Stabilis Solutions Announces Third Quarter 2026 Results

Customer advances supported operating cash flow as Stabilis prepared for a multi-year data center contract expected to start in early 2027.

Rhea-AI Summary

Stabilis Solutions (SLNG) reported third-quarter 2026 revenue of $14.8 million, recovering sequentially but remaining below the prior-year quarter. Revenue rose 25% from the second quarter and fell 27% year over year. Net income was $0.2 million, or $0.01 per diluted share, versus a $4.6 million second-quarter loss and $1.1 million profit a year earlier. Adjusted EBITDA, a non-GAAP earnings measure, was $1.9 million versus $0.1 million sequentially and $2.9 million a year earlier.

Data center revenue reached 17% of revenue, versus less than 1% sequentially. Operating cash flow of $3.9 million included $5.0 million in customer advances. Cash, equivalents and restricted cash totaled $18.4 million at September 30. Stabilis expects its multi-year U.S. data center LNG supply contract to begin in the first quarter of 2027. The proposed Galveston LNG facility remains before a final investment decision.

13 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointData center revenue reached 17% of third-quarter revenue, versus less than 1% in the second quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Multi-year U.S. data center LNG contract remains on track, Stabilis expects, to begin in first-quarter 2027.
• Moderate pointNine-month operating cash flow rose to $23.370 million from $7.934 million, including $25.011 million from deferred revenue.
• Minor pointThird-quarter net income of $0.2 million reversed a $4.6 million sequential loss but trailed $1.1 million a year earlier.
• Minor pointAerospace customer revenue increased 49% year over year, supported by commercial space launch and testing activity.

8 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Data center capital investment and pre-commissioning remain on track, Stabilis said, supported by advance customer payments.
• Minor pointThird-quarter operating cash flow of $3.9 million exceeded $2.4 million a year earlier but fell from $7.1 million sequentially.
• Minor point$5.0 million in third-quarter customer advances supported preparations for a contract expected to begin in early 2027.
• Minor pointThird-quarter vessel charter costs were zero following termination, versus $2.9 million in the second quarter.
• Minor pointThird-quarter cost of revenues fell to $10.506 million from $14.723 million a year earlier.
• Minor pointThird-quarter selling, general and administrative expenses fell to $2.517 million from $2.783 million a year earlier.
• Minor point$405,000 in third-quarter note and finance lease payments reduced financing obligations.
• Minor point. Forward-looking: it has not happened yet and may not happen.Stabilis expects profitable growth in 2027 and continues pursuing additional data center opportunities.

Negative

• Moderate pointThird-quarter revenue fell 27% year over year to $14.8 million, despite rising 25% sequentially.
• Moderate pointThird-quarter adjusted EBITDA of $1.9 million trailed $2.9 million a year earlier, despite improving from $0.1 million sequentially.
• Moderate pointNine-month net loss widened to $8.524 million, or $0.46 per share, from $1.092 million, or $0.06.
• Moderate pointNine-month adjusted EBITDA fell to $1.373 million from $6.446 million in the corresponding 2025 period.
• Moderate pointNine-month fixed-asset spending rose to $11.520 million from $4.999 million in the corresponding 2025 period.
• Moderate pointProposed Galveston LNG facility awaits a final investment decision as customer and financing discussions continue.

3 minor points

• Minor pointCompleted marine and power generation contracts primarily drove the year-over-year revenue decline.
• Minor pointNine-month revenue fell to $37.134 million from $54.972 million in the corresponding 2025 period.
• Minor pointThird-quarter fixed-asset spending rose to $3.959 million from $2.293 million sequentially and $3.877 million a year earlier.

News Explained

At September 30, the balance sheet showed $18,374 thousand in cash, cash equivalents and restricted cash, including $16,839 thousand listed as restricted and $1,535 thousand as cash and cash equivalents; the reported total therefore is not all unrestricted cash.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

HOUSTON, TX / ACCESS Newswire / November 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 third quarter ended September 30, 2026.

THIRD QUARTER 2026 HIGHLIGHTS

• Revenue of $14.8 million, up 25% sequentially from the second quarter of 2026
• Net income of $0.2 million, compared with a net loss of $4.6 million in the second quarter of 2026; Adjusted EBITDA of $1.9 million, up from $0.1 million in the second quarter
• Data center-related revenue grew to 17% of total revenue in the third quarter, compared to less than 1% in the second quarter of 2026
• $18.4 million of cash, cash equivalents and restricted cash as of September 30, 2026
• Previously announced power generation contract for a U.S. data center remains on track to begin in the first quarter of 2027

MANAGEMENT COMMENTARY

"Our third quarter results were in line with our expectations and reflect the sequential improvement we anticipated, with revenues of $14.8 million supported by execution of a short-term power generation contract secured earlier this year," stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. "The first quarter marked the low point for the year following the conclusion of several large contracts late last year, and the business has improved each quarter since. We are now preparing for the 2027 launch of our largest contract to date, a multi-year agreement to supply LNG for behind-the-meter power generation at a U.S. data center."

"Demand for small-scale LNG solutions to support behind-the-meter power generation at data centers remains robust, and we continue to pursue additional opportunities in this market that would extend our growth beyond the contracts already in hand," continued Crenshaw. "Demand across our aerospace end-market also remains strong, with revenues from aerospace customers increasing 49% year-over-year as launch and testing activity among our commercial space customers continues to drive LNG volumes. Capital investment and pre-commissioning work for the upcoming data center contract remains on track, supported by advance customer payments."

"We also continue work on our proposed Galveston LNG facility, engaging with prospective customers and financing partners as we work toward a final investment decision," concluded Crenshaw. "Looking ahead, we remain well positioned to capitalize on growing demand across our key end-markets and to deliver profitable growth for 2027."

FINANCIAL PERFORMANCE SUMMARY

Revenue for the third quarter of 2026 was $14.8 million, a decrease of 27% compared to the third 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. Compared to the second quarter of 2026, revenue increased $2.9 million, or 25%, primarily due to the short-term data center contract secured earlier this year.

Net income for the third quarter of 2026 was $0.2 million, or $0.01 per diluted share, compared to net income of $1.1 million, or $0.06 per diluted share, in the third quarter of 2025. When compared to the prior year period, net income reflects lower revenues, partly offset by lower cost of revenues and a $0.3 million decrease in selling, general and administrative expenses. Compared to the second quarter of 2026, net income improved by $4.8 million, primarily reflecting higher revenues and the absence of $2.9 million of vessel time charter costs incurred in the second quarter. Following the termination of a marine vessel charter late in the second quarter, there was no financial impact from this vessel charter in the third quarter.

Cash flow from operations was $3.9 million for the third quarter of 2026, compared to $2.4 million in the third 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. Compared to the second quarter of 2026, cash flow from operations decreased $3.2 million from $7.1 million, primarily due to changes in working capital. Both quarters included $5.0 million of customer advance payments.

Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2026 was $1.9 million, compared to $2.9 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. Compared to the second quarter of 2026, Adjusted EBITDA increased to $1.9 million from $0.1 million, primarily due to higher revenues.

THIRD QUARTER 2026 CONFERENCE CALL AND WEBCAST

Stabilis will host a conference call on Thursday, November 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:	888-660-6196
International Live:	929-203-1911
Conference ID:	SLNGQ326

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

Domestic Live:	800-770-2030
International Live:	609-800-9909
Conference ID:	1839903

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 proposed Galveston LNG 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 and our subsequently filed Quarterly Reports on Form 10-Q which are available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Stabilis Solutions, Inc. and Subsidiaries
Selected Consolidated Operating Results
(Unaudited, in thousands, except share and per share data)

		Three Months Ended												Nine Months Ended
		September 30,				June 30,				September 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
Revenues:
Revenues		$	14,839			$	11,916			$	20,325			$	37,134			$	54,972
Operating expenses:
Cost of revenues			10,506				9,569				14,723				28,596				40,235
Time charter expense			-				2,851				-				4,342				-
Change in unrealized (gain) loss on natural gas derivatives			-				-				19				-				(5	)
Selling, general and administrative expenses			2,517				2,501				2,783				7,814				10,847
Loss from disposal of fixed assets			1				-				165				1				62
Impairment			-				-				-				71				-
Depreciation and amortization			1,748				1,777				1,842				5,310				5,569
Total operating expenses			14,772				16,698				19,532				46,134				56,708
Income (loss) from operations before equity income			67				(4,782	)			793				(9,000	)			(1,736	)
Net equity income from foreign joint venture operations			96				215				278				538				696
Income (loss) from operations			163				(4,567	)			1,071				(8,462	)			(1,040	)
Other income (expense):
Interest income, net			49				116				84				190				129
Other expense, net			(25	)			(37	)			(35	)			(99	)			(71	)
Total other income (expense)			24				79				49				91				58
Income (loss) before income tax expense (benefit)			187				(4,488	)			1,120				(8,371	)			(982	)
Income tax expense (benefit)			(2	)			149				1				153				110
Net income (loss)		$	189			$	(4,637	)		$	1,119			$	(8,524	)		$	(1,092	)
Net income (loss) per common share:
Basic and diluted per common share		$	0.01			$	(0.25	)		$	0.06			$	(0.46	)		$	(0.06	)
EBITDA		$	1,886			$	(2,827	)		$	2,878			$	(3,251	)		$	4,458
Adjusted EBITDA		$	1,947			$	98			$	2,897			$	1,373			$	6,446

Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)

		September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	1,535			$	7,459
Restricted cash and cash equivalents			16,839				-
Accounts receivable, net			6,115				3,130
Inventories			346				342
Prepaid expenses and other current assets			2,358				1,976
Total current assets			27,193				12,907
Property, plant and equipment:
Cost			134,591				125,613
Less accumulated depreciation and amortization			(76,642	)			(72,666	)
Property, plant and equipment, net			57,949				52,947
Goodwill			4,314				4,314
Investments in foreign joint ventures			11,830				11,946
Right-of-use assets and other noncurrent assets			1,082				996
Total assets		$	102,368			$	83,110
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	6,300			$	4,750
Accrued liabilities			3,401				2,858
Current portion of long-term notes payable			2,446				1,931
Deferred revenue, current			3,793				1
Current portion of finance and operating lease obligations			302				417
Total current liabilities			16,242				9,957
Long-term notes payable, net of current portion and debt issuance costs			5,727				5,755
Deferred revenue, noncurrent			21,218				-
Long-term portion of operating lease obligations			434				726
Total liabilities			43,621				16,438
Commitments and contingencies
Stockholders' equity:
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,596,301 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			19				19
Additional paid-in capital			103,644				103,644
Accumulated other comprehensive income			609				10
Accumulated deficit			(45,525	)			(37,001	)
Total stockholders' equity			58,747				66,672
Total liabilities and stockholders' equity		$	102,368			$	83,110

Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

		Three Months Ended												Nine Months Ended
		September 30,				June 30,				September 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
Cash flows from operating activities:
Net income (loss)		$	189			$	(4,637	)		$	1,119			$	(8,524	)		$	(1,092	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			1,748				1,777				1,842				5,310				5,569
Stock-based compensation expense			-				-				-				-				447
Provision for credit losses			-				-				202				-				315
Loss on disposal of assets			1				-				165				1				62
Income from equity investment in joint venture			(152	)			(258	)			(322	)			(677	)			(859	)
Distributions from equity investment in joint venture			-				1,406				-				1,406				1,637
Impairment			-				-				-				71				-
Non-cash time charter cancellation			-				572				-				572				-
Amortization of debt issuance cost			10				27				28				64				76
Cash settlements from natural gas derivatives, net			-				-				(61	)			-				178
Realized and unrealized gains on natural gas derivatives, net			-				-				61				-				202
Changes in operating assets and liabilities:
Accounts receivable			(2,755	)			618				(2,721	)			(2,985	)			(976	)
Prepaid expenses and other current assets			68				215				62				741				698
Accounts payable and accrued liabilities			(406	)			2,810				2,028				2,802				1,697
Deferred revenue			5,011				5,000				-				25,011				-
Other			170				(461	)			(9	)			(422	)			(20	)
Net cash provided by operating activities			3,884				7,069				2,394				23,370				7,934
Cash flows from investing activities:
Acquisition of fixed assets			(3,959	)			(2,293	)			(3,877	)			(11,520	)			(4,999	)
Proceeds from sale of fixed assets			-				-				-				-				211
Net cash used in investing activities			(3,959	)			(2,293	)			(3,877	)			(11,520	)			(4,788	)
Cash flows from financing activities:
Proceeds received from borrowings on notes payable			-				1,000				-				1,000				-
Payments on short- and long-term notes payable and finance leases			(405	)			(630	)			(433	)			(1,840	)			(1,784	)
Payment of debt issuance costs			-				(15	)			-				(99	)			(42	)
Employee tax payments from stock-based withholding			-				-				-				-				(17	)
Net cash provided by (used in) financing activities			(405	)			355				(433	)			(939	)			(1,843	)
Effect of exchange rate changes on cash			2				3				1				4				15
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents			(478	)			5,134				(1,915	)			10,915				1,318
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period			18,852				13,718				12,220				7,459				8,987
Cash, cash equivalents and restricted cash and cash equivalents, end of period		$	18,374			$	18,852			$	10,305			$	18,374			$	10,305

Non-GAAP Measures

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

		Three Months Ended												Nine Months Ended
		September 30,				June 30,				September 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
Net income (loss)		$	189			$	(4,637	)		$	1,119			$	(8,524	)		$	(1,092	)
Depreciation and amortization			1,748				1,777				1,842				5,310				5,569
Interest income, net			(49	)			(116	)			(84	)			(190	)			(129	)
Income tax expense (benefit)			(2	)			149				1				153				110
EBITDA			1,886				(2,827	)			2,878				(3,251	)			4,458
Extraordinary vessel time charter costs, net			-				2,851				-				4,342				-
Impairment and other			61				74				-				282				-
Executive severance costs			-				-				-				-				2,096
Gain on disposal of fixed assets or settlement			-				-				-				-				(103	)
Change in unrealized loss (gain) on natural gas derivatives			-				-				19				-				(5	)
Adjusted EBITDA		$	1,947			$	98			$	2,897			$	1,373			$	6,446

# # # # #

Investor Contact:

Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com

SOURCE: Stabilis Solutions

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Stabilis Solutions' third-quarter 2026 earnings and revenue?

Stabilis reported $14.8 million in revenue and $0.2 million in net income, or $0.01 per diluted share. Revenue increased 25% sequentially but decreased 27% year over year. Net income compared with a $4.6 million second-quarter loss and $1.1 million in earnings a year earlier.

When does Stabilis Solutions expect its multi-year data center LNG contract to start?

Stabilis expects the multi-year agreement to supply liquefied natural gas (LNG) for power generation at a U.S. data center to begin in the first quarter of 2027. The company said capital investment and pre-commissioning work remain on track, supported by advance customer payments.

How much of Stabilis Solutions' September 2026 cash balance was restricted?

At September 30, 2026, Stabilis held $16.839 million in restricted cash and cash equivalents and $1.535 million in cash and cash equivalents. The combined balance was $18.374 million.

Why did Stabilis Solutions' third-quarter operating cash flow fall sequentially?

Stabilis attributed the sequential operating cash flow decline primarily to changes in working capital. Third-quarter operating cash flow was $3.9 million, down $3.2 million from $7.1 million in the second quarter. Both quarters included $5.0 million in customer advance payments.