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Stabilis Solutions, Inc. reported significantly weaker results for the quarter and six months ended June 30, 2026, driven by the expiration of two large multi-year contracts and costs tied to a terminated LNG bunkering vessel charter. Second-quarter revenue fell to $11,916 thousand from $17,309 thousand, and the company recorded a net loss of $4,637 thousand versus $613 thousand a year earlier. For the first half, revenue declined to $22,295 thousand from $34,647 thousand, with a net loss of $8,713 thousand versus $2,211 thousand.
Stabilis ended June 30, 2026 with $4,535 thousand in cash and $14,317 thousand in restricted cash, largely from $20,000 thousand of customer advance payments on a new multi-year data center power-generation contract estimated to total about $200,000 thousand in revenue from 2027–2029. Deferred revenue was $20,000 thousand. The company also continues development of a proposed Galveston LNG liquefaction facility with estimated capital needs of $350,000 to $400,000 thousand, which will require substantial third-party financing.
Management believes existing liquidity, operating cash flow and debt capacity can support operations for the next twelve months but acknowledges dependence on successful financing and covenant compliance to fund planned growth.
Stabilis Solutions, Inc. reported weak financial results for the quarter ended June 30, 2026, as revenue and earnings declined versus the prior year amid contract roll-offs and vessel charter costs. Second-quarter revenue was $11.9 million, down 31.2% from the same period in 2025, primarily due to completion of large marine and power generation contracts in late 2025, partly offset by growth in aerospace and industrial volumes.
The company recorded a net loss of $4.6 million, or $0.25 per diluted share, versus a loss of $0.6 million, driven by lower revenue and $2.9 million of vessel time charter expense tied to a charter that has now been terminated. Despite the loss, cash flow from operations was $7.1 million, helped by $5.0 million in advance payments for a multi-year LNG contract expected to begin in early 2027, which also contributed to total deferred revenue of $20.0 million at June 30, 2026. Adjusted EBITDA was $0.1 million, down from $1.5 million a year earlier.
Management describes 2026 as a transition year, citing demand recovery from first-quarter lows, 71% year-over-year revenue growth from aerospace customers, new data center LNG contracts, and expectations that second-half 2026 revenue will rise by over 50% versus the first half. For 2027, leadership expects full-year revenue to be well over $100 million, supported by a large U.S. data center LNG supply contract and ongoing LNG bunkering development on the Gulf Coast.
Stabilis Solutions, Inc. reported stockholder voting results from its August 10, 2026 annual meeting. Six director nominees—J. Casey Crenshaw, Benjamin J. Broussard, Stacey B. Crenshaw, Edward L. Kuntz, Peter C. Mitchell, and Matthew W. Morris—each received between 12.85 million and 13.30 million votes for, with several hundred thousand votes withheld for each and 1,773,833 broker non-votes recorded per nominee.
The company also reported voting on another stockholder matter, which received 14,580,026 votes for, 786,843 votes against, and 153 votes withheld. The disclosure focuses on meeting outcomes and does not address financial performance or major transactions.
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.