London
17 °C
Manchester
18 °C
Glasgow
Dublin
Belfast
Washington
Denver
Atlanta
Dallas
33 °C
Houston Texas
New Orleans
El Paso
Phoenix
Los Angeles
25 °C
24 °C
15 °C
32 °C
16 °C
23 °C
Stabilis Solutions Announces Second Quarter 2026 Results
Stabilis Solutions Announces Second Quarter 2026 Results
HOUSTON, TX / ACCESS Newswire / August 11, 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 second quarter ended June 30, 2026.
SECOND QUARTER 2026 HIGHLIGHTS
Revenues of $11.9 million; Net loss of ($4.6) million; Adjusted EBITDA of $0.1 million
71% year-over-year revenue growth from aerospace customers
Cash flow from operations of $7.1 million, including $5.0 million of advance payments from customers
$18.9 million of total available liquidity as of June 30, 2026
Executed a new contract for behind-the-meter LNG power generation at an additional U.S. data center, with service expected to commence in Q3 2026; the Company expects this contract will contribute to improved financial performance during the second half of 2026
Significant capital investment and pre-commissioning work underway for previously announced behind-the-meter LNG power generation at a U.S. data center, commencing Q1 2027
MANAGEMENT COMMENTARY
"Momentum is building across our business as we prepare for the early-2027 launch of our largest customer contract to date, a multi-year agreement to supply LNG for behind-the-meter power generation at a U.S. data center," stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. "Our second-quarter results were in line with our expectations, and demand recovered from the first-quarter low, led by 71% year-over-year growth in revenues from aerospace customers."
"We also made strong commercial progress during the quarter, including securing a six-month LNG supply agreement for commissioning of an additional U.S. data center, with service expected to begin in the third quarter of 2026," continued Crenshaw. "Together with continued demand growth in aerospace, this contract gives us visibility to improving financial performance through the balance of 2026, with second-half revenues expected to increase by over 50% compared to the first half of the year. As we prepare for the launch of our multi-year data center contract in early 2027, we are also pursuing additional opportunities to supply LNG for data center power generation. On the marine side, we made progress on our longer-term Gulf Coast strategy, receiving a U.S. Coast Guard Letter of Recommendation on the Waterway Suitability Assessment for our proposed Galveston LNG facility, which remains in development. We believe this will be the fastest to market, lowest cost per gallon dedicated LNG bunkering facility on the Gulf Coast.
"We view 2026 as a transition year, with the business having troughed in the first quarter and building through the second half, setting the stage for sustainable growth in 2027. Looking ahead, we are well positioned to capitalize on growing demand across our key end-markets, and we expect 2027 to be a record year for Stabilis, with revenues expected to ramp to well over $100 million for the full year," concluded Crenshaw.
FINANCIAL PERFORMANCE SUMMARY
Revenue for the second quarter of 2026 was $11.9 million, a decrease of 31.2% compared to the second quarter of 2025. The decrease in revenue compared to the prior year period was primarily attributable to the completion of large contracts in the marine and power generation sectors in Q4 of 2025, partly offset by continued growth in aerospace and industrial sector volumes.
Net loss for the second quarter of 2026 was ($4.6) million, or ($0.25) per diluted share, compared to a loss of ($0.6) million or ($0.03) per diluted share, in the second quarter of 2025. When compared to the prior year period, net loss reflects lower revenues and $2.9 million in vessel charter expenses associated with a marine vessel charter that was terminated late in the second quarter, partly offset by a $0.6 million decrease in selling, general and administrative expenses. The charter had been entered into in anticipation of a customer commitment that did not materialize, and was terminated accordingly. With the charter now terminated, the Company does not expect any further impact to earnings from this vessel charter beyond the second quarter.
Cash flow from operations was $7.1 million for the second quarter of 2026, compared to $4.5 million in the second quarter of last year, primarily reflecting $5.0 million in advance payments from a customer associated with a contract expected to begin in early 2027. Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2026 was $0.1 million, compared to $1.5 million, in the year ago quarter. The decrease in Adjusted EBITDA year-over-year is primarily attributable to the completion of the two large multi-year contracts during the fourth quarter of 2025.
SECOND QUARTER 2026 CONFERENCE CALL AND WEBCAST
Stabilis will host a conference call on Wednesday August 12, 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:
Domestic Live: 800-579-2543
International Live: 785-424-1789
Conference ID: SLNGQ226
To listen to a replay of the teleconference, which will be available through August 19, 2026:
Domestic Live: 800-839-6798
International Live: 402-220-6055
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", "outlook" 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 and other commercial contracts, 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 March 5, 2026 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 share and per share data)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Revenues: | ||||||||||||||||
Revenues | $ | 11,916 | $ | 10,379 | $ | 17,309 | $ | 22,295 | $ | 34,647 | ||||||
Operating expenses: | ||||||||||||||||
Cost of revenues | 9,569 | 8,521 | 12,724 | 18,090 | 25,512 | |||||||||||
Time charter expense | 2,851 | 1,491 | - | 4,342 | - | |||||||||||
Change in unrealized (gain) loss on natural gas derivatives | - | - | 60 | - | (24 | ) | ||||||||||
Selling, general and administrative expenses | 2,501 | 2,796 | 3,131 | 5,297 | 8,064 | |||||||||||
Gain from disposal of fixed assets | - | - | - | - | (103 | ) | ||||||||||
Impairment | - | 71 | - | 71 | - | |||||||||||
Depreciation expense | 1,777 | 1,785 | 1,860 | 3,562 | 3,727 | |||||||||||
Total operating expenses | 16,698 | 14,664 | 17,775 | 31,362 | 37,176 | |||||||||||
Loss from operations before equity income | (4,782 | ) | (4,285 | ) | (466 | ) | (9,067 | ) | (2,529 | ) | ||||||
Net equity income from foreign joint venture operations | 215 | 227 | 50 | 442 | 418 | |||||||||||
Loss from operations | (4,567 | ) | (4,058 | ) | (416 | ) | (8,625 | ) | (2,111 | ) | ||||||
Other income (expense): | ||||||||||||||||
Interest income, net | 116 | 25 | 24 | 141 | 45 | |||||||||||
Other expense, net | (37 | ) | (37 | ) | (24 | ) | (74 | ) | (36 | ) | ||||||
Total other income (expense) | 79 | (12 | ) | - | 67 | 9 | ||||||||||
Net loss before income tax expense | (4,488 | ) | (4,070 | ) | (416 | ) | (8,558 | ) | (2,102 | ) | ||||||
Income tax expense | 149 | 6 | 197 | 155 | 109 | |||||||||||
Net loss | $ | (4,637 | ) | $ | (4,076 | ) | $ | (613 | ) | $ | (8,713 | ) | $ | (2,211 | ) | |
Net loss per common share: | ||||||||||||||||
Basic and diluted per common share | $ | (0.25 | ) | $ | (0.22 | ) | $ | (0.03 | ) | $ | (0.47 | ) | $ | (0.12 | ) | |
EBITDA | $ | (2,827 | ) | $ | (2,310 | ) | $ | 1,420 | $ | (5,137 | ) | $ | 1,580 | |||
Adjusted EBITDA | $ | 98 | $ | (672 | ) | $ | 1,480 | $ | (574 | ) | $ | 3,549 | ||||
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
June 30, | December 31, | |||
2026 | 2025 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 4,535 | $ | 7,459 |
Restricted cash and cash equivalents | 14,317 | - | ||
Accounts receivable, net | 3,360 | 3,130 | ||
Inventories, net | 360 | 342 | ||
Prepaid expenses and other current assets | 1,344 | 1,976 | ||
Total current assets | 23,916 | 12,907 | ||
Property, plant and equipment: | ||||
Cost | 133,751 | 125,613 | ||
Less accumulated depreciation | (75,270 | ) | (72,666 | ) |
Property, plant and equipment, net | 58,481 | 52,947 | ||
Goodwill | 4,314 | 4,314 | ||
Investments in foreign joint ventures | 11,528 | 11,946 | ||
Right-of-use assets and other noncurrent assets | 1,113 | 996 | ||
Total assets | $ | 99,352 | $ | 83,110 |
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ | 9,081 | $ | 4,750 |
Accrued liabilities | 3,611 | 2,858 | ||
Current portion of long-term notes payable | 1,418 | 1,931 | ||
Deferred revenue, current | 680 | 1 | ||
Current portion of finance and operating lease obligations | 221 | 417 | ||
Total current liabilities | 15,011 | 9,957 | ||
Long-term notes payable, net of current portion and debt issuance costs | 6,064 | 5,755 | ||
Deferred revenue, noncurrent | 19,320 | - | ||
Long-term portion of operating lease obligations | 521 | 726 | ||
Total liabilities | 40,916 | 16,438 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,596,301 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 19 | 19 | ||
Additional paid-in capital | 103,644 | 103,644 | ||
Accumulated other comprehensive income | 487 | 10 | ||
Accumulated deficit | (45,714 | ) | (37,001 | ) |
Total stockholders' equity | 58,436 | 66,672 | ||
Total liabilities and stockholders' equity | $ | 99,352 | $ | 83,110 |
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (4,637 | ) | $ | (4,076 | ) | $ | (613 | ) | $ | (8,713 | ) | $ | (2,211 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation | 1,777 | 1,785 | 1,860 | 3,562 | 3,727 | |||||||||||
Stock-based compensation expense | - | - | - | - | 447 | |||||||||||
Provision for credit losses | - | - | 106 | - | 113 | |||||||||||
Gain on disposal of assets | - | - | - | - | (103 | ) | ||||||||||
Income from equity investment in joint venture | (258 | ) | (267 | ) | (120 | ) | (525 | ) | (537 | ) | ||||||
Distributions from equity investment in joint venture | 1,406 | - | 1,637 | 1,406 | 1,637 | |||||||||||
Impairment | - | 71 | - | 71 | - | |||||||||||
Non-cash time charter cancellation | 572 | - | - | 572 | - | |||||||||||
Amortization of debt issuance cost | 27 | 27 | - | 54 | 48 | |||||||||||
Cash settlements from natural gas derivatives, net | - | - | 76 | - | 239 | |||||||||||
Realized and unrealized gains on natural gas derivatives, net | - | - | 225 | - | 141 | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable | 618 | (848 | ) | 205 | (230 | ) | 1,745 | |||||||||
Prepaid expenses and other current assets | 215 | 458 | 213 | 673 | 636 | |||||||||||
Accounts payable and accrued liabilities | 2,810 | 398 | 898 | 3,208 | (331 | ) | ||||||||||
Deferred revenue | 5,000 | 15,000 | - | 20,000 | - | |||||||||||
Other | (461 | ) | (131 | ) | 28 | (592 | ) | (11 | ) | |||||||
Net cash provided by operating activities | 7,069 | 12,417 | 4,515 | 19,486 | 5,540 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of fixed assets | (2,293 | ) | (5,268 | ) | (635 | ) | (7,561 | ) | (1,122 | ) | ||||||
Proceeds from sale of fixed assets | - | - | - | - | 211 | |||||||||||
Net cash used in investing activities | (2,293 | ) | (5,268 | ) | (635 | ) | (7,561 | ) | (911 | ) | ||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds received from borrowings on notes payable | 1,000 | - | - | 1,000 | - | |||||||||||
Payments on short- and long-term notes payable and finance leases | (630 | ) | (805 | ) | (680 | ) | (1,435 | ) | (1,351 | ) | ||||||
Payment of debt issuance costs | (15 | ) | (84 | ) | - | (99 | ) | (42 | ) | |||||||
Employee tax payments from stock-based withholding | - | - | - | - | (17 | ) | ||||||||||
Net cash used in financing activities | 355 | (889 | ) | (680 | ) | (534 | ) | (1,410 | ) | |||||||
Effect of exchange rate changes on cash | 3 | (1 | ) | 17 | 2 | 14 | ||||||||||
Net increase in cash, cash equivalents and restricted cash and cash equivalents | 5,134 | 6,259 | 3,217 | 11,393 | 3,233 | |||||||||||
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period | 13,718 | 7,459 | 9,003 | 7,459 | 8,987 | |||||||||||
Cash, cash equivalents and restricted cash and cash equivalents, end of period | $ | 18,852 | $ | 13,718 | $ | 12,220 | $ | 18,852 | $ | 12,220 | ||||||
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 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 U.S. ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income (loss) 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 (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Net loss | $ | (4,637 | ) | $ | (4,076 | ) | $ | (613 | ) | $ | (8,713 | ) | $ | (2,211 | ) | |
Depreciation | 1,777 | 1,785 | 1,860 | 3,562 | 3,727 | |||||||||||
Interest income, net | (116 | ) | (25 | ) | (24 | ) | (141 | ) | (45 | ) | ||||||
Income tax expense | 149 | 6 | 197 | 155 | 109 | |||||||||||
EBITDA | (2,827 | ) | (2,310 | ) | 1,420 | (5,137 | ) | 1,580 | ||||||||
Extraordinary vessel time charter costs, net | 2,851 | 1,491 | - | 4,342 | - | |||||||||||
Impairment and other | 74 | 147 | - | 221 | - | |||||||||||
Executive severance costs | - | - | - | - | 2,096 | |||||||||||
Gain on disposal of fixed assets or settlement | - | - | - | - | (103 | ) | ||||||||||
Change in unrealized loss (gain) on natural gas derivatives | - | - | 60 | - | (24 | ) | ||||||||||
Adjusted EBITDA | $ | 98 | $ | (672 | ) | $ | 1,480 | $ | (574 | ) | $ | 3,549 | ||||
# # # # #
Investor Contact:
Andrew Puhala
Chief Financial Officer
832-456-6502
[email protected]
SOURCE: Stabilis Solutions
View the original press release on ACCESS Newswire
T.Murray--SMC
