By Katherine Hamilton
Shares of Solaris Energy gained after it said it was expanding its generating capacity in 2025.
The stock rose 23% to $36.67 in premarket trading Friday, after touching a 52-week high of $37.44. The share price has increased nearly five-fold over the past year.
The solar energy company said it expects quarterly revenue generating capacity to increase to 360 megawatts in the first quarter of 2025 and 420 megawatts by the midpoint of this year, up from 260 megawatts in the fourth quarter. It expects revenue to grow sequentially with the capacity expansion, it said.
Solaris Chief Executive Bill Zartler said there is more demand for behind-the-meter projects, which generally refers to solar panels that give energy directly to residential and business customers without passing through a meter. Solaris has secured about 700 megawatts of new power-generation capacity to approximately double its operated fleet over the next two years, Zartler said.
Solaris posted a fourth-quarter profit of $5.8 million, or 19 cents a share, compared with $4.1 million, or 14 cents a share, the previous year.
Revenue doubled to $96.3 million. Analysts polled by FactSet were expecting $92.7 million.
Stripping out certain one-time items, adjusted per-share earnings were 12 cents, in line with Wall Street's expectations.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 21, 2025 10:04 ET (15:04 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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