SEISolaris Energy Infrastructure, Inc.

Oil & Gas Field Machinery & Equipment

Revenue: $622M; 99% YoY
Operating margin: 21.8%; 29% YoY
EBITDA: $220M; 120% YoY
Market cap: $2M
Employees: 468; $1M revenue each
Net debt / EBITDA: 3.6×; $785M net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
693% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$2M market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$405M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$146M	$300M	$293M	$313M	$622M	99%
Operating income	−$387K	$42M	$50M	$53M	$135M	156%
Net income	−$868K	$21M	$24M	$16M	$30M	91%
Operating cash flow	$16M	$68M	$89M	$59M	$209M	252%
Capex	$20M	$81M	$64M	$188M	$647M	243%
Stock-based comp	$5M	$6M	$8M	$11M	$23M	121%
Buybacks	—	—	$26M	$8M	$0	100%
Dividends	$13M	$14M	$14M	$15M	$22M	49%

Deal filings

Filed	Form	Acquirer	Price	Premium
Aug 7, 2024	DEFM14A	—	$8.50	0%
Jul 26, 2024	PREM14A	—	$8.50	16.67%

13D filers

Filed	Filer	Form	Stake	Intent
Nov 6, 2025	KTR Management Company, LLC	SCHEDULE 13D/A	3.9%	Active
Aug 8, 2025	KTR Management Company, LLC	SCHEDULE 13D/A	6.1%	Active
Jul 30, 2025	J Turbines, Inc.	SCHEDULE 13D/A	3.1%	Passive
May 7, 2025	J Turbines, Inc.	SCHEDULE 13D/A	13.4%	Passive
Sep 13, 2024	KTR Management Company, LLC	SC 13D	21.1%	Active
Sep 13, 2024	J. Turbines, Inc.	SC 13D	21.1%	Active

Insider trading

Open-market buys, 12 mo: $1M · 7
Open-market sells, 12 mo: $407M · 12
Net: −$405M

Pay vs performance

No pay-versus-performance disclosure yet.