Solaris Energy Infrastructure (SEI) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 25, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	9651 Katy Freeway, Suite 300
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	false
Entity Shell Company	false
Entity Central Index Key	0001697500
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Former Address
Document and Entity Information
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
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		30,581,265
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,451	$ 8,835
Prepaid expenses and other current assets	5,633	5,151
Inventories	7,447	5,289
Assets held for sale	3,000
Total current assets	74,891	88,743
Property, plant and equipment, net	327,427	298,160
Non-current inventories	1,856	1,569
Operating lease right-of-use assets	12,773	4,033
Goodwill	13,004	13,004
Intangible assets, net	884	1,429
Deferred tax assets	49,398	55,370
Other assets	275	268
Total assets	480,508	462,576
Current liabilities:
Accounts payable	20,053	25,934
Accrued liabilities	18,002	25,252
Current portion of payables related to Tax Receivable Agreement		1,092
Current portion of operating lease liabilities	1,599	917
Current portion of finance lease liabilities	2,429	1,924
Other current liabilities	822	790
Total current liabilities	42,905	55,909
Operating lease liabilities, net of current	13,197	6,212
Borrowings under the credit agreement	37,000	8,000
Finance lease liabilities, net of current	3,029	3,429
Payables related to Tax Receivable Agreement	71,530	71,530
Other long-term liabilities	120	367
Total liabilities	167,781	145,447
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding
Additional paid-in capital	187,700	202,551
Retained earnings	16,811	12,847
Total stockholders' equity attributable to Solaris	204,802	215,715
Non-controlling interest	107,925	101,414
Total stockholders' equity	312,727	317,129
Total liabilities and stockholders' equity	480,508	462,576
Related Party
Current assets:
Accounts receivable	7,065	4,925
Nonrelated Party
Current assets:
Accounts receivable	48,295	64,543
Class A Common Stock
Stockholders' equity:
Common Stock	291	317
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, 2023	Dec. 31, 2022
Allowance for credit losses	$ 316	$ 385
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	29,052	31,641
Common stock, shares outstanding	29,052	31,641
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	13,674
Common stock, shares outstanding	13,674	13,674

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Revenue	$ 69,676	$ 92,325	$ 229,600	$ 235,951
Operating costs and expenses:
Cost of services (excluding depreciation)	42,102	64,171	140,977	163,079
Depreciation and amortization	9,179	7,716	26,667	21,777
Property tax contingency				3,072
Selling, general and administrative	6,359	5,929	19,722	17,202
Impairment of fixed assets	1,423		1,423
Other operating (income)/expense, net	613	524	150	(899)
Total operating costs and expenses	59,676	78,340	188,939	204,231
Operating income	10,000	13,985	40,661	31,720
Interest expense, net	(1,057)	(141)	(2,395)	(308)
Total other expense	(1,057)	(141)	(2,395)	(308)
Income before income tax expense	8,943	13,844	38,266	31,412
Income tax expense	(1,305)	(2,332)	(6,450)	(5,889)
Net income	7,638	11,512	31,816	25,523
Less: net income related to non-controlling interests	(2,704)	(4,106)	(11,781)	(9,162)
Net income attributable to Solaris	4,934	7,406	20,035	16,361
Related Party
Revenue:
Revenue	5,249	2,949	17,420	13,609
Nonrelated Party
Revenue:
Revenue	$ 64,427	$ 89,376	$ 212,180	$ 222,342
Class A Common Stock
Operating costs and expenses:
Income per share of Class A common stock - basic (in dollars per share)	$ 0.16	$ 0.22	$ 0.64	$ 0.49
Income per share of Class A common stock - diluted (in dollars per share)	$ 0.16	$ 0.22	$ 0.64	$ 0.49
Basic weighted-average shares of Class A common stock outstanding (in shares)	29,025,293	31,598,612	29,919,094	31,424,530
Diluted weighted-average shares of Class A common stock outstanding (in shares)	29,025,293	31,598,612	29,919,094	31,424,530

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, 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)
Unitholder Distributions					(1,446)	(1,446)
Dividends paid (Class A common stock)				(3,441)		(3,441)
Net income				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						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 for income tax withholding					(1,446)	(1,446)
Dividends paid (Class A common stock)				(3,444)		(3,444)
Net income				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 for income tax withholding					(1,436)	(1,436)
Dividends paid (Class A common stock)				(3,462)		(3,462)
Net income				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
Balance at beginning of period at Dec. 31, 2022	$ 317		202,551	12,847	101,414	317,129
Balance at beginning of period (in shares) at Dec. 31, 2022	31,641	13,674
Changes in Stockholders' Equity
Share and unit repurchases and retirements	$ (17)		(10,543)	(3,295)	(572)	(14,427)
Share and unit repurchases and retirements (in shares)	(1,641)
Net effect of deferred tax asset and payables related to the vesting of restricted stock			594			594
Stock-based compensation			1,494		660	2,154
Vesting of restricted stock	$ 5		903		(908)
Vesting of restricted stock (in shares)	547
Cancelled shares withheld for taxes from RSU vesting	$ (1)		(536)	(384)	(415)	(1,336)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(148)
Unitholder Distributions					(1,985)	(1,985)
Dividends paid (Class A common stock)				(3,656)		(3,656)
Net income				7,569	4,368	11,937
Balance at end of period at Mar. 31, 2023	$ 304		194,463	13,081	102,562	310,410
Balance at end of period (in shares) at Mar. 31, 2023	30,399	13,674
Balance at beginning of period at Dec. 31, 2022	$ 317		202,551	12,847	101,414	317,129
Balance at beginning of period (in shares) at Dec. 31, 2022	31,641	13,674
Changes in Stockholders' Equity
Net income						31,816
Balance at end of period at Sep. 30, 2023	$ 291		187,700	16,811	107,925	312,727
Balance at end of period (in shares) at Sep. 30, 2023	29,052	13,674
Balance at beginning of period at Mar. 31, 2023	$ 304		194,463	13,081	102,562	310,410
Balance at beginning of period (in shares) at Mar. 31, 2023	30,399	13,674
Changes in Stockholders' Equity
Share and unit repurchases and retirements	$ (14)		(9,222)	(1,990)	(104)	(11,330)
Share and unit repurchases and retirements (in shares)	(1,438)
Stock-based compensation			1,399		647	2,046
Vesting of restricted stock	$ 1		16		(17)
Vesting of restricted stock (in shares)	10
Cancelled shares withheld for taxes from RSU vesting	$ (1)		(9)	(2)	(7)	(19)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(3)
Unitholder Distributions					(1,504)	(1,504)
Dividends paid (Class A common stock)				(3,388)		(3,388)
Net income				7,532	4,709	12,241
Balance at end of period at Jun. 30, 2023	$ 290		186,647	15,233	106,286	308,456
Balance at end of period (in shares) at Jun. 30, 2023	28,968	13,674
Changes in Stockholders' Equity
Net effect of deferred tax asset and payables related to the vesting of restricted stock			(536)			(536)
Stock-based compensation			1,387		653	2,040
Vesting of restricted stock	$ 1		209		(210)
Vesting of restricted stock (in shares)	85
Cancelled shares withheld for taxes from RSU vesting			(7)	2	(4)	(9)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(1)
Unitholder Distributions					(1,504)	(1,504)
Dividends paid (Class A common stock)				(3,358)		(3,358)
Net income				4,934	2,704	7,638
Balance at end of period at Sep. 30, 2023	$ 291		$ 187,700	$ 16,811	$ 107,925	$ 312,727
Balance at end of period (in shares) at Sep. 30, 2023	29,052	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
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Distributions paid to unit holders (in dollars per unit)	$ 0.105	$ 0.105
Cash dividends paid (in dollars per share)	$ 0.105	$ 0.105

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 31,816	$ 25,523
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,667	21,777
Impairment of fixed assets	1,423
Loss on disposal of assets	604	1,307
Allowance for credit losses	160	(420)
Stock-based compensation	5,830	4,665
Amortization of debt issuance costs	114	127
Deferred income tax expense	6,019	5,143
Change in payables related to parties pursuant to Tax Receivable Agreement		(654)
Other	(178)	(178)
Changes in operating assets and liabilities:
Accounts receivable	16,088	(38,563)
Accounts receivable - related party	(2,140)	1,011
Prepaid expenses and other current assets	263	2,972
Inventories	(5,020)	(4,744)
Accounts payable	(6,469)	12,569
Accrued liabilities	(7,744)	10,305
Property tax contingency		3,072
Payments pursuant to tax receivable agreement	(1,092)
Net cash provided by operating activities	66,341	43,912
Cash flows from investing activities:
Investment in property, plant and equipment	(57,117)	(59,527)
Cash received from insurance proceeds	122	1,308
Proceeds from disposal of assets	2,165	422
Net cash used in investing activities	(54,830)	(57,797)
Cash flows from financing activities:
Share repurchases	(25,757)
Distribution to unitholders (includes distribution of $4.5 million at $0.11/unit and $4.3 million at $0.105/unit, respectively)	(4,993)	(4,327)
Dividend paid to Class A common stock shareholders	(10,402)	(10,348)
Borrowings under the credit agreement	35,000	9,000
Repayment of credit agreement	(6,000)	(3,000)
Payments under finance leases	(1,908)	(1,100)
Payments under insurance premium financing	(1,380)	(946)
Payments related to debt issuance cost	(91)	(358)
Payments for shares withheld for taxes from RSU vesting and cancelled	(1,364)	(1,100)
Net cash used in financing activities	(16,895)	(12,179)
Net decrease in cash and cash equivalents	(5,384)	(26,064)
Cash and cash equivalents at beginning of period	8,835	36,497
Cash and cash equivalents at end of period	3,451	10,433
Investing:
Capitalized depreciation in property, plant and equipment	202	424
Capitalized stock based compensation	410	296
Property and equipment additions incurred but not paid at period-end	588	3,436
Property, plant and equipment additions transferred from inventory	2,575	1,210
Additions to fixed assets through finance leases	2,012	4,554
Financing:
Insurance premium financing	283	806
Cash paid for:
Interest	2,079	102
Income Taxes	$ 478	$ 370

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash dividends paid (in dollars per share)	$ 0.11	$ 0.105
Distribution to unitholders	$ 4.5	$ 4.3

Organization and Background of

Organization and Background of Business	9 Months Ended
	Sep. 30, 2023
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, 2023
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 a 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, 2023 and 2022 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, 2022 and notes thereto. All material intercompany transactions and balances have been eliminated upon consolidation. Global Economic, Geopolitical and Market Conditions The recent conflict in the Israel-Gaza region and the ongoing war in Ukraine each have the potential to disrupt the supply and demand for oil and natural gas across the globe. The degree to which these and other events outside of our control adversely impacts our results will depend on future developments, which are highly uncertain, cannot be predicted and are outside of our control. The timing, extent, trajectory and duration of their impacts upon our business and the industry in which we, our customers and vendors operate could impact any subsequent recovery of normal economic and operating conditions. 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 are related to stock-based compensation, useful lives and salvage values of long-lived assets, future cash flows associated with goodwill and long-lived asset impairment evaluations, 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. Fair Value Measurements The Company’s financial assets and liabilities, as well as other recurring and nonrecurring fair value measurements such as goodwill impairment and long lived assets impairment, are to be measured using inputs from the three levels of the fair value hierarchy, of which the first two are considered observable and the last unobservable, which are as follows: ● Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; ● Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs corroborated by observable market data for substantially the full term of the assets or liabilities; and ● Level 3—Unobservable inputs that reflect the Company’s assumptions that market participants would use in pricing assets or liabilities based on the best information available. Nonrecurring measurements Certain assets are measured at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but may be subject to fair value adjustments in certain circumstances. As of September 30, 2023, these assets include certain systems and related equipment that met the held for sale criteria upon entering into a non-binding sale agreement with a third party. These assets were recorded to assets held for sale at a total fair value of $3.0 million in the unaudited condensed consolidated balance sheet. The Company determined the fair value based on the sale price included in the non-binding sale agreement, which is a Level 3 input. As the carrying value of the fixed assets classified as held for sale exceeded their fair value less estimated costs to sell, we recorded an impairment of $1.4 million in the condensed consolidated statement of operations. 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 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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 69.5 ​ $ 92.1 ​ $ 229.1 ​ $ 235.2 Transloading and Other ​ ​ 0.2 ​ ​ 0.2 ​ ​ 0.5 ​ ​ 0.8 Total revenue ​ $ 69.7 ​ $ 92.3 ​ $ 229.6 ​ $ 236.0 ​ ​ Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, Reference Rate Reform, which provided temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provided 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. The original guidance expired on December 31, 2022, and ASU No. 2022-06 extended the effective date of the guidance to December 31, 2024. As described more fully in Note 7. “Income Taxes,” the Tax Receivable Agreement was amended on June 27, 2023, to replace the references to LIBOR.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment
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. As of September 30, 2023, we classified $4.4 million of certain systems and related equipment, net of accumulated depreciation, to assets held for sale upon entering into a non-binding sale agreement with a third party. As the carrying value of the fixed assets classified as held for sale exceeded their fair value less estimated costs to sell, we recorded an impairment of $1.4 million in the condensed consolidated statement of operations. Property, plant and equipment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2023 2022 Systems and related equipment ​ $ 404.4 ​ $ 369.3 Systems in process ​ ​ 44.0 ​ 30.1 Computer hardware and software ​ 3.9 ​ 1.7 Machinery and equipment ​ 5.7 ​ 5.4 Vehicles ​ 14.2 ​ 13.2 Buildings ​ 4.8 ​ 4.6 Land ​ 0.6 ​ 0.6 Furniture and fixtures ​ ​ 1.3 ​ 0.4 Property, plant and equipment, gross ​ $ 478.9 ​ $ 425.3 Less: accumulated depreciation ​ (151.5) ​ (127.1) Property, plant and equipment, net ​ $ 327.4 ​ $ 298.2 ​

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases
Leases	4. Leases The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ ​ September 30, 2023 ​ September 30, 2022 Operating lease cost (1) ​ $ 0.5 ​ $ 0.4 ​ ​ $ 1.5 ​ $ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ ​ 0.6 ​ 0.2 ​ ​ ​ 1.8 ​ 1.1 Interest on lease liabilities ​ ​ 0.1 ​ 0.1 ​ ​ ​ 0.3 ​ 0.1 Total finance lease cost ​ $ 0.7 ​ $ 0.3 ​ ​ $ 2.1 ​ $ 1.2 ​ (1) Future minimum lease payments under non-cancellable operating leases as of September 30, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Operating Leases Finance Leases 2023 (remainder of) ​ $ 0.6 ​ ​ 0.7 2024 ​ ​ 2.6 ​ ​ 2.7 2025 ​ ​ 2.4 ​ ​ 2.0 2026 ​ ​ 2.3 ​ ​ 0.5 2027 ​ ​ 2.3 ​ ​ — 2028 ​ ​ 2.0 ​ ​ — Thereafter ​ ​ 9.5 ​ ​ — Total future minimum lease payments ​ ​ 21.7 ​ 5.9 Less: effects of discounting ​ ​ (6.9) ​ ​ (0.4) Total lease liabilities ​ $ 14.8 ​ $ 5.5 ​ Supplemental cash flow information related to leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 Supplemental Cash Flows Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1.1 ​ $ 0.9 Financing cash flows from finance leases ​ ​ 1.9 ​ 1.1 ​ ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Weighted Average Remaining Lease Term ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 10.3 years ​ ​ 11.9 years Finance leases ​ ​ 2.7 years ​ ​ 2.9 years Weighted Average Discount Rate ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 6.9% ​ ​ 6.3% Finance leases ​ ​ 5.7% ​ ​ 5.7% ​

Senior Secured Credit Facility

Senior Secured Credit Facility	9 Months Ended
	Sep. 30, 2023
Senior Secured Credit Facility
Senior Secured Credit Facility	5. Senior Secured Credit Facility On April 28, 2023, Solaris LLC executed Amendment No. 2 to the Amended and Restated Credit Agreement, by and among Solaris LLC, as borrower, each of the guarantors party thereto, each of the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent (the “2023 Amendment”) to the Amended and Restated Credit Agreement (the “Credit Agreement”), which was entered into on April 26, 2019, by and among Solaris LLC, as borrower, each of the guarantors party thereto, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, and contained an initial $50.0 borrowing facility. The 2023 Amendment introduced an additional As of September 30, 2023, we had $37.0 borrowings outstanding under the Credit Agreement and have the ability to draw up to an additional $38.0. 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 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 3.75% for SOFR loans and 1.75% to 2.75% for alternate base rate loans, in each case depending on our total leverage ratio and loan tranche. 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, 2023 was approximately 8.34%. 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. 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, 2023, we were in compliance with all covenants under the Credit Agreement.

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity
Equity	Dividends Solaris LLC paid dividend distributions totaling $4.9 and $4.9 to all Solaris LLC unitholders in the three months ended September 30, 2023 and 2022, respectively, of which $3.4 and $3.5 was paid to Solaris Inc. Solaris LLC paid dividend distributions totaling $14.9 and $14.7 to all Solaris LLC unitholders in the nine months ended September 30, 2023 and 2022, respectively, of which $10.4 and $10.3 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. On March 1, 2023, the Company’s board of directors authorized a share repurchase plan to repurchase up to $50.0 of the Company’s Class A common stock until the plan terminates pursuant to its provisions. No shares were purchased and retired during the three months ended September 30, 2023. During the nine months ended September 30, 2023, Solaris Inc. purchased and retired 3,078,500 shares of the Company’s Class A common stock at an aggregate cost of $25.8, or $8.38 per share, under the share repurchase program. As of September 30, 2023, $24.2 remains available for future repurchases authorized under the share repurchase plan. The Company has accrued stock repurchase excise tax of $0.3 for the nine months ended September 30, 2023. Stock-Based Compensation The Company’s long-term incentive plan for employees, directors and consultants (the “LTIP”) provides for the grant of all or any of the following types of equity-based awards: (i) incentive stock options qualified as such under United States federal income tax laws; (ii) stock options that do not qualify as incentive stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock units; (vi) bonus stock; (vii) performance awards; (viii) dividend equivalents; (ix) other stock-based awards; (x) cash awards; and (xi) substitute awards. Subject to adjustment in accordance with the terms of the LTIP, 5,118,080 shares of Solaris Inc.’s Class A common stock were originally reserved for issuance pursuant to awards under the LTIP and, pursuant to the First Amendment to the LTIP that was approved by the Company’s stockholders and became effective as of May 17, 2023, an additional 4,700,000 shares of Solaris Inc.’s Class A common stock were reserved for issuance pursuant to awards under the LTIP. As of September 30, 2023, 5,417,457 shares of Solaris Inc.’s Class A common stock were available for grant under the LTIP. The following table summarizes activity related to restricted stock for the three and nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards ​ ​ Number of Shares ​ ​ Weighted Average Grant Date Fair Value ($) Unvested at January 1, 2023 1,295,728 ​ $ 10.33 Awarded 790,201 ​ ​ 9.19 Vested (548,992) ​ ​ 9.74 Forfeited (9,648) ​ ​ 9.82 Unvested at March 31, 2023 ​ 1,527,289 ​ $ 9.71 Awarded ​ 16,038 ​ ​ 7.48 Vested ​ (7,606) ​ ​ 10.70 Forfeited ​ (26,924) ​ ​ 9.66 Unvested at June 30, 2023 ​ 1,508,797 ​ $ 9.68 Awarded ​ 128,355 ​ ​ 10.53 Vested ​ (85,160) ​ ​ 10.58 Forfeited ​ (26,078) ​ ​ 9.51 Unvested at September 30, 2023 ​ 1,525,914 ​ $ 9.69 ​ Of the 1,525,914 shares of restricted stock that remained unvested as of September 30, 2023, it is expected that 739,918 shares, 528,420 shares, and 257,576 shares will vest in 2024, 2025 and 2026, respectively, in each case, subject to the applicable vesting terms governing such shares of restricted stock. There was approximately $11.0 of unrecognized compensation expense related to unvested restricted stock as of September 30, 2023. The unrecognized compensation expense will be recognized over the weighted average remaining vesting period of The following table summarizes activity related to PSUs for the three and nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ Number of Units ​ ​ Value ($) Outstanding at January 1, 2023 ​ — ​ ​ $ — Granted ​ 176,898 ​ ​ ​ 11.92 Forfeited ​ — ​ ​ ​ — Outstanding at March 31, 2023 ​ 176,898 ​ ​ $ 11.92 Granted ​ — ​ ​ ​ — Forfeited ​ (4,686) ​ ​ ​ 11.92 Outstanding at June 30, 2023 ​ 172,212 ​ ​ $ 11.92 Granted ​ — ​ ​ ​ — Forfeited ​ — ​ ​ ​ — Outstanding at September 30, 2023 ​ 172,212 ​ ​ $ 11.92 ​ ​ ​ ​ Of the 172,212 performance-based restricted stock units (“PSUs”) that remained outstanding as of September 30, 2023, such PSUs had a weighted average grant date fair value of $11.92 per share. The performance criteria for the PSUs are split as follows: ● Relative PSUs: 50% of the PSUs are based on total shareholder return relative to the total shareholder return of a predetermined group of peer companies. This relative total shareholder return is calculated at the end of the performance periods stipulated in the PSU agreement. ● Absolute PSUs: 50% of the PSUs have a performance criteria of absolute total shareholder return calculated at the end of the performance period stipulated in the PSU agreement. The vesting and payout of the PSUs occur when the related service condition is completed, which is approximately one The grant date fair value was determined using the Monte Carlo simulation method and is expensed ratably over the service period. Expected volatilities used in the fair value simulation were estimated using historical periods consistent with the remaining performance periods. The risk-free rate was based on the U.S. Treasury rate for a term commensurate with the expected life of the grant. We used the following assumptions to estimate the fair value of such PSUs (which, for purposes of clarity, were granted during the three months ended March 31, 2023): ​ ​ ​ ​ ​ ​ Assumptions Risk-free interest rate ​ 4.6% Volatility ​ 58.93% ​ Income Per Share Basic income per share of Class A common stock is computed by dividing net income attributable to Solaris Inc. by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted income 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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, Basic net income (loss) per share: ​ 2023 ​ 2022 ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Solaris ​ $ 4.9 ​ $ 7.4 ​ $ 20.0 ​ $ 16.4 Less: income attributable to participating securities (1) ​ ​ (0.2) ​ ​ (0.3) ​ ​ (0.9) ​ ​ (0.7) Net income attributable to common stockholders ​ $ 4.7 ​ $ 7.1 ​ $ 19.1 ​ $ 15.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of unrestricted outstanding common shares used to calculate basic net income per share ​ ​ 29,025,293 ​ ​ 31,598,612 ​ ​ 29,919,094 ​ ​ 31,424,530 Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share ​ ​ 29,025,293 ​ ​ 31,598,612 ​ ​ 29,919,094 ​ ​ 31,424,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income per share of Class A common stock - basic ​ $ 0.16 ​ $ 0.22 ​ $ 0.64 ​ $ 0.49 Income per share of Class A common stock - diluted ​ $ 0.16 ​ $ 0.22 ​ $ 0.64 ​ $ 0.49 ​ (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, ​ ​ 2023 ​ 2022 ​ 2023 2022 Class B common stock ​ ​ 13,671,971 ​ ​ 13,671,971 ​ ​ 13,671,971 ​ ​ 13,731,975 Restricted stock awards ​ ​ 1,505,675 ​ ​ 1,349,260 ​ ​ 1,466,069 ​ ​ 1,251,329 Performance-based restricted stock awards ​ ​ 270,373 ​ ​ — ​ ​ 134,488 ​ ​ — Stock Options ​ ​ 6,605 ​ ​ 7,013 ​ ​ 6,605 ​ ​ 7,063 Total ​ ​ 15,454,624 ​ ​ 15,028,244 ​ ​ 15,279,133 ​ ​ 14,990,367 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes
Income Taxes	7. Income Taxes Income Taxes 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, 2023
Concentrations
Concentrations	8. Concentrations For the three months ended September 30, 2023, two customers accounted for 13% and 12% of the Company’s revenues. For the three months ended September 30, 2022, one customer accounted for 23% of the Company’s revenues. For the nine months ended September 30, 2023, three customers accounted for 12%, 12% and 11% of the Company’s revenues. For the nine months ended September 30, 2022, one customer accounted for 21% of the Company’s revenues. As of September 30, 2023, two customers accounted for 16% and 14% of the Company’s accounts receivable. As of December 31, 2022, one customer accounted for 22% of the Company’s accounts receivable. For the three months ended September 30, 2023, one supplier accounted for 11% of the Company’s total purchases. For the nine months ended September 30, 2023, one supplier accounted for 10% of the Company’s total purchases. For the three and nine months ended September 30, 2022, no supplier accounted for more than 10% of the Company’s total purchases. As of September 30, 2023, two suppliers accounted for 16% and 11% of the Company’s accounts payable. As of December 31, 2022, one supplier accounted for 13% of the Company’s accounts payable.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	9. 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 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. Purchase Obligations In the normal course of business, the Company enters into purchase obligations for products and services, primarily related to equipment or parts for manufacturing equipment. As of September 30, 2023, we had purchase obligations of approximately $6.2 million payable within the next twelve months. See Note 10 “Related Party Transactions” for contingent payments related to contracts with customers.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions
Related Party Transactions	10. 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, 2023 and 2022, Solaris LLC paid $0.3 and $0.2 , respectively, for these services, included in selling, general and administrative costs in the condensed consolidated statement of operations. For the nine months ended September 30, 2023 and 2022, Solaris LLC paid $0.8 and $0.7 , respectively, for these services, included in selling, general and administrative costs in the condensed consolidated statement of operations. As of September 30, 2023, and December 31, 2022, 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, 2023 and December 31, 2022, 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. The total future guaranty under the guarantee of lease agreement with Solaris Energy Management, LLC is $3.7 as of September 30, 2023. As of September 30, 2023, THRC Holdings, LP, an entity managed by THRC Management, LLC (collectively “THRC”), held shares representing a 11.1% ownership of the Company’s Class A common stock and 7.5% ownership of the total shares outstanding. THRC is affiliated with certain of the Company’s customers, including ProFrac Services, LLC and certain of the Company’s suppliers including Automatize Logistics, LLC, IOT-EQ, LLC and Cisco Logistics, LLC (together the “THRC Affiliates”). For the three months ended September 30, 2023 and September 30, 2022, the Company recognized revenues related to our service offering provided to the THRC Affiliates of For the three months ended September 30, 2023 and September 30, 2022, the Company recognized cost of services provided by THRC Affiliates of $0.3 and $1.4, respectively. For the nine months ended September 30, 2023 and September 30, 2022, the Company recognized cost of services provided by THRC Affiliates of $1.9 and $3.1, respectively. As of September 30, 2023 and December 31, 2022, there was $1.5 and $0.3, respectively, of accounts payable related to THRC Affiliates. 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. As of September 30, 2023, accounts payable to THRC Affiliates related to these services is $1.4, which was recognized in revenues. ​ On January 31, 2023, the Company made payments of $1.1 under the Tax Receivable Agreement. Solaris LLC made a cash distribution to Solaris Inc. of $1.1 to satisfy these obligations and concurrently made a cash distribution on a pro rata basis to each of the other members of Solaris LLC of $0.4. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 a 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, 2023 and 2022 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, 2022 and notes thereto. All material intercompany transactions and balances have been eliminated upon consolidation.
Global Economic, Geopolitical and Market Conditions	Global Economic, Geopolitical and Market Conditions The recent conflict in the Israel-Gaza region and the ongoing war in Ukraine each have the potential to disrupt the supply and demand for oil and natural gas across the globe. The degree to which these and other events outside of our control adversely impacts our results will depend on future developments, which are highly uncertain, cannot be predicted and are outside of our control. The timing, extent, trajectory and duration of their impacts upon our business and the industry in which we, our customers and vendors operate could impact any subsequent recovery of normal economic and operating conditions.
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 are related to stock-based compensation, useful lives and salvage values of long-lived assets, future cash flows associated with goodwill and long-lived asset impairment evaluations, 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.
Fair Value Measurements	Fair Value Measurements The Company’s financial assets and liabilities, as well as other recurring and nonrecurring fair value measurements such as goodwill impairment and long lived assets impairment, are to be measured using inputs from the three levels of the fair value hierarchy, of which the first two are considered observable and the last unobservable, which are as follows: ● Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; ● Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs corroborated by observable market data for substantially the full term of the assets or liabilities; and ● Level 3—Unobservable inputs that reflect the Company’s assumptions that market participants would use in pricing assets or liabilities based on the best information available. Nonrecurring measurements Certain assets are measured at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but may be subject to fair value adjustments in certain circumstances. As of September 30, 2023, these assets include certain systems and related equipment that met the held for sale criteria upon entering into a non-binding sale agreement with a third party. These assets were recorded to assets held for sale at a total fair value of $3.0 million in the unaudited condensed consolidated balance sheet. The Company determined the fair value based on the sale price included in the non-binding sale agreement, which is a Level 3 input. As the carrying value of the fixed assets classified as held for sale exceeded their fair value less estimated costs to sell, we recorded an impairment of $1.4 million in the condensed consolidated statement of operations.
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 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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 69.5 ​ $ 92.1 ​ $ 229.1 ​ $ 235.2 Transloading and Other ​ ​ 0.2 ​ ​ 0.2 ​ ​ 0.5 ​ ​ 0.8 Total revenue ​ $ 69.7 ​ $ 92.3 ​ $ 229.6 ​ $ 236.0
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, Reference Rate Reform, which provided temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provided 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. The original guidance expired on December 31, 2022, and ASU No. 2022-06 extended the effective date of the guidance to December 31, 2024. As described more fully in Note 7. “Income Taxes,” the Tax Receivable Agreement was amended on June 27, 2023, to replace the references to LIBOR.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Schedule of disaggregated revenues from contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 69.5 ​ $ 92.1 ​ $ 229.1 ​ $ 235.2 Transloading and Other ​ ​ 0.2 ​ ​ 0.2 ​ ​ 0.5 ​ ​ 0.8 Total revenue ​ $ 69.7 ​ $ 92.3 ​ $ 229.6 ​ $ 236.0

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment
Schedule of property plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2023 2022 Systems and related equipment ​ $ 404.4 ​ $ 369.3 Systems in process ​ ​ 44.0 ​ 30.1 Computer hardware and software ​ 3.9 ​ 1.7 Machinery and equipment ​ 5.7 ​ 5.4 Vehicles ​ 14.2 ​ 13.2 Buildings ​ 4.8 ​ 4.6 Land ​ 0.6 ​ 0.6 Furniture and fixtures ​ ​ 1.3 ​ 0.4 Property, plant and equipment, gross ​ $ 478.9 ​ $ 425.3 Less: accumulated depreciation ​ (151.5) ​ (127.1) Property, plant and equipment, net ​ $ 327.4 ​ $ 298.2 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ ​ September 30, 2023 ​ September 30, 2022 Operating lease cost (1) ​ $ 0.5 ​ $ 0.4 ​ ​ $ 1.5 ​ $ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ ​ 0.6 ​ 0.2 ​ ​ ​ 1.8 ​ 1.1 Interest on lease liabilities ​ ​ 0.1 ​ 0.1 ​ ​ ​ 0.3 ​ 0.1 Total finance lease cost ​ $ 0.7 ​ $ 0.3 ​ ​ $ 2.1 ​ $ 1.2
Schedule of future minimum operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Operating Leases Finance Leases 2023 (remainder of) ​ $ 0.6 ​ ​ 0.7 2024 ​ ​ 2.6 ​ ​ 2.7 2025 ​ ​ 2.4 ​ ​ 2.0 2026 ​ ​ 2.3 ​ ​ 0.5 2027 ​ ​ 2.3 ​ ​ — 2028 ​ ​ 2.0 ​ ​ — Thereafter ​ ​ 9.5 ​ ​ — Total future minimum lease payments ​ ​ 21.7 ​ 5.9 Less: effects of discounting ​ ​ (6.9) ​ ​ (0.4) Total lease liabilities ​ $ 14.8 ​ $ 5.5
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended Nine Months Ended ​ ​ September 30, 2023 ​ September 30, 2022 Supplemental Cash Flows Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1.1 ​ $ 0.9 Financing cash flows from finance leases ​ ​ 1.9 ​ 1.1 ​ ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Weighted Average Remaining Lease Term ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 10.3 years ​ ​ 11.9 years Finance leases ​ ​ 2.7 years ​ ​ 2.9 years Weighted Average Discount Rate ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 6.9% ​ ​ 6.3% Finance leases ​ ​ 5.7% ​ ​ 5.7% ​

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity
Summary of activity related to restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards ​ ​ Number of Shares ​ ​ Weighted Average Grant Date Fair Value ($) Unvested at January 1, 2023 1,295,728 ​ $ 10.33 Awarded 790,201 ​ ​ 9.19 Vested (548,992) ​ ​ 9.74 Forfeited (9,648) ​ ​ 9.82 Unvested at March 31, 2023 ​ 1,527,289 ​ $ 9.71 Awarded ​ 16,038 ​ ​ 7.48 Vested ​ (7,606) ​ ​ 10.70 Forfeited ​ (26,924) ​ ​ 9.66 Unvested at June 30, 2023 ​ 1,508,797 ​ $ 9.68 Awarded ​ 128,355 ​ ​ 10.53 Vested ​ (85,160) ​ ​ 10.58 Forfeited ​ (26,078) ​ ​ 9.51 Unvested at September 30, 2023 ​ 1,525,914 ​ $ 9.69
Summary of activity related to PSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ Number of Units ​ ​ Value ($) Outstanding at January 1, 2023 ​ — ​ ​ $ — Granted ​ 176,898 ​ ​ ​ 11.92 Forfeited ​ — ​ ​ ​ — Outstanding at March 31, 2023 ​ 176,898 ​ ​ $ 11.92 Granted ​ — ​ ​ ​ — Forfeited ​ (4,686) ​ ​ ​ 11.92 Outstanding at June 30, 2023 ​ 172,212 ​ ​ $ 11.92 Granted ​ — ​ ​ ​ — Forfeited ​ — ​ ​ ​ — Outstanding at September 30, 2023 ​ 172,212 ​ ​ $ 11.92
Schedule of assumptions used to estimate the fair value of PSUs granted	​ ​ ​ ​ ​ ​ Assumptions Risk-free interest rate ​ 4.6% Volatility ​ 58.93%
Schedule of income (loss) per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, Basic net income (loss) per share: ​ 2023 ​ 2022 ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Solaris ​ $ 4.9 ​ $ 7.4 ​ $ 20.0 ​ $ 16.4 Less: income attributable to participating securities (1) ​ ​ (0.2) ​ ​ (0.3) ​ ​ (0.9) ​ ​ (0.7) Net income attributable to common stockholders ​ $ 4.7 ​ $ 7.1 ​ $ 19.1 ​ $ 15.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of unrestricted outstanding common shares used to calculate basic net income per share ​ ​ 29,025,293 ​ ​ 31,598,612 ​ ​ 29,919,094 ​ ​ 31,424,530 Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share ​ ​ 29,025,293 ​ ​ 31,598,612 ​ ​ 29,919,094 ​ ​ 31,424,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income per share of Class A common stock - basic ​ $ 0.16 ​ $ 0.22 ​ $ 0.64 ​ $ 0.49 Income per share of Class A common stock - diluted ​ $ 0.16 ​ $ 0.22 ​ $ 0.64 ​ $ 0.49 ​ (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, ​ ​ 2023 ​ 2022 ​ 2023 2022 Class B common stock ​ ​ 13,671,971 ​ ​ 13,671,971 ​ ​ 13,671,971 ​ ​ 13,731,975 Restricted stock awards ​ ​ 1,505,675 ​ ​ 1,349,260 ​ ​ 1,466,069 ​ ​ 1,251,329 Performance-based restricted stock awards ​ ​ 270,373 ​ ​ — ​ ​ 134,488 ​ ​ — Stock Options ​ ​ 6,605 ​ ​ 7,013 ​ ​ 6,605 ​ ​ 7,063 Total ​ ​ 15,454,624 ​ ​ 15,028,244 ​ ​ 15,279,133 ​ ​ 14,990,367 ​

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	$ 3,000	$ 3,000
Impairment of assets	1,423	1,423
Nonrecurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	$ 3,000	3,000
Impairment of assets		$ 1,400

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Revenues Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 69,676	$ 92,325	$ 229,600	$ 235,951
Wellsite services
Disaggregation of Revenue [Line Items]
Revenue	69,500	92,100	229,100	235,200
Transloading and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 200	$ 200	$ 500	$ 800

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Property, plant and equipment, gross	$ 478,900	$ 478,900	$ 425,300
Less: accumulated depreciation	(151,500)	(151,500)	(127,100)
Property, plant and equipment, net	327,427	327,427	298,160
Impairment of fixed assets	1,423	1,423
Systems and related equipment
Property, Plant and Equipment
Property, plant and equipment, gross	404,400	404,400	369,300
Assets held for sale	4,400	4,400
Impairment of fixed assets		1,400
Systems in process
Property, Plant and Equipment
Property, plant and equipment, gross	44,000	44,000	30,100
Computer hardware and software
Property, Plant and Equipment
Property, plant and equipment, gross	3,900	3,900	1,700
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	5,700	5,700	5,400
Vehicles
Property, Plant and Equipment
Property, plant and equipment, gross	14,200	14,200	13,200
Buildings
Property, Plant and Equipment
Property, plant and equipment, gross	4,800	4,800	4,600
Land
Property, Plant and Equipment
Property, plant and equipment, gross	600	600	600
Furniture and fixtures
Property, Plant and Equipment
Property, plant and equipment, gross	$ 1,300	$ 1,300	$ 400

Leases (Details)

Leases (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Leases
Property, plant and equipment, cost	$ 478.9	$ 425.3
Accumulated depreciation	151.5	127.1
Finance leased assets
Leases
Property, plant and equipment, cost	9.2	7.2
Accumulated depreciation	$ 2.7	$ 0.9

Leases - Lease cost (Details)

Leases - Lease cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases
Operating lease cost	$ 0.5	$ 0.4	$ 1.5	$ 1
Amortization of ROU assets	0.6	0.2	1.8	1.1
Interest on lease liabilities	0.1	0.1	0.3	0.1
Total finance lease cost	$ 0.7	$ 0.3	$ 2.1	$ 1.2

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Operating lease obligations
2023 (remainder of)	$ 0.6
2024	2.6
2025	2.4
2026	2.3
2027	2.3
2028	2
Thereafter	9.5
Total future minimum lease payments	21.7
Less: effects of discounting	(6.9)
Total lease liabilities	14.8
Finance lease obligations
2023 (remainder of)	0.7
2024	2.7
2025	2
2026	0.5
Total future minimum lease payments	5.9
Less: effects of discounting	(0.4)
Total lease liabilities	$ 5.5

Leases - Other (Details)

Leases - Other (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Leases
Operating cash flows from operating leases	$ 1,100	$ 900
Financing cash flows from finance leases	$ 1,908	$ 1,100
Weighted Average Remaining Lease Term - Operating leases	10 years 3 months 18 days		11 years 10 months 24 days
Weighted Average Remaining Lease Term - Finance leases	2 years 8 months 12 days		2 years 10 months 24 days
Weighted Average Discount Rate - Operating leases	6.90%		6.30%
Weighted Average Discount Rate - Finance leases	5.70%		5.70%

Senior Secured Credit Facility

Senior Secured Credit Facility (Details) - USD ($) $ in Millions	Apr. 28, 2023	Apr. 26, 2019	Sep. 30, 2023
2019 Credit Agreement
Senior Secured Credit Facility
Maximum borrowing		$ 50
Cash adjustment to net indebtedness		$ 3
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
Ratio of consolidated EBITDA to fixed charges		2.75%
2023 Credit Agreement
Senior Secured Credit Facility
Maximum borrowing	$ 75
Potential additional borrowing available	25
Maximum borrowing capacity with accordion option	100
Cash threshold triggering repayment	20
Outstanding credit facility			$ 37
Remaining borrowing capacity			$ 38
Weighted average interest rate (as a percent)			8.34%
Cash threshold over a period of time triggering repayment	$ 5
Period for cash threshold repayment trigger	180 days
Maximum capital expenditures allowed	$ 100
2023 Credit Agreement | First quarter of 2024
Senior Secured Credit Facility
Reducing revolver, percentage	15%
2023 Credit Agreement | First quarter 2025
Senior Secured Credit Facility
Reducing revolver, percentage	20%
2023 Credit Agreement | Minimum
Senior Secured Credit Facility
Commitment fee (as a percent)	0.375%
2023 Credit Agreement | Maximum
Senior Secured Credit Facility
Commitment fee (as a percent)	0.50%
2023 Credit Agreement | SOFR | Minimum
Senior Secured Credit Facility
Interest rate	2.75%
2023 Credit Agreement | SOFR | Maximum
Senior Secured Credit Facility
Interest rate	3.75%
2023 Credit Agreement | Alternate base rate | Minimum
Senior Secured Credit Facility
Interest rate	1.75%
2023 Credit Agreement | Alternate base rate | Maximum
Senior Secured Credit Facility
Interest rate	2.75%

Equity - Dividends (Details)

Equity - Dividends (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity
Distributions paid to unit holders				$ 4,993	$ 4,327
Dividend paid to common stock		$ 3,400	$ 3,500	10,402	10,348
Solaris LLC
Equity
Distributions paid to unit holders	$ 400	$ 4,900	$ 4,900	$ 14,900	$ 14,700

Equity - Share Repurchase (Deta

Equity - Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Mar. 01, 2023
Equity
Repurchased and retired (in shares)	0
Remaining authorized for future repurchases	$ 24.2	$ 24.2
Stock repurchase excise tax		$ 0.3
Class A Common Stock
Equity
Repurchased and retired (in shares)		3,078,500
Repurchased and retired		$ 25.8
Average price (in dollars per share)		$ 8.38
Class A Common Stock | Maximum
Equity
Share Repurchase, Authorized			$ 50

Equity - SBC (Details)

Equity - SBC (Details) - Class A Common Stock - shares	Sep. 30, 2023	May 17, 2023
LTIP
Stock-based compensation
Reserved for issuance (in shares)	5,118,080
Available for grant (in shares)	5,417,457
LTIP, 2023 Amendment
Stock-based compensation
Reserved for issuance (in shares)		4,700,000

Equity - Restricted stock (Deta

Equity - Restricted stock (Details) - Restricted stock awards - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Number of Shares
Unvested, beginning (in shares)	1,508,797	1,527,289	1,295,728	1,295,728
Awarded (in shares)	128,355	16,038	790,201
Vested (in shares)	(85,160)	(7,606)	(548,992)
Forfeited (in shares)	(26,078)	(26,924)	(9,648)
Unvested, end (in shares)	1,525,914	1,508,797	1,527,289	1,525,914
Weighted Average Grant Date Fair Value
Unvested, beginning (in dollars per share)	$ 9.68	$ 9.71	$ 10.33	$ 10.33
Awarded (in dollars per share)	10.53	7.48	9.19
Vested (in dollars per share)	10.58	10.70	9.74
Forfeited (in dollars per share)	9.51	9.66	9.82
Unvested, end (in dollars per share)	$ 9.69	$ 9.68	$ 9.71	$ 9.69
Other non-option information
Unrecognized compensation costs	$ 11			$ 11
Expected period for recognizing compensation expense				1 year 1 month 6 days
First vesting period
Number of Shares
Unvested, end (in shares)	739,918			739,918
Second vesting period
Number of Shares
Unvested, end (in shares)	528,420			528,420
Third vesting period
Number of Shares
Unvested, end (in shares)	257,576			257,576

Equity - Performance Stock Unit

Equity - Performance Stock Units (Details) - Performance-based restricted stock awards - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Other non-option information
Relative PSUs (percentage)				50%
Absolute PSUs (percentage)				50%
Unrecognized compensation costs	$ 1.5			$ 1.5
Expected period for recognizing compensation expense				2 years 3 months 18 days
Assumptions
Expected risk-free rate of return (as a percent)			4.60%
Expected volatility (as a percent)			58.93%
Number of Shares
Unvested, beginning (in shares)	172,212	176,898
Granted (in shares)			176,898
Forfeited (in shares)		(4,686)
Unvested, end (in shares)	172,212	172,212	176,898	172,212
Weighted Average Grant Date Fair Value
Unvested, beginning (in dollars per share)	$ 11.92	$ 11.92
Granted (in dollars per share)			$ 11.92
Forfeited (in dollars per share)		11.92
Unvested, end (in dollars per share)	$ 11.92	$ 11.92	$ 11.92	$ 11.92
Minimum
Other non-option information
Vesting period				1 year
Maximum
Other non-option information
Vesting period				3 years

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income attributable to Solaris	$ 4,934	$ 7,406	$ 20,035	$ 16,361
Less: income attributable to participating securities	(200)	(300)	(900)	(700)
Net income attributable to common stockholders	$ 4,700	$ 7,100	$ 19,100	$ 15,700
Class A Common Stock
Denominator
Weighted average number of unrestricted outstanding common shares used to calculate basic net income per share	29,025,293	31,598,612	29,919,094	31,424,530
Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share	29,025,293	31,598,612	29,919,094	31,424,530
Income per share of Class A common stock - basic (in dollars per share)	$ 0.16	$ 0.22	$ 0.64	$ 0.49
Income per share of Class A common stock - diluted (in dollars per share)	$ 0.16	$ 0.22	$ 0.64	$ 0.49

Equity - Antidilutive (Details)

Equity - Antidilutive (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Potentially dilutive shares
Excluded from EPS calculation (in shares)	15,454,624	15,028,244	15,279,133	14,990,367
Class B Common Stock
Potentially dilutive shares
Excluded from EPS calculation (in shares)	13,671,971	13,671,971	13,671,971	13,731,975
Restricted stock awards
Potentially dilutive shares
Excluded from EPS calculation (in shares)	1,505,675	1,349,260	1,466,069	1,251,329
Performance-based restricted stock awards
Potentially dilutive shares
Excluded from EPS calculation (in shares)	270,373		134,488
Employee Stock Option
Potentially dilutive shares
Excluded from EPS calculation (in shares)	6,605	7,013	6,605	7,063

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 27, 2023
Income tax expense		$ 1,305	$ 2,332	$ 6,450	$ 5,889
Effective tax rate		14.60%	16.80%	16.90%	18.70%
Distributions paid to unit holders				$ 4,993	$ 4,327
Solaris LLC
Distributions paid to unit holders	$ 400	$ 4,900	$ 4,900	$ 14,900	$ 14,700
Solaris LLC | Related Party
Distributions paid to unit holders	400
Tax Receivable Agreement
Payments pursuant to tax receivable agreement	1,100
Distributions paid to unit holders	1,100
Benefit of remaining cash savings (as a percent)				85%
Tax Receivable Agreement | SOFR
Interest rate						0.71513%
Tax Receivable Agreement | Related Party
Payments pursuant to tax receivable agreement	1,100
Distributions paid to unit holders	$ 1,100
Total notes payable		$ 71,500		$ 71,500

Concentrations (Details)

Concentrations (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue | Customer | One Customer
Concentrations
Concentration risk (as a percent)	13%	23%	12%	21%
Revenue | Customer | Two Customers
Concentrations
Concentration risk (as a percent)	12%		12%
Revenue | Customer | Three Customers
Concentrations
Concentration risk (as a percent)			11%
Accounts receivable | Customer | One Customer
Concentrations
Concentration risk (as a percent)			16%		22%
Accounts receivable | Customer | Two Customers
Concentrations
Concentration risk (as a percent)			14%
Purchases | Supplier | One Supplier
Concentrations
Concentration risk (as a percent)	11%		10%
Accounts payables | Supplier | One Supplier
Concentrations
Concentration risk (as a percent)			16%		13%
Accounts payables | Supplier | Two Suppliers
Concentrations
Concentration risk (as a percent)			11%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($)
Purchase obligations payable within the next twelve months	$ 6.2
Accrued tax expense
Other commitments	$ 3.1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transactions
Other current liabilities		$ 822		$ 822		$ 790
Revenue		69,676	$ 92,325	229,600	$ 235,951
Distributions paid to unit holders				4,993	4,327
Tax Receivable Agreement
Related Party Transactions
Payments pursuant to tax receivable agreement	$ 1,100
Distributions paid to unit holders	1,100
Related Party
Related Party Transactions
Revenue		5,249	2,949	17,420	13,609
Related Party | William A. Zartler
Related Party Transactions
Payment made to related party		300	200	800	700
Other current liabilities		100		100		100
Related Party | William A. Zartler | Prepaid operating expenses and other current assets
Related Party Transactions
Due from related party		100		100		100
Related Party | Solaris Energy Management, LLC
Related Party Transactions
Other commitments		3,700		3,700
Related Party | THRC Affiliates
Related Party Transactions
Due from related party		7,100		7,100		4,900
Other current liabilities		1,500		1,500		$ 300
Revenue		5,200	2,900	17,400	13,600
Related party costs		300	1,400	1,900	3,100
Related Party | THRC Affiliates - Services
Related Party Transactions
Revenue				1,400
Other commitments		4,000		4,000
Related Party | Tax Receivable Agreement
Related Party Transactions
Payments pursuant to tax receivable agreement	1,100
Distributions paid to unit holders	1,100
Solaris LLC
Related Party Transactions
Distributions paid to unit holders	400	$ 4,900	$ 4,900	$ 14,900	$ 14,700
Solaris LLC | Related Party
Related Party Transactions
Distributions paid to unit holders	$ 400
THRC | Solaris Oilfield Infrastructure
Related Party Transactions
Noncontrolling interest (as a percent)		7.50%		7.50%
THRC | Solaris Oilfield Infrastructure | Class A Common Stock
Related Party Transactions
Noncontrolling interest (as a percent)		11.10%		11.10%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,934	$ 7,406	$ 20,035	$ 16,361

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false