的實際影響？

And while I understand permits aren't your issue per se, there has been some noise or concerns around the Mississippi operation. So I guess in your view, what's your view on the business impact with Quadk amendment, and then secondly, how are you thinking about what's taking place right now in Mississippi and if that will likely take the same direction that Memphis did.

雖然我知道許可證本身並不是你的問題，但是密西西比州的運營方面確實存在一些爭議或擔憂。所以我想問，您認為 Quadk 修正案對企業的影響是什麼？其次，您如何看待密西西比州目前正在發生的事情，以及它是否會像孟菲斯一樣朝著同樣的方向發展？

So quad k is a clarification and further sort of enabling certainty and so it comes up as a regulatory tailwind. We see this as something that we expected to come through. We were very pleased to see the 24 months, so expanding the temporary ability to be there from 12 to 24. That is certainly something that, very much favors the behind the meter options and alternatives that we offer. Particularly in an environment in which speed to compute is incredibly important, so this is great for us. I'm having this clarification in terms of Mississippi. We really don't comment on that, and moving on to another question where you refer to our responsibility from a permit perspective, I will say that we track that very carefully. And there are circumstances in which we are in discussions where we will at certain locations work with our customers as it relates to ensuring that the appropriate permits are there. Customers are increasingly asking us to take on additional scope. We are talking about this as molecule to electron in Bill's remarks, he referred to doing more on the gas side and obviously as part of that we may be doing more on the permitting side, so quad k.

所以，四重k是一種澄清，進一步增強了確定性，因此它成為監管方面的利好因素。我們認為這件事理應如此。我們很高興看到期限延長至 24 個月，因此臨時駐留時間從 12 個月延長至 24 個月。這無疑非常有利於我們提供的表後選項和替代方案。尤其是在運算速度極為重要的環境中，這對我們來說非常棒。我需要就密西西比州的情況進行澄清。我們對此不予置評。至於您提到的我們在許可證方面的責任，我想說我們會非常仔細地追蹤此事。在某些情況下，我們會與客戶進行討論，在某些地點與客戶合作，以確保獲得適當的許可證。客戶越來越傾向於讓我們承擔更多業務範圍。在比爾的演講中，我們談論的是分子到電子的轉變，他提到要在氣體方面做更多工作，顯然，作為其中的一部分，我們可能要在許可方面做更多工作，所以是四 k。

Great tailwinds for us.

我們真是走了大運。

Great update, thanks.

更新很棒，謝謝。

Bobby Brooks with Northland. Please go ahead.

Bobby Brooks 效力於 Northland。請繼續。

Hi, good morning. This is Keenan Shokkiy on for Bobby. Other companies have been providing or planning to provide behind the meter power, have come out with or unannounced targets on where their fleet capacity will grow to. For example, they might be at 100 m megawatts today with another 300 megawatts ordered, but they've talked about getting to a full gigawatt 30.

您好，早安。這是基南·肖基替鮑比上場。其他公司一直在提供或計劃提供用戶側電力，並已公佈或未公佈其車隊容量成長目標。例如，他們目前的裝置容量可能是 100 兆瓦，並且已經訂購了 300 兆瓦，但他們曾談到要達到 30 吉瓦。

Yes, can you hear me?

是的，你聽得到我說話嗎？

Operator, can you hear us?

接線員，你聽得到我們說話嗎？

Yeah, can you hear? Can.

嗯，你聽得到嗎？能。

You hear me? I'm able to hear everyone.

你聽到了嗎？我能聽到每個人的聲音。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay.

好的。

So operator, can you hear us?

接線員，你聽得到我們說話嗎？

Yes, I'm able to hear you.

是的，我聽得到你說話。

Yeah.

是的。

Yeah, so.

是啊，就是這樣。

Building is shut down.

大樓已關閉。

What are your thoughts on those targets and could you capacity is evolving.

您對這些目標有何看法？您的能力是否正在不斷發展？

To we can't hear, we can't hear anything, yeah, with a.

我們聽不見，我們什麼也聽不見，是的，帶著一個。

They're saying they Pardon me, ladies and gentlemen, it appears the speakers have lost connection. Please stand by while we reconnect them.

他們說……對不起，女士們先生們，揚聲器似乎失去了連接。請稍候，我們正在重新連接它們。

Thank you for standing by. We will now proceed with the Q&A session. Our next question comes from Bobby Brooks with Northland. Please go ahead.

感謝您的耐心等待。接下來我們將進入問答環節。下一個問題來自 Northland 公司的 Bobby Brooks。請繼續。

I know it's Keaton. Keaton, are you there? Sorry, we lost all communications, but we're back. Can you hear us?

我知道那是基頓。基頓，你在嗎？抱歉，我們之前失去了所有通訊，但我們現在恢復了。你們聽得到我們說話嗎？

Yes, I can hear you.

是的，我聽得到你說話。

Thank you. All right.

謝謝。好的。

So yeah, please repeat your question.

所以，請你再說一次你的問題。

Thank you.

謝謝。

Yes, other companies providing or planning to provide behind the meter power have come out and announced targets to where their feet capacity will grow to. For example, they might be at 100 megawatts today with another 300 megawatts ordered, but they've talked about getting to a full 1 gigawatt by 2030. What are your thoughts on that, firstly, and then secondly, could you discuss maybe how you think about your capacity evolving through the end of the decade?

是的，其他提供或計劃提供用戶側供電的公司已經公佈了其供電能力成長的目標。例如，他們目前可能擁有 100 兆瓦的裝置容量，並已訂購了另外 300 兆瓦，但他們曾談到要在 2030 年達到 1 吉瓦的裝置容量。首先，您對此有何看法？其次，您能否談談您認為您的能力在本世紀末會如何發展？

That's a good question. I mean, I think I alluded to it a little bit earlier. I mean, the pipeline of opportunities is just giant, and would we have come out when we bought MER two years ago and said we'd be at 2 gigs now? We didn't do that, but we did it. So I think our philosophy on how we operate is communicate to our shareholders when we're have deals across the finish line and not spike the ball too early, but the pipeline of opportunities and the opportunities that is.

這是個好問題。我的意思是，我之前好像稍微提到過這一點。我的意思是，機會太多了，兩年前我們收購 MER 的時候，會說我們現在可以達到 2 個 Game 嗎？我們並沒有那麼做，但我們做了。所以我認為我們的經營理念是，當交易接近尾聲時，要及時與股東溝通，不要過早宣布結果，而是要展示未來的機會和機會。

Large, it's, I'm very confident that we will have more than we have today in a couple of years, and if you look forward, it continues to grow. There's a lot of tailwinds both in how power should work in this country for these large loads and what the right mechanical setup is for that generation behind the meter and And I think we'll play a significant role in how this evolves with our partner customers that understand how to position this how to position it within the greater power infrastructure and ecosystem to, enable it to be there for the development of data centers as well as, trying not to impact consumer pricing in a in a negative way.

規模很大，我很有信心，幾年後我們的規模會比現在更大，而且展望未來，它還會繼續成長。在這個國家，無論是在如何為這些大負載供電，還是在表後發電的正確機械配置方面，都存在著許多有利因素。我認為，我們將與我們的合作夥伴客戶一起，在這一發展過程中發揮重要作用，他們了解如何將其定位在更大的電力基礎設施和生態系統中，使其能夠為數據中心的發展提供支持，同時盡量避免對消費者價格產生負面影響。

Yeah, and just to follow-up and we alluded to the the note on the call around the hyper scaler capital spending, but this is a massive investment cycle and we've got really attractive opportunities to build infrastructure to support their underlying investments at rates of returns that are very attractive to us. Under long-term contracts and to the last point Bill made there, clearly last night in the State of the Union, affordability with respect to energy prices broadly is paramount to the administration as well as to the consumer, and I think what's very clear here is what we're offering is both economically attractive relative to the long-term costs of adding additional power onto the grid, and secondly, from a time to power perspective, it's it's a really valuable, op strategic opportunity for our customers to have in in their quiver.

是的，再補充一點，我們在電話會議上提到了超大規模資料中心的資本支出，但這是一個巨大的投資週期，我們有非常有吸引力的機會來建立基礎設施，以支持他們的基礎投資，而回報率對我們來說非常有吸引力。根據長期合同，正如比爾昨晚在國情咨文中明確指出的那樣，能源價格的可負擔性對於政府和消費者來說都至關重要。我認為很明顯，我們提供的方案一方面在經濟上具有吸引力，相對於向電網增加額外電力的長期成本而言；另一方面，從供電時間的角度來看，這對我們的客戶來說是一個非常有價值的戰略機遇。

Great.

偉大的。

Thank you for that. Very helpful additional color. And then, secondly, for another follow-up, it was great to see the 500 megawatts come off the board with an investor grade technology leader. What I was curious to hear was if you could provide any further color around how the deal came to fruition and the associated timeline of that deal.

謝謝。非常有幫助的補充顏色。其次，作為後續跟進，很高興看到 500 兆瓦項目由投資者認可的技術領導者承建。我很好奇您能否進一步說明這筆交易是如何達成的，以及相關的交易時間表。

Well, I mean, every deal, every transaction has its own life cycle. I think we've been in communication with most of the major customers for the past, 6 months to a year, and, they evolved, their needs have evolved, and the recognition of where they need, kind of takes a while. These are big decisions, so at the end of the day, the contract tender length requires a high level of approval within a very large organization. So we're nimble and quick and we'll go at the pace at which our customers can go. They need the power. So you know they, I would on average say that the industry would agree they're taking slightly longer to put together than anyone might have expected, but they're they're happening and deals are closing.

我的意思是，每一筆交易、每一筆交易都有它自己的生命週期。我認為在過去的 6 個月到 1 年裡，我們一直與大多數主要客戶保持溝通，他們的需求也在不斷變化，而要認識到他們的需求所在，需要一段時間。這些都是重大決定，因此最終，合約招標期限需要在一個非常大的組織內獲得高層批准。因此，我們行動靈活迅速，會以客戶能夠接受的速度前進。他們需要權力。所以你知道，我平均認為業內人士都會同意，這些項目完成所需的時間比任何人預期的都要長一些，但它們正在發生，交易也在達成。

And we've been, at this strategy in operation for roughly 2 years and I would say the 1st year was certainly in stealth mode. And you know more and more of the sort of track record that we've developed is is being well understood by the other participants in this market and so that that has just been a process for for that track record to get unfolded and I think that's really resonating with customers and.

我們已經實施這項策略大約兩年了，我認為第一年肯定是秘密進行的。而且，我們所取得的成就也越來越被市場上的其他參與者所了解，這是一個讓這些成就得以展現的過程，我認為這真的引起了客戶的共鳴。

Philosophically our notion of.

從哲學角度來說，我們的概念是…

Underpromising and overdelivering both from a delivery of information to the street as well as from an operational perspective. Our operational capabilities and engineering capabilities and execution capabilities have dramatically improved as we've built that out over the last year. So that gives us a lot more confidence on how we build out the balance of plan and how we deploy the equipment.

無論是從向街頭傳遞訊息的角度，還是從營運角度來看，我們都做到了少承諾多兌現。過去一年來，隨著我們不斷完善這些設施，我們的營運能力、工程能力和執行能力都得到了顯著提升。這讓我們對如何制定計劃的平衡以及如何部署設備更有信心。

Keaton, to be a little specific.

具體來說，是基頓。

We do make the comment that these conversations are accelerating as people are looking at sites, as people are getting comfortable in island and mode, complex deals, and that we've been dealing directly with the hyper scales themselves, which is an advantage, and these deals and the timelines are accelerating.

我們確實注意到，隨著人們瀏覽網站、逐漸適應獨立營運模式、處理複雜交易，以及我們直接與超大規模企業打交道（這是一個優勢），這些對話正在加速進行，這些交易和時間表也在加快。

Great to hear. I'll return to the queue.

聽到這個消息真是太好了。我將重新排隊。

Thank you.

謝謝。

Our next question comes from Derek Toddhazer with Piper Sandler. Please go ahead.

下一個問題來自Derek Toddhazer和Piper Sandler。請繼續。

Hey, good morning everybody. Just wanted to go back to the capacity expansion commentary. Obviously I know you need more than the 2.2 gigawatts than you have today, but maybe on the funding side, just how should we think about the funding mechanisms that are available to you? You obviously noted that you freed up your secured borrowing capacity, but just thinking about as you progress towards 3 gigawatts, 4 gigawatts, where, wherever that target may. Migrate over time, maybe just help us understand further as far as what you, what funding we can expect as we continue to push the capacity targets higher.

嘿，大家早安。我只是想再回到產能擴張的評論部分。我知道你們需要的電力肯定比現在的 2.2 吉瓦要多，但是從資金方面來說，我們該如何考慮你們可以利用的資金機制呢？您顯然注意到您釋放了擔保借貸能力，但想想當您朝著 3 吉瓦、4 吉瓦的目標邁進時，無論這個目標最終會在哪裡實現。隨著時間的推移而逐步遷移，或許可以幫助我們進一步了解，隨著我們不斷提高產能目標，我們可以期待獲得哪些資金。

Yeah, I think we really cleaned up the balance sheet quite well, at the end of last year and added significant liquidity into the system. That liquidity is already proving to be very advantageous from a strategic execution standpoint. We did that last year obviously with a couple of convertible bonds, as the maturity in the contract profile continues to. Grow and you know the notion of potentially multiple investment grade counterparties. I really think the secured financing options for the business both in the bank market as well as the sort of term debt market are ample. Bringing in Steven has been a huge help with that regard. Steven's got extensive. Experience in in getting out getting raided, getting notes, issued on behalf of companies and that bandwidth is is critical for us as we look at the long-term opportunities for us to finance the business, so I think you know as we look at it going forward we've got really attractive cost of capital options relative to where we've been over, the last couple of years.

是的，我認為我們在去年年底確實很好地清理了資產負債表，並向系統注入了大量流動性。從策略執行的角度來看，這種流動性已經證明是非常有利的。去年我們顯然發行了幾隻可轉換債券，因為合約期限仍在延長。發展壯大後，你就會明白可能存在多個投資等級交易對手的概念。我認為，無論是在銀行市場還是在定期債務市場，該企業都有充足的擔保融資選擇。在這方面，史蒂文的加入起到了巨大的幫助作用。史蒂文擁有豐富的經驗。在應對突擊檢查、代表公司發行票據方面的經驗，以及這種能力對我們來說至關重要，因為我們正在尋求長期融資機會。所以我認為，展望未來，與過去幾年相比，我們擁有極具吸引力的資本成本選擇。

Yeah, hi, this is, Steve there's quite a bit of, appetite out there in the market, as Kyle alluded to both bank market, term loan market, high yield, and project finance. So I think, you're going to see our cost of capital is improving, and it's just going to accrete to the bottom line.

是的，嗨，我是史蒂夫。正如凱爾所暗示的，市場上對銀行市場、定期貸款市場、高收益債券和專案融資的需求相當大。所以我認為，你會看到我們的資本成本正在改善，這最終會提高我們的利潤。

Got it. Okay, no, that's great. I appreciate the color. And then maybe thinking about this, the integrated power solution you've talked about molecule to electron, just thinking about how you optimize your turnkey solution with the grid longer-term. Obviously we're behind the meter, we're island power today, but maybe longer-term. How do you think about it potentially integrating with the grid? Just say as we move further into the 2030s, just how do you see your turnkey solution evolving with an integrated strategy and optimization with the grid over a longer period of time?

知道了。好的，太好了。我喜歡這個顏色。然後，或許可以思考一下，你提到的從分子到電子的整合電力解決方案，思考如何從長遠角度優化你的交鑰匙解決方案與電網的連結。顯然，我們目前還落後於時代，我們今天就像一座孤島，但也許從長遠來看會好一些。您認為它未來有可能與電網整合嗎？假設我們進入 2030 年代，您認為您的交鑰匙解決方案將如何發展，透過與電網的整合策略和最佳化，在更長的時間內實現？

Well, we certainly believe that that that will be potentially excess power ability at times to move back into the grid, complicated interconnection agreements and all that stuff. Mechanically we have supported the grid in many ways with our equipment before, so we know how to.

我們當然相信，有時可能會出現過剩電力，可以將其輸送回電網，但這涉及複雜的互聯協議等等問題。從機械角度來說，我們以前就用我們的設備以多種方式為電網提供支持，所以我們知道該怎麼做。

Form to the grid and and perform all that. It's a matter of working closely with the utility and the regulators to ensure that what we can provide from the interconnection agreement. What we focus on today, however, is getting that power up and running at speed. The timing for those agreements is is not fast, and but over time we do think it may evolve that direction.

按網格形狀排列並執行所有操作。關鍵在於與電力公司和監管機構密切合作，以確保我們能夠根據互聯協議提供所需服務。但我們今天關注的重點是讓這股動力迅速啟動並運作起來。這些協議的達成時間並不快，但隨著時間的推移，我們認為它可能會朝著那個方向發展。

Great, appreciate all the color. I'll turn it back.

太棒了，很喜歡這些色彩。我會把它轉回去。

The next question will come from Scott Gruber with Citigroup. Please go ahead.

下一個問題將來自花旗集團的史考特·格魯伯。請繼續。

Yes, good morning. Now I'll let go of the, congrats on the latest, good morning. I'll let go the congrats on the latest contract.

是的，早安。現在我要放下這句話了，恭喜你有最新進展，早安。我就不祝賀他們簽下新合約了。

So how do you think about getting back into the queue for additional equipment, do you wait to contract the additional 400 megawatts? Do you get in the queue soon? And what are your thoughts on, diversifying your supplier base, just as backlogs still, across the supplier base.

那麼，您打算如何重新排隊申請額外的設備呢？您會等待簽訂額外的 400 兆瓦合約嗎？你很快就能排隊了嗎？您對供應商多元化有何看法？目前供應商整體仍有訂單積壓問題。

I think we've been pretty clear from the beginning that as capacity gets contracted we will be back obtaining more capacity in multiple different options in that regard. So to your point, there's multiple OEMs we have, to date been. Tied pretty closely to one Om they've been a great partner. We'll continue to work with them, but we're obviously looking at other options. There are other new product lines coming into the market that look quite similar to the sort of workhorse asset that we've got in our generation fleet and so we're we're evaluating all those options, and clearly while we were working in conjunction with our. New customer we were also working supply chain so this isn't like a you know a standing start we we've had these conversations warm for quite some time and and those dialogues are very healthy I think we've demonstrated to be a very good customer to suppliers paying on time doing what we we say we will do and generally being pretty cooperative with with that whole mix so we we've. We are being consistent with what Bill mentioned of, doing what we say and so with respect to more capacity that's more of the same and so we are actively analyzing those opportunities and and expect to be able to provide updates in due course.

我認為我們從一開始就非常明確地表示，隨著產能的萎縮，我們將透過多種不同的途徑來獲得更多產能。所以正如你所說，到目前為止，我們已經有多家原始設備製造商 (OEM)。他們與 Om 關係非常密切，一直是很好的合作夥伴。我們將繼續與他們合作，但顯然我們也在考慮其他選擇。市場上還有其他新產品線，它們看起來與我們發電廠中的主力資產非常相似，因此我們正在評估所有這些選項，顯然，在我們與我們的合作夥伴共同努力的同時。對於新客戶，我們也一直在與供應鏈合作，所以這並不是從零開始，我們已經進行了相當長時間的友好對話，而且這些對話非常健康。我認為我們已經證明自己是供應商的好客戶，按時付款，履行承諾，並且在所有環節上都非常合作。我們一直秉持比爾所說的原則，言出必行。對於擴大產能，我們也採取同樣的做法，積極分析各種機會，並期待在適當的時候提供最新進展。

I appreciate that. It was nice to see the, 1 QE but the bump, and 2Q grows, but it's a little bit more slowly than expectations, across the street. Maybe the street was just a bit ahead of itself, but, logistics, that that segment is looking better.

我很感激。很高興看到，1 QE，但第二季度有所增長，但增速比預期要慢一些，街對面的情況也是如此。或許這條街的情況有點超前了，但是，物流方面，那部分情況看起來好多了。

So can you just walk us through the kind of megawatts deployed, across one queue and into 2Q and is there any uncertainty around the deployment schedule, at colossus 2 into 2Q or are you just embedding, some conservatism until you get a better line of sight?

那麼，您能否簡要介紹一下在第二季度透過一個佇列部署的兆瓦數？ Colossus 2 專案在第二季的部署計劃是否存在任何不確定性？或者，您只是在獲得更清晰的指示之前採取一些保守措施？

Well I mean I think generally as we look at providing guidance we always TRY to embed some level of conservatism, rational and reasonable, but some level of conservatism. I mean when it comes to the timing of equipment getting deployed, most of that is out of our control, that's obviously subject to the OEM and you know if you look at how we even shaped sort of the capital guidance for the 4th quarter relative to what happened, we assumed in the guidance. That we would be receiving installment invoices ahead of when we actually did and so some of this is a function of the the supply chain and where they sit with their with their processes we we feel very good about the loss to project with respect to the total 900 megawatts that will be deployed there. The exact prescriptive timing week to week, month to month, quarter to quarter is going to be somewhat in flux depending on OEM. Deliveries, it's a massive project that's being built in real time and so there's lots of civil work that needs to take place there as well. So there's lots of puts and takes that are outside of our control, quite frankly, and so that's that's driving maybe somewhat of the guidance, but I don't think it has any any impact whatsoever with respect to the run rate as we look at it.

我的意思是，我認為總的來說，我們在提供指導時，總是會努力融入一定程度的保守主義，理性而合理，但總是要融入一定程度的保守主義。我的意思是，就設備部署時間而言，大部分是我們無法控制的，這顯然取決於原始設備製造商 (OEM)。而且，如果你看看我們是如何根據實際情況制定第四季度資本指導方針的，就會發現我們在指導方針中做出了假設。我們將提前收到分期付款發票，而實際收到的時間可能比我們預想的要早，因此部分原因是供應鏈及其流程的狀況。我們對該專案造成的損失感到非常滿意，因為總共將部署 900 兆瓦的電力。具體的時間安排，按週、按月、按季度可能會因原始設備製造商 (OEM) 的不同而有所變化。交付項目是一個正在即時建設中的大型項目，因此也需要進行大量的土木工程。坦白說，有很多我們無法控制的因素，這可能在一定程度上影響了我們的預測，但我認為就我們所看到的運行率而言，它沒有任何影響。

I appreciate the color.

我喜歡這個顏色。

Thank you. And we're, still on track for Q1 of next year to be at the full 900 megawatts at cost to it.

謝謝。我們仍有望在明年第一季達到900兆瓦的裝置容量，並控製成本。

And then just, finally we have been able to use and and to Amanda's point with respect to some of the new regulatory analysis and ability to put more power out there on a temporary basis to allow the customer to ramp their demand, potentially ahead of when the the permanent.

最後，我們終於能夠利用阿曼達提到的一些新的監管分析，並且能夠暫時提供更多電力，讓客戶能夠提高需求，甚至可能在永久性措施實施之前就提高需求。

Power comes into play.

權力開始發揮作用。

Oh, that's a great color. Thanks, Kyle. Turn it back.

哦，這顏色真好看。謝謝你，凱爾。把它轉回去。

Our next question comes from Steven Gangaro with Stifo.

下一個問題來自 Stifo 的 Steven Gangaro。

Please go ahead.

請繼續。

Thanks and good morning everybody. I think too for me, the first, and I'm not sure how much color you can add, but when you talk about discussions that are out there for that, for I guess roughly incremental 400 megawatts, are we talking about like discussions that are in the gigawatt range where you have multiple conversations going on, or is it, are they more sort of isolated discussions with specific customers? Like is there any way to think about. And kind of quantify sort of the near term demand for that power.

謝謝大家，大家早安。我也覺得，對我來說，首先，我不確定你能補充多少細節，但當你談到正在進行的討論時，我猜大約是增量 400 兆瓦，我們說的是像吉瓦級那樣的討論，有很多對話同時進行，還是說，它們更像是與特定客戶的孤立討論？有沒有什麼思考的方法？並量化一下近期對這種電力的需求。

Hi Steven, I think that the discussions are as widely varies as we need 100 megawatts to we need 2 to 3 gigawatts, and how does that roll out over the course of 27, 89, a kind of time frame and it's with multiple customers or single. Customer, so the opportunity set as Amanda mentioned is significant, it's large. I think where we will focus on is closing with one or two, customers in that, in that 400 megawatt kind of range.

嗨，史蒂文，我認為討論的範圍很廣，從我們需要 100 兆瓦到我們需要 2 到 3 吉瓦，以及這如何在 27、89 年之類的時間範圍內逐步實現，以及是針對多個客戶還是單一客戶。正如Amanda所提到的，客戶方面的機會非常大，機會也很多。我認為我們將重點放在敲定一到兩家裝置容量在 400 兆瓦左右的客戶上。

What happens in these negotiations, which like we've said, are negotiations, not discussions, is we will maybe start with the 400 megawatts, but because of how electrification is phased in, we will then add over time.

就像我們之前說的，這些是談判，而不是討論。在這些談判中，我們可能會從 400 兆瓦開始，但由於電氣化是一個分階段的過程，我們會隨著時間的推移而增加。

Okay. No, that's helpful.

好的。不，這很有幫助。

Thank you. And the other question.

謝謝。還有一個問題。

When you think about the price of power, and I know like when you were first deploying assets and you know you're, because you're basically at the customer's site, you're kind of your cost of power is pretty close to grid power and it feels like grid power or even at or below grid power, but as we, have these kind of conversations about rising electricity costs over time. How do you price the power? Like, are you able to take advantage or at least leverage the fact that power prices are likely rising over the next decade when you're signing these longer-term contracts? Like how does that discussion go?

當你思考電力價格時，我知道就像你最初部署資產時，因為你基本上是在客戶現場，你的電力成本非常接近電網價格，感覺就像電網價格，甚至等於或低於電網價格，但隨著我們不斷討論電力成本的上漲，情況就改變了。如何為電力定價？例如，在簽訂這些長期合約時，你能否利用或至少利用未來十年電力價格可能上漲這一事實？那場討論是怎麼進行的？

Yeah, I mean, I think customers intuitively understand this and how the shape of our curve, we're really focused on return on capital, focused on protecting our costs with with cola. We're in most cases not buying the gas. The customers are buying their gas, so we're not at risk for that part of the, the expense going up, but we do see, maintenance and all the regular costs that that can increase over time. But I think this is a, you can lock it up now and just like you might with a big power you could do a capacity deal, with some variable, which is what we're seeing both on this kind of behind the meter scale as well as co-located scale and protect and hedge for the next, 10 to 20 years.

是的，我的意思是，我認為顧客們憑直覺就能理解這一點，以及我們曲線的形狀，我們真正關注的是資本回報率，關注的是如何透過可樂來保護我們的成本。大多數情況下，我們不會購買汽油。顧客們自己購買天然氣，所以我們不會面臨這部分費用上漲的風險，但我們確實看到維護和所有常規成本會隨著時間的推移而增加。但我認為，現在就可以鎖定容量，就像你與大電力公司達成協議一樣，你可以進行容量交易，並附帶一些可變因素，這正是我們在這種表後規模以及同址規模上所看到的，從而在未來 10 到 20 年內進行保護和對沖。

As a.

作為。

Great.

偉大的。

Thanks for the additional caller.

感謝這位額外的來電者。

Our next question comes from Michael Dudas with Vertical Research. Please go ahead.

下一個問題來自 Vertical Research 的 Michael Dudas。請繼續。

Good morning everyone.

大家早安。

Good morning.

早安.

As you indicated in your prepared remarks and certainly as we've seen in the market, demand seems to be much greater than supply and capacity. How is that evolving relative to the moat that you're creating given the momentum you've put together over the past couple of years, and how does that impact relative to what you want to do in the uplift to the other services to provide for your integration, is the acquisition market or the opportunities there. Are there quickly enough for you to, generate the value from that, just to, really solidify your solutions profile.

正如您在準備好的演講稿中所指出的，也正如我們在市場上所看到的，需求似乎遠大於供應和產能。鑑於過去幾年你累積的勢頭，你正在打造的護城河與你自身發展的關係如何？這與你想提升其他服務以實現整合的關係如何？收購市場或那裡的機會又如何？能否足夠迅速地從中創造價值，從而真正鞏固您的解決方案形象？

Yeah, I mean, I think number one this is a very big market. We will not be alone in developing power for this this industry, right? The numbers are staggering so our our mode and our our.

是的，我的意思是，我認為首先這是一個非常大的市場。我們不會是唯一一家為這個產業開發電力的人，對吧？這些數字令人震驚，所以我們的模式和我們的。

Offering is one of experience of of operations of knowledge of ensuring as reliable power as possible at at you know at attractive pricing as we build out our offering the the more capital we can put to work in the. More services we offer that we can get paid for is valuable and and I think valuable to the customer and that what we're doing ultimately is just ensuring that they get the power where they need it when they need it at the right at the right voltage and and tight and and that will give us the amount of runway that this business needs to continue to grow very rapidly over the next several years.

我們提供的服務包括豐富的營運經驗和知識，以確保盡可能可靠的電力供應，並且價格具有吸引力。隨著我們不斷完善服務，我們可以投入更多的資金。我們提供更多能夠獲得報酬的服務是有價值的，我認為這對客戶來說也很有價值。我們最終所做的，就是確保他們在需要的時候，在適當的電壓下，以適當的精度獲得所需的電力。這將為我們的事業在未來幾年內繼續快速成長提供足夠的空間。

Excellent, thanks, Bill.

太好了，謝謝你，比爾。

Our next question comes from Jeff LeBlanc with TPH. Please go ahead.

我們的下一個問題來自 TPH 的 Jeff LeBlanc。請繼續。

Good morning, Bill and Amanda.

早上好，比爾和阿曼達。

Thank you for taking my question.

感謝您回答我的問題。

Morning.

早晨。

In SLS you're guiding the flat EBITD on a sequential basis while the pressure pumpers are flagging, the Winter storm firm, fern, excuse me, as having a sizable impact on Q1 profitability. Can you expand upon how your rentals business is insulating SEI from these types of, disruptions?

在 SLS 中，你正在按順序引導 EBITD 保持平穩，而壓力泵卻在減弱，冬季風暴公司，抱歉，對第一季度盈利能力產生了相當大的影響。您能否詳細說明一下您的租賃業務是如何使SEI免受此類幹擾的？

Thank you.

謝謝。

Well, we did see some downtime during the storm. So what we also see is additional growth in the business that's offsetting that. So I think we're growing maybe faster than the current pressure pumping market is just in terms of touch. The top fill offering and the savings that it offers for some of these large frac jobs is real.

暴風雨期間，我們確實遇到了一些停機時間。因此，我們也看到業務的額外成長抵消了這一影響。所以我覺得，就市場佔有率而言，我們的成長速度可能比目前壓力泵送市場的成長速度還要快。頂部填充技術及其為一些大型壓裂作業帶來的成本節約是真實存在的。

And so we continue to see. Demand there and we're virtually sold out as I mentioned on the call with that equipment. So given that, given the growth in that from quarter over quarter, that's going to offset some of the declines that we saw in or most of the declines we saw in the in the storm.

因此，我們繼續看到這種情況。正如我在電話會議上提到的，那邊的需求很大，我們的設備幾乎已經售罄。有鑑於此，鑑於季度環比增長，這將抵消我們在風暴期間看到的一些下降，或者說大部分下降。

Okay, thank you very much. I'll hand the call back to the operator.

好的，非常感謝。我會把電話轉回給接線生。

Our next question comes from Dawn Crist with Johnson Rice. Please go ahead.

下一個問題來自 Johnson Rice 公司的 Dawn Crist。請繼續。

Morning guys, hope you all are doing well this morning.

各位早安，希望你們今天早上一切都好。

One macro question for me, as you're having these discussions, given all the state of the world right now with.

鑑於你們正在進行這些討論，考慮到目前世界局勢，我有一個宏觀層面的問題想請教。

Energy prices and the consumer facing kind of aspects of that, how many of your discussions are 100% behind the meter versus kind of a hybrid approach with, grid versus, behind the meter? Is it more, is it shifting more to where you're going to be a standalone island power plant for the life of the data center, or is it still kind of a hybrid approach?

能源價格以及與消費者相關的各個方面，你們的討論有多少是完全基於表後能源，又有多少是採用電網與表後能源相結合的混合方式？是更傾向於資料中心在其整個生命週期內都採用獨立的孤島式發電廠模式，還是仍採用混合模式？

I think there's a little, there's still a bit of a hybrid. It's probably weighted toward behind the meter for the life of the plant, although we're having discussions with a few customers around having a mobile kit that they may rent for the next 10 years that we set up in advance of grid connections that they hope to get there over some period of time. And so the mobile nature and the service of being able to set up power quickly, the tailwinds with the quad k reg. Which allowing some of that to happen on a temporary basis kind of gives a couple of pieces of this offering. One is the pure behind the meter that may end up being co-located over time or we can go in and and are looking for long-term contracts to be a bridge provider which would mean that we may sit on sites between 1 and 2 years but we have a contract with that customer for multiple years beyond that to move the site to site as they recognize that. Connections are slow, and they're building out locations maybe faster than the grid can connect to them, and they need a solution like that to complement their rapid growth.

我覺得有點，還是帶有一些混合的成分。雖然我們正在與一些客戶討論為他們提供移動套件，以便他們在未來 10 年內租用，並在他們希望在一段時間內接入電網之前提前安裝好，但這可能更傾向於在電廠的整個生命週期內採用表後安裝的方式。因此，移動特性以及能夠快速建立電源的服務，以及四k調節器的順風。允許其中一些事情暫時發生，某種程度上也算是提供了這種產品的一些組成部分。一種是純粹的表後設備，隨著時間的推移，它可能會最終與現有設備共址；或者我們可以進入並尋求長期合同，成為橋樑供應商，這意味著我們可能會在某個站點停留 1 到 2 年，但我們與該客戶簽訂了多年合同，以便在他們認可的情況下將站點遷移到另一個站點。網路連線速度很慢，而他們的建造速度可能比電網連接的速度還要快，因此他們需要這樣的解決方案來配合他們的快速成長。

John.

約翰。

We are seeing, as we said, this acceleration of discussions, the tailwinds here, one, greater tenner on contracts. We always like to see that. 2.

正如我們所說，我們看到討論正在加速進行，有利因素包括：合約金額大幅增加。我們一直樂於見到這種情況。2.

People in the last quarter, customers and end users getting very comfortable that they can be in fully islanded mode successfully, reliably for a 10+ year contract. So it's all of the above, but definitely a tailwind toward people getting comfortable that maybe they don't have to connect to the grid, and we think that, last night's State of the Union address with the ratepayer protection pledge, these discussions will continue to gain traction.

上個季度，客戶和最終用戶都非常確信，他們可以在完全孤島模式下成功、可靠地履行 10 年以上的合約。所以以上所有因素都有影響，但肯定有有利因素促使人們逐漸接受他們可能不必接入電網的想法，我們認為，昨晚的國情咨文中關於保護電力用戶的承諾，將使這些討論繼續獲得支持。

Yeah, that makes a lot of sense and just one further one for me, obviously the 4th quarter had some maintenance issues or not issues but maintenance costs, that were elevated as you had to kind of update your equipment but how do we look at it going forward, as you.

是的，這很有道理。我還有一個問題，顯然第四季度出現了一些維護問題，或者說不是問題，而是維護成本上升了，因為你們必須更新設備。但身為你們，我們該如何看待未來的發展呢？

Add a whole lot more new equipment. Is that maintenance schedule kind of de minimis going forward, or do you have another wave of stuff coming through in the next 12 to 15 months or so that that need to go through that process?

增添大量新設備。這種維護計畫是以後的例行維護，還是說在接下來的 12 到 15 個月左右會有另一批設備需要進行相同的維護？

Yeah, Don, I think the color on the 4th quarter was around some equipment coming off of a utility project that was relatively short-term in nature and and we're doing some modifications to that equipment to get it ready for a long-term contract to serve a micro grid and the. In the in the West Texas area, so that that was sort of I'd say more of a kind of a one off in nature, as we've talked about historically this equipment has an overhaul cycle which is episodic relative to the number of hours, run in the engines and on average they're roughly 30,000 hour over. All cycles so it's every, four-ish kind of year time frame depending on the fired hours per per day or per per year for those engines, so yeah, we're we're obviously in a period here where we're not seeing significant maintenance capital over time that will be running through the business and that that's several years out from now and then. And the other thing in the 4th quarter was we did secure some additional 3rd party equipment to meet an accelerated ramp schedule for for one of our larger projects and so we we pulled that in a little bit ahead of when the equipment was deployed onto site and so that was just some additional cost that was transitory nature in the 4th quarter.

是的，唐，我認為第四季度的顏色與一些從一個相對短期的公用事業項目中移除的設備有關，我們正在對這些設備進行一些改造，使其準備好履行長期合同，為微電網提供服務。在西德克薩斯地區，所以這更像是一種一次性事件，正如我們歷史上討論過的，這種設備的檢修週期是相對於發動機運行小時數而言的階段性的，平均而言，它們的檢修週期約為 30,000 小時。所有循環都是如此，大約每四年一次，具體取決於這些引擎每天或每年的燃燒小時數。所以，是的，我們顯然正處於一個時期，在這個時期，我們不會隨著時間的推移看到業務中出現大量的維護資本，而且這種情況在未來幾年內都不會發生。第四季度還有一件事，我們確實採購了一些額外的第三方設備，以滿足我們一個較大項目的加速推進計劃，因此我們在設備部署到現場之前就提前採購了一些，所以這只是第四季度的一些臨時性額外成本。

I appreciate all the color. Thanks guys. Turn it back.

我喜歡這些色彩。謝謝各位。把它轉回去。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Bill Zartler for any closing remarks.

我謹將會議交還給比爾·札特勒，請他作總結發言。

Thank you all for joining us today. We're excited by the strong momentum we've built in all aspects of our business in 2025 and the significant opportunities ahead. It's rewarding to see our team grow and deliver real value in this fast evolving market.

感謝各位今天蒞臨。我們對公司在 2025 年各個業務領域取得的強勁發展勢頭以及未來的巨大機會感到興奮。看到我們的團隊不斷成長，並在這個快速發展的市場中創造真正的價值，我感到非常欣慰。

And to like a big thank you to our dedicated employees, our trusted customers, and valued supplier partners. Your commitment makes it all possible.

也要特別感謝我們敬業的員工、值得信賴的客戶和寶貴的供應商合作夥伴。你的付出讓這一切成為可能。

Thank you.

謝謝。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。