SLNG

Welcome to the Stabilis Solutions first quarter 2026 earnings conference call. I would now like to turn our call over to Andy Puhala, Chief Financial Officer. Mr. Puhala, please go ahead.

Good morning, and welcome to Stabilis Solutions first 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 first 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 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, May 7th, 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.

Thank you, Andy. Good morning to everyone joining us today. Our first quarter results reflect the expected transition following the completion of two large multi-year 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 continue to grow. 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 2-year contract to support behind-the-meter power generation for a U.S. data center.

While delivery is expected to begin in the first quarter of 2027 and continue through the first quarter of 2029, we view this award as a strong validation of Stabilis' 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 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 capacity of our own liquefaction facilities.

Our multi-source LNG supply model allows us to serve customers across regions of the U.S. 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 remains strong. Activity among commercial space customers continues to grow. 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, 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 wanna 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 engage with financial partners who have expressed support for the project. Galveston LNG remains an important component of our long-term value creation strategy, particularly as we look to serve durable multi-year demand in the Port of Galveston and the broader Gulf Coast marine market. At the same time, it's important to emphasize that Galveston project is only one part of our growth strategy.

We continue to see the 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 the first half of 2026 represents a temporary lull for the business as we move through this transition period and prepare for the ramp-up of new contracts and opportunities beginning in the second half of 2026. The demand environment remains strong, our customer engagement is active, and our awarded contracts provide a foundation for a recovery in the second half of 2026 and substantial growth in 2027. In summary, 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 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'll turn the call over to Andy for a detailed review of our financial performance.

Thank you, Casey. I'll 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 the first quarter of 2025. 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 multi-year contracts late last year. This was partially offset by continued growth in our aerospace and other legacy markets, where revenues increased 31% and 26% respectively compared to the first quarter of 2025.

Adjusted EBITDA was -$0.7 million in the first quarter compared to a +$2.1 million in the prior year period. The decrease was primarily attributable to the completion of the two large multi-year contracts in our marine and power generation end markets. 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 the fourth quarter of 2025 in anticipation of supporting the logistics requirements of our previously completed marine bunkering contract. We're currently working to fully subcharter this vessel. In the interim, we're 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 advanced payments from a customer associated with our behind-the-meter data center contract scheduled to begin in Q1 of 2027. These payments are restricted to support equipment purchases and other preparations for that project. 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-$12 million in capital for equipment and securing guaranteed supply for this project. We expect these investments to be funded through the advanced payments received during the first quarter, as well as additional advanced payments we expect to receive over the course of the year.

That concludes our prepared remarks. Operator, please open the line for the Q&A session.

At this time, if you have a question or comment, you may press star 1 on your telephone keypad. If at any point your question is answered, you may remove yourself from the queue by pressing star 2. Once again, we ask that you pick up your handset when posing a question to provide optimal sound quality. We'll take our first question from Martin Malloy with Johnson Rice.

Good morning.

Good morning, Marty.

The first question I had, just wanted to talk a little bit about the contracts that you're finalizing here, and it could start up in 2Q, but it sound like they'll definitely impact second half of this year for behind-the-meter power. Could you maybe talk about the size of those contracts? Will those make up for the 2 contracts for canceled fourth quarter last year? With the behind-the-meter power, is this gonna be a bridge type arrangement till pipeline is hooked up to these facilities? Is there the opportunity for backup related contracts later on, backup power?

Marty, good morning, and thank you for joining today. Let me try to take on, I think it's really 2 questions. I mean, 1, the first is being what type of contract is that on the distributed power? We really talk about that being kind of 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 6 to 12-month that we anticipate starting up in 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 were ended at the end of last year during the back half of the year.

Without giving too much forward statements, we anticipate being able to replace that on the P&L. That's before we get into the contracted demand starting in Q1 of next year, which is meaningful in size as well.

Great. Thank you. Just on the Galveston LNG project, you know, it sounds like you're active with discussions with offtakers to replace the canceled contract. In terms of the opportunity there, is there the possibility that that previous offtaker would return to sign up for offtake? Are you satisfied with the provisions of the other offtake agreement contracts you have that they won't need to be modified for project financing purposes?

Yeah. It's a great question. I think I'll take the last one first. Yes, the current offtake agreement we have works well with the project construction timeline, et cetera, and doesn't create risk on when construction would finish and when startup would happen. That contract's in good position. Going back to the first question, we highly anticipate this customer that we were required to cancel that contract with to come back and do business with us in Galveston once we get further down the road or complete the plant. You know, whether or not they'll be part of the offtake that helps, you know, create the financing or they become a spot market client post-construction's complete, we don't know yet.

We're actively working with that client and, you know, timelines and, you know, with the Iran war and different things happening, you know, just delays and some of the issues around dates and how that would affect financing just created us a need to exit that contract.

Great. Thank you. I'll get back in queue.

Thank you.

Our next question comes from Bill Vizellem with Titan Capital.

Morning, Bill.

Good morning. I actually 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, basically last through to Q4. Did we hear all of that correctly? If so, was this a contract that you went direct to the data center, or did you have an intermediary that you that basically is taking care of all the power and they've hired you?

Yeah. This particular project you're asking about is more of a construction commissioning project. On all of these projects, we work with both the end user and the power, you know, the power provider on both. We're normally engaged with both. There's numerous ones of these projects that are active and engaging on these, I call it construction commissioning. Those are normally, the way we view it, a 6 to 12-month contract depending on, you know, are you just gonna commission phase 1 or which systems are you gonna work on on commissioning. That's what this project anticipated to be. Different than the one that's starting up in next year, which is more of a bridgePower solution, longer in duration.

All of these have the, you know, minimum period of time with, you know, potential extensions related to, you know, what's happening on their time schedule, et cetera.

Is the magnitude of this contract and that original commissioning, is the monthly revenue similar to what you will have for the monthly revenue from the bridge? Is simply a shorter period of time because it's just part of the commissioning rather than a long-term bridge? Is there a difference in the size of these two plants or data centers that makes this very different?

Yeah, it's a little different. I would say, you know, when you think about the bridge, it's defined on how many megawatts we're providing, and it's consistently provided and in consistent load. The commissioning project that we're speaking about that's starting, you know, this quarter and going in the back, you know, the back half of this year is a smaller in total megawatt project, and it's lower in gallons related to that. Still meaningful in size. Again, I mean, what we wanted to present is kind of expectation of the recovery, kind of the trough in the first quarter and second quarter, and then how the recovery of the business goes into 2026. That's really what we're trying to highlight for our shareholders and stakeholders.

That's appreciated, Casey. Let me take that, the comment that you made that there are many other contracts like this. I mean, we all hear of all the data centers ramping up. There's lots of commissioning, taking place. Talk to us about the pipeline of opportunities just in the data center arena, that you have because we're basically, just over the last few months, you've announced 2.

Yeah, Bill, let me see if I can give you. I mean, we're certainly super excited about it. I don't wanna like, you know, you know, we're optimistic. You know, the demand is. The pipeline's pretty exciting. You know, I think, when you look back about 18 months, you know, everybody was like, "Well, all the power's gonna come in right on time or early. Pipelines are gonna get put in on time or early." What's happened is just natural delays and construction delays and different things have creeped into this giant infrastructure build-out that y'all know about, and it's all going on. You think about how that kind of rolls downhill, that first, you know, the power generation and those type of backup power and solutions.

Now we're getting to, well, how do you provide the natural gas needed to do these either commissioning, startup, or bridges? What we're really excited about is this commissioning activity because, you know, this is where we go in and support the data center, you know, commissioning their project, testing all their cooling and all their different things while they're waiting on either the final gas pipeline or the connection to the grid. You know, the perfect world is connection to the grid with cheap power that's, you know, never stops. Secondly, you know, they're doing behind-the-meter with pipeline. Both of those, Stabilis can participate in providing either commissioning or backup or bridge, and that's what we're working around. Obviously, right now we're seeing more commissioning activity in the first quarter of this year.

That's where the activity is at with our customers, with some people talking about the longer term bridge. The longer term bridge is not the perfect solution for the client. You know, that's a, that's a much different cost structure and they would prefer to get either connected to the grid or their gas pipeline put in. Commissioning is where we really provide a lot of value and speed up their to market strategy. Lots of activity around that. I'd say lots of activity around the 6-month to 12-month type activity. A little bit less activity when we're talking about the longer term big bridge projects, but we have a number of those we're working on.

We really appreciate that perspective, Casey. Essentially, we've come to this point because there've been all the delays. Essentially one way we could think about these commissioning opportunities is they may be ready to go live, they're done with their testing, and using this one contract as an example in the fourth quarter. If the grid or the pipeline is not ready, then your commissioning contract essentially converts to a bridge contract is how it likely would continue. Is that accurate?

Yeah.

Is that a fair way to think about it?

That's a good way to think about it. The other way to think about it is, let's say they're commissioning these in modular formats, and they may get power connected to one of the modular concepts, and then you would move into the next phase of commissioning the next center nearby because it's normally in groups or hubs. That may be another way to think about it. We don't think about it. You know, we're gonna talk to you guys about what we know, but we don't expect it to be just a short-term situation where it's just temporary for just now. Secondly, you're gonna have, you know, outages and other backup needs to continue with the reliability that they're committing to, and that'll provide additional work for LNG long beyond the construction phase and bridge phase.

Well, for those of us who have never brought a data center online, thank you for that additional perspective. It is helpful.

Yeah. Just think about them as like modular. They're like done in like, you know, 80 MW, 50 MW, 100 MW building modular, they've just got them stacked up around each other. You know, we're providing, you know, unit work for units in the system.

Great. Thank you. Then one question relative to the sub-chartering of the vessel. What's the timeline that you would anticipate to that to happen?

Yes. Good question. Thank you for bringing it up. We wanted to take care of covering that. Again, we initially you know, chartered that to support our client in Galveston. We ended up coming up for a number of different reasons with them going on different solution. We anticipated a very quick sub-charter capability with that vessel. You know, the Iran war disrupted rechartering activity and put a delay on it. We anticipated happening in this quarter. We're working on numerous sub-charter agreements right now, and we anticipate it happening in Q2 for effective date in Q3.

Great. Thank you.

We don't expect the sub-charter to be at a big profit, so we expect it to be net neutral is what we wanna guide y'all to.

Thank you again.

Thank you.

Once again, if you have a question, you may press star one on your telephone keypad. We'll go next to Spencer Lemon of Private Investor.

Well, good morning, guys.

Good morning. How are you doing, Spencer?

I'm pretty good. Still alive.

Great to hear.

Just two questions, if I may. First, you know, with this, the Straits of Hormuz situation and oil and LNG getting all backed up, there's a lot of talk about some of these countries coming into the Gulf of Mexico and picking up their oil and LNG. Are you currently in a position to capitalize on that development?

Yeah, I mean, Spencer, I appreciate the question. It's such a positive leading question. Thank you for it. We have never seen the macro for like our Galveston LNG bunkering, like to have reliable, consistent supply there for the marine bunkering activity as being better than it is today. Though the war and the disruption or war, the conflict or security conflict, whatever we're calling it, has caused some confusion and disruption on the timing of our sub-charter of the vessel and, you know, the potential short delays on what the construction would take and how that would work, the macro around it is amazingly strong. We're super, it validates why we need more LNG fit-for-purpose bunkering capacity on the water in the Gulf Coast. It just validates what we're doing, and our customers know that.

Our commercial team's working heavy and hard on it. I think, you know, duration of contract that we need, credit quality of contract, how that matches up with the project financing are the things we're working on right now. Validation of they need the project with a Jones Act vessel in the Houston Ship Channel is not of confusion. I also think the conflict in the price of LNG also does a couple different things. It furthers, you know, our fit-for-purpose supply that we're doing for aerospace and the value of what all these aerospace customers are doing with the technology of telecommunications and how important all that is and the global conflicts and everything. It's just all kind of plays together. This conflict further reinforces the need for our space, aerospace, U.S. presence to be successful.

Lastly, it further reiterates that the price of U.S. natural gas and LNG for behind-the-meter power for AI data center activity is advantaged versus global priced data centers. We have an advantage now. Now based on the price of oil globally and LNG globally on a TTF or JKM basis, it further makes U.S. data centers more competitive when they're either on grid power, pipeline or LNG. It just reiterates the thesis of all three of our growth legs of the company. Obviously, you know, we're not reporting a great quarter. I don't wanna gloss over that. If we look at the future of where Stabilis's three growth platforms are the customers we have and what we're doing.

We're super excited about it and disappointed in our financial performance that we've presented just due to the expected trough that we kind of hopefully communicated with the two contracts falling off. Are excited about the back half of the year and really excited about next year, and excited about all three markets. We are working very hard on our Galveston LNG bunkering project, but we're equally excited about the aerospace and the behind-the-meter work power.

Well, that sounds great. Thank you. That sort of segues into my second question to Andy. I think you're still in charge of IR and all. With all that's happening now and, you know, just coincidentally, by the way, the data center stuff was all over Fox Business this morning. And it's just such a, you know, hot item and just wondering whether this is time when maybe we get on the radar a little bit with your story. Any plans for that? I mean, you're really becoming an AI company and not that I want you to hype it, overhype it, but any plans for maybe getting the story out?

Well, we're starting this morning. I'll let Andy clean up the call. We're starting this morning by talking about what's contracted and what we're doing on the commissioning bridge and different versions of the behind-the-meter power story. You know, we've got really three growth stories. We've got the marine, which is really exciting. You've got the aerospace, and you've got this behind-the-meter. We think it is important what you bring up is that it is three exciting growth platforms where we're delivering LNG and this advantaged U.S. LNG into the market. I'll stop there and then let Andy answer the question directly, Spencer.

We're, you know, we are communicating what we're doing, and we're hopeful that over time, as we see the growth that we're anticipating for next year already, and then we see and we've announced, and then we see the marine project come online, which we anticipate to be able to get that to a point. Again, that'll take a while to get construction done, the barge built, but, you know, get it to a FID position. We believe people will be able to do math around what that means and understand the value like we see the future value of our platform. We can't force people to believe in it to the same level that we do. We can only communicate kind of what we're up to. I'll stop there.

Andy, I'm sure, is working on the IR stuff.

Yeah. Well, thanks for the question, Spencer. I mean, you know, kind of to add to what Casey said, you know, philosophically, we believe that our, you know, our number one priority is to demonstrate this in the results of the business and grow the business, grow the top line, grow the profitability, and then the stock price, you know, starts to take care of itself. That's number one. Number two is we do, you know, intend to get out there and do more in terms of telling the story as we get more things, more exciting things to start talking about. You know, appreciate the comment. We do think it's important both to deliver the results and also to make sure we're doing a good job of communicating it.

Just corporate governance. You know, we file some stuff and have the company in a position to do things around that. We're still doing all the normal work around that spectrum.

Okay. Thank you.

We'll take our next question from Bill Lazon with 2nd Capital.

Thank you. I'd actually like to follow up on the data center commissioning. Is this the same data center as the one that you were doing the bridge with?

No. Completely different project.

Yeah. Thank you.

Different region and different project.

Will this commissioning use George West capacity or a third party's capacity?

You know, we can always do both. It's always kind of the benefit of having, you know, your own supply for backup and, and reliability to make sure you can do it. This project is not anticipating using that offtake as the primary source. Neither of these are. A lot of our own offtake is being drawn into both industrial projects and aerospace. I'd say that's how we think about the mix right now.

Yeah. I think, you know, the great thing about both of these data center projects, Bill, that is, you know, that they're not using George West molecules, so it doesn't absorb all our capacity. Really, it allows us, you know, to grow the top line and continue to grow the business without, you know, having to wait on, you know, internal production expansion of internal production capacity. It's great, you know, it's great for that reason as well.

Right. Will the same, third-party power provider, is it the same one, that has contracted you for the commissioning, has contracted you for the bridge power with the other, with the other data center?

You know, we work with numerous the power providers and numerous data centers, end user owners. I think it's due to confidentiality and competitive information, we'd like to not share that level of detail.

I'll switch to an entirely different question. You've mentioned the aerospace and industrial activity and the strength there. With that in mind, what is your current guesstimate on when George West volumes will be completely used again?

You know, we're gonna have some room on George West. We're anticipating getting closer to a not 100% utilization, but a consistent kind of offtake that we were anticipated in the third and fourth quarter of this year, being back to those kind of reasonable utilization numbers. We just were significantly off as those two projects ended that were heavy offtakers of both of our production facilities. We're seeing a steady increase on those pull-throughs and that usage, and we expect that to happen the third and fourth quarter of this year. Not fully utilized, but at a number that's consistent with what we've seen in the past when we look at the kind of the revenue and earnings profile of the current operation. That is pre the addition of the new contract for next year.

That contract will or will not be using George West molecules?

Right now, it does not need to. It'll be addition.

Great. Thank you. Thank you both again for taking the extra questions.

We're delighted to do it. Thanks for joining the call.

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.

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, you know, as we have them, and talking to you guys again next quarter. Thank you all very much.

Thank you. This concludes today's Stabilis Solutions first quarter 2026 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0 and a member of our team will be happy to help you. Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0 and a member of our team will be happy to help you. Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0, and a member of our team will be happy to help you. Welcome to the Stabilis Solutions, Inc. Fourth Quarter 2025 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode. Following the presentation, we will open the line for questions. Lastly, if you should require operator assistance, I would now like to turn the call over to Andrew Lewis Puhala, Chief Financial Officer. Mr. Puhala, please go ahead. Good morning.

And welcome to Stabilis Solutions, Inc. fourth quarter 2025 results conference. I am 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 fourth quarter and full year 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 conference 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, 03/05/2026. 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.

Thank you, Andy, and good morning to everyone joining us on the call. We closed out 2025 with strong execution as we successfully wound down operations on two major multiyear contracts: our truck-to-ship marine bunkering contract with Carnival Corporation and our contract with a leading global provider of mobile power generation servicing an electrical cooperative in Louisiana. The completion of these agreements resulted in a year-over-year decline in revenue and adjusted EBITDA for the fourth quarter. The conclusion of the contracts during the quarter reduced fourth quarter revenues by approximately 28%. In both cases, we remain in a strong position to continue supporting these clients as they assess their future needs for our integrated last mile LNG solutions. Their ongoing engagement is a testament to our platform and the strength of our team and our people. As we move into 2026, we continue to see significant, significant and growing demand across our key markets. That said, we expect lower revenues and profitability in the first half of the year as we bridge toward the startup of several new customer contracts that are expected to begin in mid-2026 and early 2027. As we announced on February 17, we were awarded an estimated $200,000,000 two-year contract to support behind-the-meter power generation for a U.S. data center. Upon commencement, it will represent the company’s largest ever contract in operation. Deliveries will begin in 2027 and are expected through 2029. As the United States continues its historic investment in data center infrastructure, the rapidly expanded power needs of these facilities create a substantial opportunity for behind-the-meter LNG-based power generation. Over the past several months, we have seen a notable increase in customer interest in LNG for both commissioning and bridge power for U.S. data centers where pipeline-delivered gas or electrical power is not available. Our last mile LNG solutions network is a highly reliable solution in these environments. We are also seeing strong demand in our aerospace market where commercial launch activity remains robust. Our commercial team continues to pursue opportunities with both new and existing customers in this sector. At the same time, we work toward FID on our Galveston liquefaction project. We are also seeing strong long-term demand trends for the marine bunkering offtake. We continue working toward a final investment decision on the Galveston facility. We are in active discussions and negotiations with potential project equity sponsors and lenders on the financing structure. In parallel, we have 60% of the facility’s planned capacity contracted and are working to sell the remaining available capacity. We continue to work with our advisors on a special purpose vehicle structure funded with project-level debt and equity from third-party investors. This structure is expected to create long-term value for all stakeholders while enabling Stabilis Solutions, Inc. to further expand our core operations amid accelerating end market demand for flexible LNG fuel solutions. As we work toward FID, we are actively engaged in engineering design and ordering long-lead-time items to maintain the project schedule. We remain committed to providing periodic updates to our shareholders as key project milestones are achieved. In summary, 2026 represents an important transitional year for Stabilis Solutions, Inc. Achieving FID on our Galveston liquefaction facility will mark a foundational milestone, positioning the company for meaningful change in long-term value creation. At the same time, our commercial and operational teams remain focused on delivering best-in-class service, reliability, and quality across our other growth markets. Contracts we have in hand provide strong visibility into sustainable multiyear growth beginning in 2027 with momentum building as we progress through late 2026. As always, we remain committed to creating sustainable long-term value for our shareholders and look forward to keeping you updated in the quarters ahead. With that, I will turn the call over to Andy for a detailed review of our financial performance.

Thank you, Casey. I will begin with a discussion of our fourth quarter performance followed by an update on our balance sheet and liquidity. Fourth quarter revenue decreased 23% year-over-year driven by a 22% decrease in lower rental and service revenue. At an end market level, marine bunkering revenues fell 42% year-over-year while power generation revenues decreased 56% due to the conclusion of the large multiyear contracts in both markets. This was partly offset by a 17% increase in aerospace revenues and a 12% increase in industrial revenues compared to the same quarter last year. Adjusted EBITDA was $1,500,000 during the fourth quarter, compared to $4,000,000 last year. Adjusted EBITDA margin was 11.5%, down from 23.2% in the fourth quarter of last year. The decrease in our adjusted EBITDA margin primarily relates to the conclusion of the two large contracts, a nonrecurring favorable SG&A adjustment, and a gain on asset sale, both occurring in the prior-year quarter. Cash from operations totaled approximately $670,000 for the quarter. Liquidity at quarter end was $10,200,000, consisting of $7,500,000 of cash and approximately $2,700,000 of availability under our credit facilities. Capital expenditures totaled $3,100,000 during the quarter, primarily related to early engineering and design work and long-lead items for the proposed Galveston facility. In 2026, we anticipate $1,000,000 to $2,000,000 of additional capital in the project and for routine maintenance CapEx. Additionally, we expect to invest additional capital into mobile equipment and related assets required for the significant data center contract set to begin in early 2027. This capital investment will be funded by prepayments made by the customer. That concludes our prepared remarks. Operator, please open the line for the Q&A session.

Thank you. The floor is now open for questions. At this time, if you have a question or comment, please press 1 on your telephone keypad. If at any point your question is answered, you may remove yourself from the queue by pressing 2. Thank you. Our first question comes from Martin Whittier Malloy with Johnson Rice. Please go ahead. Your line is open.

Good morning. Congratulations on all the progress you have made on the data center front and Galveston LNG and aerospace. A lot of moving parts here, a lot of positive news. First question I have is about data centers, and I think there is a growing recognition that behind-the-meter power for these data centers might be utilized over a longer period of time, and then you have some temporary backup power needs. Can you maybe talk about what you are seeing in terms of customer demand in the data center market? And I know this contract that you have talked about is for two years in initial length. Can you talk about opportunities to extend that?

Yes, sure. Happy to. And by the way, thanks for joining today and I appreciate your feedback. So when we think about the last mile LNG solution for the behind-the-meter data center or high-speed computing area, there are really a couple of different areas that Stabilis Solutions, Inc. can participate really well in. And I am going to take it from the shortest to longest duration. The first is around the commissioning of these facilities, where it could be 50 to 100 megawatt volume and could last anywhere from three to nine months, where they are working to commission blocks of these data centers, and these are one range of activity. They may be waiting on gas pipeline or different power electrical hookup during that period of time, but they are trying to commission the facilities in advance of that, whether it be the water, the cooling, and all the different things they are commissioning. The second, which is similar to this other project, is what we call a bridge solution where we are providing last mile LNG solution to a power generation company and they are providing either a two- to five-year bridging while they are waiting on the natural gas pipeline or the power lines to be brought into the facility. And so there is a chance that things do not work out on perfect scheduling and there are extensions to those contracts. And the last is there is a growing volume of permanent gas power generation for data centers, and LNG becomes a backup solution on those. So they have a pipeline connected in, they have natural gas, they have natural generators that are running off natural gas, but they bring in LNG as a backup solution in case there is any outage or issues with the pipeline. So I hope that explained the three different sectors and where we participate in the space of behind the meter for specifically data centers. And I want to add Stabilis Solutions, Inc. is actively providing distributed power activities around all different types of applications, not just data centers. But data centers are definitely a growing area right now for the company.

Okay. And I was wondering if you might be able to, you know, this contract is much larger than what we have seen previously. Could you talk about any factors that we should consider in thinking about EBITDA margins on this kind of contract that would cause it to be above or below or on average with historical averages, or maybe not the specific contract, but just in general, larger contracts that you might be looking at.

Well, there are a couple of different things we have worked on this one. And one is to have the client support us on additional CapEx that is related to the project and to be able to perform around contracting third-party supply, etc. So we have structured the contract to give the most solution around very strong results for the client and protecting the downside for Stabilis Solutions, Inc. if there is any delay or gap in service. And so we have done that through customers supporting us with credit enhancing features to support us on the CapEx and the OpEx related to locking down the supply to support them. That is one thing we have done as a risk mitigator. When I think about EBITDA margins and some of that stuff, I feel it is consistent with historical business, and we do not prefer to give any project-based specific details around that out, other than to acknowledge that it is not it for the clients and stakeholders and it is not anything different than historically would be provided other than they provided a lot of credit enhancement to protect us in case there are any scheduling delays.

Great. Thank you. Very helpful. I will get back in queue.

Thank you. Our next question comes from Tate H. Sullivan with Maxim Group. Please go ahead. Your line is open.

Hi, thank you. Good day. A follow-up to your last comments too on the two-year contract estimated revenue of $200,000,000, do you base that on forward prices for your LNG supply? Or can you go a little bit into how you generate that $200,000,000?

Yes. So that is based on—thank you for the question and thank you for being on the call today. And that is a good question. That is based on expectation of the cost of the LNG and all the additional costs associated with delivering it, and that is based on their expected demand that they have given us over that two-year period. Not any extensions or none of that. So maybe I hope that answered the question.

Okay. Yes. Thank you. And then when you talk to customers such as the data center owner or operator, what are the pricing discussions like when they are talking about diesel generators versus backup energy storage systems, or how do you address any pricing concerns from customers of LNG and other solutions?

Yes, I think that is a great question. And I think when we really think about where—and I hope we are being clear about this to you guys—that these three different areas where LNG really can participate. One is the shorter term, you know, three months to one year where we are doing the commissioning and support. Sorry, them on the power generation for the commissioning. That is probably the least price sensitive area. Bridging is more price sensitive. And then that final area is the most price sensitive, if you are permanent installed power base, you know, are competitive projects and they are looking at what their kilowatt per hour and everything is. And so, you know, we are always comfortable competing with diesel. But if you look at kind of, you know, grid cost power or you are looking at pipeline cost, those are normally cheaper than an LNG turnkey solution.

Okay. Thank you for the background. Thanks. Have a good day.

Thank you.

Thank you. Our next question comes from William Dezellem with Tieton Capital. Please go ahead. Your line is open.

Thank you. I have a group of questions. First of all, discuss with this large contract how you are going to fulfill a couple hundred million in revenues. I mean, it is clearly, that is not—presumably, that is not coming from George West. So walk us through just practically how this will unfold, if you would, please.

Bill, thanks for the question. I appreciate that because I think that will add some clarity. This project is not in a region that is going to be supported by our own liquefaction facilities. So we are using our third-party network. We speak a lot about this third-party network of Stabilis Solutions, Inc., you know, through our acquisitions and the buildup of who Stabilis Solutions, Inc. is today through a number of companies that did not have their own liquefaction capacity and always used third parties. So we are using third-party liquefaction offtake agreements, and we are providing the turnkey LNG solution providing the logistics and then the on-site storage and regasification of the molecule back to the gaseous state to hit the generator. So that is, you know, the way we are doing it. And there is LNG available in these regions in these markets. And it really provides an easy data point of why Stabilis Solutions, Inc. is unique and special in the fact that we do have our own liquefiers and then we have the ability to provide this kind of turnkey solution even if we are not making the LNG ourselves. So I hope that answers it. Yes. It is not in the Gulf Coast region, and due to some confidentiality protections, we do not talk about where it is in the United States or in North America.

So, Casey, with that in mind, is there any reason that you could not do, I mean, hundreds of these type of contracts? And I recognize there are not hundreds out there, but really an unlimited number since it is not your molecule that is being consumed.

Well, eventually, yes. Bill, that is a great question. So let us break it back down to those three options. One is the commissioning. We can do a lot of those. Those are really good, you know, six months to one year projects. Really good, lots of that is available. We are working on lots of conversations around that. And then this bridging project is really good as well. Yes, we can do a lot more. It is not limited by our liquefiers, but there is some limit to the total available LNG out in the different regions and how far we can move it via truck. So what happens is it becomes more price sensitive. And then when you then look at the backup solution at longer term, that is where, you know, the economics of these facilities, how long they are bridging, what their timeline is, all plays into the price that they are willing to pay and how far we have to move it to provide that. So first phase, the commissioning testing, lots of opportunity, lots of availability, just really strong. Bridging a little bit less, two to five years. There are some projects that will absolutely do that. We do believe we can scale that as well. And then the backup is a really strong longer-term opportunity where they really do not want to do the backup with diesel if they could help it. They want to continue to do their backup with natural gas, and they want to be toggling between grid prices and their own behind-the-meter power generation is kind of the perfect world for these data centers. And, you know, there is still, you know, to be honest with you, we are still early stages in the development of how to optimize the power on all of these, and they are just trying to get them in. So what we are excited about at Stabilis Solutions, Inc. is that we are an active participant in the distributed power market. This is the data center part of it. We are excited that we are working on it. We have been talking to you guys about it. We are equally excited about the aerospace business. We are equally excited about the marine bunkering activity and what we are seeing there. But this is an area that we are recently seeing contracting activity and we are delighted to be able to share with you guys some tangible contracted success around the space. In the data center, distributed power we have been in and doing and continuing to do.

Thank you. One additional data center question before we jump to marine bunkering. So is rolling stock a limitation at some point because of production capacity, or is this—I guess I am trying to understand what other limitations are there besides the ones that you aptly laid out in your response to my question?

Well, I will go over all three of them. One is third-party supply or self-generated supply. And some of these projects are long enough, they may want us to build liquefaction nearer to the facility. So some of them are that bridging where they say, hey, could you consider putting a plant up nearer the facility and truck it in. So it is the molecule availability, and it is the logistics equipment, and then it is on-site storage and regasification equipment. All three of those are gating items and are really determined by the volume needed at the site and the distance. So we go into this with the largest logistics fleet and regasification fleet in the country due to the fact that Stabilis Solutions, Inc. had consolidated and been in this space in a number of end markets for years. And so we have the largest cryogenic fleet and regasification storage fleet in the United States. So that is an inherent benefit. As we continue to have growth in this space beyond what our logistics and on-site storage equipment and even liquefaction is, these customers are working with us to support and enhance the credit of the contracts to allow this solution, which we saw in this project where they were supportive of that on how they handled the contracting. So in this contract that we have discussed, we are adding logistics equipment. We are adding, you know, n+3 kind of protection around on-site storage and regasification. So they are super supportive on making sure they have everything in place that performs for their data center needs.

Alright, thank you. And then moving to the Galveston facility, since we are talking about FID by the end of the month, I mean, that looks like it is fully on track. But I will take the negative side of the question: what could derail it at this point since we are 25 or 26 days away from the end of the quarter?

Yes. Well, hopefully, we have laid it out. There are a couple different things that we are in conjunction working on. One is the additional offtake. So we said we have 56% of the offtake contracted. We are in active discussions with customers around contracting the balance of the facility. The balance of the facility offtake agreed to optimize the capital structure in the project. Secondly, the capital structure. We are still in active negotiations and working with our capital partners, both the term debt part and then the preferred equity kind of sponsor in the SPV. So those work in conjunction with the offtake, and so we are working all that as one group. And then we are working to have the timeline be consistent with what our clients that have already contracted need that to be. So long-lead items, engineering, so we continue to work on it while we are trying to get that locked up and finalized.

One derailleur of timeline might be a global war, which we happen to start this past weekend or started this past weekend. So that kind of changes the dialogue.

We think it enhances the need for stable, low-price, consistent fuel in the United States, specifically in the Houston Ship Channel. We think this enhances the project long term and shows why Stabilis—means Greek for stable—means having capacity and supply in the Houston Ship Channel, Galveston area is positive for the United States and the customers that call on these ports. So we think it is an enhancer, but it definitely is a new variable that got inserted in the process this week. So I hope I have laid it out. There is the commercial side. There is the financing matching with that. And then there is just the lead time and execution for the current clients that have the 56% of the offtake. And then there are kind of third-party things that are in play like the conflict in the Middle East, which is driving up the global cost of LNG, which is making the LNG that we can produce more optimal for our clients to contract.

That is helpful. And let me ask relative to the Carnival contract not being renewed. As it was shore to—or truck to—ship, would you please walk us through the dynamics of why they are not renewing, then what they are going to do for fuel in the intermediate time period before the Galveston plant is up and running.

Sure. I will give you a little bit of color. I cannot always—we cannot speak for our client, but I will speak to what we understand and what we are, you know, pretty comfortable telling you guys is that they would have liked to have extended that contract. The Jones Act vessel that they had contracted separately that we delivered to, that delivered the fuel to them, was no longer going to be available starting in 2026. And that availability of a Jones Act bunkering vessel for this project is what made the extension not happen.

So they had, you know, verbally and letter agreements—

Told us they wanted to extend it. But it was based on them having that available vessel, and that vessel was not available. That changed their ability to extend. In the medium term, short term, they will have to either have their vessel rerouted to an area where they may get LNG, whether that be The Bahamas, or do some routing difference, or they will have to use marine gas oil, which is called MGO, which we refer to as MGO. It is their alternative fuel source. Does that answer your question or is there any follow-up to that?

Yes, it answers the question, but maybe this is highlighting the lack of equipment for bunkering—that maybe that I certainly did not appreciate or understand. So maybe just as my final question, would you lay out the supply-demand dynamics of the bunkering vessels that exist and how rare or prevalent they are and why this particular bunkering vessel was no longer available to continue the contract.

Absolutely. I think the best way to think about it is the maturity of the different bunkering markets. And I would say the most mature bunkering market with Jones Act bunkering vessels is in the Florida or the southern part of the United States in the Florida area. It was the first to start adopting and became the earliest, and I believe my number may be off by one, but I think it was about five Jones Act vessels that are bunkering LNG in the United States, and they are all in Savannah or in Georgia down through Florida. And so that is the availability of Jones Act LNG bunkering vessels in the United States, there are five or six and those are all in that area. And so that area was developed first. And so one of the reasons we are excited to bring this to the Gulf Coast and, over time, in other areas is because it is not a new technology. This is adopted, is working. It is just a shortage of vessels. And so that vessel was able to be moved back and have plenty of work over in that region.

That is helpful. Thank you, and good luck with the FID process.

Thank you. We will move next to Ed Proskovich with WP Capital. Please go ahead. Your line is open.

Good morning. Casey and Andy, I have been involved in Stabilis Solutions, Inc. for some years, probably going back to GTLS—GTLS, Chart Industries’ initial investment. I have just a quick question, a good follow-up question. I see you have leased or chartered a vessel from Seaspan, the Garibaldi? I am wondering how that fits into the SLNG picture since it cannot bunker the United States, but it could bunker places in The Caribbean or Panama Canal. Hello?

Just one moment please. We are having technical issues. Please remain on the line. To our location line, we are having technical issues. Speakers are back in conference.

Anyway, hey, guys. Hey, I have been a holder since the Jeep days. I really like the company. Everything is super. I have one question that feeds in well to the previous question. I see we leased a bunkering vessel, granted not Jones Act approved. Can we get any updates on that? What is it going to be used for? Are we not going to use it or what?

Well, we are still in process on that. We would like to circle back with you on the next call. That was a plan to work toward trying to support our clients and customers, but let us circle back with you on the details on that. But—

Okay. We are not prepared to go over that—

Just yet. Okay. I will speak to you guys later. Thanks for joining, and we appreciate you being a shareholder and being active on the call today. Thank you. Thanks, Ed.

Okay. Thank you very much. Bye.

Thank you. We do have a follow-up from Martin Whittier Malloy with Johnson Rice. Please go ahead.

Thank you for taking my follow-up question. Just wanted to ask kind of a bigger-picture question relating to aerospace. I guess the potential has been out there for years that we might see something more on the contracting side there with respect to aerospace. Now with more demand for LNG for, yeah, data centers, manufacturing, bunkering, is there any change in the way that the aerospace companies, space companies, are viewing their LNG supply and maybe trying to secure it more with a contract, have more visibility on the security of the supply there?

Well, I will start and I will let Andy kind of come back on this. Like we do have contracted work we do with them. And it is done on one-year and re-extended contracts, etc. And we have a number of contracts inside the space. But when we think about contracting, we are talking about multiyear take-or-pay type discussions. And so we are contracted, they are just not multiyear take-or-pay contracts. And, you know, it is an exciting time for them. Their commercial consistency on really, you know, making money, sending stuff up and how that works with satellites and what their total business is and how that interlocks with the data center AI kind of growth and macro—they are really together. They are actually coming together on activity, not separating. And we do think there is going to be a lot of need for closer supply both in Florida and in the other areas where they launch and how they go about that. And then there are still quality differences on what their rockets need and how they need it. We continue to work with all of our clients in that area about how we can put, you know, specific-purpose liquefiers in for them, how we can contract longer term. They are, as they are continuing to grow their needs and develop more consistent flights, I think that is becoming more and more of a question and an issue. You know, obviously, some of them like to self-perform everything. Some of them want to do more outsourcing. So, you know, I think there is just a blend there. So not trying to not answer it real directly, but I do want to say we are contracted with these good companies. We do expect to see meaningful growth in overall revenue in 2026 versus 2025. North of 30-plus percent growth, maybe more than, more 40% growth in that space. That is our expectation and we are seeing it grow. But we have not today a line of sight on putting an asset in for one of them yet as in the liquefier fit for purpose. And we are actively having discussions with that being available. We just have not got that contracted yet.

Great. Thank you. Very helpful. Appreciate it.

Thank you. We will move next with Spencer Lehman, a Private Investor. Please go ahead. Your line is open.

Hi, good morning. I am very excited about what you guys are doing, what you have got lined up. Sort of my dream come true. After many years. And I just turned 90, so I think maybe I am going to get a chance to watch all this develop. I do wonder if you had considered the possibility of instead of going alone, maybe merging with a larger company where all the financing could be done by their balance sheet. But it looks like the train sort of left the station. Right? And is that still a consideration? Or you think you can handle this whole thing? It seems like it is pretty ambitious for such a small company, but you feel pretty confident?

Yes, Spencer, we do. And first of all, just thanks for being a long-term shareholder and we are more excited than you because we are just big believers in how this turnkey LNG solutions is just a game changer on all three of these growth markets, aerospace and the distributed power and the marine bunkering, and we are just, you know, wildly excited about it. Yeah. You know, I think we laid it out that in the marine bunkering project where we are doing a lot of infrastructure right now, we are talking about how to finance that through a project financing special purpose vehicle and we think that is the most optimized capital structure. It allows us to retain our equity, while we believe the equity is not fully priced into the opportunities and growth of Stabilis Solutions, Inc. And so it allows us to have growth without meaningful dilution. And so we still believe that is the right path. When we look at distributed power, customers are supportive and credit enhancing to help us meet that growth with them. And when we look at space, you know, we are absolutely—or aerospace—available to put in some assets and do some stuff if they contractually would like us to do that. So we are not against putting debt, enhancing the capital structure, or really doing anything that unlocks value for the shareholders. And furthermore, we have a duty to unlock that value for the shareholders. And so you are not going to hear us in the management team saying never say never on anything. Our goal is to grow the company profitably with these three big end markets that we are discussing. For you shareholders to know that we want to grow the company, and we believe this is a growth space—both infrastructure, logistics—there is just all kinds of growth. And as we need to tap different financial markets to accomplish that, we have a duty to go do that and we intend to. And so we appreciate the question. Right now, we feel like we have got adequate support with the clients and the contracts right now. But we do not want to pretend there is a negative bent on anything other than profitable growth for our shareholders and for our stakeholders.

Well, thank you. And I think that is a great answer, and I am very pleased that you try to keep the dilution at a minimum. So thank you very much.

We are in alignment there. Okay.

Alright. Go get them. Thank you, Spencer. Appreciate you joining this morning. Sorry our phone got disconnected. Yeah. Okay.

Thank you. We will move next to George Berman with Cabot Lodge Securities. Please go ahead. Your line is open.

Good morning, and I also want to join the previous callers congratulating you to a very, very good job. I think things are looking definitely up, up and away for us. One particular question I have, I discussed this with your CFO a few times. We are owners of an ownership stake valued at about $10,000,000 on your balance sheet that is throwing off about $1,000,000 a year with a China joint venture. Is there any chance of maybe monetizing that because I think that would add some nice firepower for your current projects.

Well, I appreciate the question. And we are really proud of that stake with that partnership with BAMKO and with our joint venture in China. We are proud of the company. We are proud of the management team. And we are delighted to be partners with Baumco in that business. Because we are not the majority shareholder and we are a partner and heavily represented on the board, we do not control all the perfect timing of how that strategic asset would be monetized. There are specific things in the joint venture agreement that allow it to be monetized at certain time periods. And those are specific. But it is a wonderful company. I think there is a lot of value, but I think the negative with that is, you know, the geopolitical challenges associated with China right now make that a bit of a, you know, is this the most time to do something there or not? Should we wait till things normalize better? Is that a better step-up value? But it is a great company. It is a wonderful group over there and if you know, that was part of the existing company that Stabilis Solutions, Inc. reverse merged into. You know, one of the only assets inside the company as we reverse merged into it. But we are delighted to have that. We participate as board members, both me and Andy, and are actively in that and have an executive that watches it and is in China working on it for us. And the million dollar plus a year that you received is nothing to shake a stick at either. We are proud of their performance and their consistency on providing the shareholders dividends and cash dividends as it relates to that business.

Right. And you are currently—you have the one big plant in, I believe, it is George, Texas, produce the LNG. You also mentioned last year on a conference call that you had already acquired the necessary equipment to build a second one. Has that gone any further? Is that part of the overall picture right now where to put it?

Yes, that is. We have two liquefiers, one in Port Allen, real near Baton Rouge, Louisiana, and one in George West, Texas. And then we acquired a complete additional plant to—we call it a train or a plant or a liquefier—to install. The best place to install that is George West. That is where we would like to install it because the construction cost is lower and we get the benefits of having all the infrastructure already there. However, we have both marine clients and distributed power clients and space clients all looking at maybe they would like it near their offtake agreement. And so we have left it as an uninstalled asset to try to come up with where the most interested customer and client might want it with the longest term, you know, opportunity and offtake being. So it is available to deploy and has not been finalized on where that deployment is because we have not had the customer finalization of where to put it.

Right. So you would say—or we could say—that you basically right now are in the driver’s seat, fielding offers, and whatever is most appropriate for the company, you can take it and proceed.

Yes. I appreciate the comment. We believe customers are in the driver’s seat. We are just waiting on which one would like to have that availability and that surety of supply. We are kind of under their direction. But it is a valuable strategic asset to have and have the ability to deploy it quickly relative to a greenfield application.

Right. Right. Well, Mr. Crenshaw, I also want to thank you for taking over the leadership there. I think we are definitely going in the right direction, and I will be looking forward to much higher equity prices once we get the financing for these big opportunities on the ground.

Well, I agree that we have a great team here. I am looking forward to higher equity pricing for all of us as well. We have an amazing management team here. Andy, you will get to speak to a lot—our CFO, our balance of team here with Matt and Sage and Colby and just can go on and on with our team here. I mean, it is hard for me to throw out names because we would have to throw them all out. We have an incredible team, the most skilled turnkey LNG solutions team in the world. And these three core markets that we talk about with the best team in the world, period. Getting to the most profitable growth and the most profitable projects is something that we need to keep working on and optimizing for the shareholders. But we have a great team, a great set of assets, great set of logistics, plants and customers and end markets, and we are just so lucky to have all of our good clients. And we are working hard to keep them. And even though we had these two contracts roll off, the fact that we are still working with both clients and active with both clients is a testament, as we stated earlier, to our company and our team and people. So thank you for calling in today.

Thank you.

Thank you. 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.

Well, thank you all for joining the call today and your support of the company, and we look forward to keeping you updated as we have things to share and look forward to speaking with you on next quarter’s call as well. Thank you.

Thank you. This concludes today’s Stabilis Solutions, Inc. Fourth Quarter 2025 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful day.