Solaris Energy Infrastructure (SEI) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38090
Entity Registrant Name	SOLARIS OILFIELD INFRASTRUCTURE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5223109
Entity Address, Address Line One	9811 Katy Freeway, Suite 700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	281
Local Phone Number	501-3070
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	SOI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001697500
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		32,934,930
Class B Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		13,671,971

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 10,433	$ 36,497
Accounts receivable, net of allowances for credit losses of $385 and $746, respectively	68,496	29,513
Accounts receivable - related party	2,596	3,607
Prepaid expenses and other current assets	8,548	9,797
Inventories	5,615	1,654
Total current assets	95,688	81,068
Property, plant and equipment, net	284,913	240,091
Non-current inventories	2,249	2,676
Operating lease right-of-use assets	4,213	4,182
Goodwill	13,004	13,004
Intangible assets, net	1,619	2,203
Deferred tax assets, net	58,148	62,942
Other assets	295	57
Total assets	460,129	406,223
Current liabilities:
Accounts payable	26,079	9,927
Accrued liabilities	30,147	16,918
Current portion of payables related to Tax Receivable Agreement	1,210	1,210
Current portion of operating lease liabilities	886	717
Current portion of finance lease liabilities	1,222	31
Other current liabilities	1,301	496
Total current liabilities	60,845	29,299
Operating lease liabilities, net of current	6,410	6,702
Credit agreement	6,000
Finance lease liabilities, net of current	2,331	70
Payables related to Tax Receivable Agreement	71,422	71,892
Other long-term liabilities	372	384
Total liabilities	147,380	108,347
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding
Additional paid-in capital	201,720	196,912
Retained earnings	11,509	5,925
Total stockholders' equity attributable to Solaris	213,545	203,149
Non-controlling interest	99,204	94,727
Total stockholders' equity	312,749	297,876
Total liabilities and stockholders' equity	460,129	406,223
Class A Common Stock
Stockholders' equity:
Common Stock	316	312
Class B Common Stock
Stockholders' equity:
Common Stock

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowance for credit losses	$ 385	$ 746
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	600,000	600,000
Common stock, shares issued	31,638	31,146
Common stock, shares outstanding	31,638	31,146
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	180,000	180,000
Common stock, shares issued	13,674	13,770
Common stock, shares outstanding	13,674	13,770

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Revenue	$ 89,376	$ 46,390	$ 222,342	$ 104,139
Revenue - related parties	2,949	2,987	13,609	9,101
Total revenue	92,325	49,377	235,951	113,240
Operating costs and expenses:
Cost of services (excluding depreciation)	64,171	38,460	163,079	82,816
Depreciation and amortization	7,716	6,842	21,777	20,288
Property tax contingency			3,072
Selling, general and administrative	5,929	4,760	17,202	14,326
Other operating (income) expense	524	(2,690)	(899)	(2,074)
Total operating costs and expenses	78,340	47,372	204,231	115,356
Operating income (loss)	13,985	2,005	31,720	(2,116)
Interest expense, net	(141)	(66)	(308)	(170)
Total other expense	(141)	(66)	(308)	(170)
Income (loss) before income tax expense	13,844	1,939	31,412	(2,286)
Income tax expense	(2,332)	(507)	(5,889)	(77)
Net income (loss)	11,512	1,432	25,523	(2,363)
Less: net (income) loss related to non-controlling interests	(4,106)	(558)	(9,162)	857
Net income (loss) attributable to Solaris	$ 7,406	$ 874	$ 16,361	$ (1,506)
Class A Common Stock
Operating costs and expenses:
Income (loss) per share of Class A common stock - basic (in dollars per share)	$ 0.22	$ 0.03	$ 0.49	$ (0.06)
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.22	$ 0.03	$ 0.49	$ (0.06)
Basic weighted-average shares of Class A common stock outstanding (in shares)	31,599	31,058	31,425	30,671
Diluted weighted-average shares of Class A common stock outstanding (in shares)	31,599	31,058	31,425	30,671

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Non-controlling Interest	Total
Balance at beginning of period at Dec. 31, 2020	$ 290		$ 180,415	$ 20,549	$ 114,225	$ 315,479
Balance at beginning of period (in shares) at Dec. 31, 2020	28,943	15,685
Changes in Stockholders' Equity
Exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock	$ 19		13,526		(13,545)
Exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock (in shares)	1,865	(1,865)
Net effect of deferred tax asset and payables related to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock and the vesting of restricted stock			(1,184)			(1,184)
Stock option exercises			18		(6)	12
Stock option exercises (in shares)	4
Stock-based compensation			854		418	1,272
Vesting of restricted stock	$ 2		407		(409)
Vesting of restricted stock (in shares)	223
Cancelled shares withheld for taxes from RSU vesting	$ (1)		(146)	(319)	(207)	(673)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(57)
Solaris LLC distribution paid to Solaris LLC unitholders for income tax withholding					(1,451)	(1,451)
Dividends paid (Class A common stock)				(3,346)		(3,346)
Net income (loss)				(1,169)	(756)	(1,925)
Balance at end of period at Mar. 31, 2021	$ 310		193,890	15,715	98,269	308,184
Balance at end of period (in shares) at Mar. 31, 2021	30,978	13,820
Balance at beginning of period at Dec. 31, 2020	$ 290		180,415	20,549	114,225	315,479
Balance at beginning of period (in shares) at Dec. 31, 2020	28,943	15,685
Changes in Stockholders' Equity
Net income (loss)						(2,363)
Balance at end of period at Sep. 30, 2021	$ 311		195,862	8,640	95,863	300,676
Balance at end of period (in shares) at Sep. 30, 2021	31,094	13,820
Balance at beginning of period at Mar. 31, 2021	$ 310		193,890	15,715	98,269	308,184
Balance at beginning of period (in shares) at Mar. 31, 2021	30,978	13,820
Changes in Stockholders' Equity
Net effect of deferred tax asset and payables related to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock and the vesting of restricted stock			(198)			(198)
Stock-based compensation			989		442	1,431
Vesting of restricted stock			15		(15)
Vesting of restricted stock (in shares)	8
Cancelled shares withheld for taxes from RSU vesting			(6)	(21)	(9)	(36)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(2)
Solaris LLC distribution paid to Solaris LLC unitholders					(1,451)	(1,451)
Dividends paid (Class A common stock)				(3,346)		(3,346)
Net income (loss)				(1,211)	(659)	(1,870)
Balance at end of period at Jun. 30, 2021	$ 310		194,690	11,137	96,577	302,714
Balance at end of period (in shares) at Jun. 30, 2021	30,984	13,820
Changes in Stockholders' Equity
Net effect of deferred tax asset and payables related to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock and the vesting of restricted stock			(9)			(9)
Stock-based compensation			991		441	1,432
Vesting of restricted stock	$ 1		235		(236)
Vesting of restricted stock (in shares)	121
Cancelled shares withheld for taxes from RSU vesting			(45)	(16)	(26)	(87)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(11)
Solaris LLC distribution paid to Solaris LLC unitholders					(1,451)	(1,451)
Dividends paid (Class A common stock)				(3,355)		(3,355)
Net income (loss)				874	558	1,432
Balance at end of period at Sep. 30, 2021	$ 311		195,862	8,640	95,863	300,676
Balance at end of period (in shares) at Sep. 30, 2021	31,094	13,820
Balance at beginning of period at Dec. 31, 2021	$ 312		196,912	5,925	94,727	297,876
Balance at beginning of period (in shares) at Dec. 31, 2021	31,146	13,770
Changes in Stockholders' Equity
Net effect of deferred tax asset and payables related to the vesting of restricted stock			610			610
Stock-based compensation			1,188		520	1,708
Vesting of restricted stock	$ 3		574		(577)
Vesting of restricted stock (in shares)	366
Cancelled shares withheld for taxes from RSU vesting	$ (1)		(302)	(388)	(299)	(990)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(96)
Solaris LLC distribution paid to Solaris LLC unitholders					(1,446)	(1,446)
Dividends paid (Class A common stock)				(3,441)		(3,441)
Net income (loss)				3,502	2,220	5,722
Balance at end of period at Mar. 31, 2022	$ 314		198,982	5,598	95,145	300,039
Balance at end of period (in shares) at Mar. 31, 2022	31,416	13,770
Balance at beginning of period at Dec. 31, 2021	$ 312		196,912	5,925	94,727	297,876
Balance at beginning of period (in shares) at Dec. 31, 2021	31,146	13,770
Changes in Stockholders' Equity
Net income (loss)						25,523
Balance at end of period at Sep. 30, 2022	$ 316		201,720	11,509	99,204	312,749
Balance at end of period (in shares) at Sep. 30, 2022	31,638	13,674
Balance at beginning of period at Mar. 31, 2022	$ 314		198,982	5,598	95,145	300,039
Balance at beginning of period (in shares) at Mar. 31, 2022	31,416	13,770
Changes in Stockholders' Equity
Exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock	$ 1		683		(684)
Exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock (in shares)	96	(96)
Net effect of deferred tax asset and payables related to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock and the vesting of restricted stock			(437)			(437)
Stock-based compensation			1,121		490	1,611
Vesting of restricted stock			9		(9)
Vesting of restricted stock (in shares)	7
Cancelled shares withheld for taxes from RSU vesting			(4)	(6)	(7)	(17)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(2)
Solaris LLC distribution paid to Solaris LLC unitholders					(1,446)	(1,446)
Dividends paid (Class A common stock)				(3,444)		(3,444)
Net income (loss)				5,453	2,836	8,289
Balance at end of period at Jun. 30, 2022	$ 315		200,354	7,601	96,325	304,595
Balance at end of period (in shares) at Jun. 30, 2022	31,517	13,674
Changes in Stockholders' Equity
Net effect of deferred tax asset and payables related to the vesting of restricted stock			(9)			(9)
Stock-based compensation			1,146		496	1,642
Vesting of restricted stock	$ 1		258		(259)
Vesting of restricted stock (in shares)	130
Cancelled shares withheld for taxes from RSU vesting			(29)	(36)	(28)	(93)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(9)
Solaris LLC distribution paid to Solaris LLC unitholders					(1,436)	(1,436)
Dividends paid (Class A common stock)				(3,462)		(3,462)
Net income (loss)				7,406	4,106	11,512
Balance at end of period at Sep. 30, 2022	$ 316		$ 201,720	$ 11,509	$ 99,204	$ 312,749
Balance at end of period (in shares) at Sep. 30, 2022	31,638	13,674

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Distributions paid to unit holders (in dollars per unit)	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105
Cash dividends paid (in dollars per share)	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 25,523	$ (2,363)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	21,777	20,288
Loss on disposal of assets	1,307	113
Allowance for credit losses	(420)	630
Stock-based compensation	4,665	3,907
Amortization of debt issuance costs	127	132
Deferred income tax expense (benefit)	5,143	(273)
Change in payables related to parties pursuant to Tax Receivable Agreement	(654)
Other	(178)	(153)
Changes in operating assets and liabilities:
Accounts receivable	(38,563)	(17,995)
Accounts receivable - related party	1,011	(1,852)
Prepaid expenses and other assets	2,972	(3,266)
Inventories	(4,744)	(714)
Accounts payable	12,569	7,076
Accrued liabilities	10,305	6,167
Property tax contingency	3,072
Net cash provided by operating activities	43,912	11,697
Cash flows from investing activities:
Investment in property, plant and equipment	(59,527)	(13,702)
Cash received from insurance proceeds	1,308	35
Proceeds from disposal of assets	422	42
Net cash used in investing activities	(57,797)	(13,625)
Cash flows from financing activities:
Distribution and dividend paid to Solaris LLC unitholders (other than Solaris Inc.) and Class A common shareholders	(14,675)	(14,400)
Borrowings under the credit agreement	9,000
Repayment of credit agreement	(3,000)
Payments under finance leases	(1,100)	(23)
Payments under insurance premium financing	(946)	(410)
Proceeds from stock option exercises		12
Payments related to debt issuance costs	(358)
Payments for shares withheld for taxes from RSU vesting and cancelled	(1,100)	(786)
Net cash used in financing activities	(12,179)	(15,607)
Net decrease in cash	(26,064)	(17,535)
Cash at beginning of period	36,497	60,366
Cash at end of period	10,433	42,831
Operating:
Employee retention credit		1,900
Investing:
Capitalized depreciation in property, plant and equipment	424	2,260
Capitalized stock based compensation	296	228
Accrued capital expenditures	3,436	323
Property, plant and equipment additions transferred from inventory	1,210	958
Additions to fixed assets through finance leases	4,554
Financing:
Insurance Premium Financing	806	410
Cash paid for:
Interest	102	99
Income Taxes	$ 370	$ 325

Organization and Background of

Organization and Background of Business	9 Months Ended
	Sep. 30, 2022
Organization and Background of Business
Organization and Background of Business	1. Organization and Background of Business Description of Business We design and manufacture specialized equipment, which combined with field technician support, last mile logistics services and our software solutions, enables us to provide a service offering that helps oil and natural gas operators and their suppliers drive efficiencies that reduce operational footprint and costs during the completion phase of well development. Our equipment and services are deployed across active oil and natural gas basins in the United States.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation Solaris Oilfield Infrastructure, Inc. (either individually or together with its subsidiaries, as the context requires “Solaris Inc.” or the “Company”) is the managing member of Solaris Oilfield Infrastructure, LLC (“Solaris LLC”) and is responsible for all operational, management and administrative decisions relating to Solaris LLC’s business. Solaris Inc. consolidates the financial results of Solaris LLC and its subsidiaries and reports non-controlling interest related to the portion of the units in Solaris LLC (the “Solaris LLC Units”) not owned by Solaris Inc., which will reduce net income attributable to the holders of Solaris Inc.’s Class A common stock. The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These financial statements reflect all normal recurring adjustments that are necessary for fair presentation. Operating results for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results that may be expected for the full year or for any interim period. The unaudited interim condensed consolidated financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with Solaris Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021 and notes thereto. All material intercompany transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to stock-based compensation, useful lives and salvage values of long-lived assets, future cash flows associated with goodwill and long-lived asset impairment, net realizable value of inventory, income taxes, Tax Receivable Agreement liability, collectability of accounts receivable and estimates of allowance for credit losses and determination of the present value of lease payments and right-of-use assets. Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenues from Contracts with Customers (“ASC Topic 606”). Under ASC Topic 606, revenue recognition is based on the transfer of control, or the customer’s ability to benefit from our services and products in an amount that reflects the consideration expected to be received in exchange for those services and products. The majority of our contracts contain multiple performance obligations, such as work orders containing a combination of equipment, last mile logistics services, and labor services. We allocate the transaction price to each performance obligation identified in the contract based on relative stand-alone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product or service is transferred to the customer, in satisfaction of the corresponding performance obligations. We measure progress using an input method based on resources consumed or expended relative to the total resources expected to be consumed or expended. We assess our customers’ ability and intention to pay, which is based on a variety of factors including historical payment experience and financial condition and we typically charge our customers on a weekly or monthly basis. Contracts with customers are typically on thirty- to sixty-day payment terms. Disaggregation of Revenue The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 92.1 ​ $ 49.1 ​ $ 235.2 ​ $ 112.4 Transloading and Other ​ ​ 0.2 ​ ​ 0.3 ​ ​ 0.8 ​ ​ 0.9 Total revenue ​ $ 92.3 ​ $ 49.4 ​ $ 236.0 ​ $ 113.2 ​ ​ Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform, which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This guidance is effective upon issuance and expires on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition and this ASU on the Company’s financial statements and any agreements utilizing LIBOR, including the Tax Receivable Agreement, but does not currently expect to have a material impact on our financial statements.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment
Property, Plant and Equipment	3. Property, Plant and Equipment Property, plant and equipment are stated at cost. We manufacture or construct most of our systems. During the manufacturing of these assets, they are reflected as systems in process until complete. Modifications to existing systems, including the expenditures for upgrades and enhancements that result in additional functionality, increased efficiency, or the extension of the estimated useful life, are capitalized. Property, plant and equipment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Systems and related equipment ​ $ 348.5 ​ $ 306.6 Systems in process ​ ​ 34.8 ​ 19.9 Computer hardware and software ​ 1.6 ​ 1.2 Machinery and equipment ​ 5.4 ​ 5.4 Vehicles ​ 10.9 ​ 5.6 Buildings ​ 4.6 ​ 4.4 Land ​ 0.6 ​ 0.6 Furniture and fixtures ​ ​ 0.4 ​ 0.4 Property, plant and equipment, gross ​ $ 406.8 ​ $ 344.1 Less: accumulated depreciation ​ (121.9) ​ (104.0) Property, plant and equipment, net ​ $ 284.9 ​ $ 240.1 ​

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt
Debt	4. Debt On February 24, 2022, Solaris LLC executed the first amendment (the “2022 Amendment”) to the Amended and Restated Credit Agreement (the “Credit Agreement”), which was originally entered into on April 26, 2019, by and among Solaris LLC, as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent. The 2022 Amendment extended the maturity date of the Credit Agreement to April 26, 2025 and modified applicable interest rates and repayment requirements. The Credit Agreement consists of an initial $50.0 revolving loan commitment (the “Loan”) with a $25.0 uncommitted accordion option to increase the Loan availability to $75.0. As of September 30, 2022, we had $6.0 million borrowings outstanding under the Credit Agreement and ability to draw $44.0 million. Our obligations under the Loan are generally secured by a pledge of substantially all the assets of Solaris LLC and its subsidiaries, and such obligations are guaranteed by Solaris LLC’s domestic subsidiaries other than Immaterial Subsidiaries (as defined in the Credit Agreement). We have the option to prepay the loans at any time without penalty. Borrowings under the Credit Agreement, following the 2022 Amendment, bear interest at either Term Secured Overnight Financing Rate (“SOFR”) or an alternate base rate plus an applicable margin, and interest is payable quarterly for alternate base rate loans or the last business day of the interest period applicable to SOFR loans. The applicable margin ranges from 2.75% to 3.50% for SOFR loans and 1.75% to 2.50% for alternate base rate loans, in each case depending on our total leverage ratio. The Credit Agreement requires that we pay a quarterly commitment fee on undrawn amounts of the Loan, ranging from 0.375% to 0.5% depending upon the total leverage ratio. The weighted average interest rate on the borrowings outstanding as of September 30, 2022 was approximately 5.61%. The Credit Agreement requires that we maintain ratios of (i) consolidated EBITDA to interest expense of not less than 2.75 to 1.00, (ii) senior indebtedness to consolidated EBITDA of not more than 2.50 to 1.00 and (iii) the sum of 100% of eligible accounts, inventory and fixed assets to the total revolving exposure of not less than 1.00 to 1.00 when the total leverage ratio is greater than 2.00 to 1.00 and total revolving exposure under the Loan exceeds $3.0. For the purpose of these tests, certain items are subtracted from indebtedness and senior indebtedness. EBITDA, as defined in the Credit Agreement, excludes certain noncash items and any extraordinary, unusual or nonrecurring gains, losses or expenses. Following the 2022 Amendment, the Credit Agreement also requires that we prepay any outstanding borrowings in the event our total consolidated cash balance exceeds $20.0 on the last business day of every other calendar week, taking into account certain adjustments. Capital expenditures are not restricted unless borrowings under the Loan exceed $5.0 for any 180 consecutive day period, in which case capital expenditures will be permitted up to $100.0 plus any unused availability for capital expenditures from the immediately preceding fiscal year. As of September 30, 2022, we were in compliance with all covenants under the Credit Agreement. Maturities of debt are as follows: ​ ​ ​ ​ ​ For the twelve months ending September 30, ​ Amount 2023 ​ $ — 2024 ​ — 2025 ​ 6,000 Thereafter ​ — Total ​ $ 6,000 ​

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity
Equity	Dividends Solaris LLC paid distributions totaling $4.9 and $4.8 to all Solaris LLC unitholders in the three months ended September 30, 2022 and 2021, respectively, of which $3.5 and $3.4 was paid to Solaris Inc. Solaris LLC paid distributions totaling $14.7 and $14.4 to all Solaris LLC unitholders in the nine months ended September 30, 2022 and 2021, respectively, of which $10.3 and $10.0 was paid to Solaris Inc. Solaris Inc. used the proceeds from the distributions to pay quarterly cash dividends to all holders of shares of Class A common stock. Stock-based compensation The Company’s long-term incentive plan for employees, directors and consultants (the “LTIP”) provides for the grant of all or any of the following types of equity-based awards: (i) incentive stock options qualified as such under United States federal income tax laws; (ii) stock options that do not qualify as incentive stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock units; (vi) bonus stock; (vii) performance awards; (viii) dividend equivalents; (ix) other stock-based awards; (x) cash awards; and (xi) substitute awards. Subject to adjustment in accordance with the terms of the LTIP, 5,118,080 shares of Solaris Inc.’s Class A common stock have been reserved for issuance pursuant to awards under the LTIP. As of September 30, 2022, 1,585,500 stock awards were available for grant. The following table summarizes activity related to restricted stock for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards ​ ​ 2022 ​ 2021 Unvested at January 1, 847,315 ​ 703,115 Awarded 884,983 ​ 414,185 Vested (366,250) ​ (223,275) Forfeited (804) ​ (5,388) Unvested at March 31, ​ 1,365,244 ​ 888,637 Awarded ​ 20,902 ​ 3,376 Vested ​ (6,528) ​ (8,797) Forfeited ​ (4,575) ​ (2,306) Unvested at June 30, ​ 1,375,043 ​ 880,910 Awarded ​ 87,075 ​ 105,233 Vested ​ (129,874) ​ (121,235) Forfeited ​ — ​ (3,426) Unvested at September 30, ​ 1,332,244 ​ 861,482 ​ Of the unvested 1,332,244 shares of restricted stock, it is expected that 607,004 shares, 430,103 shares, and 295,137 shares will vest in 2023, 2024 and 2025, respectively, in each case, subject to the applicable vesting terms governing such shares of restricted stock. There was approximately $10.5 of unrecognized compensation expense related to unvested restricted stock as of September 30, 2022. The unrecognized compensation expense will be recognized over the weighted average remaining vesting period of Income (Loss) Per Share Basic income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Solaris Inc. by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted income (loss) per share is computed giving effect to all potentially dilutive shares. The following table sets forth the calculation of income (loss) per share for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, Basic net income (loss) per share: ​ 2022 ​ 2021 ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Solaris ​ $ 7.4 ​ $ 0.9 ​ $ 16.4 ​ $ (1.5) Less: income attributable to participating securities (1) ​ ​ (0.3) ​ ​ (0.1) ​ ​ (0.7) ​ ​ (0.3) Net income (loss) attributable to common stockholders ​ $ 7.1 ​ $ 0.8 ​ $ 15.7 ​ $ (1.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of unrestricted outstanding common shares used to calculate basic net income (loss) per share ​ ​ 31,599 ​ ​ 31,058 ​ ​ 31,425 ​ ​ 30,671 Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income (loss) per share ​ ​ 31,599 ​ ​ 31,058 ​ ​ 31,425 ​ ​ 30,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) per share of Class A common stock - basic ​ $ 0.22 ​ $ 0.03 ​ $ 0.49 ​ $ (0.06) Income (loss) per share of Class A common stock - diluted ​ $ 0.22 ​ $ 0.03 ​ $ 0.49 ​ $ (0.06) ​ (1) The Company’s restricted shares of common stock are participating securities. ​ The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted income (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive upon conversion: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 2021 Class B common stock ​ ​ 13,672 ​ ​ 13,819 ​ ​ 13,732 ​ ​ 14,119 Restricted stock awards ​ ​ 1,349 ​ ​ 868 ​ ​ 1,251 ​ ​ 839 Stock Options ​ ​ 7 ​ ​ 7 ​ ​ 7 ​ ​ 10 Total ​ ​ 15,028 ​ ​ 14,694 ​ ​ 14,990 ​ ​ 14,968 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	6. Income Taxes Income Taxes United States federal income tax returns. Solaris LLC is liable for income taxes in those states not recognizing its status as a partnership for United States federal income tax purposes. , respectively. The effective combined United States federal and state income tax rates were Based on our cumulative earnings history and forecasted future sources of taxable income, we believe that we will be able to realize our deferred tax assets in the future. As the Company reassesses this position in the future, changes in cumulative earnings history, excluding non-recurring charges, or changes to forecasted taxable income may alter this expectation and may result in an increase in the valuation allowance and an increase in the effective tax rate. ​ Section 382 of the Internal Revenue Code of 1986, contains rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss and tax credit carryovers and certain built-in losses recognized in years after the “ownership change.” An “ownership change” is generally defined as any change in ownership of more than 50% of a corporation’s stock over a rolling three-year period by stockholders that own (directly or indirectly) 5% or more of the stock of a corporation, or arising from a new issuance of stock by a corporation. If an ownership change occurs, Section 382 generally imposes an annual limitation on the use of pre-ownership change net operating loss carryovers to offset taxable income earned after the ownership change. We do not believe the Section 382 annual limitation related to historical ownership changes impacts our ability to utilize our net operating losses; however, if we were to experience a future ownership change our ability to use net operating losses may be impacted. Payables Related to the Tax Receivable Agreement

Concentrations

Concentrations	9 Months Ended
	Sep. 30, 2022
Concentrations
Concentrations	7. Concentrations For the three months ended September 30, 2022, one customer accounted for 23% of the Company’s revenues. For the three months ended September 30, 2021, one customer accounted for 26% of the Company’s revenues. For the nine months ended September 30, 2022, one customer accounted for 21% of the Company’s revenues. For the nine months ended September 30, 2021, one customer accounted for 24% of the Company’s revenues. As of September 30, 2022, one customer accounted for 23% of the Company’s accounts receivable. As of December 31, 2021, two customers accounted for 29% and 13% of the Company’s accounts receivable. For the three and nine months ended September 30, 2022 and 2021, no supplier accounted for more than 10% of the Company’s total purchases. As of September 30, 2022, one supplier accounted for 12% of the Company’s accounts payable. As of December 31, 2021, no supplier accounted for more than 10% of the Company’s accounts payable.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Tax Matters We are subject to a number of state and local taxes that are not income-based. As many of these taxes are subject to assessment and audit by the taxing authorities, it is possible that an assessment or audit could result in additional taxes due. We accrue for additional taxes when we determine that it is probable that we will have incurred a liability and we can reasonably estimate the amount of the liability. On June 16, 2022, Cause Number CV20-09-372, styled Solaris Oilfield Site Services v. Brown County Appraisal District, was presented to the 35th District Court of Brown County, Texas. The 35 th Litigation and Claims In the normal course of business, the Company is subjected to various claims, legal actions, contract negotiations and disputes. The Company provides for losses, if any, in the year in which they can be reasonably estimated. In management’s opinion, there are currently no such matters outstanding that would have a material effect on the accompanying condensed consolidated financial statements. See Note 9 “Related Party Transactions” for contingent payments related to contracts with customers.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions
Related Party Transactions	9. Related Party Transactions The Company recognizes certain costs incurred in relation to transactions incurred in connection with the amended and restated administrative services agreement, dated May 17, 2017, between Solaris LLC and Solaris Energy Management, LLC, a company owned by William A. Zartler, the Chief Executive Officer and Chairman of the Board. These services include rent paid for office space, travel services, personnel, consulting and administrative costs. For the three months ended September 30, 2022 and 2021, Solaris LLC paid $0.2 and $0.3 , respectively, for these services. For the nine months ended September 30, 2022 and 2021, Solaris LLC paid $0.7 and $0.6 , respectively, for these services. As of September 30, 2022, and December 31, 2021, the Company included $0.1 and $0.1 , respectively, in prepaid expenses and other current assets on the condensed consolidated balance sheets. Additionally, as of September 30, 2022 and December 31, 2021, the Company included $0.1 and $0.1 , respectively, of accruals to related parties in accrued liabilities on the consolidated balance sheet The Company has executed a guarantee of lease agreement with Solaris Energy Management, LLC, a related party of the Company, related to the rental of office space for the Company’s corporate headquarters. The total future guaranty under the guarantee of lease agreement with Solaris Energy Management, LLC is $3.9 as of September 30, 2022. As of September 30, 2022, THRC Holdings, LP, an entity managed by THRC Management, LLC (collectively “THRC”), held shares representing a 10.2% ownership of the Company’s Class A common stock and 6.9% total shares outstanding. THRC is affiliated with certain of the Company’s customers, including ProFrac Services, LLC (“ProFrac”) and certain of the Company’s suppliers including Automatize Logistics, LLC, IOT-EQ, LLC and Cisco Logistics, LLC (“Cisco”) (together the “THRC Affiliates”). For the three and nine months ended September 30, 2022, the Company recognized revenues related to our service offering provided to the THRC Affiliates of $2.9 and $13.6, respectively. Accounts receivable related to THRC Affiliates as of September 30, 2022 was $2.6. For the three and nine months ended September 30, 2022, the Company recognized cost of services provided by THRC Affiliates of $1.4 and $3.1, respectively. There was $0.1 accounts payable related to THRC Affiliates as of September 30, 2022. ​ Solaris is the dedicated wellsite sand storage provider (“Services”) to certain THRC Affiliates. Solaris provides volume-based pricing for the Services and may be required to pay up to $4.0 in payments throughout a term ending in 2024, contingent upon the ability of these affiliates to meet minimum Services revenue thresholds. During the third quarter of 2022, Solaris paid $0.5 to THRC Affiliates related to these Services, which was recognized in revenues.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events
Subsequent Events	10. Subsequent Events ​ On October 31, 2022, the Company entered into a lease agreement to rent office space in Houston, Texas with a lease term of 10 years. Future rent payments and building operating costs under the lease will be approximately $13.9 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation Solaris Oilfield Infrastructure, Inc. (either individually or together with its subsidiaries, as the context requires “Solaris Inc.” or the “Company”) is the managing member of Solaris Oilfield Infrastructure, LLC (“Solaris LLC”) and is responsible for all operational, management and administrative decisions relating to Solaris LLC’s business. Solaris Inc. consolidates the financial results of Solaris LLC and its subsidiaries and reports non-controlling interest related to the portion of the units in Solaris LLC (the “Solaris LLC Units”) not owned by Solaris Inc., which will reduce net income attributable to the holders of Solaris Inc.’s Class A common stock. The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These financial statements reflect all normal recurring adjustments that are necessary for fair presentation. Operating results for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results that may be expected for the full year or for any interim period. The unaudited interim condensed consolidated financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with Solaris Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021 and notes thereto. All material intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to stock-based compensation, useful lives and salvage values of long-lived assets, future cash flows associated with goodwill and long-lived asset impairment, net realizable value of inventory, income taxes, Tax Receivable Agreement liability, collectability of accounts receivable and estimates of allowance for credit losses and determination of the present value of lease payments and right-of-use assets.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenues from Contracts with Customers (“ASC Topic 606”). Under ASC Topic 606, revenue recognition is based on the transfer of control, or the customer’s ability to benefit from our services and products in an amount that reflects the consideration expected to be received in exchange for those services and products. The majority of our contracts contain multiple performance obligations, such as work orders containing a combination of equipment, last mile logistics services, and labor services. We allocate the transaction price to each performance obligation identified in the contract based on relative stand-alone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product or service is transferred to the customer, in satisfaction of the corresponding performance obligations. We measure progress using an input method based on resources consumed or expended relative to the total resources expected to be consumed or expended. We assess our customers’ ability and intention to pay, which is based on a variety of factors including historical payment experience and financial condition and we typically charge our customers on a weekly or monthly basis. Contracts with customers are typically on thirty- to sixty-day payment terms. Disaggregation of Revenue The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 92.1 ​ $ 49.1 ​ $ 235.2 ​ $ 112.4 Transloading and Other ​ ​ 0.2 ​ ​ 0.3 ​ ​ 0.8 ​ ​ 0.9 Total revenue ​ $ 92.3 ​ $ 49.4 ​ $ 236.0 ​ $ 113.2 ​
Recently Issued Accounting Standards	​ Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform, which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This guidance is effective upon issuance and expires on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition and this ASU on the Company’s financial statements and any agreements utilizing LIBOR, including the Tax Receivable Agreement, but does not currently expect to have a material impact on our financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Schedule of disaggregated revenues from contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 92.1 ​ $ 49.1 ​ $ 235.2 ​ $ 112.4 Transloading and Other ​ ​ 0.2 ​ ​ 0.3 ​ ​ 0.8 ​ ​ 0.9 Total revenue ​ $ 92.3 ​ $ 49.4 ​ $ 236.0 ​ $ 113.2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment
Schedule of property plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Systems and related equipment ​ $ 348.5 ​ $ 306.6 Systems in process ​ ​ 34.8 ​ 19.9 Computer hardware and software ​ 1.6 ​ 1.2 Machinery and equipment ​ 5.4 ​ 5.4 Vehicles ​ 10.9 ​ 5.6 Buildings ​ 4.6 ​ 4.4 Land ​ 0.6 ​ 0.6 Furniture and fixtures ​ ​ 0.4 ​ 0.4 Property, plant and equipment, gross ​ $ 406.8 ​ $ 344.1 Less: accumulated depreciation ​ (121.9) ​ (104.0) Property, plant and equipment, net ​ $ 284.9 ​ $ 240.1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt
Schedule of debt maturities	​ ​ ​ ​ ​ For the twelve months ending September 30, ​ Amount 2023 ​ $ — 2024 ​ — 2025 ​ 6,000 Thereafter ​ — Total ​ $ 6,000

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity
Summary of activity related to restricted stock	​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards ​ ​ 2022 ​ 2021 Unvested at January 1, 847,315 ​ 703,115 Awarded 884,983 ​ 414,185 Vested (366,250) ​ (223,275) Forfeited (804) ​ (5,388) Unvested at March 31, ​ 1,365,244 ​ 888,637 Awarded ​ 20,902 ​ 3,376 Vested ​ (6,528) ​ (8,797) Forfeited ​ (4,575) ​ (2,306) Unvested at June 30, ​ 1,375,043 ​ 880,910 Awarded ​ 87,075 ​ 105,233 Vested ​ (129,874) ​ (121,235) Forfeited ​ — ​ (3,426) Unvested at September 30, ​ 1,332,244 ​ 861,482
Schedule of earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, Basic net income (loss) per share: ​ 2022 ​ 2021 ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Solaris ​ $ 7.4 ​ $ 0.9 ​ $ 16.4 ​ $ (1.5) Less: income attributable to participating securities (1) ​ ​ (0.3) ​ ​ (0.1) ​ ​ (0.7) ​ ​ (0.3) Net income (loss) attributable to common stockholders ​ $ 7.1 ​ $ 0.8 ​ $ 15.7 ​ $ (1.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of unrestricted outstanding common shares used to calculate basic net income (loss) per share ​ ​ 31,599 ​ ​ 31,058 ​ ​ 31,425 ​ ​ 30,671 Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income (loss) per share ​ ​ 31,599 ​ ​ 31,058 ​ ​ 31,425 ​ ​ 30,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) per share of Class A common stock - basic ​ $ 0.22 ​ $ 0.03 ​ $ 0.49 ​ $ (0.06) Income (loss) per share of Class A common stock - diluted ​ $ 0.22 ​ $ 0.03 ​ $ 0.49 ​ $ (0.06) ​ (1) The Company’s restricted shares of common stock are participating securities.
Schedule of antidilutive shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 2021 Class B common stock ​ ​ 13,672 ​ ​ 13,819 ​ ​ 13,732 ​ ​ 14,119 Restricted stock awards ​ ​ 1,349 ​ ​ 868 ​ ​ 1,251 ​ ​ 839 Stock Options ​ ​ 7 ​ ​ 7 ​ ​ 7 ​ ​ 10 Total ​ ​ 15,028 ​ ​ 14,694 ​ ​ 14,990 ​ ​ 14,968

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenues Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 92,325	$ 49,377	$ 235,951	$ 113,240
Wellsite services
Disaggregation of Revenue [Line Items]
Revenue	92,100	49,100	235,200	112,400
Transloading and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 200	$ 300	$ 800	$ 900

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment
Property, plant and equipment, gross	$ 406,800	$ 344,100
Less: accumulated depreciation	(121,900)	(104,000)
Property, plant and equipment, net	284,913	240,091
Systems and related equipment
Property, Plant and Equipment
Property, plant and equipment, gross	348,500	306,600
Systems in process
Property, Plant and Equipment
Property, plant and equipment, gross	34,800	19,900
Computer hardware and software
Property, Plant and Equipment
Property, plant and equipment, gross	1,600	1,200
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	5,400	5,400
Vehicles
Property, Plant and Equipment
Property, plant and equipment, gross	10,900	5,600
Buildings
Property, Plant and Equipment
Property, plant and equipment, gross	4,600	4,400
Land
Property, Plant and Equipment
Property, plant and equipment, gross	600	600
Furniture and fixtures
Property, Plant and Equipment
Property, plant and equipment, gross	$ 400	$ 400

Debt (Details)

Debt (Details) - 2019 Credit Agreement - USD ($) $ in Millions	Feb. 24, 2022	Apr. 26, 2019	Sep. 30, 2022
Debt
Maximum borrowing		$ 50
Potential additional borrowing available		25
Maximum borrowing capacity with accordion option		75
Cash adjustment to net indebtedness		$ 3
Cash threshold triggering repayment	$ 20
Outstanding credit facility			$ 6
Remaining borrowing capacity			$ 44
Senior indebtedness to consolidated EBITDA		2.50
Eligible accounts (as a percent)		100%
Eligible accounts to revolving exposure ratio		1
Leverage ratio for debt repayment		2
Cash threshold over a period of time triggering repayment	$ 5
Period for cash threshold repayment trigger	180 days
Maximum capital expenditures allowed	$ 100
Weighted average interest rate (as a percent)			5.61%
Ratio of consolidated EBITDA to fixed charges		2.75%
Minimum
Debt
Commitment fee (as a percent)	0.375%
Maximum
Debt
Commitment fee (as a percent)	0.50%
SOFR | Minimum
Debt
Applicable margin rate	2.75%
SOFR | Maximum
Debt
Applicable margin rate	3.50%
Alternate base rate | Minimum
Debt
Applicable margin rate	1.75%
Alternate base rate | Maximum
Debt
Applicable margin rate	2.50%

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt
Total	$ 6,000
2019 Credit Agreement
Debt
2025	6,000
Total	$ 6,000

Equity - Dividends (Details)

Equity - Dividends (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity
Distributions paid to unit holders			$ 14,675	$ 14,400
Distribution received	$ 3,500	$ 3,400	10,300	10,000
Solaris LLC
Equity
Distributions paid to unit holders	$ 4,900	$ 4,800	$ 14,700	$ 14,400

Equity - SBC (Details)

Equity - SBC (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022
Stock-based compensation
Proceeds from stock option exercises	$ 12
Available for grant (in shares)		1,585,500
Class A Common Stock
Stock-based compensation
Reserved for issuance (in shares)		5,118,080

Equity - Restricted stock (Deta

Equity - Restricted stock (Details) - Restricted stock awards - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022
Number of Shares
Unvested, beginning (in shares)	1,375,043	1,365,244	847,315	880,910	888,637	703,115	847,315
Awarded (in shares)	87,075	20,902	884,983	105,233	3,376	414,185
Vested (in shares)	(129,874)	(6,528)	(366,250)	(121,235)	(8,797)	(223,275)
Forfeited (in shares)		(4,575)	(804)	(3,426)	(2,306)	(5,388)
Unvested, end (in shares)	1,332,244	1,375,043	1,365,244	861,482	880,910	888,637	1,332,244
Other non-option information
Unrecognized compensation costs	$ 10.5						$ 10.5
Expected period for recognizing compensation expense							1 year 2 months 12 days
First vesting period
Number of Shares
Unvested, end (in shares)	607,004						607,004
Second vesting period
Number of Shares
Unvested, end (in shares)	430,103						430,103
Third vesting period
Number of Shares
Unvested, end (in shares)	295,137						295,137

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income (loss) attributable to Solaris	$ 7,406	$ 874	$ 16,361	$ (1,506)
Less: income attributable to participating securities	(300)	(100)	(700)	(300)
Net income (loss) attributable to common stockholders	$ 7,100	$ 800	$ 15,700	$ (1,800)
Class A Common Stock
Denominator
Weighted average number of unrestricted outstanding common shares used to calculate basic net income (loss) per share	31,599	31,058	31,425	30,671
Diluted weighted-average shares of Class A common stock outstanding (in shares)	31,599	31,058	31,425	30,671
Income (loss) per share of Class A common stock - basic (in dollars per share)	$ 0.22	$ 0.03	$ 0.49	$ (0.06)
Income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.22	$ 0.03	$ 0.49	$ (0.06)

Equity - Antidilutive (Details)

Equity - Antidilutive (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Potentially dilutive shares
Excluded from EPS calculation (in shares)	15,028	14,694	14,990	14,968
Class B Common Stock
Potentially dilutive shares
Excluded from EPS calculation (in shares)	13,672	13,819	13,732	14,119
Restricted stock awards
Potentially dilutive shares
Excluded from EPS calculation (in shares)	1,349	868	1,251	839
Stock options
Potentially dilutive shares
Excluded from EPS calculation (in shares)	7	7	7	10

Income Taxes - Quarter (Details

Income Taxes - Quarter (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income tax expense	$ (2,332)	$ (507)	$ (5,889)	$ (77)
Effective tax rate	16.80%	26.20%	18.70%	3.40%
Tax Receivable Agreement
Benefit of remaining cash savings (as a percent)			85%
Payables related to Tax Receivable Agreement	$ 72,600		$ 72,600

Concentrations (Details)

Concentrations (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue | Customer | One Customer
Concentrations
Concentration risk (as a percent)	23%	26%	21%	24%
Accounts receivable | Customer | One Customer
Concentrations
Concentration risk (as a percent)			23%		13%
Accounts receivable | Customer | Two Customers
Concentrations
Concentration risk (as a percent)					29%
Accounts payables | Supplier | One Supplier
Concentrations
Concentration risk (as a percent)			12%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Other commitments	$ 0
Solaris Energy Management, LLC
Other commitments	3,900
Accrued tax expense | Accrued liabilities | Cost of services
Other commitments	$ 3,100

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transactions
Other commitments	$ 0		$ 0
Revenue from related party	2,949	$ 2,987	13,609	$ 9,101
William A. Zartler
Related Party Transactions
Payment made to related party	200	$ 300	700	$ 600
Due to related party	100		100		$ 100
William A. Zartler | Prepaid operating expenses and other current assets
Related Party Transactions
Due from related party	100		100		$ 100
Solaris Energy Management, LLC
Related Party Transactions
Other commitments	3,900		3,900
THRC Affiliates
Related Party Transactions
Due from related party	2,600		2,600
Due to related party	100		100
Revenue from related party	2,900		13,600
Related party costs	1,400		3,100
THRC Affiliates - Services
Related Party Transactions
Other commitments	$ 4,000		4,000
Revenue from related party			$ 500
THRC | Solaris Oilfield Infrastructure
Related Party Transactions
Noncontrolling interest (as a percent)	6.90%		6.90%
THRC | Solaris Oilfield Infrastructure | Class A Common Stock
Related Party Transactions
Noncontrolling interest (as a percent)	10.20%		10.20%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Oct. 31, 2022 USD ($)
Subsequent Events
Lease term	10 years
Future rent payments and building costs	$ 13.9