Stabilis Solutions Announces Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Stabilis Solutions (Nasdaq:SLNG) reported fourth-quarter and full-year 2025 results. Q4 revenue was $13.3 million and Q4 net loss was $0.3 million; Q4 adjusted EBITDA was $1.5 million. Full-year 2025 revenue was $68.2 million with a net loss of $1.4 million and adjusted EBITDA of $8.0 million.
The company ended the year with $7.5 million cash and $2.7 million availability under credit agreements. Management cited completed multi-year contracts that reduced Q4 revenues ~28% and expects a $200 million take-or-pay LNG supply contract to drive material revenue expansion beginning in early 2027; FID for Galveston project expected by end of Q1 2026.
Positive
- Full-year revenue of $68.2 million
- Adjusted EBITDA of $8.0 million for 2025
- $200 million estimated value take-or-pay LNG supply agreement
- FID expected for Galveston project by end of Q1 2026
- Operational cash flow of $8.6 million for 2025
Negative
- Q4 revenue decline of ~23% year-over-year to $13.3 million
- Q4 net loss of $0.3 million versus Q4 2024 net income
- Q4 adjusted EBITDA fell to $1.5 million from $4.0 million year-over-year
- Year-end liquidity of $7.5 million cash plus $2.7 million credit availability
Key Figures
Market Reality Check
Peers on Argus
SLNG fell 6.48% while sector peers were mixed: VIVK down 5.08%, CGBS down 39.67%, but SKYQ up 8.67% and NFG up 0.91%. Momentum data show only one peer (RCON) in the scanner, moving up, reinforcing a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Prelim Q4 results | Positive | -9.9% | Preliminary Q4 figures plus major new LNG supply contract and project update. |
| Nov 05 | Q3 2025 earnings | Positive | -4.0% | Q3 revenue and income growth with progress on Galveston expansion financing. |
| Aug 06 | Q2 2025 earnings | Negative | -7.3% | Revenue decline and net loss despite growth in key end-markets and solid liquidity. |
| May 07 | Q1 2025 earnings | Negative | +2.5% | Revenue down and net loss versus prior-year profit amid project transitions. |
| Feb 25 | FY 2024 earnings | Positive | -4.9% | Strong 2024 profitability, EBITDA and cash flow with growing marine and aerospace mix. |
Earnings releases have often seen negative or contrarian price reactions, with 4 of the last 5 earnings events diverging from the apparent tone of the news.
Over the past year, Stabilis has reported multiple quarterly and annual earnings updates showing a shift from strong profitability in 2024 to periods of revenue pressure and net losses in 2025. Q1 and Q2 2025 both showed revenue declines and losses, while Q3 returned to net income with higher sales. The preliminary Q4 2025 release on Feb 17, 2026 combined soft quarterly metrics with major long-term LNG contracts and project plans. Today’s full Q4 and FY 2025 results largely confirm that transitional earnings profile while reiterating those strategic growth initiatives.
Historical Comparison
Past earnings headlines saw an average move of -4.72%. Today’s -6.48% reaction is somewhat larger but directionally consistent with that pattern.
Earnings over 2024–2025 show a transition from strong profitability to a mixed profile with several loss-making quarters, while management highlights long-term LNG contracts and Galveston expansion as future growth drivers.
Market Pulse Summary
This announcement confirms Q4 2025 revenue of $13.3 million and a net loss of $0.3 million, alongside full-year revenue of $68.2 million and Adjusted EBITDA of $8.0 million. Management attributes softer Q4 results to wind-down of multi-year contracts but highlights a new take-or-pay LNG agreement worth about $200 million and progress on the Galveston liquefaction and bunkering project. Investors may watch future quarters for revenue replacement, project financing milestones, and cash generation trends.
Key Terms
adjusted ebitda financial
take or pay financial
final investment decision financial
AI-generated analysis. Not financial advice.
HOUSTON, TX / ACCESS Newswire / March 4, 2026 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (Nasdaq:SLNG), a leading provider of clean fueling, production, storage, and last mile delivery solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025.
FOURTH QUARTER 2025 HIGHLIGHTS
Revenues of
$13.3 million Net loss of
$0.3 million Adjusted EBITDA of
$1.5 million Cash flow from operations of
$0.7 million $7.5 million of cash and$2.7 million of availability under credit agreements as of December 31, 2025
FULL YEAR 2025 HIGHLIGHTS
Revenues of
$68.2 million Net loss of
$1.4 million Adjusted EBITDA of
$8.0 million Cash flow from operations of
$8.6 million
MANAGEMENT COMMENTARY
"The fourth quarter marked the successful completion of several multi‑year contracts within our marine bunkering and power‑generation markets," stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. "As anticipated, the wind‑down of these projects was reflected in our financial results and negatively impacted revenues in the fourth quarter by approximately
"Across our end‑markets, commercial demand remains strong, supported by accelerating energy requirements in power generation, in support of data centers," continued Crenshaw. "Our recently awarded multi‑year take or pay LNG supply agreement, a contract with an estimated value of approximately
"We are finalizing project financing for our Galveston LNG liquefaction and bunkering project alongside our advisors," noted Crenshaw. "A Final Investment Decision is expected by the end of the first quarter of 2026. We remain focused on disciplined execution, maintaining balance sheet flexibility, and investing in the infrastructure required to meet strong customer demand and drive long-term shareholder value creation."
FINANCIAL PERFORMANCE SUMMARY
Revenue for the fourth quarter of 2025 was
Net loss for the fourth quarter of 2025 was (
Cash flow from operations was
FOURTH QUARTER 2025 CONFERENCE CALL AND WEBCAST
Stabilis will host a conference call on Thursday March 5, 2026, at 9:00 a.m. ET to review the Company's financial results and conduct a question-and-answer session.
A webcast of the conference call will be available in the Investor Relations section of the Company's corporate website at https://investors.stabilis-solutions.com/events. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: | 800-245-3047 |
International Live: | 203-518-9765 |
Conference ID: | SLNGQ425 |
To listen to a replay of the teleconference, which will be available through March 12, 2026:
Domestic Live: | 800-839-4197 |
International Live: | 402-220-2987 |
ABOUT STABILIS SOLUTIONS
Stabilis Solutions is a leading provider of clean fueling, production, storage, and last mile delivery solutions to multiple end markets. To learn more, visit www.stabilis-solutions.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "feels," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, availability, timing and terms of financing, ability to achieve the conditions precedent to the marine bunkering and other agreements, ability to achieve additional offtake necessary for FID for the planned LNG liquefaction facility, construction delays or cost overruns, regulatory or other legal impediments, and general economic conditions.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Stabilis Solutions, Inc. and Subsidiaries
Selected Consolidated Operating Results
(Unaudited, in thousands, except per share data)
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Revenues | $ | 13,273 | $ | 20,325 | $ | 17,298 | $ | 68,245 | $ | 73,293 | ||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of revenues | 9,994 | 14,723 | 12,367 | 50,229 | 52,069 | |||||||||||||||
Change in unrealized loss (gain) on natural gas derivatives | (19 | ) | 19 | 11 | (24 | ) | (310 | ) | ||||||||||||
Selling, general and administrative expenses | 2,342 | 2,783 | 1,941 | 13,189 | 11,763 | |||||||||||||||
Loss (gain) from disposal of fixed assets | (38 | ) | 165 | (460 | ) | 24 | (761 | ) | ||||||||||||
Depreciation expense | 1,776 | 1,842 | 1,802 | 7,345 | 7,146 | |||||||||||||||
Total operating expenses | 14,055 | 19,532 | 15,661 | 70,763 | 69,907 | |||||||||||||||
Income (loss) from operations before equity income | (782 | ) | 793 | 1,637 | (2,518 | ) | 3,386 | |||||||||||||
Net equity income from foreign joint venture operations: | ||||||||||||||||||||
Net equity income from foreign joint venture operations | 546 | 278 | 556 | 1,242 | 1,564 | |||||||||||||||
Income (loss) from operations | (236 | ) | 1,071 | 2,193 | (1,276 | ) | 4,950 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income (expense), net | (87 | ) | 84 | 7 | 42 | 112 | ||||||||||||||
Other income (expense), net | 5 | (35 | ) | 7 | (66 | ) | 22 | |||||||||||||
Total other income (expense) | (82 | ) | 49 | 14 | (24 | ) | 134 | |||||||||||||
Net income (loss) before income tax expense | (318 | ) | 1,120 | 2,207 | (1,300 | ) | 5,084 | |||||||||||||
Income tax expense (benefit) | (56 | ) | 1 | 101 | 54 | 485 | ||||||||||||||
Net income (loss) | $ | (262 | ) | $ | 1,119 | $ | 2,106 | $ | (1,354 | ) | $ | 4,599 | ||||||||
Net income (loss) per common share: | ||||||||||||||||||||
Basic and diluted per common share | $ | (0.01 | ) | $ | 0.06 | $ | 0.11 | $ | (0.07 | ) | $ | 0.25 | ||||||||
EBITDA | $ | 1,545 | $ | 2,878 | $ | 4,002 | $ | 6,003 | $ | 12,118 | ||||||||||
Adjusted EBITDA | $ | 1,526 | $ | 2,897 | $ | 4,013 | $ | 7,972 | $ | 11,808 | ||||||||||
Stabilis Solutions, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
December 31, | ||||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,459 | $ | 8,987 | ||||
Accounts receivable, net | 3,130 | 6,239 | ||||||
Inventories, net | 342 | 345 | ||||||
Prepaid expenses and other current assets | 1,976 | 1,902 | ||||||
Total current assets | 12,907 | 17,473 | ||||||
Property, plant and equipment: | ||||||||
Cost | 125,613 | 117,246 | ||||||
Less accumulated depreciation | (72,666 | ) | (65,518 | ) | ||||
Property, plant and equipment, net | 52,947 | 51,728 | ||||||
Goodwill | 4,314 | 4,314 | ||||||
Investments in foreign joint ventures | 11,946 | 11,659 | ||||||
Right-of-use assets and other noncurrent assets | 996 | 410 | ||||||
Total assets | $ | 83,110 | $ | 85,584 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,750 | $ | 5,667 | ||||
Accrued liabilities | 2,859 | 3,566 | ||||||
Current portion of long-term notes payable | 1,931 | 2,010 | ||||||
Current portion of finance and operating lease obligations | 417 | 384 | ||||||
Total current liabilities | 9,957 | 11,627 | ||||||
Long-term notes payable, net of current portion and debt issuance costs | 5,755 | 6,848 | ||||||
Long-term portion of operating lease obligations | 726 | 101 | ||||||
Total liabilities | 16,438 | 18,576 | ||||||
Commitments and contingencies | ||||||||
Stockholders' Equity: | ||||||||
Common stock; | 19 | 19 | ||||||
Additional paid-in capital | 103,644 | 103,214 | ||||||
Accumulated other comprehensive income (loss) | 10 | (578 | ) | |||||
Accumulated deficit | (37,001 | ) | (35,647 | ) | ||||
Total stockholders' equity | 66,672 | 67,008 | ||||||
Total liabilities and stockholders' equity | $ | 83,110 | $ | 85,584 | ||||
Stabilis Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | (262 | ) | $ | 1,119 | $ | 2,106 | $ | (1,354 | ) | $ | 4,599 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation | 1,776 | 1,842 | 1,802 | 7,345 | 7,146 | |||||||||||||||
Stock-based compensation expense | - | - | 82 | 447 | 1,166 | |||||||||||||||
Provision for credit losses | - | 202 | 14 | 315 | 102 | |||||||||||||||
Loss (gain) on disposal of assets | (38 | ) | 165 | (460 | ) | 24 | (761 | ) | ||||||||||||
Income from equity investment in joint venture | (594 | ) | (322 | ) | (608 | ) | (1,453 | ) | (1,770 | ) | ||||||||||
Distributions from equity investment in joint venture | - | - | - | 1,637 | 1,716 | |||||||||||||||
Cash settlements from natural gas derivatives, net | - | (61 | ) | - | 178 | (359 | ) | |||||||||||||
Realized and unrealized losses from natural gas derivatives, net | - | 61 | 29 | 202 | 152 | |||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | 3,770 | (2,721 | ) | (455 | ) | 2,794 | 1,390 | |||||||||||||
Prepaid expenses and other current assets | (135 | ) | 62 | 12 | 563 | 820 | ||||||||||||||
Accounts payable and accrued liabilities | (3,972 | ) | 2,028 | (523 | ) | (2,275 | ) | (678 | ) | |||||||||||
Other | 124 | 19 | 172 | 180 | 170 | |||||||||||||||
Net cash provided by operating activities | 669 | 2,394 | 2,171 | 8,603 | 13,693 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of fixed assets | (3,142 | ) | (3,877 | ) | (5,585 | ) | (8,141 | ) | (9,146 | ) | ||||||||||
Proceeds from sale of fixed assets | - | - | 460 | 211 | 841 | |||||||||||||||
Proceeds from notes receivable, related to prior sale of Brazil operations | 226 | - | 185 | 226 | 185 | |||||||||||||||
Net cash used in investing activities | (2,916 | ) | (3,877 | ) | (4,940 | ) | (7,704 | ) | (8,120 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on short- and long-term notes payable and finance leases | (603 | ) | (433 | ) | (625 | ) | (2,387 | ) | (1,905 | ) | ||||||||||
Payment of debt issuance costs | - | - | - | (42 | ) | - | ||||||||||||||
Employee tax payments from stock-based withholding | - | - | - | (17 | ) | (9 | ) | |||||||||||||
Net cash used in financing activities | (603 | ) | (433 | ) | (625 | ) | (2,446 | ) | (1,914 | ) | ||||||||||
Effect of exchange rate changes on cash | 4 | 1 | (12 | ) | 19 | (46 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (2,846 | ) | (1,915 | ) | (3,406 | ) | (1,528 | ) | 3,613 | |||||||||||
Cash and cash equivalents, beginning of year | 10,305 | 12,220 | 12,393 | 8,987 | 5,374 | |||||||||||||||
Cash and cash equivalents, end of year | $ | 7,459 | $ | 10,305 | $ | 8,987 | $ | 7,459 | $ | 8,987 | ||||||||||
Non-GAAP Measures
Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings from continuing operations before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the United States of America ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Net income | $ | (262 | ) | $ | 1,119 | $ | 2,106 | $ | (1,354 | ) | $ | 4,599 | ||||||||
Depreciation | 1,776 | 1,842 | 1,802 | 7,345 | 7,146 | |||||||||||||||
Interest expense (income), net | 87 | (84 | ) | (7 | ) | (42 | ) | (112 | ) | |||||||||||
Income tax expense (benefit) | (56 | ) | 1 | 101 | 54 | 485 | ||||||||||||||
EBITDA | 1,545 | 2,878 | 4,002 | 6,003 | 12,118 | |||||||||||||||
Special items* | (19 | ) | 19 | 11 | 1,969 | (310 | ) | |||||||||||||
Adjusted EBITDA | $ | 1,526 | $ | 2,897 | $ | 4,013 | $ | 7,972 | $ | 11,808 | ||||||||||
* Special items for all periods presented consist of adjustments related to unrealized (gain)/loss on natural gas derivatives. The year ended December 31, 2025 also includes an add-back of
# # # # #
Investor Contact:
Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com
SOURCE: Stabilis Solutions, Inc.
View the original press release on ACCESS Newswire
FAQ
What were Stabilis Solutions (SLNG) fourth-quarter 2025 revenues and net income?
What is Stabilis Solutions' full-year 2025 adjusted EBITDA and cash flow from operations?
How much liquidity did Stabilis Solutions have at year-end 2025 and credit availability?
What does the announced $200 million LNG supply agreement mean for SLNG revenue timing?
When does Stabilis expect a Final Investment Decision for its Galveston liquefaction project?
Why did Stabilis Solutions' Q4 2025 results weaken compared with Q4 2024?
