Solaris Energy Infrastructure, Inc. (SEI) 2026 Q1 法說會逐字稿

Good day, and welcome to the Solaris quarter one 2026 earnings teleconference and webcast. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Solaris 2026 年第一季財報電話會議與網路直播。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給財務與投資人關係資深副總裁 Yvonne Fletcher。請開始。

Thank you, operator. Good morning, and welcome to the Solaris first-quarter 2026 earnings conference call. Joining us today are our Chairman and Co-CEO, Bill Zartler; our Co-CEO and Director, Amanda Brock; our President, Kyle Ramachandran; and our CFO, Steve Tompsett. Before we begin, I'd like to remind you that some of the statements we will make today are forward-looking and reflect a number of known and unknown risks. Please refer to our press release issued yesterday, along with other recent public filings with the Securities and Exchange Commission that outline those risks.

謝謝，接線員。各位早安，歡迎參加 Solaris 2026 年第一季財報電話會議。今天與會者包括：董事長兼共同執行長 Bill Zartler；共同執行長兼董事 Amanda Brock；總裁 Kyle Ramachandran；以及財務長 Steve Tompsett。在開始之前，我想提醒各位，我們今天將發表的部分陳述屬於前瞻性陳述，並反映若干已知與未知風險。請參閱我們昨日發布的新聞稿，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。

I would like to point out that our earnings release and today's conference call will contain discussion of non-GAAP financial measures. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release, which is posted in the News section on our website.

我想指出，我們的財報新聞稿以及今天的電話會議將包含對非 GAAP 財務衡量指標的討論。這些補充資訊的呈現不應被孤立看待，亦不應作為依 GAAP 編製之結果的替代。與可比 GAAP 指標的調節表可在我們的財報新聞稿中取得，該新聞稿已張貼於我們網站「新聞」專區。

Additionally, we 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.

此外，我們也鼓勵各位參閱我們的財報補充簡報投影片，該投影片已於昨晚發布在我們網站投資人關係專區的「活動與簡報」之下。

I'll now turn the call over to our Chairman and Co-CEO, Bill Zartler.

接下來我將把電話會議交給我們的董事長兼共同執行長 Bill Zartler。

Thank you, Yvonne, and thank you, everyone, for joining us this morning. Solaris is off to an exceptional start in 2026. We are consistently executing across our current operations, successfully advancing our long-term growth strategy and growing our long-term business base.

謝謝你，Yvonne，也謝謝各位今天早上加入我們。Solaris 在 2026 年有一個非常出色的開局。我們在現有營運上持續穩健執行，成功推進長期成長策略，並擴大我們的長期業務基礎。

In power, we added two significant long-term contracts with two investment-grade global technology companies for over 1 gigawatt of contracted power generation capacity and importantly, associated balance of plant equipment. We also closed two strategic transactions, which expanded our generation capacity over 40% to 3.1 gigawatts. We are now operating, constructing in the design and planning stage for multiple large behind-the-meter power projects for three distinct large technology companies for several different data centers. Building on our proven capabilities, this progress continues to confirm Solaris' strategy and leading project expertise.

在電力業務方面，我們與兩家投資等級的全球科技公司新增兩份重要的長期合約，合計超過 1 吉瓦的已簽約發電容量，且重要的是也包含相關的廠內平衡（balance of plant）設備。我們也完成兩筆策略性交易，使我們的發電容量擴增逾 40%，達到 3.1 吉瓦。目前我們正為三家不同的大型科技公司、針對多個不同資料中心，營運、施工，並在設計與規劃階段推進多個大型表後（behind-the-meter）電力專案。在我們已被驗證的能力基礎上，這些進展持續印證 Solaris 的策略與領先的專案專業能力。

We also see a clear path to significantly grow our business further. While we focus on near-term execution, we are concurrently expanding our contracted power services scope to support the future growth of our high-quality customer base. We also continue to have active discussions for new projects with both current and new customers. We expect these diversifying and expanding relationships to result in meaningful incremental returns for Solaris.

我們也看到一條清晰的路徑，可進一步大幅擴大我們的業務。在專注於短期執行的同時，我們也同步擴展已簽約電力服務的範疇，以支持我們高品質客戶群未來的成長。我們也持續與現有及新客戶就新專案進行積極洽談。我們預期這些更為多元且擴大的合作關係，將為 Solaris 帶來具意義的增量報酬。

As we've now shown repeatedly, we will secure expansion generation capacity once we have visibility and confidence in contracting incremental capacity on a long-term basis. While we've seen that negotiating these initial complex commercial contracts can take an extended period of time to close, we are encouraged by the numerous additional growth opportunities we see with our current customers as well as the general alignment toward a more standard contractual arrangement. We're anticipating going forward that these additional opportunities will be more streamlined to contract.

正如我們已多次證明的，一旦我們對長期簽約增量容量具備能見度與信心，我們就會取得擴增的發電容量。雖然我們看到，協商這些初期且複雜的商業合約可能需要較長時間才能完成簽署，但我們對於在現有客戶中看到的眾多額外成長機會，以及朝向更標準化合約安排的整體趨勢感到鼓舞。我們預期未來這些額外機會在簽約上將更為精簡順暢。

The broader power market continues to reinforce and support our strategy. The tailwinds we've been describing over the past several quarters remain the same and several have strengthened. Grid interconnection delays have continued to expand, which given the market's focus on speed to compute has accelerated adoption of long-term behind-the-meter power solutions. Electricity affordability for residential grid customers remains at the forefront of every politician and community leaders' minds, which reinforces the need for bring your own power solutions like ours and in some cases, is even essential to many communities.

更廣泛的電力市場持續強化並支持我們的策略。我們在過去幾季所描述的順風因素仍然相同，其中有幾項更為增強。電網併網延遲持續擴大；在市場高度重視算力上線速度的背景下，這加速了對長期表後電力解決方案的採用。對住宅電網用戶而言的電價可負擔性，仍是每位政治人物與社區領袖關注的核心議題，這也強化了像我們這樣「自備電力」解決方案的必要性，且在某些情況下，對許多社區甚至是不可或缺的。

There is no question that behind-the-meter power solutions will play a significant role in the long-term powering of data centers and other large industrial power loads. Solaris' proven ability to deploy rapidly and compliantly, fully behind the meter in island mode if needed, with the optionality of providing a cost-effective reliability-enhancing complement to the grid continues to be a real differentiator.

毫無疑問，表後電力解決方案將在資料中心及其他大型工業用電負載的長期供電中扮演重要角色。Solaris 已被驗證的能力在於：能快速且合規地部署，必要時可在完全表後的孤島模式（island mode）下運行，並可選擇提供具成本效益、提升可靠性的電網補充方案；這持續是我們真正的差異化優勢。

Our progress is a result of a power strategy that's not only working but accelerating our growth, executed by a seasoned team that knows how to deliver. We've been clear about our power strategy, build a diversified integrated power services and equipment company that can deliver what the market and our customers need, delivering turnkey solutions from the molecule to the electron, while also ensuring that our earnings stream is growing at attractive returns with improving long-term visibility. With approximately 3.1 gigawatts of secured power generation capacity, a growing exceptional customer base and our demonstrated capability to deliver comprehensive behind-the-meter solutions to the industry where access to power is recognized as a key differentiator. We are well positioned to see continued growth from here.

我們的進展源自一項不僅奏效、且正在加速我們成長的電力策略，並由一支經驗豐富、懂得交付成果的團隊加以落實。我們已清楚說明我們的電力策略：打造一家多元化、整合式的電力服務與設備公司，能交付市場與客戶所需，提供從分子到電子（from the molecule to the electron）的交鑰匙解決方案，同時確保我們的獲利來源以具吸引力的報酬成長，並提升長期能見度。憑藉約 3.1 吉瓦的已確保發電容量、持續成長且卓越的客戶基礎，以及我們已展現能向產業提供全面表後解決方案的能力（在該產業中，取得電力被視為關鍵差異化因素），我們已具備良好定位，可望自此持續成長。

With that, I'll turn it over to Kyle to walk through our commercial progress and strategic acquisition initiatives.

接下來我把時間交給 Kyle，請他說明我們的商務進展與策略性併購計畫。

Thank you, Bill, and good morning, everyone. As Bill pointed out, we've had incredible commercial success over the past couple of months. We now have over 2 gigawatts of power generation under long-term contracts with three different leading technology companies. Over half of that capacity was contracted in just the last two months with contract terms that have extended to 10 to 15 years.

謝謝你，Bill，各位早安。如 Bill 所指出，過去幾個月我們在商務面取得了驚人的成功。目前我們已與三家不同的領先科技公司簽訂長期合約，合計超過 2 吉瓦的發電量。其中超過一半的容量是在最近兩個月內完成簽約，合約期限延伸至 10 至 15 年。

We announced our most recent long-term contract last night directly with an investment-grade global technology company in which we will provide over 600 megawatts of generation with balance of plant for an initial 10-year term with an option to extend for an additional five years. We expect energization under this contract to begin ramping in late 2026. This most recent contract is in addition to the over 500-megawatt contract we announced in early February and the 900-megawatt Stateline joint venture that is currently under development.

昨晚我們宣布最新一份長期合約，直接與一家投資等級的全球科技公司簽訂；我們將提供超過 600 兆瓦的發電能力及廠內平衡（balance of plant），初始期限為 10 年，並可選擇再延長 5 年。我們預期該合約下的送電（energization）將於 2026 年底開始逐步爬坡。這份最新合約是在我們於 2 月初宣布的超過 500 兆瓦合約，以及目前正在開發中的 900 兆瓦 Stateline 合資案之外的新增合約。

These customers selected Solaris as a trusted long-term partner because of our proven capabilities and the team we've built, both organically and inorganically. We have a history of reliable execution demonstrated across multiple at-scale deployments, and these partnerships reinforce our reputation as a leader in this rapidly growing market.

這些客戶之所以選擇 Solaris 作為值得信賴的長期合作夥伴，是因為我們已被驗證的能力，以及我們透過內生成長與外部併購所打造的團隊。我們在多個大規模部署中展現了可靠的執行紀錄，而這些合作關係也強化了我們在這個快速成長市場中的領導者聲譽。

As Amanda will describe, these relationships are also expanding in scope well beyond generation, which further deepens our integration with customers and enhances the return profile of our contracted base over time. We've also continued to move decisively on the supply side to address the challenge we've been direct about. Demand for our solutions continues to outpace our committed and on-order capacity.

正如 Amanda 將會說明的，這些關係在範疇上也正擴展到遠超過發電本身，進一步加深我們與客戶的整合，並隨時間提升我們已簽約基礎的報酬特性。我們也持續在供給端果斷推進，以因應我們一直坦率提及的挑戰。市場對我們解決方案的需求，仍持續超過我們已承諾及已下單的產能。

On March 16, we closed two highly strategic transactions, which together add approximately 900 megawatts of new natural gas fuel turbine capacity. The first was the acquisition of Genco Power Solutions, which will contribute 400 megawatts of incremental capacity between 2026 and 2028, including approximately 100 megawatts of currently operated and contracted capacity. The second was the purchase of 30 turbine delivery slots, providing approximately 500 megawatts of incremental capacity between early 2027 and 2029.

3 月 16 日，我們完成兩筆高度策略性的交易，合計新增約 900 兆瓦的天然氣燃料渦輪機容量。第一筆為收購 Genco Power Solutions，將在 2026 至 2028 年間貢獻 400 兆瓦的增量容量，其中包括約 100 兆瓦目前已在營運且已簽約的容量。第二筆為購買 30 個渦輪機交付檔期（delivery slots），可在 2027 年初至 2029 年間提供約 500 兆瓦的增量容量。

Securing these near-term deliveries puts us in a position to serve customers on the accelerated time lines that they need. Both acquisitions also importantly meaningfully diversify our equipment supplier base as we develop relationships with multiple OEMs. As we grow toward and beyond 3,100 megawatts, working with multiple OEMs increases our operational flexibility, reduces exposure to any single supply chain and gives us more options to configure capacity for varying customer needs.

確保這些近期交付，使我們能夠在客戶所需的加速時程內提供服務。這兩項收購也同樣重要地、且顯著地多元化了我們的設備供應商基礎，因為我們正與多家OEM建立合作關係。隨著我們成長至並超過3,100兆瓦，與多家OEM合作可提升我們的營運彈性、降低對任何單一供應鏈的曝險，並讓我們在因應不同客戶需求配置產能時擁有更多選項。

Outside of Power, our Logistics Solutions segment continues to perform well. Both our execution and demand for our services remained strong during the first quarter, and this momentum continues in the second quarter. Demand for our top fill equipment now exceeds our deployable supply, and our forward-looking calendar is also equally tight. This business line continues to generate tremendous cash that we are reinvesting into the company.

在電力業務之外，我們的物流解決方案事業部門持續表現良好。第一季期間，我們的執行力與對我們服務的需求皆維持強勁，而這股動能在第二季仍在延續。目前對我們頂填設備的需求已超過我們可部署的供給量，而我們的前瞻性排程同樣非常緊湊。這條業務線持續產生可觀的現金流，我們正將其再投資於公司。

In summary, Q1 2026 was a quarter of successful execution, commercially, operationally and financially. Our results, combined with our continued strategic efforts building and diversifying our capabilities positions Solaris extremely well for further growth through the remainder of 2026 and beyond. With that, I'll turn it over to Amanda.

總結而言，2026年第一季是在商務、營運與財務面皆成功執行的一季。我們的業績表現，加上我們持續推動的策略性工作——建立並多元化我們的能力——使Solaris在2026年剩餘期間及更長遠的未來具備極佳的成長條件。接下來我把時間交給Amanda。

Thank you, Bill and Kyle, and good morning all. So building on our significant momentum, we want to share with you more about how we are anticipating market needs and leading with new initiatives. We're clearly delivering on our strategy to date, but as important as how we're innovating and looking to the longer term and evolving our business.

謝謝你，Bill和Kyle，各位早安。在我們強勁動能的基礎上，我們想與各位分享更多我們如何預判市場需求並以新計畫領先布局。我們迄今顯然正按策略交付成果，但同樣重要的是，我們如何持續創新、著眼更長期並推動業務演進。

Last quarter, we publicly announced our molecule to electron approach in response to a growing market need. Large technology companies are building out compute infrastructure at a speed and scale that creates many challenges, one of the most significant of which is power infrastructure. This includes not only generation capacity, but the power-related distribution, conditioning, storage and management capabilities as well as the equipment needed to supply fuel and minimize emissions.

上季，我們因應日益成長的市場需求，公開宣布了我們的「從分子到電子」方法。大型科技公司正以極快的速度與規模建置運算基礎設施，這帶來許多挑戰，其中最重要之一就是電力基礎設施。這不僅包括發電容量，也包括與電力相關的配電、調節、儲能與管理能力，以及供應燃料並將排放降至最低所需的設備。

It became clear that our customers increasingly value a turnkey and rapidly deployable solution. Anticipating this need for a turnkey solution, we've added additional skills and strength to our core team with deep domain knowledge in these areas of expertise as well as making initial key bolt-on acquisitions like Solaris power distribution services. With these enhanced capabilities, we're in a unique position to deliver more than just generation in a time and capital-efficient manner, but we're adding significant value with enhanced project returns.

我們清楚看到，客戶愈來愈重視交鑰匙且可快速部署的解決方案。為了預先因應對交鑰匙方案的需求，我們在核心團隊中增補了具備上述專業領域深厚知識的技能與戰力，同時也進行了初步的關鍵補強型收購，例如Solaris電力配電服務。憑藉這些強化後的能力，我們具備獨特優勢，不僅能以時間與資本效率更高的方式提供發電能力，還能透過提升專案報酬為客戶創造顯著附加價值。

Our most recent 600-plus megawatt agreement announced last night confirms our strategy and approach, which includes greater project scope covering balance of plant and additional services. In addition to generation, we will be developing and operating last-mile gas delivery as well as natural gas fuel generation assets and the associated distribution storage and balance of plant infrastructure.

我們昨晚公布的最新一項600多兆瓦協議，驗證了我們的策略與方法，其中包括更大的專案範疇，涵蓋廠內平衡（balance of plant）及更多附加服務。除發電外，我們也將開發並營運末端天然氣輸送（last-mile gas delivery），以及天然氣燃料發電資產與其相關的配電、儲存及廠內平衡基礎設施。

This contract's broader scope means more capital deployed per site, closer integration with the customers' infrastructure and depending on the capabilities we deliver, enhanced returns over the contracted period. It also means that contractual relationships become more difficult to replicate and are more durable over time. We now have the capability to deploy at a speed and reliability level that the grid and traditional procurement channels will have difficulty matching.

此合約更廣的範疇意味著每個站點將投入更多資本、與客戶基礎設施更緊密整合，並且視我們交付的能力而定，在合約期間可獲得更高的報酬。這也意味著合約關係更難被複製，且隨時間更具持久性。我們如今具備以電網與傳統採購管道難以匹敵的速度與可靠性水準進行部署的能力。

The demand for a turnkey integrated power solution extends well beyond the single agreement. Examples of our growing platform include: one, we're in advanced negotiations on adding enhanced scope as well as increased generation capacity to the long-term power contract we recently signed in February. We found that as customers evaluate specific site infrastructure requirements, the size and scope of our relationship and what we will be responsible for delivering to a project is growing.

對交鑰匙整合式電力解決方案的需求，遠不止於單一協議。我們日益成長的平台例子包括：第一，我們正就擴大服務範疇以及提高發電容量，與我們今年2月剛簽署的長期電力合約進行深入談判。我們發現，當客戶評估特定站點的基礎設施需求時，我們合作關係的規模與範疇，以及我們在專案中需負責交付的內容，都在擴大。

Two, we are currently delivering balance of plant equipment and services at multiple existing data center and compute sites where we don't provide the generation and even where the generation source may be the grid. We believe this increased traction is a result of our distribution capabilities and proprietary approach to power and power management.

第二，我們目前正在多個既有資料中心與運算站點交付廠內平衡設備與服務，即使我們不提供發電，甚至即使發電來源可能是電網。我們相信，這股更強的市場牽引力源自我們的配電能力，以及我們在電力與電力管理方面的專有方法。

Three, while this is not part of our core offerings, we are being approached to provide consulting services to projects facing power challenges. These are customers to whom we may not provide power, but they come to us because of our technical depth, which is now recognized across the market.

第三，雖然這不屬於我們的核心產品，但我們正被邀請為面臨電力挑戰的專案提供顧問服務。這些客戶未必會向我們採購電力，但他們之所以找上我們，是因為我們的技術深度如今已獲市場廣泛認可。

And lastly, four, we are very excited that we've recently been asked by one of our large technology customers to participate in a pilot research program related to their development of mobile distributed compute, where we are helping to design and provide expertise for balance of plant and which could also eventually include generation.

最後，第四，我們非常振奮的是，近期有一家大型科技客戶邀請我們參與一項與其行動式分散式運算（mobile distributed compute）開發相關的試點研究計畫；我們將協助設計廠內平衡並提供專業知識，而該計畫最終也可能納入發電。

These are just several examples of opportunities that are incremental to our contracted generation base, and each one is enabled by the capabilities we've assembled over the past two years, the engineering, project management and manufacturing teams that we've grown organically and the distribution and control expertise we've acquired and continue to build on. Our team remains hard at work identifying and continuing to develop proprietary equipment, software, processes and services to enhance the rapid deployment and functionality of our offering and the long-term solutions we can provide to the industry.

以上僅是幾個相對於我們已簽約發電基礎而言的增量機會，而每一項機會都得益於我們過去兩年所整合的能力：我們有機成長的工程、專案管理與製造團隊，以及我們透過收購取得並持續強化的配電與控制專業。我們的團隊仍在努力辨識並持續開發專有設備、軟體、流程與服務，以提升我們方案的快速部署能力與功能性，以及我們能為產業提供的長期解決方案。

So as we look forward, expect us to continue to innovate, investing in and growing our capabilities. The broader our capability set, the more we can do for our customers and the more deeply embedded we become in their infrastructure and the better returns we will earn under long-term contracts. And the market need for power is not going away. This is the exciting long-term value proposition for Solaris, and we are confident in our ability to execute and continue to grow.

展望未來，請期待我們持續創新，並投資與擴大我們的能力。我們的能力組合越廣，就越能為客戶做得更多、越能更深度嵌入其基礎設施，並在長期合約下取得更佳報酬。而市場對電力的需求不會消失。這就是Solaris令人振奮的長期價值主張，我們對自身的執行能力與持續成長充滿信心。

I'll now turn the call over to Steve for our financial review.

接下來我把電話會議交給Steve進行財務回顧。

Thank you, Bill, Amanda and Kyle, and good morning, everyone. I'll begin with a review of our first quarter 2026 results. We generated revenue of $196 million and adjusted EBITDA of $84 million in the first quarter, coming in 22% higher sequentially and 79% higher year-over-year. These results reflect the operational momentum Bill and team described and it's a strong foundation for what we expect to be a significant step-up in earnings and cash flow over the coming years.

謝謝你，Bill、Amanda和Kyle，各位早安。我先回顧我們2026年第一季的業績。第一季我們創造營收1.96億美元，調整後EBITDA為8,400萬美元，較前一季成長22%，較去年同期成長79%。這些結果反映了Bill與團隊所描述的營運動能，並為我們預期未來數年獲利與現金流將顯著躍升奠定了堅實基礎。

In Power Solutions, we operated more than 900 megawatts during the quarter and adjusted EBITDA increased more than 30% sequentially to $72 million, driven by growth in revenue from both owned assets and third-party leased capacity. In Logistics, we averaged 104 fully utilized systems and segment adjusted EBITDA was approximately $23 million, a 2% increase over the fourth quarter of 2025.

在電力解決方案方面，我們本季營運超過900兆瓦，調整後EBITDA較前一季增加逾30%至7,200萬美元，主要由自有資產與第三方租賃產能兩者的營收成長所帶動。在物流方面，我們平均有104套系統滿載運作，部門調整後EBITDA約為2,300萬美元，較2025年第四季增加2%。

Turning to our updated earnings guidance. For the second quarter, we're increasing total adjusted EBITDA guidance by 10% to $83 million to $93 million, reflecting our confidence in near-term execution. We're providing initial third quarter guidance of $80 million to $95 million, which reflects shifting power from temporary to permanent at the Stateline JV project and deliveries of new equipment in the second half of 2026 that are contracted and will begin earning revenue January 1, 2027.

接著說明我們更新後的獲利指引。針對第二季，我們將總調整後EBITDA指引上調10%至8,300萬至9,300萬美元，反映我們對近期執行的信心。我們也提供第三季的初步指引為8,000萬至9,500萬美元，這反映Stateline合資（JV）專案將電力由臨時轉為永久，以及2026年下半年將交付的新設備——這些設備已簽約，並將自2027年1月1日起開始貢獻營收。

Looking beyond the next couple of quarters, the over 2 gigawatts of contracted capacity we have in place provide line of sight into earnings and cash flow for the next 10 to 15 years, and we are confident that we will see our contracted capacity ramp as incremental opportunities are finalized. In our presentation, we lay out a scenario where total company adjusted EBITDA pro forma for all 3,100 megawatts delivered and operating could well exceed $1 billion annually.

放眼未來不僅僅是接下來幾個季度，我們目前已簽約的超過 2 吉瓦合約容量，讓我們能清楚看見未來 10 到 15 年的獲利與現金流；而且我們有信心，隨著新增機會逐步定案，我們的合約容量將會加速爬坡。在我們的簡報中，我們提出一個情境：若公司合計 3,100 兆瓦全部交付並投入營運，則全公司調整後 EBITDA（按備考口徑）很可能每年超過 10 億美元。

As the scope expansion opportunity that Amanda described continues to materialize, we see upside to that amount. To put it in more concrete terms, any incremental capital we deploy for additional assets per site would be underwritten at returns consistent with our existing framework. That incremental deployment would layer directly into the baseline EBITDA I just described. This visibility and significant earnings growth from leading investment-grade customers underpins how we think about capital allocation, credit capacity and the balance sheet going forward.

隨著 Amanda 所描述的範疇擴張機會持續成形，我們認為該數字仍有上行空間。更具體地說，我們為每個場址新增資產所投入的任何增量資本，都會以符合我們既有框架的一致報酬率來進行承作與評估。該等增量投入將會直接疊加到我剛才所描述的基礎 EBITDA 之上。這種可視性，以及來自領先投資級客戶所帶來的顯著獲利成長，支撐了我們對未來資本配置、信用額度與資產負債表的思考方式。

In March, we closed a $300 million credit facility, which we subsequently upsized to allow up to $200 million in additional borrowings, giving us meaningful near-term liquidity. With more than $1 billion of additional identified capital to be deployed in 2026 and 2027, we are evaluating funding alternatives, which would allow us to execute our growth plan in an accretive manner and expect to provide further updates in the very near future.

3 月，我們完成了一筆 3 億美元的信貸融資，之後我們又將其擴大，使其可額外借款最多 2 億美元，為我們提供了相當可觀的短期流動性。鑑於 2026 與 2027 年仍有超過 10 億美元已辨識的額外資本可供投入，我們正在評估各種資金來源方案，以便以具增益（accretive）的方式執行成長計畫，並預期在非常近期提供進一步更新。

As we look forward, we are positioning Solaris to capitalize on an unprecedented power growth opportunity, a contracted earnings profile that continues to improve, a customer base making decade-long commitments and an expanding scope of opportunities. I'm excited to be part of the team here, and I'm looking forward to helping the team execute on these plans.

展望未來，我們正讓 Solaris 就位，以把握前所未有的電力成長機會、持續改善的合約化獲利輪廓、客戶做出長達十年的承諾，以及不斷擴大的機會範疇。我很高興能成為這裡團隊的一員，也期待協助團隊落實這些計畫。

With that, we'd be happy to take your questions.

接下來，我們很樂意回答各位的問題。

(Operator Instructions) David Arcaro, Morgan Stanley.

(接線員指示) David Arcaro，摩根士丹利。

Well, congratulations on another contract here. I was wondering, I guess, the time to contracting seems to have accelerated in terms of your activity. I guess -- I'm wondering if that's what you're seeing? Has the turnaround time to securing new customers gotten more urgent? How have those discussions changed in terms of the speed of execution?

嗯，恭喜你們又拿下一份合約。我想問的是，我覺得你們在簽約上的節奏似乎加快了，就你們的活動來看。我想——我想確認一下你們是否也有同樣的觀察？取得新客戶的週轉時間是否變得更緊迫？在執行速度方面，這些討論有什麼改變？

Well, these have been baking for a while now. So they've taken a long time to get across the finish line to start with. Obviously, when they're closed, it feels really good to have them done. And I think to the point we made on that is once you've agreed to general standard terms, I mean, this is an industry that this wasn't a conscious decision for them to want to do this. They've been forced into contracting for power in ways like this.

嗯，這些其實已經醞釀一段時間了。所以一開始要走到最後定案，確實花了很長時間。當然，一旦簽下來，完成它們的感覺非常好。而且我想我們提到的重點是，一旦你們就一般的標準條款達成共識——我的意思是，這個產業裡，他們並不是出於自願想用這種方式來做。他們是被迫以這樣的方式去簽電力合約。

So we're walking through that and working closely with them to come up with a way that's a win-win for both has really been important. And it takes a while to get there. And once you're there, it kind of makes the evolution and growth of the relationship even easier and better going forward.

因此，我們一路陪著他們走過這個過程，並與他們密切合作，找出一種對雙方都雙贏的做法，這點非常重要。而這需要一些時間才能達成。一旦達成之後，往後關係的演進與成長就會變得更容易、也更好。

Yes. Got it. No, that makes sense. And I was also curious on the balance of plant business model. From here, I'm wondering, do you plan to pursue that as a separate offering?

是的。了解。不，這很合理。我也對你們的廠內平衡（balance of plant）商業模式感到好奇。從現在開始，我想問，你們是否計畫把它作為一個獨立的產品來推進？

Or do you aim to, in most cases, combine it with generation? And curious if you could touch on maybe how much you've deployed in terms of the balance of plant, the consulting services that you mentioned in terms of that offering?

還是你們的目標是在多數情況下把它與發電一起打包？也想請你們談談，關於你們提到的廠內平衡與顧問服務這項方案，到目前為止大概部署了多少？

We're not going to get into numbers, but I do -- we see opportunities where we are using our expertise around balance of plant to put that to work where we are not doing generation. And I think that plays into the ability to handle multiple sources of generation as that evolves. Right now, our focus has been on the gas turbine supply of generation capacity, and we're integrating the mix of that.

我們不會談具體數字，但我確實——我們看到一些機會，是在我們不做發電的情況下，運用我們在廠內平衡方面的專業來落地執行。我認為這也呼應了隨著多元發電來源演進，我們具備處理多種發電來源的能力。目前，我們的重點一直放在以燃氣渦輪機供應發電容量，並把這些組合整合起來。

I think going forward, as we mentioned in the call, they're looking for a turnkey solution and us providing everything from gas through the delivery of the electron into the building at the right voltage in the right way, whether it's a DC or an AC in the building. All of that is something that we can put into the mix and handle all that.

我想往後，如同我們在電話會議中提到的，他們在尋找交鑰匙（turnkey）解決方案，而我們提供從天然氣到把電力以正確電壓、正確方式送進建築物（不論是建築內的直流或交流）的全套服務。這些都是我們可以納入組合並加以處理的。

So I think it will be a mixture. I think our ideal location would be where we do it all and manage the whole pod. And I think that does drive kind of capital per megawatt up and driving us to really the metric of return on capital is our focus, not really on per megawatt that we're delivering. And so it is a mixture. I think we're seeing all of it, and we'll continue to perform all of it.

所以我認為會是混合模式。我想我們理想的場址會是我們全包、並管理整個 pod。而我認為這確實會推升每兆瓦的資本投入，並讓我們真正聚焦在「資本報酬率」這個指標，而不是我們交付了多少每兆瓦。因此會是混合。我想我們什麼都看得到，也會持續提供所有這些服務。

David, what we're excited about is in the conversations that we've had and the contracts that we have closed to date, during those negotiations, as people understood what our capability was, their desire for that turnkey solution and increasing what they wanted us to deliver to the project was meaningful. And in the conversations that we are still having for future opportunities, we are seeing that same trend.

David，我們感到興奮的是，在我們已進行的對話以及截至目前已簽下的合約中，在那些談判過程裡，當對方理解我們的能力後，他們對交鑰匙解決方案的需求，以及希望我們在專案中交付更多內容的意願，都相當明顯。而在我們仍在進行、面向未來機會的對話中，我們也看到同樣的趨勢。

As Bill said, turnkey solution, we want you to do more. And we certainly have proven that we can deploy quickly, that we can generate the power needed. And beyond that now with the capabilities we've assembled, we do see that as a trend. But as Bill said, we have the ability to do just generation, the ability to do it all or in the cases that we've also laid out, the ability to just do projects where it's just distribution and doesn't include generation. It's a great platform for us to be offering.

如 Bill 所說，交鑰匙解決方案——他們希望你們做得更多。而我們也確實證明了我們能快速部署、能發出所需的電力。此外，隨著我們現在所整合的能力，我們確實看到這是一個趨勢。但如 Bill 所說，我們有能力只做發電，也有能力全包；或是在我們也已說明的某些情況下，只做配電而不包含發電的專案。這對我們而言是一個很好的平台來提供這些服務。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

I just want to expand on David's question. Just you talked about the general alignment towards a more standard contractual arrangement, more streamlined to contract. Could you just provide maybe some further detail on these comments and how we should think about you getting these power contracts over the finish line more efficiently moving forward?

我想延伸 David 的問題。你們提到整體上正朝向更標準化的合約安排、更精簡的簽約流程。能否就這些評論再提供一些細節，並談談我們應如何看待你們未來更有效率地把這些電力合約推到定案？

Well, I mean, there's a lot of devil in detail on contracts, and we have built our businesses over the last 30 years around ensuring that we develop the right risk profile for us and the right delivery for the customer. And that's -- there's a lot of work that goes into that on both sides to ensure that both sides get what they need. I can say with assuredness that we have signed contracts that we believe don't have company ending liabilities in them, and I think they're very acceptable as we've fought hard for those positions and our customers have fought hard for other sides of that.

嗯，我的意思是，合約細節裡有很多魔鬼細節；而我們過去 30 年建立業務的核心，就是確保我們形成適合我們的風險輪廓，以及對客戶而言正確的交付方式。而這——雙方都需要投入大量工作，才能確保雙方都得到所需。我可以很有把握地說，我們簽下的合約，我們相信其中不包含會讓公司走向終局的責任（liabilities）；而且我認為這些條款是非常可接受的，因為我們為這些立場努力爭取，而我們的客戶也為他們那一方的條件努力爭取。

But I think we've developed a standard -- I mean when you're developing new kind of lines of businesses and they don't really have a standard contract developed for the industry, and we saw this in the water side. We saw this in the sand silo business that we're forging new ground and developing the right contractual underpinning really does establish us as a leader and builds a relationship with the customers on what the profile of this business should look like for all.

但我認為我們已經建立了一套標準——我的意思是，當你在開發新的業務線，而產業內尚未形成標準合約時，我們在水務業務那邊見過這種情況。我們在砂倉（sand silo）業務也見過：當我們在開創新領域時，建立正確的合約基礎確實能讓我們成為領導者，並與客戶建立關係，讓所有人都能理解這門業務的輪廓應該長什麼樣子。

And I think one addition to that is through this process, I think we've really established tremendous trust. Our track record provides obviously credibility internally in these organizations, and we've been there, done that in terms of providing this kind of resiliency. So I think not only have the terms come to a point where we've got a good form to move forward, but there's also over the course of those discussions, we've really established ourselves internally in organizations that don't have necessarily a long track record of doing these types of applications to support their compute needs. And so this is new ground for them, but I think we've demonstrated the credibility that's required to get them comfortable.

我認為對此還有一個補充是，透過這個過程，我覺得我們確實建立了極大的信任。我們的過往實績顯然在這些組織內部提供了可信度，而在提供這類韌性方面，我們也確實是有經驗、做過且做成了。所以我認為，不僅條款已經推進到一個我們可以用良好形式往前走的階段，而且在這些討論的過程中，我們也確實在那些本身未必有長期經驗、去做這類應用以支援其運算需求的組織內部，建立了我們的定位。因此這對他們而言是新的領域，但我認為我們已經展現出讓他們安心所需的可信度。

It's been helpful to refer to the uptime that we have had at projects where we're operating, and it makes it easier as a consequence to negotiate your uptime requirements and new contracts. You can actually point to actual operations.

引用我們在已營運專案上的正常運作時間（uptime）很有幫助，因此也讓你在協商正常運作時間要求與新合約時更容易。你其實可以拿出實際的營運表現作為佐證。

Right, right. That's very helpful. So just looking at your megawatts, counting them up between the three hyperscaler contracts, some it's still in the energy patch. It seems like you had about a gigawatt of available capacity. How should we think about that as you deploy those remaining megawatts, whether that's expanding your current contract scope with one of the three customers or potentially going after customer #4?

對，對。那非常有幫助。所以就你的兆瓦數來看，把三個超大規模雲端業者（hyperscaler）合約之間的容量加總起來，其中有些仍在能源產區。看起來你大約有 1 吉瓦的可用容量。當你部署剩餘的兆瓦時，我們應該如何看待：是擴大三位客戶之一的現有合約範圍，還是可能去爭取第 4 位客戶？

I think it's going to be maybe a combination of all the above.

我想可能會是以上各種方式的組合。

Dave Anderson, Barclays.

Dave Anderson，巴克萊。

Just coming back to the balance of plant side of your business. How much of that 2 gigawatts plus you have under contract includes balance of plant? And previously, you've talked about a potential 20% to 50% uplift from EBITDA from balance of plant. It looks like you're assuming in the presentation kind of the low end of that guidance. So how do you get to the high end?

回到你們業務中的廠外設施（balance of plant）這一塊。你們已簽約的 2 吉瓦以上合約中，有多少包含廠外設施？而先前你們談到，廠外設施可能帶來 EBITDA 20% 到 50% 的上行空間。看起來你們在簡報中假設的是該指引的較低端。那要如何達到較高端？

Does it fluctuate depending on the capabilities delivered? Does that increase over time if you add storage? Just some more color on how that potentially works over the life of the contract.

它會隨著交付的能力不同而波動嗎？如果你加入儲能，這個比例會隨時間提高嗎？想請你多補充一些，這在合約生命週期中可能如何運作。

Yes. I think, Dave, the 20% to 50% is still the right way to think about it. And you're correct. What we've alluded to in the updated numbers is, I'll say, on the lower end of that. And I think that speaks to the conservative nature of how we provide guidance.

是的。我想，Dave，20% 到 50% 仍然是正確的思考方式。而你說得沒錯。我們在更新後數字中所提到的，我會說是在那個區間的較低端。我認為這也反映了我們提供指引時偏保守的特性。

What we are articulating here is what is actually under contract signed to date. And what we have in the slide deck as well as an outline of another $800 million to $1 billion of additional CapEx that we have very good line of sight of that getting contracted at $160 million to $200 million of incremental EBITDA.

我們在這裡所闡述的是，截至目前實際已簽署、已在合約之下的內容。而我們在投影片中也概述了另外約 8 億到 10 億美元的額外資本支出（CapEx），我們對其簽約落地有非常高的能見度，並可帶來 1.6 億到 2 億美元的增量 EBITDA。

So we haven't put it in as the -- I think it's $875 million to $925 million is sort of the outlook, if you will, that is excluded from that. But what we're articulating there is we don't have anything signed on that expansion beyond the current piece, but very good line of sight, just like we've done it on the generation side. So you're right in terms of backing into the lower end of the range based on what has been signed in the last couple of weeks, but we feel very good about the visibility that we have to expand that beyond that lower end of the range based on the visibility that we have.

所以我們還沒有把它納入——我想大概是 8.75 億到 9.25 億美元，算是一個展望——那部分是被排除在外的。但我們在這裡要表達的是：除了目前這一段之外，針對那個擴張我們還沒有任何已簽署的文件，但我們有非常高的能見度，就像我們在發電端所做的一樣。因此你說得對，若依據過去幾週已簽署的內容去回推，會落在區間的低端；但基於我們所掌握的能見度，我們對於能把它擴展到超過低端區間非常有信心。

And yes, the final point is different customers have different needs and different approaches in terms of how they want to capitalize this as well. And so some of the customers like in the Stateline instance, we're only doing generation. And as we look at the other two contracts, there's some shaping depending on the location and the customers as to what they want.

而且，是的，最後一點是：不同客戶有不同需求，也會在如何將其資本化（capitalize）方面採取不同做法。因此有些客戶，例如 Stateline 的案例，我們只做發電。而在另外兩份合約中，會依據地點與客戶需求，在內容上做一些調整。

But to be very clear, the generation itself requires all the balance of plant to make it all work. So we're either buying it, capitalizing it and embedding it in the rate or the customer is doing it. And so it just depends on kind of what their framework looks like.

但要非常清楚的是，單就發電本身而言，仍需要所有廠外設施才能讓整體運作起來。所以要嘛是我們採購、資本化並把它內嵌在費率中，要嘛是客戶來做。因此這取決於他們的架構大致長什麼樣子。

The last two contracts include balance of plant.

最後兩份合約包含廠外設施。

Okay. Great. And if I could also just ask a non-power question, maybe give a little love just how the business doesn't -- we don't hear a lot about outlook has obviously changed quite a bit now over the next 12 months. A lot of talk about North America E&P is picking up, oil prices structurally higher. How are you thinking about this business now strategically?

好的。很好。另外如果我也可以問一個非電力的問題，或許請你稍微談一下這塊業務——我們不太常聽到相關展望，而顯然未來 12 個月的情況已經改變不少。市場上很多在談北美的勘探與生產（E&P）正在回升，油價結構性更高。你們在策略上現在如何看待這塊業務？

Is this something you want to grow into? Are you considering divesting it? Or is this just kind of a nice cash flow stream that should really build over the next coming quarters and potentially years?

這是你們想要擴大投入成長的方向嗎？你們是否考慮出售（divest）它？或者這只是個不錯的現金流來源，未來幾季甚至幾年應該會持續增長？

Yes. Right now, it's a great business. It doesn't feel like time to monetize it. We continue to see customer growth and wins in that business. And the market in North America, as you mentioned, feels like we're on a bit of an upswing.

是的。就目前而言，這是一門很好的業務。現在不像是要把它變現（monetize）的時機。我們持續看到這塊業務的客戶成長與得標。而北美市場如你所說，感覺我們正處於一段上行期。

It may not be a rapid upswing, which is actually the better kind of slow roll into growing our production in North America is better than the spiky reactions. And so I think that the capital that's there in our customer base is very strong. And I think at this point, it's a great business for us to hold on to and evaluate as we go along. The cash is irreplaceable in a lot of ways today. And so we're enjoying that.

它可能不會是快速上行；其實這種較慢、循序漸進地推動北美產量成長，反而比那種尖峰式的反應更好。因此我認為，我們客戶群中的資本實力非常強。而我認為在這個時間點，這是一門我們值得持有並在推進過程中持續評估的好業務。在今天很多層面上，這些現金流是不可替代的。所以我們很享受這一點。

And I think there's surprisingly been a significant number of engineering and operational synergies across the business lines that are underappreciated. The notion that we are extremely quick to solve problems on the oilfield side of it, extremely quick to be able to mobilize and demob. All of those embedded skill sets and engineering talents have applied very, very well into the turbine industry as we and customers expect speed and want speed and speed wins and speed is important. That's something that really ports over from the oilfield side of this very, very well in the culture and in the team.

而且令人意外的是，跨業務線其實存在相當多的工程與營運協同效益，但外界往往低估了它。我們在油田端解決問題的速度非常快，也能非常迅速地進行動員與撤場（mobilize and demob）。這些內建的技能組合與工程人才，也非常、非常好地移植到渦輪機產業，因為我們與客戶都期待速度、想要速度，而速度能帶來勝利，速度很重要。這些特質在文化與團隊層面，確實能從油田端非常、非常好地延伸過來。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

First, certainly, congrats to you guys on your commercial success to date. It seems that your execution and balance of plant expertise is increasingly driving success for you. Maybe focusing on balance of plant, how should we think about how that could further evolve from the standpoint of your competitive offering beyond the typical transformer switch gears, cables, et cetera?

首先，當然恭喜你們迄今在商業面取得的成功。看起來你們的執行力與廠外設施專業正日益成為你們成功的驅動因素。或許聚焦在廠外設施，你們認為從競爭性方案的角度來看，除了典型的變壓器、開關設備、電纜等等之外，這塊能力未來還可能如何進一步演進？

Well, I think it evolves a little bit on the life cycle potentially. I mean, obviously, with the growing installed base of smaller turbines, the repair and maintenance function that we grow alongside of this is really important, and we're working hard to develop our own protocols and our own internal skills and capabilities to ensure that as these things, they're going to have mechanical -- the mechanical things, and that means somebody is going to have to repair them from time to time.

嗯，我認為這可能會隨著生命週期而有些演進。我的意思是，顯然，隨著較小型渦輪機的裝機基數持續成長，我們同步擴大的維修與保養職能非常重要；我們也正努力建立自有的作業規範，以及內部的技能與能力，確保這些設備——它們會有機械方面的問題，而這表示不時就會需要有人去維修。

And so as we build up that skill set, find training, labor is a challenge, building up our own labor training force across the board is really going to be an important element to how we grow. From a balance of plant perspective, I think we have -- at this point, we're not going into the building, and that's not an area where we will play. But everything from the building to ensuring that the gas is delivered and even if we need to and get a return on, build small pipes into the facility for making sure that the gas is delivered in the way we need it and then all the pressure control systems on top of that.

因此，當我們建立起那套技能組合、找到訓練資源時，人力是一項挑戰；全面建立我們自有的勞動力訓練體系，將會是我們成長方式中非常重要的一環。從廠內配套（balance of plant）的角度來看，我認為我們——在這個階段——不會涉入建築本體，那也不是我們會參與的領域。但從建築到確保天然氣能夠送達，甚至在需要時、並且能取得回報的情況下，為了確保天然氣以我們需要的方式送達而在設施內建置小型管線，以及其上的所有壓力控制系統等，這些我們都會涵蓋。

So it's a pretty diverse offering, and we're thinking about the life cycle of this business as well, knowing that you're building something that's here going to be there for 10 to 15 to 20 years, you need to be able to take care of it.

所以這是一個相當多元的產品／服務組合；我們也在思考這項業務的生命週期，因為你建的是一個會存在10年、15年甚至20年的東西，你必須有能力去維護它。

Great. And as my follow-up, and this is maybe for Amanda. Regarding the pilot research program with one of your clients for the development of mobile distributed compute, could you speak to how this came together and potentially the upside from this development as you see it today?

很好。接著我的追問，這可能是給Amanda的。關於你們與某位客戶合作、用於開發行動式分散式運算的試點研究計畫，你能談談這是如何促成的，以及就你目前的看法，這項開發可能帶來的上行空間嗎？

We've obviously been working with that particular technology company. And when you become embedded in a company and they understand what your capabilities are, different teams get introduced to you. And that's exactly what happened here. We were introduced to another team that understood that we had distribution and design capabilities. They asked us to look at a particular design they had for modular compute.

我們顯然一直在與那家特定的科技公司合作。當你深入嵌入一家企業、而他們也了解你的能力時，不同的團隊就會被介紹來認識你。這裡就是這樣發生的。我們被介紹給另一個團隊，他們知道我們具備配電與設計能力。他們請我們檢視他們針對模組化運算的一個特定設計。

We looked at it. We came up with some changes. It was an aha moment for them, and they said, great, could you please work with us on this project? So it's really a function of being embedded with a customer. We keep using that word. But once you are working with the customer and they see your capabilities, you get greater traction across the various departments and teams in that customer's company.

我們看過之後，提出了一些修改。對他們而言那是一個「啊哈」時刻，他們說，很好，你們能否與我們一起做這個專案？所以這真的就是與客戶深度嵌入所帶來的結果。我們一直在用這個詞。但一旦你與客戶合作、他們看見你的能力，你就能在該客戶公司內的各個部門與團隊獲得更大的推進力。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

I was just curious first to hear on the customer conversations. Just over the past nine months, have more potential customers entered the discussion? Or have the discussions just progressed to negotiations over that time from mostly the same group of folks that you were talking to, say, nine months ago?

我首先想了解一下與客戶的對話情況。在過去九個月裡，有更多潛在客戶加入討論嗎？還是說，這段時間主要是與大致相同的一群人，從九個月前的洽談推進到現在的談判？

I think that there are more customers really figuring out that the behind-the-meter strategy is going to be a very important part of their power supply for their data use. And so I think we have seen more direct customers. We've tried to focus on the end user. They're faced with quite an array of decisions on where to go put their data center and who to have build that part of it.

我認為確實有更多客戶開始意識到，「表後」（behind-the-meter）策略將會是他們為資料使用提供電力供應中非常重要的一部分。因此我想我們確實看到了更多直接客戶。我們一直試著聚焦在終端使用者。他們面臨一連串的決策：要把資料中心設在哪裡，以及要找誰來建置那一部分。

And we've tried to be supportive of the ultimate end customer and focus on we'll put the power where you think you need it, when you need it and allow that dynamic to be ruled and it's been quite a dynamic. The big data users have had selection challenges in terms of where you put these data centers and the pushback from the public environment as well as the drive to provide your power with this has really led them to the final conclusion that we've kind of seen is that it makes sense to bring this power along with you and pair it up with the right sites.

而我們試著支持最終的終端客戶，並專注在：我們會在你認為需要的地方、在你需要的時間把電力部署到位，讓這個動態由需求來主導——而這確實是一個相當動態的過程。大型資料使用者在選址上遇到挑戰：資料中心要設在哪裡，以及來自公共環境的反彈；再加上必須為其提供電力的驅動力，最終讓他們得出的結論——我們也大致看到——是：把電力跟著你一起帶過去，並與合適的場址配對，是合理的。

Really appreciate that. And it was awesome seeing you secure another 900 megawatts in the quarter, and some of those were buying queues in the slot, right? And so my question is, do you see more opportunities to do that? I ask that because it's my understanding there is a decent amount of what I'll call speculators in the queue of turbine backlog that thought they could just kind of buy turbines and be a mini SEI.

非常感謝。而且看到你們在本季又拿下額外900兆瓦，真的很棒，其中有些是買下排程／交付名額（slot）中的排隊順位，對吧？所以我的問題是，你們是否看到更多這樣做的機會？我之所以這麼問，是因為據我了解，在渦輪機積壓訂單的排隊名單裡，有相當多我稱之為「投機者」的人，他們以為自己可以買些渦輪機就成為一個迷你版的SEI。

But they're now realizing that how much technical expertise is needed on the service side and that customers aren't interested in someone just dropping gensets off without any of the service capabilities or the balance of plant power stuff that you've been touching on earlier. So I think there's more opportunities for you to buy those delivery slots that are more near term, but maybe I'm off base. So I just was curious to hear your thoughts.

但他們現在意識到，服務端需要多少技術專業，而且客戶對於只是把發電機組（gensets）丟下來、卻沒有任何服務能力或你先前提到的廠內配套電力（balance of plant power）能力的人並不感興趣。所以我認為你們有更多機會去買到那些更接近近期的交付名額，但也許我理解有誤。因此我想聽聽你們的看法。

Well, Bobby, you're hired as a sales guy. That's exactly what -- I mean, I think the notion that you could get in queue and buy all this stuff and be prepared to go put it to work as a powered land guy or as a data center developer. It's not that simple and developing and proving and running a couple of sites now and developing how this goes really will matter. And I think that cleaning out, if you will, of the queue, I mean, that's exactly what we did in one case.

嗯，Bobby，你被錄用當業務了。這正是——我的意思是，我認為那種想法：你可以排進隊列、買到這些設備，然後就準備好把它投入運作，無論是作為「有電土地」的業者或資料中心開發商——事情沒那麼簡單。現在要開發、驗證並營運幾個場址，並把這套模式如何運作建立起來，真的很重要。而我認為所謂把隊列「清理」一下——如果你願意這麼說——我的意思是，我們在某個案例中就是這麼做的。

And in some cases, it's not necessarily the fault of the person that bought the engines, they may end up with some sort of idea that you could put this in an area that the local folks were not going to let you put a data center. So we've seen some backlash publicly about where the data centers can go and where they can't go. And so some of that is turning power back on the market. And yes, we're positioned to be able to take that power on and put it to work in the time frames. And so I think that, that really goes to ensuring that we have all the balance of plant stuff with it, right?

而在某些情況下，這不一定是買引擎那個人的錯；他們可能有某種想法，以為可以把它放在某個地方，但當地居民並不會允許你在那裡設資料中心。所以我們確實看到一些來自公眾的反彈，關於資料中心可以設在哪裡、不能設在哪裡。因此其中一部分電力資源正回流到市場上。而是的，我們具備條件可以承接那部分電力，並在相應的時間框架內把它投入運作。所以我認為這也回到一點：確保我們把所有廠內配套（balance of plant）的東西都一起帶上，對吧？

As Kyle mentioned, the generators is just a generator, you got to have all the other kit with it and that kit has some lead times and some expertise associated with it as well. So ensuring that what we ultimately deliver is a power electron to a data center requires a lot more than just the generation. And I think we're prepared to take advantage of that and then scoop up opportunistically where we see things coming up earlier in the queue that the customers are very interested in.

正如Kyle提到的，發電機只是發電機，你還需要其他所有配套設備；而那些配套也有交期與相關專業。因此，要確保我們最終交付的是能送到資料中心的「電力電子」（power electron），所需的不僅僅是發電。我認為我們已準備好把握這點，並在看到隊列中有更早可用、且客戶非常感興趣的項目時，機會性地把它們收攏起來。

The real blue sky there is, as we've alluded to this morning, we are now partnered with three of the major leaders in this field that puts us in a position to put that incremental capacity to work very quickly with groups that we're already working with.

真正的「藍天」機會在於——正如我們今天早上提到的——我們現在已與這個領域三家主要領導者建立合作關係，這讓我們能夠把新增的產能非常快速地投入運作，並與我們已在合作的團隊一起推進。

Patrick Collette, Stifel.

Patrick Collette，Stifel。

It's Pat on for Stephen Gengaro. Shifting to more near term here. When we think about the third quarter guide, is there any color you can give about the power deployments there and mix of third-party assets? And then any insights into deployment ramp into 4Q?

我是Pat，代Stephen Gengaro提問。把焦點轉到更近期。當我們思考第三季的指引時，你們能否就其中的電力部署情況以及第三方資產的組合占比提供一些說明？另外，對於第四季的部署爬坡，有沒有任何洞見？

I'll make a couple of comments. One, we're building this business for 2030, 2029, and the quarterly ramp-up here has been a pretty steady and measured rate with a lot of mixed dynamics over the course of last year. And I think we're going to continue to see that over the next several quarters as we ramp up. I think our -- where expectations in the third quarter are, I think that the market may have gotten a little exuberant about how quick things are rolling out. I think we're measured in our approach and have been generally conservative, but our long-term targets are there.

我想提出幾點看法。第一，我們是在為2030年、2029年打造這門業務，而這裡的季度爬坡一直以相當穩健且有節奏的速度進行，去年一整年期間也伴隨著許多交錯的動態因素。我認為在接下來幾個季度、隨著我們持續爬坡，仍會看到這種情況。我認為就第三季的預期而言，市場可能對事情推進的速度有點過度興奮。我認為我們的做法是審慎衡量的，整體而言也一直偏保守，但我們的長期目標是明確存在的。

The timing at which stuff gets put together, whether it's in the first month in the quarter or the last month in the quarter, swings the number still more meaningful than it should. As we grow into it, it won't. But we're in that growth phase that plus or minus a couple of months does swing quarter-on-quarter numbers, which is really not our focus. Our focus is ensuring the long-term delivery of the numbers that we forecast.

事情組裝完成的時間點，不論是在季度的第一個月或最後一個月，都會讓數字的波動比它應有的更具意義。隨著我們規模變大，這種情況就不會了。但我們正處於成長階段，前後差個一兩個月確實會影響季度對季度的數字變化，而那其實不是我們的重點。我們的重點是確保能長期交付我們所預測的數字。

Right. Yes. Okay. And then for the 500-megawatt contract, what sort of capacity should we think about this starting at beginning in 2027? And then just curious, like for the turbine delivery slots, are the prices and delivery dates sort of fixed there?

了解。是的。好。那麼針對500兆瓦的合約，我們應該如何看待自2027年初開始的容量？另外也想請教，像渦輪機的交付檔期，價格與交付日期在那邊是否算是固定的？

On the turbine delivery slots, the prices are fixed. Delivery dates, we are -- we have an opportunity to move some up which we are working on right now. So we -- and again, as Kyle said in his prepared remarks, we've diversified and derisked some of that supply chain by working with multiple OEMs. So we feel pretty good about our turbine deliveries when to expect them and certainly price is fixed. Kyle, on the OEM.

關於渦輪機交付檔期，價格是固定的。交付日期方面，我們——我們有機會把部分時程往前移，目前正在處理。所以我們——而且如Kyle在事先準備的發言中提到的，我們透過與多家OEM合作，讓供應鏈更加多元並降低風險。因此我們對渦輪機交付的預期時間點相當有把握，當然價格是固定的。Kyle，關於OEM的部分。

Yes. And all the 500, they all go under contract at the beginning of the year, but there is a ramping of actual deployment based on the ramp in the data center. So it will ramp throughout the course of '27 of actual spinning turbines, but they all go under rent under the dry lease convention that we alluded to when the contract was put in place. And then as they get deployed and start operating the sort of wet lease convention, including the equivalent of a fired hour charge comes in.

是的。而這500（兆瓦）全部都會在年初簽約，但實際部署會依資料中心的爬坡而逐步增加。因此在2027年期間，實際運轉的渦輪機會逐步爬坡，但它們在合約成立時就都會依我們先前提到的乾租（dry lease）慣例開始計租。接著當它們部署並開始運轉後，就會轉為某種濕租（wet lease）慣例，其中包含相當於「燃燒小時」費用（fired hour charge）的項目。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

This is Kevin Uherek on for Jerry Revich. Just had a quick question on the quarter. Power Solutions revenue and EBITDA per megawatt both increased on a sequential basis from 4Q. Can you just walk through the moving pieces?

我是代Jerry Revich提問的Kevin Uherek。我有個關於本季的簡短問題。Power Solutions的營收以及每兆瓦EBITDA，相較4Q按季都增加。能否請你們說明一下其中的變動因素？

We had more equipment that we rented more of. I'm not sure we've -- the revenue was up --

我們出租了更多設備、也把更多設備租出去了。我不確定我們是否——營收是上升的--

On a per megawatt basis sequentially.

是以每兆瓦計的按季變化。

Yes, there was some mix impact there and some of the pieces of the new contracts that came in.

是的，裡面有一些組合（mix）影響，以及一些新進合約的組成項目帶來的影響。

Yes. And if you have a -- so using that per megawatt metric, as we mentioned earlier, if there is pure distribution that's being rented and it doesn't have a megawatt of generation capacity against it, that's going to show an infinite return on the megawatt. So we're really focused on return on capital and earnings. So yes, the mix shifts around there is going to move that metric around a little bit.

是的。而且如果你用每兆瓦這個指標——如我們先前提到的——若出租的是純配電設備，而它並沒有對應任何兆瓦的發電容量，那麼以兆瓦為分母看起來就會呈現無限的報酬。所以我們真正關注的是資本報酬與獲利。因此，是的，組合的變動會讓那個指標有些波動。

Understood. And then when we think about the capacity additions pipeline, how has that opportunity funnel changed, stayed the same versus the prior period?

了解。那麼當我們思考新增容量的管線時，這個機會漏斗相較前一期是如何變化的？是變多、持平，還是變少？

In terms of the megawatts that we have available, I think as we've indicated, we are in detailed discussions with a number of parties. And I think Bill answered some of them are existing customers that we have signed up with and some are new. So yes, there is a robust pipeline. We're very happy to be in this position where we have got additional capacity to put to work. And if the past is an indication of the future, this is going to be another great outlook when we put this to work.

就我們可用的兆瓦數而言，我想如我們所指出的，我們正與多方進行深入討論。而且我想Bill也回答過，其中一些是我們已簽約的既有客戶，另一些則是新客戶。所以，是的，管線相當強勁。我們很高興能處在這樣的位置，手上有額外的容量可以投入運用。如果過去可以作為未來的指標，那麼當我們把這些容量投入運用時，前景會再一次非常亮眼。

Jeff LeBlanc, TPH.

Jeff LeBlanc，TPH。

I just had a quick one. With respect to the enhanced scope, how should we think about the lead times of the equipment embedded in your active pipeline?

我只有一個簡短問題。就擴大範疇（enhanced scope）而言，我們應該如何看待你們目前活躍管線中所包含設備的交期（lead time）？

They're inside of the dates of the turbines, generally speaking, at the voltages that we're operating at. So the turbines and quite frankly, the SCRs continue to be the long lead item in the scope. But as we're developing these projects with customers, we are sequencing the timing of placing purchase orders for all the long leads to ensure that we can -- to meet the energization schedule the customers have. But in general, the balance of plant where we are is still inside of where the turbines SCRs are.

一般而言，在我們運行的電壓等級下，它們的交期都落在渦輪機交期之內。所以渦輪機，坦白說還有SCR，仍然是範疇中交期最長的項目。但在我們與客戶共同開發這些專案時，我們會安排所有長交期項目的採購下單時點，以確保我們能——能符合客戶的送電（energization）時程。但整體來說，我們目前的BOP（balance of plant，廠內其餘設備/系統）仍然是在渦輪機與SCR交期之內。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團。

So last call, you discussed about a 20% to 50% uplift on the invested capital on these integrated projects. I want to double check that the baseline for that uplift is against the $1.1 million per megawatt that's kind of been the blended average. And more importantly, kind of how do we think about the return profile on the turnkey projects with greater scope? Just some color on how the payback evolves, if at all, with greater scope would be great.

上次電話會議你們提到，這些整合型專案的投入資本會有20%到50%的上調（uplift）。我想再次確認，這個上調的基準是相對於每兆瓦110萬美元、也就是先前的加權平均水準。更重要的是，我們應該如何看待範疇更大的交鑰匙（turnkey）專案的報酬輪廓？如果範疇變大，回收期如何演變（若有變化的話），希望能提供一些說明。

Well, I think broadly speaking, Scott, the price of power is going up. OEM prices are going up. There's a recent big project announced by the White House in Ohio, and that's penciling out at roughly $3,500 per kilowatt as far as upfront capital. So our installed base and even on an incremental basis is very attractive relative to what the larger scale, longer time line kind of opportunities are. So from a return standpoint, we still look at north of 20% unlevered returns as sort of our target.

我想大體而言，Scott，電力價格正在上升。OEM的價格也在上升。白宮最近在俄亥俄州宣布了一個大型專案，按其估算，前期資本支出大約是每千瓦3,500美元。因此相較於那些規模更大、時程更長的機會，我們的既有裝置基礎，甚至新增的部分，都顯得非常有吸引力。所以就報酬而言，我們仍以超過20%的無槓桿報酬率作為目標。

And I think with respect to the incremental megawatt going on to the grid, we are still very attractive to the customers. So I think there will be puts and takes with respect to our incremental capital costs as OEM prices continue to go up, but there is a recognition within the customer base that, that is just the cost of doing business at this point.

而且我認為就新增併網的兆瓦而言，我們對客戶仍然非常有吸引力。所以我認為，隨著OEM價格持續上升，我們的新增資本成本會有一些此消彼長，但客戶群也認知到，在目前這個時間點，這就是做生意的成本。

Yes. I appreciate that. And then as you push forward with these integrated solutions and you're now building diversity into your data center book of business, which is great to see. How do you think about the smaller oil and gas deals or any type of smaller deals in other verticals? You get end market diversity with those contracts, but you're locking in capacity on shorter-term contracts with fewer calories attached.

是的。謝謝說明。接著，當你們推進這些整合式解決方案，並且開始在資料中心業務組合中建立多元性——這點很樂見——你們如何看待較小的油氣案子，或其他垂直領域的任何較小案子？這些合約能帶來終端市場多元性，但你們也會用較短期、且附帶「熱量」（calories）較少的合約去鎖定容量。

But do you start to tilt away from those smaller kind of nonintegrated projects? Or do you still like that diversity in the book?

但你們是否開始逐漸偏離那些較小型、非整合式的專案？還是你們仍然喜歡投資組合中的那種多元性？

We love all of our children, Scott. No, I think the shorter-term contracts are going to be priced that way as well. So I think that the portfolio will have a mixture of some shorter term, longer term and a little bit of open capacity for spot work here and there from emergencies and other places where you are going to get tremendous returns on capital.

Scott，我們愛我們所有的孩子。不，我認為較短期的合約也會以那樣的方式來定價。所以我認為投資組合會混合一些短期、長期合約，並保留一點開放產能，用於零星現貨工作，因應緊急狀況以及其他你能獲得極高資本報酬的情境。

And so I think our business is going to be heavily weighted towards from a magnitude perspective, long-term contracts with data centers or large industrial loads. And there'll be a small portion of that, that's a little bit more spot in short term that should see more attractive returns.

因此我認為，從規模的角度來看，我們的業務將會高度偏向與資料中心或大型工業負載簽訂的長期合約。其中會有一小部分是較偏現貨、短期的業務，應可帶來更具吸引力的報酬。

Jeff Bellman, Daniel Energy Partners.

Jeff Bellman，Daniel Energy Partners。

So you've laid out how you're broadening into a much more integrated power platform. But I'm curious, as customers move towards these gigawatt and larger campuses, what's the hardest part of scaling your model? And I'm not asking for any specifics, but how do you decide what to build organically inside Solaris or outsource or partner with other providers?

你已經說明你們如何擴展成一個更為整合的電力平台。但我很好奇，當客戶走向這些吉瓦級甚至更大型的園區時，擴大你們模式規模最困難的部分是什麼？我不要求任何細節，但你們如何決定哪些要在 Solaris 內部自行建置、哪些要外包，或與其他供應商合作？

Well, one of the reasons we bought the distribution business was to have that in-house. And clearly, we're not an OEM on transformers and switchgear and the things. So we are doing some of our own assembly work and e-house building and some construction things. And so I think it is a situation dependent on where we need to accelerate. We've made an investment in an SCR manufacturing business earlier this year and see that as very strategic and building our relationship on that side as those are a bottleneck as well as the catalysts associated with the SCR.

嗯，我們收購配電業務的原因之一，就是要把這部分能力內部化。而且很明顯地，我們不是變壓器、開關設備等產品的 OEM。因此我們會做一部分自有的組裝工作、e-house（電氣預製屋）建置，以及一些施工相關的工作。所以我認為這取決於情境，也取決於我們需要在哪些地方加速。我們今年稍早投資了一家 SCR 製造業務，並將其視為非常具策略性；同時也在那一端建立我們的合作關係，因為 SCR 以及與 SCR 相關的觸媒同樣是瓶頸。

So I think we look at the set of equipment out there, recognize where we've got strength and advantages, recognize that where we don't and use partner up in areas where they'll really be helpful to us and we'll be helpful to them in putting it all to work. So I think it's -- there's not really one size fits all here. And obviously, the bigger they are, the larger the footprint, the larger the people needs to do all the installation work and how we partner with various engineering firms and various other subcontractors to make it all work is already part of what we're doing on a regular basis.

所以我認為，我們會檢視市面上的設備組合，辨識我們的強項與優勢所在，也辨識我們不足之處，並在那些真正能幫助我們、且我們也能幫助對方把事情落地的領域與夥伴合作。因此我認為——這裡並沒有真正的一體適用方案。而且顯然，規模越大、占地越大，所需的人力也越多，才能完成所有安裝工作；我們如何與各種工程公司及其他分包商合作讓一切運作，已經是我們日常在做的一部分。

I think the overall sort of incremental generation source is evolving as well. And if we look at where we started, we were deploying 20 to 35.5 megawatt units on a site and now the incremental unit is roughly 16.5 megawatts. And as the data centers themselves get larger, we can look at the shaping of the fleet is potentially evolving to include some larger units. We've got the 38-megawatt units going out to a data center in 2026. And so that shaping, I think, will also continue to evolve.

我認為整體而言，新增的發電來源也在演進。如果回頭看我們起步時，我們在一個場址部署的是 20 到 35.5 兆瓦的機組，而現在新增的單機規模大約是 16.5 兆瓦。隨著資料中心本身變得更大，我們也可以看到機隊的配置形態可能會演進，納入一些更大型的機組。我們有 38 兆瓦的機組將在 2026 年交付到一座資料中心。因此我認為這種配置形態也會持續演進。

Don Crist, Johnson Rice.

Don Crist，Johnson Rice。

Just one question for me on the JV. As it builds out and starts to generate more revenue, what is the source or what is the use of that capital that's going to come back to the JV? Is it to pay down debt? Or will you use that for cash flow to support the rest of the business? Just where is that cash flow going to go initially at least?

我這邊只有一個關於合資企業（JV）的问题。隨著它逐步建置並開始產生更多營收，回流到 JV 的資金來源或用途會是什麼？是用來償還債務嗎？還是你們會把它作為現金流，用來支持其餘業務？至少在初期，這些現金流會先流向哪裡？

Yes, Don, there's debt servicing requirements down at the JV, interest and amortization. But beyond that, both ourselves and our partner in the JV, the reason that structure was put in place was to create the ability to distribute cash out of it. And so once the requirements on the debt facility with respect to interest and amortization are satisfied, all the cash is available to be distributed up to both Solaris and our partner. And so that will be available cash to continue to grow the business as all other sources of cash for us.

是的，Don，JV 層面有債務償付要求，包括利息與攤還。但除此之外，我們與 JV 的合作夥伴之所以設計這個架構，就是為了創造能夠把現金分配出去的能力。因此，一旦債務融資工具在利息與攤還方面的要求都滿足後，所有現金都可以分配給 Solaris 與我們的合作夥伴。因此，這將成為可用現金，與我們其他所有現金來源一樣，用於持續擴大業務。

Okay. So that can offset some of the CapEx requirements you may have in other places?

了解。所以這可以抵銷你們在其他地方可能需要的一些資本支出（CapEx）需求？

Yes.

是的。

This concludes our question-and-answer session. I would like to turn the conference back over to Bill Zartler for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Bill Zartler，請他做結語。

Thank you all for joining us today. Our first quarter demonstrated once again that our strategy is working. Our team is executing and the company is growing quickly. We're building the company we described, a vertically integrated behind-the-meter power business from molecule to electron, serving the data center and industrial market at scale. It's rewarding to see the milestones we're exceeding and progress we're making.

感謝各位今天加入我們。我們第一季再次證明我們的策略正在奏效。我們的團隊正在落實執行，公司也在快速成長。我們正在打造我們所描述的公司：一個垂直整合的表後（behind-the-meter）電力業務，從分子到電子，為資料中心與工業市場提供可規模化的服務。看到我們超越的里程碑與取得的進展，令人振奮。

A sincere thank you to all our employees, customers and partners. Your dedication and trust are the foundation of everything we're building. We look forward to sharing our continued progress over the next quarter. Thanks again, and have a great day.

衷心感謝我們所有員工、客戶與合作夥伴。你們的投入與信任，是我們所打造一切的基石。我們期待在下一季與各位分享我們持續的進展。再次感謝，祝各位有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。