SLNG

Image source: The Motley Fool. Wednesday, Aug. 12, 2026 at 9:00 a.m. ET Senior Vice President and Chief Financial Officer - Andrew Puhala Executive Chairman and Interim President and Chief Executive Officer - J. Casey Crenshaw Operator: Welcome to the Stabilis Solutions Second Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn our call over to Andy Puhala, Chief Financial Officer. Mr. Puhala, please go ahead. Andrew Puhala: Good morning, and welcome to Stabilis Solutions Second Quarter 2026 Results Conference Call. I'm Andy Puhala, Senior Vice President and CFO of Stabilis. And joining me today is our Executive Chairman and Interim President and CEO, Casey Crenshaw. We issued a press release after the market closed yesterday detailing our second quarter operational and financial results. This release is publicly available in the Investor Relations section of our corporate website at stabilis-solutions.com. Before we begin, I'd like to remind everyone that today's conference call will contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on the company's expectations and beliefs as of today, August 12, 2026. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. The company undertakes no obligation to provide updates or revisions to the forward-looking statements made in today's call. Additional information concerning factors that could cause those differences is contained in our filings with the SEC and in the press release announcing our results. Investors are cautioned not to place undue reliance on any forward-looking statements. Further, please note that we may refer to certain non-GAAP financial information on today's call. You can find reconciliations of the non-GAAP financial measures to the most comparable GAAP measures in our earnings press release. Today's call is being recorded and will be available for replay. With that, I'll hand the call over to Casey Crenshaw for his remarks. J. Crenshaw: Thank you, Andy, and good morning to everyone joining us today. Our second quarter results reflect the building momentum we are seeing across the business. As we discussed on our first quarter call, the first quarter was the low point for the year coming immediately after two of our largest multiyear contracts concluded at the end of 2025. Since then, activity has strengthened meaningfully. Aerospace was particularly strong with LNG volumes sold up 79% year-over-year and 87% sequentially. And our non-power generation-related industrial business volumes grew more than 67% year-over-year as well. Turning to the balance of the year. We expect results to build steadily from here. As newly awarded contracts come online and we backfill the demand left by those completed agreements, we anticipate incremental improvements in both the third and fourth quarters. A key contributor is a contract we secured during the quarter to supply behind-the-meter LNG to generate power for the commissioning of an additional U.S. data center. Service is expected to begin in the third quarter. And while we currently estimate a six-month term, it could well extend beyond that. Contracts like this underpin our confidence in a stronger second half with revenue and profitability building through the third and fourth quarters and second half revenues expected to increase by more than 50% compared to the first half of 2026. As of the end of Q2, we have been awarded contracts in two different phases of data center development. First, data center commissioning; and second, providing bridge power during data center operations. Each type of opportunity brings a different profile in terms of length of project and volumes of LNG. We believe there will be significant additional opportunities to participate in these phases as well as opportunities to provide LNG during construction and for use in long-term backup power generation once these data centers are running and connected to a grid or gas pipeline. As important as the second half of the year is, our sites are increasingly set on 2027. Early next year, we expect to begin deliveries under what will be the largest contract our company has ever secured, a behind-the-meter power generation project to provide bridge power for a U.S. data center that extends into early 2029 and is expected to generate approximately $100 million of revenue annually over its two-year term. Preparations are well advanced. As of the end of Q2, we have received $20 million in customer prepayments to fund equipment, mobilization and readiness. The project remains on schedule, and our team is actively investing in equipment and securing LNG supply to ensure a successful launch. Our commercial team also continues to bid on additional data center opportunities beyond this award, driven primarily by this contract, we expect company revenues in 2027 to exceed $100 million. Taken together with the balance of our contracted portfolio, we expect 2027 to be a record year for Stabilis in both revenue and profitability. Let me spend a moment on how we are able to take on projects of this scale. Currently, our power generation contracts are being served largely with third-party provided LNG, which speaks to the core strength of our model. Rather than being constrained by the output of our own liquefaction plant, we can combine our own production, purchase supply, logistics, mobile equipment and our engineering and field service expertise to meet the demand almost anywhere in the country. That flexibility allows us to pursue the largest opportunities without building capacity ahead of them, and it reinforces our position as a leading small-scale LNG provider in the U.S. at a time when data center growth is reshaping domestic energy demand. Our aerospace business is another area where the momentum is unmistakable. Launch activity among our commercial space customers continues to climb and with it, their demand for LNG, which is driving the volume growth I referenced a moment ago. This is a market where our ability to deliver high-purity product reliability and to engineer solutions around each customer's specific technical requirements truly differentiates us. We continue to view aerospace as one of the most durable long-term growth avenues in our portfolio. So far in 2026, we've provided LNG to three leading rocket launch customers and are in discussions to add a fourth later this year. Stepping back, let me be direct about where our growth is coming from. Power generation for data centers and aerospace are the two end markets driving the business today. That is where demand is the strongest and where we are winning new business and where we expect the majority of our growth over the next several years. Our asset-light model and flexible balance sheet allow us to scale into demand without overextending ourselves financially. Let me turn briefly to our Galveston LNG project. We believe our proposed Galveston project is the most shovel-ready, fastest to market, lowest capital cost per gallon small-scale LNG bunkering project anywhere on the Gulf Coast. As we discussed last quarter, the project's time line has been extended, and I want to be candid we are not yet in a position to provide a firm date for a final investment decision. The path forward depends on securing the right commercial offtake and financing structure, and that work remains ongoing. That said, we continue to make meaningful operational progress. In July, the U.S. Coast Guard issued a letter of recommendation on the waterway suitability assessment covering our facility and its associated barge transit routes. This is a meaningful regulatory milestone that validates the safety and navigability of our proposed operations and strengthens our standing as the preferred LNG bunkering option in the Port of Galveston along the Gulf Coast. In parallel, we continue to engage prospective customers and financing partners as we work toward a final investment decision. Marine bunkering remains an important part of our long-term story, particularly for servicing durable multiyear marine demand in the Port of Galveston and the broader Gulf Coast. At the same time, it is only one part of our much larger growth story, and I would not want its time line to overshadow the momentum building elsewhere. Our existing platform is already delivering meaningful organic growth across power generation for data centers, aerospace and other industrial business, and that is where the bulk of our near-term value creation is coming from. In summary, we view 2026 as a pivotal year, one in which the business troughed early, recovers through the second half and sets the stage for what we expect to be a record 2027. We are staying disciplined with our capital, focused on execution and squarely committed to converting today's demand into durable profitable growth for our shareholders. We look forward to keeping you updated in the quarters ahead. With that, I'll turn the call over to Andy for a detailed review of our financial performance. Andrew Puhala: Thank you, Casey. I'll begin with a discussion of our second quarter performance, followed by an update on our balance sheet, cash flow, liquidity and capital spending. Second quarter revenue was $11.9 million, a decrease of approximately 31% compared to the second quarter of 2025. As we mentioned in last quarter's call, the year-over-year decline was driven primarily by the completion of large marine and power generation contracts in the fourth quarter of 2025. This was partially offset by continued growth in our aerospace market, where revenue increased 71% compared to the second quarter of 2025, along with continued growth in our other industrial revenues. Adjusted EBITDA was $0.1 million in the second quarter compared to $1.5 million in the prior year period. I would also note that our adjusted EBITDA for the second quarter excludes approximately $2.9 million of vessel charter costs incurred during the period. These costs relate to the lease of an LNG bunkering vessel that we entered into in the fourth quarter of 2025 in anticipation of supporting the logistics requirements of a marine bunkering customer. This charter was terminated late in the second quarter, and we have excluded these costs from adjusted EBITDA as an extraordinary item as this cost is not reflective of the earnings of the underlying go-forward business. With the charter now terminated, we do not expect any further P&L impact from this vessel beyond what we've reported in the second quarter. Turning to cash flow and liquidity. Cash flow from operations was $7.1 million for the quarter. This included $5 million of advanced payments for our behind-the-meter data center contract scheduled to begin in Q1 of '27. These payments are restricted to support equipment purchases and other preparations for that project. At quarter end, total liquidity was $18.9 million, including unrestricted cash of $4.5 million and $5 million of borrowing capacity under our revolving credit agreement. Capital expenditures totaled $2.3 million during the quarter. These expenditures were primarily related to equipment and infrastructure purchases associated with the upcoming data center contract as well as engineering and design work for the proposed Galveston LNG facility. Looking ahead, we expect to continue investing capital to secure equipment and guaranteed supply for our data center projects. We expect these investments to be funded through the advanced payments received from customers. Before we close, let me offer some context on the earnings profile that accompanies the 2027 revenue picture Casey described. We're not providing 2027 guidance today as you think about the business at that scale. First, our corporate infrastructure and fixed cost base are largely in place, and we do not expect them to grow proportionately with revenue as these contracts come online. Second, our asset-light approach allows us to serve this growth largely with third-party LNG, which limits the incremental capital required to support it. The third, our contracts are designed to pass through commodity price risk. Taken together, we would expect a materially larger revenue base in 2027 to translate into meaningful growth in adjusted EBITDA dollars and expansion in our adjusted EBITDA margin to the high teens as project execution accelerates. That concludes our prepared remarks. Operator, please open the line for the Q&A session. Operator: [Operator Instructions] Our first question is from Martin Malloy, Johnson Rice. Martin Malloy: Congratulations on another data center contract. My first question, I wanted to ask about the data center contracts. Could you maybe talk about the revenue and profitability profile and any differences between the contracts for different phases with the data center, whether it be commissioning, bridge and then backup? And I guess, specifically on backup, how would a potential backup contract be structured? Would it be a reoccurring type revenue stream for making equipment and capacity available? Or any commentary you have there would be helpful. J. Crenshaw: Yes. Well, Marty, thank you for joining today. Thank you for your call and your question. Let me start with the kind of way we view the data center projects. We really see it as a construction as being one type of revenue profile, commissioning, bridge and then the last would be that long-term backup that you asked details on. Right now that we mentioned commissioning and bridge, we also have booked a construction project during the first part of Q3. And each of those three that we're actively working on, again, construction, commissioning or bridge have much different revenue profiles and duration of term associated with them. The construction projects often can be 24 months in duration. They are much lower in total and use a similar equipment that we would use on smaller behind-the-meter power applications. Commissioning is normally 50 to 75 megawatts. Power is normally a six-month kind of phase where they're commissioning the operations before they either get their pipe connection or their grid connection. So normally six months, but they may have different blocks after that they need commissioning on. And then Bridge power is really when they want to be first mover and in a market and could be anywhere from a year to four years or five years, depending on what they're connecting are. The Bridge Power project we're working on is a two-year committed project. Long-term backup is where they would provide equipment and infrastructure and a supply contract to provide like almost like a peaker plant where you would provide LNG on site, if there was issues related to the pipeline outages or connection to the grid outages, it would turn on just like your diesel backup or something like that would be in a different application. So we do not have a long-term backup contract to date. We are having discussions around how to do that and how to work on that with different operators, but we do not have one yet to explain the exact economics of how that would work. The other three, we are active on. Martin Malloy: Great. And for a follow-up question, I just wanted to ask about the aerospace. Obviously, very strong growth there. and great to hear you're going to get a fourth customer. We haven't really seen any longer-term contracts in that area. Could you maybe talk about the opportunities, if there are any, to perhaps go after or sign some longer-term contracts with the activity picking up like it is? J. Crenshaw: Yes, it's a great question, and we're really excited about this end market. One of our larger customers kind of has a long-term strategy where they like to do all things themselves. They've stated that. But the need and the demand is just a lot and the duration to have their own capacity is years out. So we're really excited about all the clients, all the different rocket customers are at different stages of development. So some are much further behind the leader, but all of them are making great progress and all of them intend to use LNG. So it's a great kind of end market that we feel like we're a leader in. And we're hopeful over the next year or so to get some more duration term and visibility. We've been working on it consistently trying to get it, trying to do fit-for-purpose facilities and infrastructure. We've been not able to get that yet, but have really close relationships with the clients and have visibility for the next 18 months of demand, but don't have a whole lot beyond kind of 18 months. Andrew Puhala: Marty, this is Andy. Let me just add a little bit to what Casey said. I mean we have long-term relationships with multiple rocket launch companies, as we mentioned. There has been a tendency for them not to commit to long-term fixed volumes historically, and that's probably had a lot to do with the fact that there has been ample supply in the small-scale domestic LNG market. But as these data centers come online and that existing supply tightens, we may be able to see some change in some of the behavior there to where they're willing to lock up some longer term -- make some longer-term commitments to guarantee that they actually have access to that supply. J. Crenshaw: Yes. And just to further add to that, not only has it been easy for them -- for us to provide it, they've had inconsistent cadence in launches. There's a lot of engineering happening. If you're watching the space -- sorry, the market around the space launch business, you have a lot of R&D still happening. So you don't have a consistent launch cadence by any of the space operators fully yet on the big LNG methane using rockets. That is improving each month. And so we think over time, they'll be able to know what their launch cadence is going to be and want to be more thoughtful about how to lock in supply. Operator: [Operator Instructions] Our next question comes from Matt Dhane, Tieton Capital. Matthew Dhane: I did want to ask the six-month LNG commissioning agreement for the data center customer that's beginning here. Has that already begun here in the third quarter? Or would you expect it to begin -- when would you expect that to begin? J. Crenshaw: Yes. So we've executed the contract, as we discussed, and the equipment is being readied and being deployed like right now with anticipated liquids being delivered, I believe, next month. So this month, August. So it's happening right now. Matthew Dhane: Okay. Perfect. Great. Good to know. And then the behind-the-meter data center contract that's going to be starting here next year, will you be receiving further cash in advance of that? Or are those cash advances done at this point in time? Andrew Puhala: Yes, Matt, this is Andy. We had received $20 million of cash payments through the end of Q2, and we received an additional $5 million early in Q3, and that's the full amount under that contract. So we won't be receiving any additional payments from today forward. Matthew Dhane: Okay. Good to know. And then finally, I did want to spend some time talking about the data center opportunity pipeline. I know that it was great to hear you lay out the bridge commissioning and construction of the three different areas that they fall into. I was curious, when you look at the pipeline as it exists today, where would you say a lot of those opportunities are falling? Just give us a little bit more color around the pipeline of opportunities that you're seeing, how significant it is? And just whatever more color you can give us would be great. J. Crenshaw: Well, let me start. So I mean, we are super excited about all four of those areas that we've discussed. I mean the -- and they're just different profiles and different intensity. We find the commissioning to be very interesting right now because a lot of people in the space need those facilities to get commissioned, and they've got a lot of stuff waiting on that to happen. We really like that area, and I really like the power side of it. Those two, the construction side and the commissioning. I say power construction side and commissioning. That's the biggest area that we've had more recent like touch points on a lot more jobs to work on. When you're talking about a bridge job, I mean, they're just really big, there's a lot of planning in place and the operator has to choose that they're going to pay a higher price in the very beginning for their site to be more of a first mover while they wait or they have some other reason where the connection point or the pipeline didn't make it and they want to start sooner. They're making a definite choice to pay a higher price than normally pipeline gas or the grid connection would be. So that's more of a strategic decision for the clients. And then we believe the long-term backup is a really exciting space, and we don't believe the market has fully appreciated that, and that's going to be something that we hear more and more about over the next year to three years where people are starting to put in facilities and infrastructure to make that reliability consistent. I think a lot of people just all over the place, it's easy to get electrical hookups with big needs, and it's easy to get pipelines put in. And the reality is this stuff just takes a lot of time. And our business is supporting them on just the sloppiness of time on that. But obviously, the construction commissioning bridge long term, when we look out 5 and 10 years from now, we'll still be doing construction. We'll still be doing different commissioning projects, but the long-term backup could be a really big long-term business for us where we put infrastructure in and support the clients around that. So all of them are exciting. I'd say the biggest number of jobs are the construction and the commissioning. The biggest revenue opportunities in this commercial funnel are the bridge power opportunities. Matthew Dhane: Great. Appreciate those insights, Casey. And when you talk about the long-term backup, and that could be a very substantial opportunity with time. Just curious, do you currently do any of that? There's obviously a lot of data centers are already on the grid out there. Do you currently have any long-term backup of data centers that you do? Or is this really a developing opportunity for you folks? J. Crenshaw: It's developing opportunity. Most of the data centers have their backup with diesel power generation today. Matthew Dhane: Do you see opportunity -- I'm sorry. Andrew Puhala: Yes, Matt, just to add to that, I mean, although we don't have any long-term backup for data centers today, that business is very similar to kind of the winter peaking business that we do in the Northeast, where we provide a lot of rental equipment during the winter months, and we're kind of on standby to provide LNG. So although we're not doing any of that for data centers yet, it's very similar to a business that we've done for many, many years for the utilities in the Northeast. Yes. So Northeast winter peaking and/or pipeline outages projects are the same as data center backup. Matthew Dhane: And going forward, since it's historically been a diesel generators used for backup power, what is leading to the data centers converting or changing going forward to using LNG? Is that -- it seems to be a preference going forward? Do they seem to be agnostic? What's going to really facilitate that change to where LNG may be a more widely used and emphasized fuel going forward? J. Crenshaw: Well, a lot of the data center or hyperscalers are starting to use natural gas as either prime power or their secondary power to be able to toggle depending on grid connectivity and grid pricing. So what's happened is the natural gas infrastructure to create the power is being loaded into the facilities. So we're just providing the bridge fueling solution when that's an issue. In the past, most of the data centers were connected to the grid and then they add some diesel back up. Now we're seeing them connected to the grid or primary -- is primary self-generated power off of natural gas. So you're not going to be able to generate prime power with diesel. The cost is going to be probably too expensive for the hyperscaler. But they can do it behind the meter with natural gas and do it effectively and compete with grid power. Operator: This concludes the Q&A portion of today's call. I would now like to turn the floor over to Andy Puhala for closing remarks. Andrew Puhala: Well, thank you all for joining us today, and we appreciate the continued interest in Stabilis and look forward to keeping you updated as we progress through the quarters ahead. Thank you. Operator: Thank you. This concludes today's Stabilis Solutions Second Quarter 2026 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful day. 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Interested in Stabilis Solutions, Inc.? Here are five stocks we like better. Second-quarter results weakened as revenue fell 31% year over year to $11.9 million and adjusted EBITDA declined to $0.1 million, largely because major marine and power-generation contracts ended in late 2025. Management expects no further earnings impact from the terminated LNG vessel charter. Data center contracts are expected to drive a second-half recovery. Stabilis expects second-half 2026 revenue to rise more than 50% from the first half, with deliveries for a new six-month commissioning project beginning in August and a major bridge-power contract starting in early 2027. The company expects the large data center bridge-power project to generate about $100 million in annual revenue over its two-year term, helping push 2027 revenue above $100 million and adjusted EBITDA margins into the high teens. Aerospace demand also remained strong, with revenue up 71% year over year and LNG supplied to three rocket-launch customers in 2026. Stabilis Solutions (NASDAQ:SLNG) reported second-quarter 2026 revenue of $11.9 million, down approximately 31% from the prior-year period, as large marine and power-generation contracts concluded in late 2025. The company said growing aerospace and industrial activity partially offset the impact of those completed agreements. Adjusted EBITDA was $0.1 million, compared with $1.5 million a year earlier. Chief Financial Officer Andy Puhala said adjusted EBITDA excluded approximately $2.9 million in vessel charter costs associated with an LNG bunkering vessel leased in late 2025 for a prospective marine customer. The charter was terminated late in the second quarter, and Puhala said Stabilis does not expect further profit-and-loss impact from the vessel beyond the reported quarter. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Executive Chairman and Interim President and CEO Casey Crenshaw said the first quarter represented the company’s low point for 2026 following the expiration of two major multiyear contracts at the end of 2025. Activity strengthened in the second quarter, he said, with aerospace LNG volumes rising 79% year over year and 87% sequentially. Non-power-generation industrial volumes increased more than 67% year over year. Stabilis expects revenue and profitability to improve in both the third and fourth quarters as recently awarded contracts begin service and replace demand from the completed contracts. Crenshaw said second-half revenue is expected to increase by more than 50% compared with the first half of 2026. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be During the quarter, the company secured a contract to provide behind-the-meter LNG for power generation during commissioning of another U.S. data center. The arrangement is expected to last about six months, though Crenshaw said it could extend beyond that period. In response to an analyst question, he said equipment was being deployed and LNG deliveries were expected to begin in August. Management described four potential phases of data center-related business: construction, commissioning, bridge power during operations, and long-term backup generation. Construction projects can last roughly 24 months but involve comparatively lower fuel volumes, according to Crenshaw. Commissioning projects are generally associated with 50-megawatt to 75-megawatt power requirements and commonly last about six months, Puhala said. → First Solar’s Profit Engine Faces a New Policy Test in Washington Bridge-power opportunities can run from one to five years, depending on the timing of grid or pipeline connections. Crenshaw said the largest revenue opportunities in Stabilis’ current commercial funnel are bridge-power projects, while construction and commissioning represent the highest number of opportunities. Stabilis expects to begin deliveries early in 2027 under what Crenshaw described as the company’s largest contract to date: a behind-the-meter bridge-power project for a U.S. data center. The contract extends into early 2029 and is expected to generate approximately $100 million of annual revenue over its two-year term. As of the end of the second quarter, Stabilis had received $20 million in customer prepayments for equipment, mobilization and project readiness. Puhala said the company received an additional $5 million early in the third quarter, completing the $25 million of advance payments due under the contract. Driven primarily by that project, management expects 2027 revenue to exceed $100 million and said it anticipates a record year in both revenue and profitability. While the company did not provide formal 2027 guidance, Puhala said Stabilis expects the larger revenue base to generate meaningful adjusted EBITDA growth and adjusted EBITDA margin expansion into the high teens as projects ramp up. The company said its model uses a combination of internally produced LNG, purchased LNG, logistics, mobile equipment, engineering and field services. Crenshaw said current power-generation contracts are being supplied largely with third-party LNG, allowing Stabilis to pursue larger projects without building production capacity in advance. Puhala added that contracts are designed to pass through commodity-price risk. Aerospace revenue increased 71% from the second quarter of 2025, according to Puhala. Crenshaw said launch activity among commercial space customers continues to rise and that Stabilis has supplied LNG to three rocket-launch customers so far in 2026. The company is in discussions to add a fourth customer later this year. Management said it has visibility into approximately the next 18 months of aerospace demand but has not yet secured substantial longer-term contracts. Crenshaw attributed the lack of fixed-volume commitments partly to inconsistent launch schedules and ongoing research and development across rocket operators. Puhala said tighter domestic small-scale LNG supply as data center demand grows could potentially encourage customers to make longer-term supply commitments. Cash flow from operations totaled $7.1 million in the second quarter, including $5 million of restricted advance payments for the data center project beginning in the first quarter of 2027. Capital expenditures were $2.3 million, primarily for data center-related equipment and infrastructure as well as engineering and design work for the proposed Galveston LNG facility. At quarter-end, Stabilis had total liquidity of $18.9 million, including $4.5 million of unrestricted cash and $5 million of availability under its revolving credit agreement. On the proposed Galveston LNG bunkering project, Crenshaw said the company is not yet able to provide a firm date for a final investment decision, which depends on obtaining commercial offtake and an appropriate financing structure. In July, the U.S. Coast Guard issued a letter of recommendation on the project’s Waterway Suitability Assessment, covering the facility and related barge transit routes. Crenshaw called the action a meaningful regulatory milestone while emphasizing that marine bunkering is only one component of Stabilis’ broader growth plans. Stabilis Solutions (NASDAQ: SLNG) is a U.S.-based marketer and distributor of cryogenic liquid products and liquefied natural gas (LNG). The company operates a nationwide network of terminals and bulk delivery assets, supplying industrial gases such as liquid oxygen, nitrogen and argon, as well as specialty products including carbon dioxide and hydrogen. Stabilis Solutions serves a broad array of end markets—from food and beverage processing to environmental applications and power generation—by ensuring a reliable chain of custody from production to point of use. In addition to its cryogenic gas portfolio, Stabilis Solutions has developed a growing LNG business, providing clean-fuel solutions for heavy-duty transportation and on-site energy needs. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Stabilis Solutions Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management characterizes the first quarter of 2026 as the cyclical low point following the conclusion of two major multiyear contracts at the end of 2025. Performance attribution is shifting toward high-growth sectors, specifically aerospace and data center power generation, to backfill legacy contract revenue. The aerospace segment is experiencing significant momentum, with LNG volumes sold increasing 79% year-over-year due to rising launch activity among commercial space customers. Stabilis is utilizing an asset-light model that relies on third-party LNG supply and mobile equipment, allowing the company to scale into large projects without building capacity ahead of demand. The company is diversifying its data center participation into three distinct phases: construction, commissioning, and bridge power, each offering different volume and duration profiles. Management notes that their ability to deliver high-purity product and custom-engineered solutions is the primary differentiator in securing durable aerospace partnerships. Management expects 2027 to be a record year with revenues exceeding $100 million, primarily driven by a massive behind-the-meter bridge power contract for a U.S. data center. Second-half 2026 revenue is projected to increase by more than 50% compared to the first half as newly awarded contracts, including a six-month commissioning project, come online. The company anticipates adjusted EBITDA margins to expand into the high teens by 2027 as the fixed cost base remains stable while revenue scales. Guidance methodology for 2027 assumes the successful launch of the company's largest-ever contract in early 2027, which is expected to generate $100 million annually over two years. Strategic focus is shifting toward long-term backup power for data centers, a developing opportunity that management believes the market has not yet fully appreciated. The company excluded $2.9 million in vessel charter costs from adjusted EBITDA as an extraordinary item following the termination of a bunkering vessel lease. The Galveston LNG project timeline remains extended; management is unable to provide a firm date for a final investment decision (FID) pending commercial offtake and financing. Stabilis received $20 million in customer prepayments as of Q2 end to fund equipment and mobilization for the major 2027 data center project, mitigating capital expenditure risk. A regulatory milestone was achieved in July with the U.S. Coast Guard issuing a letter of recommendation regarding waterway suitability for the proposed Galveston facility. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that 'Bridge Power' represents the largest revenue opportunity, while 'Construction' and 'Commissioning' provide the highest volume of individual jobs. Bridge power projects are strategic choices by clients to be first-movers in a market while waiting for permanent grid or pipeline connections. Management noted that while aerospace customers have historically avoided long-term volume commitments due to ample supply, tightening market conditions may force a shift toward locking in supply. Current visibility for aerospace demand is approximately 18 months, though formal long-term contracts remain elusive due to inconsistent launch cadences during R&D phases. The shift is driven by hyperscalers using natural gas for prime or secondary power to compete with grid pricing, making LNG the logical bridge fueling solution. Management views long-term backup as a 5-to-10-year growth story that mirrors their existing winter peaking business for utilities.

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 SubsidiariesSelected Consolidated Operating Results(Unaudited, in thousands, except share and per share data) Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(Unaudited, in thousands, except share and per share data) Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(Unaudited, in thousands) 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). # # # # # Investor Contact: Andrew PuhalaChief Financial [email protected] SOURCE: Stabilis Solutions View the original press release on ACCESS Newswire

Interested in Stabilis Solutions, Inc.? Here are five stocks we like better. Q1 revenue and profitability fell sharply as Stabilis Solutions reported $10.4 million in revenue, down about 40% year over year, with adjusted EBITDA turning negative $0.7 million. The decline was tied mainly to the completion of two large contracts in marine and behind-the-meter power generation. Management expects a second-half recovery driven by growing demand in data centers, aerospace and other markets. The company highlighted a new estimated $200 million minimum data center contract set to start in 2027, plus near-term commissioning work that could help replace lost revenue later in 2026. Liquidity improved thanks to customer advance payments, including $15 million related to the future data center project, leaving Stabilis with $17.2 million in total liquidity at quarter-end. The company also said it remains committed to the delayed Galveston LNG project and is seeking new customers and financing partners. Stabilis Solutions (NASDAQ:SLNG) reported a weaker first quarter of 2026 as the liquefied natural gas supplier worked through the expected loss of two large multi-year contracts that ended in late 2025, while management said demand in data centers, aerospace and marine markets supports a recovery later this year. Executive Chairman and Interim President and CEO Casey Crenshaw said the quarter reflected “the expected transition” following the completion of two large contracts in the company’s marine and behind-the-meter power generation markets. He said those contract roll-offs created a near-term revenue and earnings headwind, but added that commercial activity remains encouraging. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% “Demand for small-scale LNG and integrated last-mile delivery solutions continue to grow,” Crenshaw said. He said awarded contracts and the company’s active pipeline provide “increasing visibility into improved performance” through the rest of 2026. Senior Vice President and Chief Financial Officer Andy Puhala said first-quarter revenue was $10.4 million, down approximately 40% from the first quarter of 2025. The decline was driven primarily by a 41% decrease in LNG gallons sold and lower rental and service revenue, partially offset by a slight increase in the underlying commodity price. → Light Speed Returns: Corning Cashes In on NVIDIA Growth Puhala said Stabilis recorded no revenue from marine customers during the quarter, while revenue from behind-the-meter power generation was not material because of the completion of the large multi-year contracts late last year. Those declines were partially offset by continued growth in aerospace and legacy markets, where revenue rose 31% and 26%, respectively, compared with the prior-year period. Adjusted EBITDA was negative $0.7 million in the quarter, compared with positive $2.1 million a year earlier. Puhala said the decrease was primarily attributable to the completion of the two large contracts. → Years in the Making, AMD’s Upside Movement Has Just Begun He also noted that adjusted EBITDA excluded approximately $1.5 million of vessel charter costs incurred during the quarter. The costs relate to a non-Jones Act vessel leased in the fourth quarter of 2025 in anticipation of supporting a marine bunkering contract. Puhala said the company is working to fully sub-charter the vessel and expects a sub-charter agreement during the second quarter. Management emphasized data center-related demand as a key driver of expected improvement. Crenshaw said Stabilis expects results to improve “meaningfully” in the second half of 2026, even before the expected 2027 startup of a previously announced large data center contract. That award is an estimated $200 million minimum two-year contract to support behind-the-meter power generation for a U.S. data center. Delivery is expected to begin in the first quarter of 2027 and continue through the first quarter of 2029. Crenshaw described the contract as a validation of Stabilis’ platform and its position in the distributed power market. He said the company’s value proposition includes not just LNG supply, but sourcing, logistics, storage, regasification and last-mile reliability. During the question-and-answer portion, Crenshaw said a separate data center-related commissioning project is expected to start near the end of the second quarter and run through the end of the year. He described that work as a six- to 12-month construction commissioning project, distinct from the larger bridge power contract scheduled for 2027. Crenshaw said Stabilis expects the commissioning work and other commitments to replace the contracts that ended at the close of 2025 on the profit-and-loss statement during the back half of the year. He said commissioning activity is currently more active than longer-term bridge power projects, though the company is working on opportunities in both areas. Crenshaw said demand in the aerospace market remains strong, with commercial space customers increasing activity and LNG requirements. He said Stabilis continues to view aerospace as a long-term growth opportunity because of its ability to provide high-purity LNG, reliable delivery and fit-for-purpose solutions for customers with technical requirements. In response to a question about LNG supply for data center contracts, Crenshaw said the company can use both its own supply and third-party capacity. He said the current data center projects are not expected to primarily use molecules from the company’s George West facility, allowing Stabilis to grow revenue without absorbing internal production capacity. Crenshaw said much of Stabilis’ own offtake is currently being drawn into industrial projects and aerospace. He said the company expects George West volumes to return to more reasonable utilization levels in the third and fourth quarters of 2026, though not full utilization. Crenshaw also addressed the company’s Galveston LNG project. Stabilis announced last month that it terminated an offtake agreement for the proposed facility after a customer did not agree to a requested modification intended to facilitate financing. While the termination delayed the project timeline, Crenshaw said Stabilis remains committed to pursuing Galveston LNG. The company is in active discussions with other potential customers to sell the available capacity and continues to engage with financial partners that have expressed support for the project. Crenshaw said the project remains an important part of Stabilis’ long-term strategy, particularly for serving demand in the Port of Galveston and broader Gulf Coast marine market. During Q&A, he said the company anticipates that the customer tied to the terminated contract could still do business with Stabilis in Galveston later, either as part of offtake supporting financing or as a spot market customer after construction. Puhala said cash flow from operations was $12.4 million in the quarter, including $15 million of advance payments from a customer tied to the behind-the-meter data center contract scheduled to begin in the first quarter of 2027. Those payments are restricted to support equipment purchases and other project preparations. Stabilis ended the quarter with total liquidity of $17.2 million, including $13.7 million of cash, of which $10.6 million was restricted, and $3.5 million of availability under credit agreements. Capital expenditures totaled $5.3 million in the quarter, primarily related to equipment purchases for the large data center project. Puhala said the company expects to invest an additional $10 million to $12 million for equipment and guaranteed supply tied to that project, funded by advance payments received in the first quarter and additional advance payments expected during the year. Crenshaw said the first half of 2026 represents a “temporary lull” as Stabilis transitions from completed contracts and prepares for new contract activity. He said management remains focused on converting current and future demand into sustainable, profitable growth while maintaining financial discipline. Stabilis Solutions (NASDAQ: SLNG) is a U.S.-based marketer and distributor of cryogenic liquid products and liquefied natural gas (LNG). The company operates a nationwide network of terminals and bulk delivery assets, supplying industrial gases such as liquid oxygen, nitrogen and argon, as well as specialty products including carbon dioxide and hydrogen. Stabilis Solutions serves a broad array of end markets—from food and beverage processing to environmental applications and power generation—by ensuring a reliable chain of custody from production to point of use. In addition to its cryogenic gas portfolio, Stabilis Solutions has developed a growing LNG business, providing clean-fuel solutions for heavy-duty transportation and on-site energy needs. The article "Stabilis Solutions Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

HOUSTON, TX / ACCESS Newswire / May 6, 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 first quarter ended March 31, 2026. FIRST QUARTER 2026 HIGHLIGHTS Secured a $200 million, 2-year LNG supply contract for behind-the-meter power generation at a U.S. data center, commencing Q1 2027 31% year-over-year growth in aerospace revenues Maintained development progress on the proposed Galveston LNG facility and dedicated Jones Act bunker barge while pursuing additional offtake to support FID Revenues of $10.4 million; Net loss of ($4.1) million; Adjusted EBITDA of ($0.7) million Cash flow from operations of $12.4 million, including $15.0 million of advance payments from customers $13.7 million of cash (including $10.6 million restricted) and $3.5 million of availability under credit agreements as of March 31, 2026 MANAGEMENT COMMENTARY "First quarter results were expectedly soft following the completion of two long-term contracts late last year; however, our commercial progress during the quarter gives us further confidence in the earnings trajectory of the business," stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. "We are building momentum in our core markets and expect results to significantly improve during the second half of 2026 as we capitalize on strong demand for our small-scale LNG and delivery solutions." "Demand remains robust in our aerospace and industrial markets, where we saw strong year-over-year growth in aerospace revenues in the first quarter," continued Crenshaw. "We are also finalizing several commercial opportunities, including additional behind-the-meter solutions for data centers that we expect to commence in the second quarter of this year. As we prepare for these and the ramp-up of our large data center contract in early 2027, we believe we are well positioned to serve this attractive market, which aligns closely with our LNG logistics, delivery and service capabilities." "We believe that our Galveston LNG project will be among the lowest cost, and most shovel ready sources of LNG for Gulf Coast bunkering," concluded Crenshaw. "We remain committed to the project and are in active discussions with potential customers on additional offtake arrangements as we continue to advance the project. We continue to see substantial opportunities to create value with our existing asset base as we meet growing demand for small-scale LNG across a diverse set of end markets." FINANCIAL PERFORMANCE SUMMARY Revenue for the first quarter of 2026 was $10.4 million, a decrease of 40.2% compared to the first quarter of 2025. 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 aerospace and industrial sector volumes. Net loss for the first quarter of 2026 was ($4.1) million, or ($0.22) per diluted share, compared to a loss of ($1.6) million or ($0.09) per diluted share, in the first quarter of 2025. When compared to the prior year period, net income reflects lower revenues, $1.5 million in vessel charter expenses associated with a marine vessel the Company is in the process of subchartering, partly offset by a $2.1 million decrease in selling, general and administrative expenses. Cash flow from operations was $12.4 million for the first quarter of 2026, compared to $1.0 million in the first quarter of last year, primarily reflecting $15.0 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 first quarter of 2026 was ($0.7) million, compared to $2.1 million, in the year ago quarter. The decrease in Adjusted EBITDA year-over-year is primarily attributable to the completion of two large multi-year contracts during the fourth quarter of 2025. FIRST QUARTER 2026 CONFERENCE CALL AND WEBCAST Stabilis will host a conference call on Thursday May 7, 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 May 14, 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", "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)   Stabilis Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited, in thousands, except share and per share data)   Stabilis Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands)   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). # # # # # Investor Contact: Andrew Puhala Chief Financial Officer 832-456-6502 [email protected] SOURCE: Stabilis Solutions View the original press release on ACCESS Newswire

Performance in Q1 2026 was primarily impacted by the scheduled completion of two large multiyear contracts in the marine and behind-the-meter power segments at the end of 2025. Management views 2026 as a temporary transition period, with commercial activity in aerospace and data center commissioning expected to drive a meaningful recovery in the second half of the year. The company is pivoting toward a multi-source LNG supply model, allowing for scalability beyond internal liquefaction capacity by utilizing third-party supply and mobile infrastructure. Aerospace demand remains a core long-term driver, supported by high-purity LNG requirements and expanding launch activities from commercial space customers. The value proposition has shifted from simple LNG supply to providing integrated 'last-mile' solutions, including logistics, storage, and regasification for mission-critical infrastructure. Management terminated a Galveston LNG offtake agreement after the customer refused financing-related modifications, though they remain committed to the project's long-term role in the Gulf Coast marine market. Results are expected to improve meaningfully in the second half of 2026 driven by new contract startups and advanced commercial discussions currently underway. A major $200 million minimum two-year data center contract is scheduled to begin in 2027, providing significant long-term revenue visibility. The company anticipates investing $10 million to $12 million in capital for equipment and supply guarantees, funded largely by customer advance payments. Management expects George West facility utilization to return to historically consistent levels by the third and fourth quarters of 2026 as new demand absorbs excess capacity. Subchartering of a non-Jones Act vessel is expected to be finalized in the second quarter, aiming for a net-neutral financial impact starting in the third quarter. Q1 adjusted EBITDA excluded $1.5 million in vessel charter costs, which are being treated as an extraordinary item until a subcharter is finalized. Cash flow from operations included $15 million in restricted advance payments specifically earmarked for 2027 data center project preparations. Geopolitical tensions, specifically the Iran war, were cited as a factor causing delays in vessel rechartering and certain project financing negotiations. The termination of the Galveston offtake agreement has delayed the project timeline, though active discussions with replacement offtakers are ongoing. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management clarified that commissioning projects are typically 6- to 12-month engagements focused on testing cooling and power systems before grid or pipeline connection. These projects are often modular, allowing Stabilis to move from one phase of a data center hub to the next as construction progresses. Commissioning work serves as a strategic entry point that can potentially convert into longer-term bridge or backup power contracts. The terminated contract was due to specific financing requirements that the customer would not meet; however, management expects that customer to return as a spot client or future offtaker. Management expressed confidence that other existing offtake agreements are better aligned with construction timelines and do not require similar modifications for financing. Management noted that high global LNG prices (TTF/JKM) make U.S.-sourced natural gas significantly more competitive for domestic AI data center operations. The current macro environment reinforces the thesis for all three growth legs: marine, aerospace, and behind-the-meter power. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Image source: The Motley Fool. Thursday, May 7, 2026 at 9 a.m. ET Executive Chairman, Interim President, and CEO — J. Casey Crenshaw Senior Vice President and CFO — Andrew Lewis Puhala Andrew Lewis Puhala: Good morning, and welcome to the Stabilis Solutions, Inc. first quarter 2026 results conference call. I am Andrew Lewis Puhala, Senior Vice President and CFO of Stabilis Solutions, Inc., and joining me today is our Executive Chairman, and Interim President and CEO, J. Casey Crenshaw. We issued a press release after the market closed yesterday detailing our first quarter operational and financial results. This release is publicly available in the Investor Relations section of our corporate website at stabilissolutions.com. Before we begin, I would like to remind everyone that today’s call will contain forward-looking statements within the meaning of the Private Securities Reform Act of 1995 and other securities laws. These forward-looking statements are based on the company’s expectations and beliefs as of today, 05/07/2026. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. The company undertakes no obligation to provide updates or revisions to the forward-looking statements made in today’s call. Additional information concerning factors that could cause those differences is contained in our filings with the SEC and in the press release announcing our results. Investors are cautioned not to place undue reliance on any forward-looking statements. Further, please note that we may refer to certain non-GAAP financial information on today’s call. You can find reconciliations of the non-GAAP financial measures to the most comparable GAAP measures in our earnings press release. Today’s call is being recorded and will be available for replay. With that, I will hand the call over to J. Casey Crenshaw for his remarks. J. Casey Crenshaw: Thank you, Andy, and good morning to everyone joining us today. Our first quarter results reflect the expected transition following the completion of two large multiyear contracts at the end of 2025 that were in our marine and behind-the-meter power generation markets. As anticipated, that created a near-term revenue and earnings headwind in the quarter. At the same time, we continue to see strong demand in the quarter for aerospace and emerging power generation opportunities for additional data center work. While our financial results were soft during the transition period, our commercial activity remains very encouraging. Demand for small-scale LNG and integrated last-mile delivery solutions continued to grow, and our commercial teams are actively engaged with both existing and prospective customers across multiple end markets. Importantly, the contracts already awarded to us combined with our active pipeline of opportunities provide us with increasing visibility into improved performance as we move through the balance of 2026. Based on expected contract startups later this year and advanced commercial discussions underway, we expect results to improve meaningfully in the second half of 2026, even before the expected 2027 startup of the large data center contract we announced earlier this year. As a reminder, the data center award is an estimated $200 million minimum two-year contract to support behind-the-meter power generation for a U.S. data center. While delivery is expected to begin in 2027 and continue through 2029, we view this award as a strong validation of Stabilis Solutions, Inc.’s platform and a meaningful step forward in our participation in the rapidly growing distributed power market. The accelerating demand for behind-the-meter power, bridge power, commissioning support, and durable energy infrastructure is creating a clear need for flexible, reliable LNG solutions. This is where Stabilis Solutions, Inc. is especially well-positioned. Our value proposition is not simply LNG supply; it is the ability to deliver a complete solution, including sourcing, logistics, storage, regasification, and last-mile reliability in environments where customers need dependable energy infrastructure quickly. A key advantage of our model is that we are not limited solely by the capacity of our own liquefaction facilities. Our multi-source LNG supply model allows us to serve customers across regions of the United States by combining our own production assets with third-party supply arrangements, logistics capabilities, and mobile infrastructure. This scalability is critical as we pursue larger opportunities in data center, aerospace, marine markets, and industrial applications. Within the aerospace market, demand remained strong. Activity among commercial space customers continues to grow, and we are seeing increased engagement with current customers as launch activity and LNG requirements expand. We continue to believe aerospace represents a long-term growth opportunity for Stabilis Solutions, Inc., supported by our ability to provide high-purity LNG, reliable delivery, and fit-for-purpose solutions for customers with demanding technical requirements. Turning to our Galveston LNG project, as we announced last month, we elected to terminate an offtake agreement for our proposed Galveston LNG facility. During negotiations with prospective financing partners, we were asked to amend the offtake agreement to facilitate the financing. The customer did not agree to the requested modification and we elected to terminate the agreement. While this development has delayed the project timeline, I want to be clear that we remain committed to pursuing the Galveston LNG project. We are in active discussions with other potential customers to sell the available capacity. We also continue to express support for the project. Galveston LNG remains an important component of our long-term value creation strategy, particularly as we look to serve durable multiyear demand in the Port of Galveston and the broader Gulf Coast marine market. At the same time, it is important to emphasize that the Galveston project is only one part of our growth strategy. We continue to see significant organic growth opportunities across our existing platform, including distributed power for data centers, fuel for aerospace, and LNG for industrial applications. As we look ahead, we believe that 2026 is a temporary low for the business as we move through this transition period and prepare for the ramp-up of new contracts and opportunities beginning in 2026. The demand environment remains strong, our customer engagement is active, and our awarded contracts provide a foundation for recovery in 2026 and substantial growth in 2027. We remain focused on converting current and future demand into sustainable, profitable growth while maintaining financial discipline and creating long-term value for our shareholders. We believe Stabilis Solutions, Inc. is well-positioned across multiple high-growth end markets, and we look forward to updating you on our progress in the quarters ahead. With that, I will turn the call over to Andy for a detailed review of our financial performance. Andrew Lewis Puhala: Thank you, Casey. I will begin with a discussion of our first quarter performance, followed by an update on our balance sheet, cash flow, liquidity, and capital spending. First quarter revenue was $10.4 million, a decrease of approximately 40% compared to 2025. The year-over-year decline was driven primarily by a 41% decrease in LNG gallons sold and lower rental and service revenue, partially offset by a slight increase in the underlying commodity price. At an end-market level, there were no revenues from marine customers during the quarter, and revenues from behind-the-meter power generation were not material due to the completion of the large multiyear contracts late last year. This was partially offset by continued growth in our aerospace and other legacy markets, where revenues increased [inaudible], respectively, compared to 2025. Adjusted EBITDA was negative $700 thousand in the first quarter compared to a positive $2.1 million in the prior-year period. The decrease was primarily attributable to the completion of the two large multiyear contracts. I would also note that our adjusted EBITDA for the first quarter excludes approximately $1.5 million of vessel charter costs incurred during the period. These costs relate to the lease of a non-Jones Act vessel that we entered into in 2025 in anticipation of supporting logistics requirements of our previously completed marine bunkering contract. We are currently working to fully subcharter this vessel. In the interim, we are leasing it back to the lessor at a reduced cost. Until a subcharter agreement is finalized, which we expect during the second quarter, our cost of revenue will continue to reflect these lease expenses, which we expect to exclude from adjusted EBITDA as an extraordinary item. Turning to cash flow and liquidity, cash flow from operations was $12.4 million for the quarter. This included $15 million of advance payments from a customer associated with our behind-the-meter data center contract scheduled to begin in 2027. These payments are restricted to support equipment and other preparations for that project. At quarter end, total liquidity was $17.2 million, consisting of total cash of $13.7 million, of which $10.6 million is restricted, and $3.5 million of availability under our credit agreements. Capital expenditures totaled $5.3 million during the quarter. These expenditures were primarily related to equipment purchases associated with our upcoming large data center project. Looking ahead, we expect to invest an additional $10 million to $12 million in capital for equipment and securing guaranteed supply for this project. We expect these investments to be funded through the advance payments received during the first quarter as well as additional advance payments we expect to receive over the course of the year. That concludes our prepared remarks. We will now open the call for questions. Operator: We will take our first question from an Analyst with Johnson Rice. Analyst: Good morning. The first question I had, I wanted to talk a little bit about the contracts that you are finalizing here that could start up in 2Q, but it sounds like they will definitely impact the second half of this year from behind-the-meter power. Could you talk about the size of those, for the two contracts that were canceled in the fourth quarter last year? And also, with behind-the-meter power, is this going to be a bridge-type arrangement until pipeline is hooked up to these facilities, and then is there the opportunity for backup-related contracts later on? J. Casey Crenshaw: Good morning, and thank you for joining today. Let me try to take on what are really two questions. First, on the type of contract for distributed power, we really talk about that being either commissioning power, bridge power, or more permanent backup related to behind-the-meter applications and distributed power. This is more of a commissioning project, which is normally a six- to twelve-month effort that we anticipate starting up at the end of the second quarter of this year and running through the end of the year. We do anticipate, with the work we have commitments around, being able to replace the contracts that ended at the end of last year during the back half of the year. Without giving too much in the way of forward-looking statements, we anticipate being able to replace that on the P&L, and that is before we get into the contracted demand starting in Q1 of next year, which is meaningful in size as well. Analyst: Great. Thank you. And then just on the Galveston LNG project, it sounds like you are active with discussions with offtakers to replace the canceled contract. Is there the possibility that the previous offtaker would return to sign up for offtake, and also are you satisfied with the provisions of the other offtake agreement contracts you have that they will not need to be modified for project financing purposes? J. Casey Crenshaw: Yes, that is a great question. I will take the last one first. The current offtake agreement we have works well with the project construction timeline and does not create risk on when construction would finish and when startup would happen, so that contract is in good position. Going back to the first question, we highly anticipate this customer that we were required to cancel that contract with coming back and doing business with us in Galveston once we get further down the road or complete the plant. Whether or not they will be part of the offtake that helps create the financing, or they become a spot market client post construction, we do not know yet, but we are actively working with that client. Timelines and the Iran war and different things happening caused delays and issues around dates and how that would affect financing, which created the need to exit that contract. Thank you. Operator: Our next question comes from William Dezellem with Tieton Capital. J. Casey Crenshaw: Good morning, Bill. William Dezellem: Good morning. I would like to talk a little bit more about the new data center contract. If we understood correctly, you said that was a commissioning contract that will begin in Q2 and basically last through Q4. Did we hear that correctly? And if so, was this a contract that you went direct to the data center, or did you have an intermediary that is taking care of all the power and they have hired you? J. Casey Crenshaw: Yes. This particular project you are asking about is more of a construction commissioning project. On all of these projects, we work with both the end user and the provider, and we are normally engaged with both. There are numerous projects like this that I would call construction commissioning, and those are normally, the way we view it, six- to twelve-month contracts depending on whether you are just going to commission Phase One or which systems you are going to work on commissioning. That is what this project is anticipated to be. It is different than the one that is starting up next year, which is more of a bridge power solution, longer in duration. All of these have minimum periods of time with potential extensions related to what is happening on their time schedule, etc. William Dezellem: Is the magnitude of the original commissioning contract’s monthly revenue similar to what you will have for the monthly revenue from the bridge, and it is simply a shorter period of time? Or is there a difference in the size of these two data centers that makes this very different? J. Casey Crenshaw: I would say, when you think about the bridge, it is defined by how many megawatts we are providing, and it is consistently provided in a consistent flow. The commissioning project that is starting this quarter and going into the back half of this year is smaller in total megawatt terms and is lower in gallons related to that, but still meaningful in size. What we wanted to present is the expectation of the recovery: kind of the trough in the first and second quarters and then how the recovery of the business goes into 2026. That is what we are trying to highlight for our shareholders and stakeholders. William Dezellem: That is appreciated, Casey. You mentioned there are many other contracts like this. We all hear of data centers ramping; there is lots of commissioning taking place. Talk to us about the pipeline of opportunities in the data center arena, because over the last few months you have announced two. J. Casey Crenshaw: Yes, Bill. We are certainly excited about it, and we are optimistic. If you look back about eighteen months, the expectation was that all the power was going to come in on time or early, pipelines would be put in on time or early; and then what has happened are natural delays—construction delays and other factors—creeping into this giant infrastructure buildout that you all know about. As that rolls downhill, first you have the power generation and backup power solutions, and now we are getting to how you provide the natural gas needed to do either commissioning, startup, or bridges. We are really excited about this commissioning activity because this is where we go in and support the data center commissioning their project—testing all their cooling and other systems—while they are waiting on either the final gas pipeline or the connection to the grid. In a perfect world it is connection to the grid with cheap power that never stops; secondly, behind-the-meter with pipeline. Stabilis Solutions, Inc. can participate in providing either commissioning, backup, or bridge, and that is what we are working around. We are seeing more commissioning activity in the first quarter of this year. That is where the activity is with our customers, with some people talking about the longer-term bridge. But the longer-term bridge is not the perfect solution for the client, so there is less activity there relative to six- to twelve-month commissioning activity. We have a number of those we are working on. William Dezellem: Essentially, we have come to this point because of delays. One way to think about these commissioning opportunities is that they may be ready to go live after testing, say in the fourth quarter, but if the grid or the pipeline is not ready, then your commissioning contract converts to a bridge contract. Is that likely? J. Casey Crenshaw: That is a good way to think about it. Another way to think about it is that their commissioning may be in modular formats; they may get power connected to one of the modular concepts and then move into the next phase of commissioning the next center nearby, because it is normally in groups or hubs. We do not expect it to be just a short-term situation. Secondly, you are going to have outages and other backup needs to continue with the reliability that they are committing to, and that will provide additional work for LNG long beyond the construction and bridge phases. Think of them as modular—80 megawatts, 50 megawatts, 100 megawatts—building modular, stacked up around each other, and we are providing unit work for units in the system. William Dezellem: One question relative to the subchartering of the vessel. What is the timeline you expect that to happen? J. Casey Crenshaw: Good question. We initially chartered that to support our client in Galveston. We ended up, for a number of reasons, with them going to a different solution. We anticipated a very quick subcharter capability with that vessel, but the Iran war disrupted rechartering activity and put a delay on it. We anticipate it happening in the second quarter for an effective date in the third quarter. We do not expect the subcharter to be at a big profit, so we expect it to be net neutral. Operator: We will go next to an Unknown Speaker, a private investor. Unknown Speaker: Good morning, guys. J. Casey Crenshaw: Good morning. How are you doing? Unknown Speaker: Pretty good. Just a couple of questions, if I may. First, with oil and LNG getting backed up, there is a lot of talk about some of these countries coming into the Gulf of America and picking up their oil and LNG. Are you currently in a position to capitalize on that development? J. Casey Crenshaw: Yes. We appreciate the question. We have never seen a macro for our Galveston LNG bunkering—reliable, consistent supply there for marine bunkering activity—being better than it is today. Though the conflict has caused some disruption in the timing of our subcharter of the vessel and potential short delays for construction, the macro around it is amazingly strong. It validates why we need more LNG, fit-for-purpose bunkering capacity on the water in the Gulf Coast. Our customers know that, and our commercial team is working hard on it. The duration of contract, credit quality, and how that matches with project financing are the things we are working on right now. Validation of the need for the project with a Jones Act vessel in the Houston Ship Channel is not in question. The conflict and the price of LNG also further our fit-for-purpose supply for aerospace and the value of what these aerospace customers are doing with telecommunications and other technologies. This further reinforces the need for U.S. presence to be successful in aerospace. Lastly, it reiterates that the price of U.S. natural gas and LNG for behind-the-meter power for AI data center activity is advantaged versus globally priced data centers. We have an advantage now, and given oil and LNG prices globally on a TTF or JKM basis, it further makes U.S. data centers more competitive when they are either on-grid power, pipeline, or LNG. It reiterates the thesis of all three of our growth legs. We are not reporting a great quarter—we do not want to gloss over that—but we are excited about the back half of the year and next year, and about marine, aerospace, and behind-the-meter power. We are working very hard on our Galveston LNG bunkering project, and we are equally excited about aerospace and behind-the-meter power. Unknown Speaker: That segues into my second question. Andy, I think you are still in charge of IR. With all that is happening now—and the data center stuff was all over Fox Business this morning—it is such a hot item. Is this a time to get on the radar a little bit with your story? Any plans for it? You are really becoming an AI company—without overhyping it—any plans to get the story out? J. Casey Crenshaw: We are starting this morning by talking about what is contracted and what we are doing on commissioning and bridge—different versions of the behind-the-meter power story. We have three growth stories: marine, which is really exciting; aerospace; and behind-the-meter. It is important, as you bring up, that these are three exciting growth platforms where we are delivering advantaged U.S. LNG into the market. We are communicating what we are doing, and we are hopeful that over time, as we see the growth we are anticipating for next year, and we see the Galveston project come online—moving it to FID, then through construction—we believe people will be able to do the math around what that means and understand the value like we see it. We cannot force people to believe in it to the same level that we do; we can only communicate what we are up to. I will now turn it over to Andy for additional comments on investor relations. Andrew Lewis Puhala: Thanks for the question. Philosophically, our number one priority is to demonstrate this in the results of the business—grow the top line, grow profitability—and then the stock price takes care of itself. That is number one. Number two, we do intend to get out there and do more in terms of telling the story as we get more exciting things to talk about. We think it is important both to deliver the results and to make sure we are communicating them. From a corporate governance perspective, we continue to file and keep the company positioned appropriately around that. Operator: We will take our next question from an Analyst with ID Capital. Analyst: I would like to follow up on the data center commissioning. Is this the same data center as the one where you are doing the bridge? J. Casey Crenshaw: No. It is a completely different project, different region, and different customer. Analyst: Will this commissioning use George West capacity or third parties? J. Casey Crenshaw: We can always do both. It is the benefit of having your own supply for backup and reliability to make sure you can deliver. This project is not an offtake as the primary source. Neither of these are. A lot of our own offtake is being drawn into both industrial projects and aerospace. That is how we think about the mix right now. Andrew Lewis Puhala: The great thing about both of these data center projects is that they are not using George West molecules, so it does not absorb all our capacity. It allows us to grow the top line and continue to grow the business without having to wait on expansion of internal production capacity. It is great for that reason as well. Analyst: Will the same third-party power provider be the one that contracted you for the bridge power with the other data center? J. Casey Crenshaw: We work with numerous power providers and numerous data center end users. Due to confidentiality and competitive information, we would prefer not to share that level of detail. Analyst: You mentioned aerospace activity and strength there. What is your current estimate on when George West volumes will be completely used again? J. Casey Crenshaw: We will have some room at George West. We are anticipating getting closer to a consistent offtake—we are not expecting 100% utilization—but moving toward reasonable utilization in the third and fourth quarters of this year. We were significantly off as those two projects ended; they were heavy offtakers of both of our production facilities. We are seeing a steady increase in pull-through and usage and expect that to happen in the third and fourth quarters—not fully utilized, but at levels consistent with what we have seen in the past. Analyst: When we look at the revenue and earnings profile of current operations, and that is prior to the addition of the new contract for next year, will that contract use George West molecules? J. Casey Crenshaw: Right now, it does not need to. It will be additional. Analyst: Thank you both again for taking the extra questions. J. Casey Crenshaw: We are delighted to do it. Thanks for joining the call. Operator: This concludes the Q&A portion of today’s call. I would now like to turn the floor over to Andrew Lewis Puhala for closing remarks. Andrew Lewis Puhala: Thank you, everyone, for joining the call today. We appreciate the interest in the company and the continued support, and we look forward to updating you on our developments as we have them and talking to you again next quarter. Thank you all very much. Operator: Thank you. This concludes today’s Stabilis Solutions, Inc. first quarter 2026 earnings conference call. Please disconnect your line at this time, and have a wonderful day. Before you buy stock in Stabilis Solutions, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Stabilis Solutions wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Stabilis (SLNG) Q1 2026 Earnings Transcript was originally published by The Motley Fool