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Stabilis Solutions, Inc. reported a change in its external auditor following a transaction in which CohnReznick LLP acquired certain assets of its prior auditor, Ham, Langston and Brezina, LLP (HL&B). HL&B informed the company on July 8, 2026 that it resigned as independent registered public accounting firm, and on the same date the board’s Audit Committee approved CohnReznick as the new auditor for the fiscal year ending December 31, 2026.
HL&B’s audit reports on the consolidated financial statements as of December 31, 2025 and 2024 and for each of the two years ended December 31, 2025 contained no adverse opinions, disclaimers, or qualifications. The company states there were no disagreements with HL&B and no reportable events under Item 304(a)(1)(v) of Regulation S-K. HL&B provided a letter to the SEC dated July 8, 2026, attached as Exhibit 16.1, regarding these statements.
Stabilis Solutions, Inc. amended its existing loan agreement with The Huntington National Bank through a Second Modification Agreement. The change tightens a key financial covenant and adds new cash collateral requirements.
The Borrowers must maintain a minimum Fixed Charge Coverage Ratio of 1.20 to 1.00, tested quarterly on a trailing twelve‑month basis starting with the fiscal quarter ending March 31, 2027. The amendment also creates a segregated Cash Collateral Account at the Bank funded with at least $5,000,000 as collateral for obligations under the loan.
Until the Borrowers meet the new coverage ratio for two consecutive fiscal quarters beginning with the quarter ending March 31, 2027, availability under the revolving credit facility is limited to the amount on deposit in the Cash Collateral Account, subject to a cap of $10,000,000. After that, availability will be based on the borrowing base, up to a maximum of $10,000,000, and the Cash Collateral Account will be terminated and released to the Borrowers. In connection with this amendment, the Borrowers paid an upfront fee of $15,000.
Stabilis Solutions, Inc. is asking stockholders to vote at its August 10, 2026 annual meeting on electing six directors and ratifying Ham, Langston & Brezina, L.L.P. as independent auditor for 2026. The record date is June 8, 2026.
Executive Chairman and interim CEO J. Casey Crenshaw effectively controls the company, with beneficial ownership linked to 13,249,730 shares, or 71.2% of the 18,596,301 shares outstanding as of June 8, 2026. Chart Energy & Chemicals, Inc. holds 1,470,807 shares, or 7.9%.
In 2025, non-employee directors each received $125,000 in cash fees. Total 2025 pay was $459,969 for Mr. Crenshaw as interim CEO, $1,533,693 for former CEO Westervelt T. Ballard Jr. including separation-related amounts, and $536,086 for CFO Andrew Puhala, whose incentive pay is tied to Adjusted EBITDA and other goals. Auditor fees for 2025 were $283,000, entirely for audit services.
Stabilis Solutions, Inc. reports that a wholly owned subsidiary, Stabilis GDS, has had its time charter agreement for the liquefied natural gas bunkering vessel Seaspan Garibaldi terminated by the vessel owner. The termination became effective on June 24, 2026 after the owner exercised a previously granted option.
Under the termination, Stabilis GDS must pay the owner an early termination fee of $750,000, due on January 1, 2027, and also settle previously accrued amounts under the charter totaling approximately $1.1 million, which are scheduled to be paid in two installments during the third quarter of 2026.
Stabilis Solutions, Inc. director Edward L. Kuntz reported open-market purchases of the company’s common stock. On May 13, he bought 7,500 shares at $3.89 per share, and on May 12 he bought 167 shares at $3.60 per share. These transactions total 7,667 shares and are classified as direct ownership. Following the most recent trade, Kuntz directly holds 69,839 shares of Stabilis Solutions common stock.
Stabilis Solutions, Inc. Chief Financial Officer Andrew Lewis Puhala bought 2,000 shares of common stock in an open-market transaction. The purchase occurred at a weighted average price of $3.68 per share, and following this trade he directly owns 42,594 shares of Stabilis Solutions common stock.
Stabilis Solutions, Inc. reported sharply weaker quarterly results for the three months ended March 31, 2026 as two large multi-year contracts ended in 2025. Revenue fell to $10.4 million from $17.3 million, and the net loss widened to $4.1 million from $1.6 million.
Cost of revenues declined less than sales, leaving costs at 96% of revenue versus 74% a year earlier, while selling, general and administrative expenses dropped after prior-year severance and bonus costs. Operating cash flow rose to $12.4 million, driven mainly by a $15 million advance payment on a new multi-year data center power-generation LNG contract estimated at about $200 million of total revenue.
At quarter-end, the company held $3.1 million in cash and $10.6 million in restricted cash, against about $29.3 million of debt and operating lease obligations. Stabilis is advancing a proposed $350–$400 million Galveston LNG liquefaction project and has filed a shelf registration allowing up to $100 million of future securities issuance, including an at-the-market equity program.
Stabilis Solutions, Inc. reported a weak first quarter of 2026, with revenue of $10.4 million, down 40.2% from the same period in 2025 after two large multi‑year contracts ended in late 2025.
The company posted a net loss of $4.1 million, or ($0.22) per diluted share, versus a loss of $1.6 million, or ($0.09) per share, a year earlier, driven by lower revenue and $1.5 million of vessel charter expenses, partially offset by a $2.1 million reduction in selling, general and administrative costs.
Adjusted EBITDA declined to ($0.7) million from $2.1 million a year ago. Despite the loss, cash flow from operations improved sharply to $12.4 million, mainly due to $15.0 million in advance payments tied to a contract expected to begin in early 2027, which also increased deferred revenue and lease-related balances on the balance sheet.
Stabilis Solutions, Inc. entered an Equity Distribution Agreement with Johnson Rice & Company L.L.C., allowing at-the-market sales of common stock with an aggregate sales price of up to $10,146,795 under its existing shelf registration.
The company plans to use any net proceeds for general corporate purposes, which may include debt repayment or refinancing, capital expenditures, expanding liquefaction infrastructure, scaling operations, acquisitions or investments, share repurchases including from insider or affiliate shareholders, and working capital. Stabilis will pay the sales agent a commission of up to 3.0% of gross offering proceeds, and neither party is obligated to sell any specific amount of shares.
Stabilis Solutions, Inc. is offering shares of its common stock in an at-the-market equity program with aggregate proceeds of up to $10,146,795 to be sold from time to time through Johnson Rice & Company L.L.C. as sales agent. The sales agent may be paid commissions of up to 3% of gross proceeds.
The company’s common stock trades on Nasdaq under the symbol SLNG; the prospectus cites a public float of $30,470,857 calculated using a $5.86 closing price on March 2, 2026 and 5,199,805 shares held by non-affiliates as of March 10, 2026, and notes the offering is subject to the Form S-3 “Baby Shelf Limitation.” The prospectus supplement includes customary indemnities, plan of distribution details, intended general corporate uses of proceeds, and risk-factor cross-references.