Stabilis Solutions, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 4 March 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Key takeaways

Revenue fell on completed contracts: Fourth quarter revenue was $13.3 million, down 23.3% from the prior year quarter. The company attributed the decrease mainly to completed marine and power generation contracts. Source
Net loss of $0.3 million: Fourth quarter net loss was $0.3 million, or $0.01 per diluted share, compared with net income of $2.1 million, or $0.11 per diluted share, in the fourth quarter of 2024. Source
Marine and power contracts wound down: Management said the wind-down of marine bunkering and power generation projects reduced fourth quarter revenue by about 28%. Source
Adjusted EBITDA fell on completed contracts: Fourth quarter adjusted EBITDA was $1.5 million, against $4.0 million a year earlier. Management attributed the decrease mainly to completion of large multi-year contracts. Source
Material revenue expected from early 2027: Management said the recently awarded LNG supply agreement gives firm visibility into material revenue expansion beginning in early 2027. Source
Cash of $7.5 million at year-end: Cash was $7.5 million at December 31, 2025, against $9.0 million a year earlier, with $2.7 million of availability under credit agreements. Source
Galveston financing being finalized: Management said it is finalizing project financing for the Galveston LNG liquefaction and bunkering project with its advisors. Source

“The fourth quarter marked the successful completion of several multi‑year contracts within our marine bunkering and power‑generation markets”
Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Revenue from data center LNG supply contract Source	From early 2027, initial two-year term	approximately $200 million	Kept

What changed from last quarter

New: Management said a multi-year take-or-pay LNG supply agreement for behind-the-meter power generation was recently awarded. Source
Ended: Two multi-year customer contracts concluded in the fourth quarter, in accordance with their terms, according to the February release.

Fourth quarter results

Revenue fell on completed contracts: Fourth quarter revenue was $13.3 million, down 23.3% from the prior year quarter. The company attributed the decrease mainly to completed marine and power generation contracts. Source
Net loss of $0.3 million: Fourth quarter net loss was $0.3 million, or $0.01 per diluted share, compared with net income of $2.1 million, or $0.11 per diluted share, in the fourth quarter of 2024. Source
Full-year revenue down to $68.2 million: Full-year 2025 revenue was $68.2 million against $73.3 million in 2024. The full-year net loss was $1.4 million, or $0.07 per share, against net income of $4.6 million, or $0.25 per share. Source

Segments, products and end markets

Marine and power contracts wound down: Management said the wind-down of marine bunkering and power generation projects reduced fourth quarter revenue by about 28%. Source
Aerospace and industrial volumes grew: Higher commodity prices and growth in aerospace and industrial sector volumes partly offset the lower revenue from completed contracts. Source
Company offers fueling, production, storage and delivery: The company describes itself as a provider of clean fueling, production, storage, and last mile delivery solutions to multiple end markets. Source

“Looking ahead to 2026 and beyond, we have a solid foundation and clear line of sight to significant new opportunities as our organization positions itself for the next phase of growth.”
Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer

Costs, margins and pricing

Adjusted EBITDA fell on completed contracts: Fourth quarter adjusted EBITDA was $1.5 million, against $4.0 million a year earlier. Management attributed the decrease mainly to completion of large multi-year contracts. Source
SG&A rose $0.4 million: Selling, general and administrative expenses were $2.3 million in the fourth quarter, up from $1.9 million. For the full year they were $13.2 million, against $11.8 million. Source
Cost of revenues declined: Cost of revenues was $10.0 million in the fourth quarter, against $12.4 million a year earlier. For the full year it was $50.2 million, against $52.1 million. Source
Full-year adjusted EBITDA $8.0 million: Full-year adjusted EBITDA was $8.0 million, against $11.8 million in 2024, after the special items in the reconciliation. Source

Demand and order book

Data center customer talks continue: Management said it is in active discussions with additional data center customers, which it said reinforces its confidence in long-term scalability and profitability. Source
Late-stage talks for new customers: The company said it was in late-stage discussions for new customer deals and expected to redeploy assets and personnel to replacement work during 2026.
Material revenue expected from early 2027: Management said the recently awarded LNG supply agreement gives firm visibility into material revenue expansion beginning in early 2027. Source

“Across our end‑markets, commercial demand remains strong, supported by accelerating energy requirements in power generation, in support of data centers”
Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer

Capital, cash and returns

Cash of $7.5 million at year-end: Cash was $7.5 million at December 31, 2025, against $9.0 million a year earlier, with $2.7 million of availability under credit agreements. Source
Operating cash flow lower year over year: Cash flow from operations was $0.7 million in the fourth quarter and $8.6 million for the full year, against $2.2 million and $13.7 million in the prior year periods. Source
Fixed asset spending in 2025: Acquisition of fixed assets was $3.1 million in the fourth quarter and $8.1 million for the full year, against $9.1 million for 2024. Source
Notes payable at year-end: At December 31, 2025, the current portion of long-term notes payable was $1.9 million and the long-term portion was $5.8 million. Source

Galveston project and strategy

Galveston financing being finalized: Management said it is finalizing project financing for the Galveston LNG liquefaction and bunkering project with its advisors. Source
Focus on disciplined execution: Management said the company remains focused on disciplined execution and balance sheet flexibility, and on investing in infrastructure for customer demand. Source
Joint venture equity income: Net equity income from foreign joint venture operations was $0.5 million in the fourth quarter and $1.2 million for the full year, against $0.6 million and $1.6 million a year earlier. Source

Leadership and governance

Executive Chairman also serves as interim CEO: Casey Crenshaw is identified as Executive Chairman and Interim President & Chief Executive Officer. Source
Severance add-back of $2.1 million: Full-year special items include a $2.1 million add-back related to Mr. Ballard's severance expenses, and a $0.1 million gain subtraction for a property damage settlement. Source
CFO named as investor contact: Andrew Puhala, Chief Financial Officer, is listed as the investor contact. Source

Coming up, as management said on 4 March 2026

Galveston final investment decision: Management said a Final Investment Decision on the Galveston project is expected by the end of the first quarter of 2026. Source

Risks management discussed

Operational: Management said a marine customer did not extend its contract because suitable Jones Act-compliant LNG bunker vessels were unavailable.

Earlier plans management reported on

Met: Management said the wind-down was reflected in fourth quarter results as it had anticipated. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

STABILIS SOLUTIONS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Houston, March 4, 2026 - Stabilis Solutions, Inc., (“Stabilis” or the “Company”) (Nasdaq: SLNG), a leading provider of clean fueling, production, storage, and last mile delivery solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025.

FOURTH QUARTER 2025 HIGHLIGHTS

Revenues of $13.3 million
Net loss of $0.3 million
Adjusted EBITDA of $1.5 million
Cash flow from operations of $0.7 million
$7.5 million of cash and $2.7 million of availability under credit agreements as of December 31, 2025

FULL YEAR 2025 HIGHLIGHTS

Revenues of $68.2 million
Net loss of $1.4 million
Adjusted EBITDA of $8.0 million
Cash flow from operations of $8.6 million

MANAGEMENT COMMENTARY

“The fourth quarter marked the successful completion of several multi‑year contracts within our marine bunkering and power‑generation markets,” stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. “As anticipated, the wind‑down of these projects was reflected in our financial results and negatively impacted revenues in the fourth quarter by approximately 28%. Looking ahead to 2026 and beyond, we have a solid foundation and clear line of sight to significant new opportunities as our organization positions itself for the next phase of growth.”

“Across our end‑markets, commercial demand remains strong, supported by accelerating energy requirements in power generation, in support of data centers,” continued Crenshaw. “Our recently awarded multi‑year take or pay LNG supply agreement, a contract with an estimated value of approximately $200 million supporting behind the meter power generation, gives us firm visibility into material revenue expansion beginning in early 2027. We are also in active discussions with additional data center customers which reinforces our confidence in the long-term scalability and profitability of our platform.”

“We are finalizing project financing for our Galveston LNG liquefaction and bunkering project alongside our advisors,” noted Crenshaw. “A Final Investment Decision is expected by the end of the first quarter of 2026. We remain focused on disciplined execution, maintaining balance sheet flexibility, and investing in the infrastructure required to meet strong customer demand and drive long-term shareholder value creation.”

FINANCIAL PERFORMANCE SUMMARY

Revenue for the fourth quarter of 2025 was $13.3 million, a decrease of 23.3% compared to the fourth quarter of 2024. The decrease in revenue compared to the prior year period was primarily attributable to the completion of contracts in the marine and power generation sectors, partly offset by higher commodity prices and growth in the aerospace and industrial sector volumes.

Net loss for the fourth quarter of 2025 was ($0.3) million, or ($0.01) per diluted share, compared to net income of $2.1 million, or $0.11 per diluted share, in the fourth quarter of 2024. When compared to the prior year period, the net loss reflects lower revenues and a $0.4 million increase in selling, general and administrative expenses.

Cash flow from operations was $0.7 million for the fourth quarter of 2025, compared to $2.2 million in the fourth quarter of last year, primarily reflecting the decrease in profitability relative to the prior year period. Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2025 was $1.5 million, compared to $4.0 million, in the year ago quarter. The decrease in Adjusted EBITDA year-over-year is primarily attributable to the completion of large multi-year contracts during the fourth quarter of 2025.

FOURTH QUARTER 2025 CONFERENCE CALL AND WEBCAST

Stabilis will host a conference call on Thursday March 5, 2026, at 9:00 a.m. ET to review the Company’s financial results and conduct a question-and-answer session.

A webcast of the conference call will be available in the Investor Relations section of the Company’s corporate website at https://investors.stabilis-solutions.com/events. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

To listen to a replay of the teleconference, which will be available through March 12, 2026:

ABOUT STABILIS SOLUTIONS

Stabilis Solutions is a leading provider of clean fueling, production, storage, and last mile delivery solutions to multiple end markets. To learn more, visit www.stabilis-solutions.com.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “can,” “believes,” “feels,” “anticipates,” “expects,” “could,” “will,” “plan,” “may,” “should,” “predicts,” “potential” and similar expressions are intended to identify such forward-looking statements.

Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, availability, timing and terms of financing, ability to achieve the conditions precedent to the marine bunkering and other agreements, ability to achieve additional offtake necessary for FID for the planned LNG liquefaction facility, construction delays or cost overruns, regulatory or other legal impediments, and general economic conditions.

The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025 which is available on the SEC’s website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Stabilis Solutions, Inc. and Subsidiaries

Selected Consolidated Operating Results

(Unaudited, in thousands, except per share data)

	Three Months Ended			Twelve Months Ended
	December 31,	September 30,	December 31,	December 31,	December 31,
	2025	2025	2024	2025	2024
Revenues:
Revenues	$13,273	$20,325	$17,298	$68,245	$73,293
Operating expenses:
Cost of revenues	9,994	14,723	12,367	50,229	52,069
Change in unrealized loss (gain) on natural gas derivatives	(19)	19	11	(24)	(310)
Selling, general and administrative expenses	2,342	2,783	1,941	13,189	11,763
Loss (gain) from disposal of fixed assets	(38)	165	(460)	24	(761)
Depreciation expense	1,776	1,842	1,802	7,345	7,146
Total operating expenses	14,055	19,532	15,661	70,763	69,907
Income (loss) from operations before equity income	(782)	793	1,637	(2,518)	3,386
Net equity income from foreign joint venture operations:
Net equity income from foreign joint venture operations	546	278	556	1,242	1,564
Income (loss) from operations	(236)	1,071	2,193	(1,276)	4,950
Other income (expense):
Interest income (expense), net	(87)	84	7	42	112
Other income (expense), net	5	(35)	7	(66)	22
Total other income (expense)	(82)	49	14	(24)	134
Net income (loss) before income tax expense	(318)	1,120	2,207	(1,300)	5,084
Income tax expense (benefit)	(56)	1	101	54	485
Net income (loss)	$(262)	$1,119	$2,106	$(1,354)	$4,599
Net income (loss) per common share:
Basic and diluted per common share	$(0.01)	$0.06	$0.11	$(0.07)	$0.25
EBITDA	$1,545	$2,878	$4,002	$6,003	$12,118
Adjusted EBITDA	$1,526	$2,897	$4,013	$7,972	$11,808

Stabilis Solutions, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited, in thousands, except share and per share data)

	December 31,
	2025	2024
Assets
Current assets:
Cash and cash equivalents	$7,459	$8,987
Accounts receivable, net	3,130	6,239
Inventories, net	342	345
Prepaid expenses and other current assets	1,976	1,902
Total current assets	12,907	17,473
Property, plant and equipment:
Cost	125,613	117,246
Less accumulated depreciation	(72,666)	(65,518)
Property, plant and equipment, net	52,947	51,728
Goodwill	4,314	4,314
Investments in foreign joint ventures	11,946	11,659
Right-of-use assets and other noncurrent assets	996	410
Total assets	$83,110	$85,584
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$4,750	$5,667
Accrued liabilities	2,859	3,566
Current portion of long-term notes payable	1,931	2,010
Current portion of finance and operating lease obligations	417	384
Total current liabilities	9,957	11,627
Long-term notes payable, net of current portion and debt issuance costs	5,755	6,848
Long-term portion of operating lease obligations	726	101
Total liabilities	16,438	18,576
Commitments and contingencies
Stockholders’ Equity:
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024	-	-
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,585,014 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	19	19
Additional paid-in capital	103,644	103,214
Accumulated other comprehensive income (loss)	10	(578)
Accumulated deficit	(37,001)	(35,647)
Total stockholders’ equity	66,672	67,008
Total liabilities and stockholders’ equity	$83,110	$85,584

Stabilis Solutions, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

	Three Months Ended			Twelve Months Ended
	December 31,	September 30,	December 31,	December 31,	December 31,
	2025	2025	2024	2025	2024
Cash flows from operating activities:
Net income (loss)	$(262)	$1,119	$2,106	$(1,354)	$4,599
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,776	1,842	1,802	7,345	7,146
Stock-based compensation expense	-	-	82	447	1,166
Provision for credit losses	-	202	14	315	102
Loss (gain) on disposal of assets	(38)	165	(460)	24	(761)
Income from equity investment in joint venture	(594)	(322)	(608)	(1,453)	(1,770)
Distributions from equity investment in joint venture	-	-	-	1,637	1,716
Cash settlements from natural gas derivatives, net	-	(61)	-	178	(359)
Realized and unrealized losses from natural gas derivatives, net	-	61	29	202	152
Changes in operating assets and liabilities:
Accounts receivable	3,770	(2,721)	(455)	2,794	1,390
Prepaid expenses and other current assets	(135)	62	12	563	820
Accounts payable and accrued liabilities	(3,972)	2,028	(523)	(2,275)	(678)
Other	124	19	172	180	170
Net cash provided by operating activities	669	2,394	2,171	8,603	13,693
Cash flows from investing activities:
Acquisition of fixed assets	(3,142)	(3,877)	(5,585)	(8,141)	(9,146)
Proceeds from sale of fixed assets	-	-	460	211	841
Proceeds from notes receivable, related to prior sale of Brazil operations	226	-	185	226	185
Net cash used in investing activities	(2,916)	(3,877)	(4,940)	(7,704)	(8,120)
Cash flows from financing activities:
Payments on short- and long-term notes payable and finance leases	(603)	(433)	(625)	(2,387)	(1,905)
Payment of debt issuance costs	-	-	-	(42)	-
Employee tax payments from stock-based withholding	-	-	-	(17)	(9)
Net cash used in financing activities	(603)	(433)	(625)	(2,446)	(1,914)
Effect of exchange rate changes on cash	4	1	(12)	19	(46)
Net increase (decrease) in cash and cash equivalents	(2,846)	(1,915)	(3,406)	(1,528)	3,613
Cash and cash equivalents, beginning of year	10,305	12,220	12,393	8,987	5,374
Cash and cash equivalents, end of year	$7,459	$10,305	$8,987	$7,459	$8,987

Non-GAAP Measures

Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings from continuing operations before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the United States of America (“GAAP”). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).

	Three Months Ended			Twelve Months Ended
	December 31,	September 30,	December 31,	December 31,	December 31,
	2025	2025	2024	2025	2024
Net income	$(262)	$1,119	$2,106	$(1,354)	$4,599
Depreciation	1,776	1,842	1,802	7,345	7,146
Interest expense (income), net	87	(84)	(7)	(42)	(112)
Income tax expense (benefit)	(56)	1	101	54	485
EBITDA	1,545	2,878	4,002	6,003	12,118
Special items*	(19)	19	11	1,969	(310)
Adjusted EBITDA	$1,526	$2,897	$4,013	$7,972	$11,808

* Special items for all periods presented consist of adjustments related to unrealized (gain)/loss on natural gas derivatives. The year ended December 31, 2025 also includes an add-back of $2.1 million related to Mr. Ballard's severance expenses and a subtraction of $0.1 million for a gain related to a property damage settlement.

832-456-6502 ir@stabilis-solutions.com

Contacts
Domestic Live: International Live: Conference ID:
800-245-3047 · 203-518-9765 · SLNGQ425
Domestic Live: International Live:
800-839-4197 · 402-220-2987
Andrew Puhala
Chief Financial Officer