SEIHIGH SIGNALFINANCIAL10-K

SEI underwent massive business expansion with revenue doubling to $622M while capital expenditures surged 243% to $647M, signaling major growth investment or acquisition activity.

The dramatic scaling across all financial metrics - particularly the 252% operating cash flow increase and 209% cash position growth - indicates either a transformative acquisition or major business expansion. The removal of language about "MER Acquisition" risks while adding references to "Stateline Power, LLC" suggests completion of a significant transaction that fundamentally changed the business scale and risk profile.

Comparing 2026-02-27 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

SEI experienced extraordinary growth with revenue nearly doubling to $622M and operating income rising 156% to $135M, while total assets expanded 91% to $2.1B. The company dramatically increased capital expenditures by 243% to $647M and operating cash flow surged 252% to $209M, indicating massive investment in growth initiatives. Despite the substantial liability increase to $1.3B, the strong cash position of $353M (up 209%) and robust operating performance suggest successful execution of a major expansion or acquisition strategy that has fundamentally scaled the business.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+252.2%
$59.4M→$209.1M

Operating cash flow surged 252.2% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
+243.3%
$188.4M→$646.8M

Capital expenditure jumped 243.3% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+209.2%
$114.3M→$353.3M

Cash position surged 209.2% — strong cash generation or capital raise providing significant financial cushion.

Total Liabilities
Balance Sheet
+188.5%
$456.2M→$1.3B

Liabilities grew 188.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Income
P&L
+156.3%
$52.8M→$135.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Liabilities
Balance Sheet
+149.2%
$65.5M→$163.3M

Current liabilities surged 149.2% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+98.7%
$313.1M→$622.2M

Strong top-line growth of 98.7% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+92.5%
$251.0M→$483.0M

Current assets grew 92.5% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+90.9%
$1.1B→$2.1B

Asset base grew 90.9% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+90.8%
$15.8M→$30.2M

Net income grew 90.8% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-05
ADDED
sei-20251231 0001697500 FY false 2025 Chicago Stock Exchange, Inc.
Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words believe, expect, anticipate, intend, estimate, could, may, continue, predict, potential, plan, will, should and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements.
Distributed power generation services in some applications compete with access to the grid.
Reliance upon a small number of large customers may adversely affect our revenue and operating results.
We are subject to a number of risks associated with Stateline Power, LLC ( Stateline ).
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REMOVED
Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate, could, may, continue, predict, potential, plan, will, should and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements.
presidential transition; cyber-attacks targeting systems and infrastructure used by the power generation and oil and natural gas industries; the effects of future litigation; credit markets; business acquisitions, including the MER Acquisition (as defined herein); natural or man-made disasters and other external events that may disrupt our manufacturing operations; uncertainty regarding our future operating results; and plans, objectives, expectations and intentions contained in this Annual Report that are not historical.
Risks Related to Our Operations and Industry The volatility of oil and natural gas prices may adversely affect the demand for our systems, products and services, and negatively impact our results of operations.
We face a variety of risks related to our entry into a new line of business following the completion of the MER Acquisition.
trade policy, including the imposition of tariffs and the resulting consequences, could adversely affect our business, prospects, financial condition and operating results.
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