Stabilis Solutions nine-month loss widens to $8.52M
The data-center supply agreement carries estimated initial-term revenue of approximately $200 million, with LNG deliveries expected to begin in 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Stabilis Solutions, Inc. (SLNG) reported third-quarter 2026 revenue of $14.839 million, versus $20.325 million a year earlier, and net income of $189,000 versus $1.119 million. For the first nine months, revenue was $37.134 million versus $54.972 million and net loss was $8.524 million versus $1.092 million.
Nine-month operating cash flow was $23.370 million versus $7.934 million, including $25.0 million in customer advances for a data-center LNG contract. The advances are deferred revenue; unused amounts are restricted cash. The contract's estimated initial-term revenue is approximately $200 million, with deliveries expected from the first quarter of 2027 through the first quarter of 2029.
Stabilis is advancing a proposed Galveston LNG facility with 350,000-gallon-per-day capacity and estimated project investment of $350 million to $400 million. Customer commitments cover approximately 16% of capacity; a final investment decision is expected later in 2026 or early 2027. At September 30, 2026, unrestricted cash was $1.535 million, restricted cash was $16.839 million, debt outstanding net of issuance costs was $8.9 million, and debt availability was $5.0 million.
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.
Positive
- Moderate pointOperating cash flow: $23.370 million versus $7.934 million, including $25.0 million in advances.
Negative
- Moderate pointNine-month revenue fell 32.4% to $37.134 million, from $54.972 million.
- Moderate pointNine-month net loss was $8.524 million, versus $1.092 million.
Key Figures
Key Terms
deferred revenue financial
restricted cash and cash equivalents financial
Fixed Charge Coverage Ratio financial
take-or-pay contract financial
Final Investment Decision financial
Jones Act-compliant LNG bunkering vessel regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SLNG's results for the first nine months of 2026?
What is the expected value and schedule of SLNG's data-center LNG contract?
What collateral and covenant terms apply to SLNG's revolving credit facility?
What is SLNG's proposed Galveston LNG project?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended
TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number.
STABILIS SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
The |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act:
Large accelerated filer | ☐ |
| Accelerated filer | ☐ |
☒ |
| Smaller reporting company | ||
|
|
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of November 2, 2026, there were
Table of Contents
STABILIS SOLUTIONS, INC. AND SUBSIDIARIES
FORM 10-Q Index
For the Quarterly Period Ended September 30, 2026
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Part I. Financial Information |
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Item 1. |
Financial Statements (Unaudited) |
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Condensed Consolidated Balance Sheets |
4 |
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Condensed Consolidated Statements of Operations |
5 |
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Condensed Consolidated Statements of Comprehensive Income (Loss) |
6 |
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Condensed Consolidated Statements of Stockholders’ Equity |
7 |
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Condensed Consolidated Statements of Cash Flows |
8 |
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Notes to Condensed Consolidated Financial Statements |
9 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
18 |
Item 4. |
Controls and Procedures |
27 |
Part II. Other Information |
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Item 1. |
Legal Proceedings |
28 |
Item 1A. |
Risk Factors |
28 |
Item 5. |
Other Information |
28 |
Item 6. |
Exhibits |
29 |
Signatures |
30 |
|
2
Table of Contents
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“this Report”) includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements represent intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks and uncertainties and other factors. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flow, pending legal and regulatory proceedings and claims, including environmental matters, future economic performance, operating income, cost savings, and management’s plans, strategies, goals and objectives for future operations and growth. These forward-looking statements generally are accompanied by words such as “intend,” “anticipate,” “believe,” “estimate,” “expect,” “should,” “seek,” “project,” “plan” or similar expressions. Any statement that is not a historical fact is a forward-looking statement. It should be understood that these forward-looking statements are necessary estimates reflecting the best judgment of senior management, not guarantees of future performance. Many of the factors that impact forward-looking statements are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements as described in Part I. “Item 1A. Risk Factors” of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("the SEC") on March 5, 2026, as well as any additional risk factors identified and described in Part II. “Item 1A. Risk Factors” of our previously filed Quarterly Reports, including this Report.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements included in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
In this Report, we may rely on and refer to information from market research reports, analyst reports and other publicly available information. Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information, and we have not independently verified it.
3
Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS. (Unaudited)
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
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Assets | ||||||||
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Cost |
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Total assets |
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Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: |
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Accrued liabilities |
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Deferred revenue, current |
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Current portion of finance and operating lease obligations |
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Total current liabilities |
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Long-term notes payable, net of current portion and debt issuance costs |
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Total liabilities |
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Commitments and contingencies (Note 10) |
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Stockholders’ equity: |
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Preferred stock; $ par value, shares authorized, shares issued and outstanding at September 30, 2026 and December 31, 2025 |
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Common stock; $ par value, shares authorized, and shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Accumulated deficit |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
4
Table of Contents
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)
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| Three Months Ended |
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Revenues: |
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Revenues |
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Operating expenses: |
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Cost of revenues |
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Time charter expense |
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Change in unrealized (gain) loss on natural gas derivatives |
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Selling, general and administrative expenses |
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Loss from disposal of fixed assets |
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Impairment |
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Depreciation and amortization |
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Total operating expenses |
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Income (loss) from operations before equity income |
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Net equity income from foreign joint venture operations: |
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Income from equity investment in foreign joint venture |
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Foreign joint venture operating related expenses |
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Net equity income from foreign joint venture operations |
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Income (loss) from operations |
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Other income (expense): |
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Interest income, net |
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Other expense, net |
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Total other income (expense) |
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Income (loss) before income tax expense |
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Income tax expense (benefit) |
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Net income (loss) |
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Net income (loss) per common share: |
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Basic and diluted per common share |
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Weighted average number of common shares outstanding - Basic and diluted |
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The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
5
Table of Contents
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited, in thousands)
|
| Three Months Ended |
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| Nine Months Ended |
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|
| September 30, |
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| September 30, |
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| 2026 |
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| 2025 |
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| 2026 |
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| 2025 |
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Net income (loss) |
| $ |
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Foreign currency translation adjustment, net of tax |
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Total comprehensive income (loss) |
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| $ | ( | ) |
| $ | ( | ) | ||
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
6
Table of Contents
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited, in thousands, except share data)
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| Amount |
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| Paid-in Capital |
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| Income (Loss) |
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| Deficit |
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| Total |
| ||||||
Balance at December 31, 2024 |
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Common stock issued from vesting of stock-based awards |
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Stock-based compensation |
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Employee tax payments from stock-based withholding |
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Net loss |
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Other comprehensive income, net of tax |
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Balance at March 31, 2025 |
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Net loss |
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Other comprehensive income, net of tax |
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Balance at June 30, 2025 |
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Net income |
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| — |
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Other comprehensive income, net of tax |
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| — |
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Balance at September 30, 2025 |
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| $ |
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| $ | ( | ) |
| $ | ( | ) |
| $ |
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| Accumulated |
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| Other |
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| Common Stock |
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| Additional |
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| Comprehensive |
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| Paid-in Capital |
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| Deficit |
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| Total |
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Balance at December 31, 2025 |
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| $ |
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| $ |
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| $ |
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| $ | ( | ) |
| $ |
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Net loss |
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Other comprehensive income, net of tax |
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Balance at March 31, 2026 |
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Net loss |
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Other comprehensive income, net of tax |
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Balance at June 30, 2026 |
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Net income |
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| — |
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Other comprehensive income, net of tax |
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Balance at September 30, 2026 |
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The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
7
Table of Contents
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
|
| Nine Months Ended |
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| September 30, |
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| 2026 |
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| 2025 |
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Cash flows from operating activities: |
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Net loss |
| $ | ( | ) |
| $ | ( | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
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Stock-based compensation expense |
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Provision for credit losses |
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Loss on disposal of assets |
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Income from equity investment in joint venture |
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Distributions from equity investment in joint venture |
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Impairment |
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Non-cash time charter cancellation |
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Amortization of debt issuance cost |
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Cash settlements from natural gas derivatives, net |
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Realized and unrealized (gains) losses on natural gas derivatives, net |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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Prepaid expenses and other current assets |
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Accounts payable and accrued liabilities |
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Deferred revenue |
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Other |
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Net cash provided by operating activities |
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|
| ||
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Acquisitions of fixed assets and other noncurrent assets |
|
| ( | ) |
|
| ( | ) |
Proceeds from sale of fixed assets |
|
|
|
|
|
| ||
Net cash used in investing activities |
|
| ( | ) |
|
| ( | ) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds received from borrowings on notes payable |
|
|
|
|
|
| ||
Payments on short- and long-term notes payable and finance leases |
|
| ( | ) |
|
| ( | ) |
Payment of debt issuance costs |
|
| ( | ) |
|
| ( | ) |
Employee tax payments from stock-based withholding |
|
|
|
|
| ( | ) | |
Net cash used in financing activities |
|
| ( | ) |
|
| ( | ) |
Effect of exchange rate changes on cash |
|
|
|
|
|
| ||
Net increase in cash, cash equivalents and restricted cash and cash equivalents |
|
|
|
|
|
| ||
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period |
|
|
|
|
|
| ||
Cash, cash equivalents and restricted cash and cash equivalents, end of period |
| $ |
|
| $ |
| ||
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash and cash equivalents, end of period, as presented on the Condensed Consolidated Balance Sheets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ |
|
| $ |
| ||
Restricted cash and cash equivalents |
|
|
|
|
|
| ||
Total cash and cash equivalents |
| $ |
|
| $ |
| ||
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements
8
Table of Contents
STABILIS SOLUTIONS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Stabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) provide turnkey clean energy production, storage, transportation and fueling solutions using liquefied natural gas (“LNG”) to multiple end markets.
The Company serves customers in diverse end markets, including aerospace, agriculture, industrial, marine bunkering, mining, oil and gas, pipeline, remote power and utility markets. LNG can be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. Additionally, LNG can be used as a partner fuel for renewable energy, and as an alternative to traditional fuel sources, such as distillate fuel oil (including diesel fuel and other fuel oils) and propane, among others to provide both environmental and economic benefits.
The Company also builds power and control systems for the energy industry in China through its
Basis of Presentation and Consolidation
The accompanying unaudited, interim condensed consolidated financial statements (the “Condensed Consolidated Financial Statements”) include our accounts and those of our subsidiaries and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. We believe that the presentation and disclosures within this report are adequate to prevent the information presented herein from being misleading. The Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the audited consolidated financial statements included in the 2025 Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K, as filed on March 5, 2026. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated.
Use of Estimates in the Preparation of the Consolidated Financial Statements.
The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the determination of fair value of equity-based awards, fair value of natural gas derivatives, carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the Condensed Consolidated Financial Statements.
9
Table of Contents
Segment Reporting
In accordance with ASC Topic 280 - "Segment Reporting (ASC 280)" the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any material intra-segment sales and transfers of assets. The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer (the "CEO"). The CEO, with the Chief Financial Officer, assesses the performance and makes operating decisions of the Company on a consolidated basis, based on the Company's net increase in shareholder's equity resulting from operations ("net income (loss)"). Company assets are not reviewed by the CODM at a different asset level or category, but at the consolidated level. As the Company's operations are comprised of a single operating segment, the segment assets are reflected on the accompanying Condensed Consolidated Balance Sheets as "total assets" and the significant segment expenses are listed on the accompanying Condensed Consolidated Statements of Operations.
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents consist of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Condensed Consolidated Balance Sheets. Our restricted cash relates to $
Other noncurrent assets
Other noncurrent assets consist of legal costs incurred to obtain customer contracts and legal costs associated with obtaining financing for the Company’s proposed Galveston LNG liquefaction facility that have been capitalized and will be expensed over the term of the contract or financing term. During the first quarter of 2026, the Company impaired contract costs of $
Recent Accounting Pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. We adopted this ASU on a prospective basis effective January 1, 2026. The adoption had no impact to our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" which requires companies to disclose disaggregated information about certain costs and expenses in the notes to the financial statements. ASU 2024-03 is effective for companies for annual reporting periods beginning after December 15, 2026. The requirements can be applied either prospectively or retrospectively. Although early adoption is permitted, the Company intends to adopt the pronouncement when the pronouncement becomes effective on January 1, 2027. The Company does not expect the adoption of ASU 2024-03 to have a significant impact on its consolidated financial statements.
10
Table of Contents
2. REVENUE RECOGNITION
We recognize revenues when the transfer of promised goods or services are delivered to our customers in accordance with the applicable customer contract and we are entitled to be paid by the customer. Revenues are measured as consideration specified in the contract and exclude any sales incentives and amounts collected on behalf of third parties. Revenues from contracts with customers are disaggregated into (1) LNG Product (2) rental (3) service and (4) other. Certain contracts may include multiple goods or services such as the usage of equipment and delivery of field support services that are bundled into an all-in price to the customer for each gallon of LNG delivered. Revenue recognition under these contracts requires significant judgment by the Company in order to determine the appropriate accounting for these transactions, including whether performance obligations should be accounted for separately versus together, how the price should be allocated among the performance obligations, and when to recognize revenue for each performance obligation. The Company has determined that these contracts have multiple performance obligations and the Company allocates the contract price to each performance obligation using its best estimates of the respective standalone selling price of each distinct good or service at the time the contract was negotiated.
LNG product revenues
LNG product revenues represent the sale of LNG from both produced and purchased sources as well as the transportation performed to deliver the LNG to our customer location. LNG product revenues are recognized upon delivery of the LNG to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. The Company acts as a principal when using third-party transportation companies and therefore recognizes the gross revenue for the supply of LNG. The Company does not differentiate between the revenue from the sale of LNG production and purchased LNG as the criteria for revenue recognition are identical. Some of our contracts contain minimum take-or-pay amounts where a customer has agreed to source a minimum volume of LNG under the contract. Take or pay revenues are only recognized when the customer has failed to take the minimum contracted volumes upon completion of the time period specified within the contract, and the Company has the unconditional right to receive payment for the take or pay amount. Certain of our sales contracts contain provisions that may meet the criteria of a derivative in the event delivery is not made. These contracts are accounted for under the normal purchase normal sales exclusion under U.S. GAAP and are not measured at fair value each reporting period. Our LNG contracts are generally one to 24 months in duration.
Rental revenues
Rental revenues are generated from the rental of cryogenic equipment to our customers. Rental revenues are not dependent upon the gallons delivered but based upon day rates or monthly rates for the use of equipment as specifically established within the contract and are disaggregated from LNG product revenues. Revenues related to rental of equipment are recognized under Topic 606 and not ASC 842: Leases, as the Company maintains control of the equipment that the customer uses and can replace the rented equipment with similar equipment should the rented equipment become inoperable or the Company chooses to replace the equipment for maintenance purposes. Revenue is recognized as the rental period is completed and for periods that cross month end, revenue is recognized for the portion of the rental period that has been completed to date. Performance obligations for rental revenue are considered to be satisfied as the rental period is completed based upon the terms of the related contract. The stated rental rates within each contract are representative of the stand-alone rental rates at the time the contract was negotiated.
Service revenues
Service revenues are generated from engineering and field support services and represent the human resources provided to the customer to support the use of LNG at the customer’s job site. These include support and costs for mobilization and demobilization of equipment at customer sites as well as onsite technical support while customers are consuming LNG. Service revenues are not dependent upon the gallons delivered or rental period but based upon the specific contractual terms and can be based on an event (i.e. mobilization or demobilization) or an hourly rate as specifically established within the contract and are disaggregated from LNG product revenues and rental revenues. Service revenue is recognized as the event is completed or work is done. The stated hourly labor rates in each contract are representative of the stand-alone hourly rates at the time the contract was negotiated.
11
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Other revenues
Other revenues are items that, due to their nature, are disaggregated from the categories mentioned above such as expenses incurred by the Company on behalf of the customer that we contractually rebill to our customers on a cost-plus basis.
Disaggregated Revenues
The table below presents revenue disaggregated by source, for the three and nine months ended September 30, 2026 and 2025 (in thousands):
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
Revenues: |
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
| ||||
LNG product |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Rental |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Service |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Other |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total revenues |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
The table below presents revenue disaggregated by geographic location, for the three and nine months ended September 30, 2026 and 2025 (in thousands):
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
Revenues: |
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
| ||||
United States |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Mexico |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total revenues |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Variable and Other Revenue Components
Certain of our contracts may include rental or services revenue that may vary based on customer demand at stated rates within the contract and are satisfied as the work is authorized by the customer and performed by the Company. LNG product sales agreements may include both fixed and variable fees per gallon of LNG but are representative of the stand-alone selling price for LNG at the time the contract is negotiated. We have concluded that the variable LNG fees meet the exception for allocating variable consideration to specific parts of the contract. As such, the variable consideration for these contracts is allocated to each distinct gallon of LNG and recognized when that distinct gallon of LNG is delivered to the customer.
Taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers, such as sales, use and value-added taxes, are excluded from revenue.
12
Table of Contents
3. PREPAID EXPENSES AND OTHER CURRENT ASSETS
The Company’s prepaid expenses and other current assets at September 30, 2026 and December 31, 2025 consisted of the following (in thousands):
|
| September 30, |
|
| December 31, |
| ||
|
| 2026 |
|
| 2025 |
| ||
Prepaid insurance |
| $ |
|
| $ |
| ||
Prepaid supplier expenses |
|
|
|
|
|
| ||
Other receivables |
|
|
|
|
|
| ||
Deposits |
|
|
|
|
|
| ||
Other |
|
|
|
|
|
| ||
Total prepaid expenses and other current assets |
| $ |
|
| $ |
| ||
4. PROPERTY, PLANT AND EQUIPMENT
The Company’s property, plant and equipment at September 30, 2026 and December 31, 2025 consisted of the following (in thousands):
|
| September 30, |
|
| December 31, |
| ||
|
| 2026 |
|
| 2025 |
| ||
Liquefaction plants and systems |
| $ |
|
| $ |
| ||
Real property and buildings |
|
|
|
|
|
| ||
Vehicles and tanker trailers and equipment |
|
|
|
|
|
| ||
Computer and office equipment |
|
|
|
|
|
| ||
Construction in progress |
|
|
|
|
|
| ||
Leasehold improvements |
|
|
|
|
|
| ||
Total |
|
|
|
|
|
| ||
Less: accumulated depreciation and amortization |
|
| ( | ) |
|
| ( | ) |
Net |
| $ |
|
| $ |
| ||
Depreciation and amortization totaled $
Construction in progress of $
13
Table of Contents
5. ACCRUED LIABILITIES
The Company’s accrued liabilities at September 30, 2026 and December 31, 2025 consisted of the following (in thousands):
|
| September 30, |
|
| December 31, |
| ||
|
| 2026 |
|
| 2025 |
| ||
Compensation and benefits |
| $ |
|
| $ |
| ||
Other taxes payable |
|
|
|
|
|
| ||
Other accrued liabilities |
|
|
|
|
|
| ||
Total accrued liabilities |
| $ |
|
| $ |
| ||
6. DEFERRED REVENUE
The Company records deferred revenue if we receive consideration, prior to transferring the goods or services, required under the terms of the sales contract, to the customer.
Multi-year, On-site Power Generation for a Data Center
In February 2026, the Company was awarded a multi-year contract to supply LNG for power generation at a data center. During the three and nine months ended September 30, 2026, the Company received advance payments of $
The Company's deferred revenue at September 30, 2026 and December 31, 2025 was $
7. LEASES
Our current leases primarily consist of operating leases for certain facilities and office spaces in Houston, Texas and Monterrey, Mexico. The Company also leases a marine bunkering site in Galveston, Texas, along with certain equipment on a short-term basis. Leases which are less than twelve months or have no cancellation penalties are not recorded on the Condensed Consolidated Balance Sheets.
For the three months ended September 30, 2026 and 2025, lease expense that relates to the Company's capitalized operating was approximately $
14
Table of Contents
Termination of Time Charter Agreement - Marine Bunkering Vessel
On December 12, 2025, the Company entered into a time charter agreement for a marine bunkering vessel (the "Garibaldi") commencing March 1, 2026 (the "time charter"). The Company determined that the time charter represented an operating lease and the Company recorded a right-of-use ("ROU") asset and lease liability of $
Statement of cash flow impacts resulting from differences between operating lease payments and operating lease expense are included within “Other” on the Company's Statement of Cash Flows within Cash Flows from Operating Activities for the nine months ended September 30, 2026 and 2025. The following table summarizes cash flow items related to both operating and finance leases for the nine months ended September 30, 2026 and 2025 (in thousands):
|
| September 30, |
|
| September 30, |
| ||
Cash flow information related to leases: |
| 2026 |
|
| 2025 |
| ||
Amortization of right-of-use assets |
| $ |
|
| $ |
| ||
Change in operating lease liabilities |
|
| ( | ) |
|
| ( | ) |
Payments for right-of-use assets |
|
| ( | ) |
|
|
| |
Interest paid on finance leases |
|
|
|
|
|
| ||
8. DEBT
During the three months ended September 30, 2026 and 2025, interest expense was $
Revolving Credit Facility
On June 29, 2026, the Company, along with its subsidiaries, Stabilis LNG Eagle Ford LLC, Stabilis GDS, Inc. and Stabilis LNG Port Allen, LLC (collectively, the "Borrower") entered into a Second Modification Agreement and Amendment to Other Loan Documents (the “Second Modification Agreement”) with The Huntington National Bank, as successor by merger to Cadence Bank (the “Bank”), amending that certain Loan Agreement dated as of June 9, 2023, by and among the Borrowers and the Bank (the “Loan Agreement”).
The Second Modification Agreement amends the Loan Agreement to, among other things: (i) revise the financial covenant under the Loan Agreement to require the Borrowers to maintain a minimum Fixed Charge Coverage Ratio of
15
Table of Contents
Secured Term Note
On April 8, 2021, the Company entered into a loan agreement (the “AmeriState Loan Agreement”) with AmeriState Bank (“Lender”) to provide for an advancing loan facility in the aggregate principal amount of up to $
The AmeriState Loan Agreement requires the Company to meet certain financial covenants which include a debt-to-net-worth ratio of not more than
Insurance Notes Payable
The Company finances its annual commercial insurance premiums for its business operations. For the 2026-2027 policies, the amount financed was $
9. RELATED PARTY TRANSACTIONS
Casey Crenshaw (our Executive Chairman of the Board and Interim President and Chief Executive Officer) is the beneficial owner of
For the three months ended September 30, 2026 and 2025, the Company had purchases of $
Chart Energy and Chemicals, Inc. ("Chart"), acquired by Baker Hughes Company in the third quarter 2026 and now a subsidiary of Baker Hughes Company, beneficially owns
10. COMMITMENTS AND CONTINGENCIES
Environmental Matters
The Company is subject to federal, state and local environmental laws and regulations. The Company does not anticipate any expenditures to comply with such laws and regulations that would have a material impact on the Company’s condensed consolidated financial position, results of operations or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state and local environmental laws and regulations.
16
Table of Contents
Litigation, Claims and Contingencies
The Company may become party to various legal actions that arise in the ordinary course of its business. The Company is also subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes may arise during the course of these audits. It is impossible to determine the ultimate liabilities that the Company may incur resulting from any of these lawsuits, claims, proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If these matters were to ultimately be resolved unfavorably, it is possible that such an outcome could have a material adverse effect upon the Company’s condensed consolidated financial position, results of operations, or liquidity. The Company does not, however, anticipate such an outcome and it believes the ultimate resolution of these matters will not have a material adverse effect on the Company’s condensed consolidated financial position, results of operations, or liquidity.
11. SUPPLEMENTAL CASH FLOW INFORMATION
The Company's supplemental disclosure of cash flow information for the nine months ended September 30, 2026 and 2025 is as follows (in thousands):
|
| Nine Months Ended |
| |||||
|
| September 30, |
| |||||
Supplemental Disclosure of Cash Flow Information: |
| 2026 |
|
| 2025 |
| ||
Interest paid |
| $ |
|
| $ |
| ||
Income taxes paid |
|
|
|
|
|
| ||
Significant non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Acquisition of fixed assets included within accounts payable and accrued expenses |
| $ |
|
| $ |
| ||
ROU assets acquired under operating leases |
|
|
|
|
|
| ||
ROU assets and operating lease obligations derecognized upon lease termination |
|
|
|
|
|
| ||
Insurance premium financing |
|
|
|
|
|
| ||
12. NET INCOME (LOSS) PER SHARE
The calculation of net income (loss) per common share for the three months and nine months ended September 30, 2026 and 2025 are presented below. For all periods presented, there were no dilutive securities outstanding. Outstanding stock options of
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
| ||||
Weighted average shares: |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Basic weighted average number of common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Dilutive securities |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total shares including dilutive securities |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Net income (loss) |
| $ |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) | ||
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Net income (loss) per common share: |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Basic net income (loss) per common share |
| $ |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) | ||
Diluted net income (loss) per common share |
| $ |
|
| $ |
|
| $ | ( | ) |
| $ | ( | ) | ||
17
Table of Contents
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included elsewhere in this Form 10-Q (“this Report”) and the consolidated financial statements included in the 2025 Annual Report on Form 10-K filed on March 5, 2026 with the U.S. Securities and Exchange Commission (the “SEC”). Historical results and percentage relationships set forth in the Condensed Consolidated Statements of Operations and Cash Flows, including trends that might appear, are not necessarily indicative of future operations or cash flows.
Overview
Stabilis Solutions, Inc. and its subsidiaries provide turnkey clean energy production, storage, transportation, and fueling solutions using liquefied natural gas (“LNG”). We serve customers across a diverse range of end markets, including aerospace, agriculture, industrial, marine bunkering, mining, oil and gas, pipeline, and utility, as well as remote power applications such as data centers. LNG can be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. LNG can also be used to replace a variety of fuels, including distillate fuel oil, such as diesel and marine gas oil, and propane, among others, to provide environmental and economic benefits. Increasingly, LNG is being utilized as a transportation fuel in the marine industry and as a propellant in the private rocket launch sector. We believe that these fuel markets are large and provide significant opportunities for LNG usage.
The Company generates revenue by selling and delivering LNG to our customers, renting cryogenic equipment and providing engineering and field support services. We sell our products and services separately or as a bundle depending on the customer’s needs. Pricing depends on market pricing for natural gas and competing fuel sources (such as diesel, fuel oil, and propane among others), as well as the customer’s purchased volume, contract duration and credit profile.
LNG Production and Sales—Stabilis builds and operates cryogenic natural gas processing facilities, called “liquefiers,” which convert natural gas into LNG through a purification and multiple stage cooling process. We currently own and operate a liquefier that can produce up to 100,000 LNG gallons per day in George West, Texas and a liquefier that can produce up to 30,000 LNG gallons per day in Port Allen, Louisiana. The Company continues to seek expansion of its own liquefaction capacity as described in "Expanding Markets and Strategic Expansion Efforts" below. We also purchase LNG from third-party production sources which allows us to support customers in markets where we do not own liquefiers. We make the determination of LNG supply sources based on the cost of LNG, the transportation cost to deliver to customer locations, and the reliability of the supply source. Revenues earned from the production and sales of LNG are included within LNG product revenue.
Transportation and Logistics Services—Stabilis offers our customers a “virtual natural gas pipeline” by providing turnkey LNG transportation and logistics services in North America. We deliver LNG to our customers’ work sites from both our own production facilities and our network of third-party production sources located throughout North America. We own a fleet of cryogenic trailers to transport and deliver LNG. We also outsource similar equipment and transportation services for LNG from qualified third-party providers as required to support our customer base. Revenues earned from the transportation and logistical services of LNG to our customers are included within LNG product revenue.
Cryogenic Equipment Rental—Stabilis operates a fleet of mobile LNG storage and vaporization assets, including: transportation trailers, ISO containers, electric and gas-fired vaporizers, ambient vaporizers, storage tanks, and mobile vehicle fuelers. We also own several stationary storage and regasification assets. We believe this is one of the largest fleets of small-scale LNG equipment in North America. Our fleet consists primarily of trailer-mounted mobile assets, making delivery to and between customer locations more efficient. We deploy these assets on job sites to provide our customers with the equipment required to transport, store, and consume LNG in their operations. Revenues earned from cryogenic equipment rental are included within Rental revenue.
Engineering and Field Support Services—Stabilis has experience in the safe, cost effective, and reliable use of LNG in multiple customer applications. We have also developed many processes and procedures that we believe improve our customers’ use of LNG in their operations. Our engineers help our customers design and integrate LNG into their operations and our field service technicians help our customers mobilize, commission and reliably operate on the job site. Revenues earned from engineering and field support services are included within Service revenue.
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Table of Contents
Expanding Markets and Strategic Expansion Efforts
Multi-year On-site Power Generation for a Data Center
In February 2026, the Company was awarded a multi-year take-or-pay contract to supply LNG for behind-the-meter power generation for a world-leading provider of remote and temporary power generation at a data center. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. Total revenue under the initial multi-year term of the contract is estimated to be approximately $200 million. The Company received $25.0 million in advance payments from the customer; of which, the final advance payment of $5.0 million was received in the third quarter of 2026. Advance payments will offset a percentage of each future invoice over the term of the contract, until fully offset, at which time the credit will cease. The Company may utilize the advance payments for the purchase of equipment, securing LNG supply and commissioning expenses incurred by the Company specific to the customer project. The portion of the $25.0 million that has not been utilized related to the customer project has been classified as restricted cash and cash equivalents. The full amount of the advance payment has been presented as deferred revenue on the Company's Condensed Consolidated Balance Sheet at September 30, 2026. See additional discussion in Note 1 and Note 6 of the Notes to Condensed Consolidated Financial Statements.
Proposed Galveston LNG Liquefaction Facility and Jones Act-compliant LNG Bunkering Vessel
In 2025, the Company announced development of a proposed new 350,000 gallon-per-day, waterfront LNG liquefaction facility in Galveston, Texas. The Company has entered into a ten-year LNG supply bunkering agreement with a global marine cruise vessel operator to supply LNG for approximately 16% of the proposed project's planned capacity and to anchor development of the proposed facility. The Company continues to advance development of the facility and is engaged in discussions with multiple potential customers to secure the remaining offtake and to advance the project toward an expected Final Investment Decision ("FID") later in 2026 or early 2027. The total capital required for the project is estimated at $350 million to $400 million. The proposed Galveston LNG liquefaction facility is expected to be strategically located to support and expand the Company's marine bunkering services to additional marine markets. With the construction of the facility, the Company plans to commission a dedicated Jones Act-compliant LNG bunkering vessel to serve the Port of Galveston, Port of Houston and surrounding Gulf Coast markets. This vessel would transport LNG from the facility directly to customer vessels. Together, the proposed new LNG facility and new bunkering vessel are expected to create a fully integrated, last-mile LNG delivery solution for customers.
Geopolitical events in the Middle East with the U.S. and Iran conflict
Recent geopolitical developments in the Middle East, including the U.S. conflict with Iran, may contribute to an increase in energy related costs and related market uncertainties. The Company's customer pricing structure for natural gas is primarily based off a monthly index and may absorb most, if not all, volatility associated with the price of natural gas; however, there can be no assurance that the Company will not be adversely impacted by resulting energy cost and market uncertainties resulting from the Iran conflict. The Company continues to monitor the developments.
19
Table of Contents
Results of Operations
Stabilis supplies LNG to multiple end markets in North America and provides turnkey fuel solutions to help users of propane, diesel and other crude-based fuel products convert to LNG.
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
During the fourth quarter of 2025, two multi-year customer contracts concluded in accordance with their terms. The completed contracts were for temporary remote power in Louisiana, and the Company’s truck-to-vessel LNG marine bunkering services in Galveston, Texas. The two contracts accounted for approximately 19% and 32% of 2025 annual revenues, respectively. As a result, the third quarter of 2026 results were lower for the period.
The comparative tables below reflect our consolidated operating results for the three months ended September 30, 2026 (the “Current Quarter”) as compared to the three months ended September 30, 2025 (the “Prior Year Quarter”) (unaudited, amounts in thousands, except for percentages).
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|||||
|
|
September 30, |
|
|
|
|
|
|
|
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LNG product |
|
$ | 11,550 |
|
|
$ | 17,526 |
|
|
$ | (5,976 | ) |
|
|
(34.1 | ) |
Increase / (decrease) in gallons delivered |
|
|
(6,659 | ) |
|
|
|
|
|
|
|
|
|
|
n/a |
|
Rental |
|
|
1,926 |
|
|
|
1,374 |
|
|
|
552 |
|
|
|
40.2 |
|
Service |
|
|
1,075 |
|
|
|
1,245 |
|
|
|
(170 | ) |
|
|
(13.7 | ) |
Other |
|
|
288 |
|
|
|
180 |
|
|
|
108 |
|
|
|
60.0 |
|
Total revenues |
|
|
14,839 |
|
|
|
20,325 |
|
|
|
(5,486 | ) |
|
|
(27.0 | ) |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
10,506 |
|
|
|
14,723 |
|
|
|
(4,217 | ) |
|
|
(28.6 | ) |
Change in unrealized loss on natural gas derivatives |
|
|
— |
|
|
|
19 |
|
|
|
(19 | ) |
|
|
n/a |
|
Selling, general and administrative expenses |
|
|
2,517 |
|
|
|
2,783 |
|
|
|
(266 | ) |
|
|
(9.6 | ) |
Loss from disposal of fixed assets |
|
|
1 |
|
|
|
165 |
|
|
|
(164 | ) |
|
|
n/a |
|
Depreciation and amortization |
|
|
1,748 |
|
|
|
1,842 |
|
|
|
(94 | ) |
|
|
(5.1 | ) |
Total operating expenses |
|
|
14,772 |
|
|
|
19,532 |
|
|
|
(4,760 | ) |
|
|
(24.4 | ) |
Income from operations before equity income |
|
|
67 |
|
|
|
793 |
|
|
|
(726 | ) |
|
|
(91.6 | ) |
Net equity income from foreign joint venture operations |
|
|
96 |
|
|
|
278 |
|
|
|
(182 | ) |
|
|
(65.5 | ) |
Income from operations |
|
|
163 |
|
|
|
1,071 |
|
|
|
(908 | ) |
|
|
(84.8 | ) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
49 |
|
|
|
84 |
|
|
|
(35 | ) |
|
|
(41.7 | ) |
Other expense, net |
|
|
(25 | ) |
|
|
(35 | ) |
|
|
10 |
|
|
|
(28.6 | ) |
Total other income (expense) |
|
|
24 |
|
|
|
49 |
|
|
|
(25 | ) |
|
|
(51.0 | ) |
Income before income tax expense |
|
|
187 |
|
|
|
1,120 |
|
|
|
(933 | ) |
|
|
(83.3 | ) |
Income tax expense (benefit) |
|
|
(2 | ) |
|
|
1 |
|
|
|
(3 | ) |
|
|
n/a |
|
Net income |
|
$ | 189 |
|
|
$ | 1,119 |
|
|
$ | (930 | ) |
|
|
(83.1 | ) |
20
Table of Contents
Revenue
During the Current Quarter, revenues decreased $5.5 million, or 27%, compared to the Prior Year Quarter. The change in revenue primarily related to:
|
● |
Decreased gallons of LNG delivered in the Current Quarter, due to the conclusion of two contracts, compared to the Prior Year Quarter resulting in a decrease in revenues of $6.6 million; and |
|
● |
Decreased average natural gas prices in the Current Quarter compared to the Prior Year Quarter resulting in a decrease in revenues of $0.3 million. |
The decreases were partially offset by increases in revenues for:
|
● |
Higher average pricing from favorable customer mix in the Current Quarter compared to the Prior Year Quarter, resulting in an increase in revenues of $0.6 million; |
|
● |
Increased rental and other revenues in the Current Quarter compared to the Prior Year Quarter, resulting in an increase in revenues of $0.5 million; and |
|
● |
Increase in take-or-pay revenues in the Current Quarter compared to the Prior Year Quarter resulting in an increase in revenues of $0.3 million. |
Operating Expenses
Cost of revenues. Cost of revenues decreased $4.2 million, or 29%, compared to the Prior Year Quarter. As a percentage of revenue, these costs were 71% and 72% in the Current Quarter and the Prior Year Quarter, respectively. The decrease in cost of revenues was primarily attributable to:
|
● |
Decreased gallons of LNG delivered in the Current Quarter compared to the Prior Year Quarter resulting in a decrease in cost of revenues of $4.5 million. |
The decrease was partially offset by increases in cost of revenues for:
|
● |
Increased rental, service and other cost of revenues in the Current Quarter compared to the Prior Year Quarter resulting in an increase in cost of revenues of $0.2 million; and |
|
● |
Higher average transportation and liquefaction costs in the Current Quarter compared to the Prior Year Quarter resulting in an increase in cost of revenues of $0.1 million. |
Change in unrealized loss on natural gas derivatives. In the Prior Year Quarter, the Company had an unrealized loss of $19 thousand on change in unrealized loss on natural gas derivatives. The Company had no unrealized gain or loss in the Current Quarter, and did not hold any natural gas derivatives during the Current Quarter.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased $0.3 million in the Current Quarter compared to the Prior Year Quarter. The decrease is primarily related to lower compensation expense, partially offset by higher professional fees.
Depreciation and amortization. Depreciation and amortization decreased $0.1 million during the Current Quarter as compared to the Prior Year Quarter primarily due to assets reaching the end of their depreciable lives partially offset by recent acquisitions of fixed assets.
Net equity income from foreign joint venture operations. Equity income from the Company's foreign joint venture decreased by $0.2 million in the Current Quarter compared to the Prior Year Quarter due to decreased net profits by the joint venture.
Interest income, net. Interest income, net was $49 thousand in the Current Quarter compared to $0.1 million in the Prior Year Quarter. In both periods, interest income, net related to interest earned on the Company's cash balances.
21
Table of Contents
Other expense, net. Other expense, net was $25 thousand during the Current Quarter compared to $35 thousand in the Prior Year Quarter related to, in both periods, transactional foreign exchange gains (losses).
Income tax expense (benefit). The Company incurred state and foreign income tax benefit of $2 thousand during the Current Quarter compared to income tax expense of $1 thousand during the Prior Year Quarter. Income tax benefit for the Current Quarter and income tax expense for the Prior Year Quarter primarily related to state income taxes. No U.S. federal income taxes were recorded for the Current Quarter or Prior Year Quarter as any net U.S. deferred tax assets generated from operating losses or used from operating income were offset by a change in the Company's valuation allowance on net deferred tax assets.
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
During the the fourth quarter of 2025, two multi-year customer contracts concluded in accordance with their terms. The completed contracts were for temporary remote power in Louisiana, and the Company’s truck-to-vessel LNG marine bunkering services in Galveston, Texas. The two contracts accounted for approximately 19% and 32% of 2025 annual revenues, respectively. As a result, the first nine months ended September 30, 2026 results were lower for the period.
The comparative tables below reflect our consolidated operating results for the nine months ended September 30, 2026 (the “Current Year”) as compared to the nine months ended September 30, 2025 (the “Prior Year”) (unaudited, amounts in thousands, except for percentages).
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|||||
|
|
September 30, |
|
|
|
|
|
|
|
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LNG product |
|
$ | 31,283 |
|
|
$ | 46,100 |
|
|
$ | (14,817 | ) |
|
|
(32.1 | ) |
Increase / (decrease) in gallons delivered |
|
|
(14,754 | ) |
|
|
|
|
|
|
|
|
|
|
n/a |
|
Rental |
|
|
3,466 |
|
|
|
4,220 |
|
|
|
(754 | ) |
|
|
(17.9 | ) |
Service |
|
|
1,907 |
|
|
|
4,119 |
|
|
|
(2,212 | ) |
|
|
(53.7 | ) |
Other |
|
|
478 |
|
|
|
533 |
|
|
|
(55 | ) |
|
|
(10.3 | ) |
Total revenues |
|
|
37,134 |
|
|
|
54,972 |
|
|
|
(17,838 | ) |
|
|
(32.4 | ) |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
28,596 |
|
|
|
40,235 |
|
|
|
(11,639 | ) |
|
|
(28.9 | ) |
Time charter expense |
|
|
4,342 |
|
|
|
— |
|
|
|
4,342 |
|
|
|
n/a |
|
Change in unrealized gain on natural gas derivatives |
|
|
— |
|
|
|
(5 | ) |
|
|
5 |
|
|
|
n/a |
|
Selling, general and administrative expenses |
|
|
7,814 |
|
|
|
10,847 |
|
|
|
(3,033 | ) |
|
|
(28.0 | ) |
Loss from disposal of fixed assets |
|
|
1 |
|
|
|
62 |
|
|
|
(61 | ) |
|
|
n/a |
|
Impairment |
|
|
71 |
|
|
|
— |
|
|
|
71 |
|
|
|
n/a |
|
Depreciation and amortization |
|
|
5,310 |
|
|
|
5,569 |
|
|
|
(259 | ) |
|
|
(4.7 | ) |
Total operating expenses |
|
|
46,134 |
|
|
|
56,708 |
|
|
|
(10,574 | ) |
|
|
(18.6 | ) |
Loss from operations before equity income |
|
|
(9,000 | ) |
|
|
(1,736 | ) |
|
|
(7,264 | ) |
|
|
n/a |
|
Net equity income from foreign joint venture operations |
|
|
538 |
|
|
|
696 |
|
|
|
(158 | ) |
|
|
(22.7 | ) |
Loss from operations |
|
|
(8,462 | ) |
|
|
(1,040 | ) |
|
|
(7,422 | ) |
|
|
713.7 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
190 |
|
|
|
129 |
|
|
|
61 |
|
|
|
47.3 |
|
Other expense, net |
|
|
(99 | ) |
|
|
(71 | ) |
|
|
(28 | ) |
|
|
39.4 |
|
Total other income (expense) |
|
|
91 |
|
|
|
58 |
|
|
|
33 |
|
|
|
56.9 |
|
Loss before income tax expense |
|
|
(8,371 | ) |
|
|
(982 | ) |
|
|
(7,389 | ) |
|
|
752.4 |
|
Income tax expense |
|
|
153 |
|
|
|
110 |
|
|
|
43 |
|
|
|
39.1 |
|
Net loss |
|
$ | (8,524 | ) |
|
$ | (1,092 | ) |
|
$ | (7,432 | ) |
|
|
680.6 |
|
22
Table of Contents
Revenue
During the Current Year, revenues decreased $17.8 million, or 32%, compared to the Prior Year. The change in revenue primarily related to:
|
● |
Decreased gallons of LNG delivered in the Current Year due to the conclusion of two contracts, compared to the Prior Year resulting in a decrease in revenues of $15.3 million; |
|
● |
Decreased rental, service and other revenues in the Current Year compared to the Prior Year, resulting in a decrease in revenues of $3.0 million. |
|
● |
Decreased average natural gas prices in the Current Year compared to the Prior Year resulting in a decrease in revenues of $0.9 million; and |
These decreases were partially offset by increased revenues of $1.4 million related to:
|
● |
Higher average pricing from favorable customer mix in the Current Year compared to the Prior Year, resulting in an increase in revenues of $1.1 million; |
|
● |
Increase in take-or-pay revenues in the Current Year compared to the Prior Year resulting in an increase in revenues of $0.3 million. |
Operating Expenses
Cost of revenues. Cost of revenues decreased $11.6 million, or 29% compared to the Prior Year. As a percentage of revenue, these costs were 77% and 73% in the Current Year and the Prior Year, respectively. The change in cost of revenues was primarily attributable to:
|
● |
Decreased gallons of LNG delivered in the Current Year compared to the Prior Year resulting in a decrease in cost of revenues of $10.4 million; |
|
● |
Decreased rental, service and other revenues in the Current Year compared to the Prior Year, resulting in a decrease in cost of revenues of $1.2 million; and |
|
● |
Decreased average natural gas prices in the Current Year compared to the Prior Year resulting in a decrease in cost of revenues of $0.9 million; and |
The decrease was partially offset by increased cost of revenues of $0.8 million primarily related to an increase in liquefaction costs in the Current Year compared to the Prior Year.
Time charter expense. The Company recognized time charter expense and cancellation charges of $4.3 million in the Current Year related to the time charter of the Garibaldi which was terminated on June 24, 2026. See also Note 7 of the Notes to Condensed Consolidated Financial Statements.
Change in unrealized gain on natural gas derivatives. In the Prior Year, the Company had an unrealized gain of $5 thousand on change in unrealized gain on natural gas derivatives. The Company had no unrealized gain or loss in the Current Year, and did not hold any natural gas derivatives during the Current Year.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased $3.0 million in the Current Year compared to the Prior Year. Mr. Ballard's severance related expenses were $2.1 million in the Prior Year in addition to higher compensation expense incurred in the Prior Year.
Depreciation and amortization. Depreciation and amortization decreased $0.3 million during the Current Year as compared to the Prior Year primarily due to assets reaching the end of their depreciable lives partially offset by recent acquisitions of fixed assets.
Loss on disposal of assets. The Company recognized a loss on disposal of assets of $1 thousand and $0.1 million in the Current Year and Prior Year, respectively. The loss in the Prior Year related to a damaged trailer, partially offset by the sale of an asset in which proceeds of $0.2 million were received.
23
Table of Contents
Impairment. The Company recognized impairment charges of $0.1 million in the Current Year which related to capitalized costs from a cancelled contract. The Company did not incur any impairment charges in the Prior Year.
Net equity income from foreign joint venture operations. Equity income from the Company's foreign joint venture decreased by $0.2 million in the Current Year due to decreased net profits of the joint venture.
Interest income. Interest income, net was $0.2 million in the Current Year compared to $0.1 million in the Prior Year. In both periods, interest income, net related to interest earned on the Company's cash balances.
Other income (expense). Other expense was $0.1 million during both the Current Year and the Prior Year primarily related to transactional foreign exchange gains (losses).
Income tax expense. The Company incurred state and foreign income tax expense of $0.2 million during the Current Year compared to $0.1 million during the Prior Year. Income tax expense for the Current Year and Prior Year primarily related to foreign taxes incurred on dividends received from the Company's joint venture. No U.S. federal income taxes were recorded for the Current Year or Prior Year as any net U.S. deferred tax assets generated from operating losses or used from operating income were offset by a change in the Company's valuation allowance on net deferred tax assets.
Liquidity and Capital Resources
The Company's principal sources of liquidity in the Current Quarter consisted of cash provided by operations, including customer advance payments and cash on hand. The Company's principal source of liquidity through the first nine months ended September 30, 2026, also included dividends received from its joint venture and borrowings under its AmeriState loan. The Company used its liquidity to invest in fixed assets to support growth, as well as to pay interest and principal amounts outstanding under our debt agreements.
As of September 30, 2026, we had $1.5 million in unrestricted cash and cash equivalents on hand and $16.8 million in restricted cash, $8.9 million in outstanding debt (net of debt issuance costs) and operating lease obligations (of which $2.7 million is due in the next twelve months). The Company has availability under its debt agreements of $5.0 million.
The Company is subject to substantial business risks and uncertainties inherent in the LNG industry and there is no assurance that the Company will be able to generate sufficient cash flows in the future to sustain itself or to support future growth. Management believes the business will generate sufficient cash flows from its operations along with availability under the Company's debt agreements to fund its ongoing business for the next twelve months. While we believe we have sufficient liquidity and capital resources to fund our ongoing operations and repay our debt over the next twelve months, we will require additional capital to fund business expansion. Our current expansion efforts include the construction of the proposed Galveston LNG liquefaction facility and commencement of operations to service our multi-year data center power generation contract beginning in 2027 which will require engineering expenditures, additional equipment, rolling stock, commissioning and near-term working capital as the Company commissions operations.
As of September 30, 2026, the Company was in compliance with all financial covenants under its debt agreements. The Company’s efforts to expand its business include anticipated significant capital expenditures and a successful financing transaction associated with the proposed Galveston LNG liquefaction facility, all of which are yet to occur.
We will continue to monitor covenant compliance closely and evaluate additional actions which may include reducing discretionary capital expenditures, delaying certain growth initiatives, or seeking alternative sources of financing if needed. The Company believes that its relations with its lenders are good and that a waiver could be obtained in the event a violation occurred; however, there can be no assurance that additional actions taken by the Company, if required, could prevent a possible covenant violation or that the Company would be successful in obtaining a covenant waiver in the event a covenant violation occurred.
24
Table of Contents
Cash Flows
Cash flows provided by (used in) our operating, investing and financing activities are summarized below (unaudited, in thousands):
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Net cash provided by (used in): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ | 23,370 |
|
|
$ | 7,934 |
|
Investing activities |
|
|
(11,520 | ) |
|
|
(4,788 | ) |
Financing activities |
|
|
(939 | ) |
|
|
(1,843 | ) |
Effect of exchange rate changes on cash |
|
|
4 |
|
|
|
15 |
|
Net increase in cash, cash equivalents and restricted cash and cash equivalents |
|
|
10,915 |
|
|
|
1,318 |
|
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period |
|
|
7,459 |
|
|
|
8,987 |
|
Cash, cash equivalents and restricted cash and cash equivalents, end of period |
|
$ | 18,374 |
|
|
$ | 10,305 |
|
Operating Activities
Net cash provided by operating activities totaled $23.4 million for the nine months ended September 30, 2026 compared to $7.9 million for the same period in 2025. The increase in net cash provided by operating activities of $15.4 million as compared to the Prior Year was primarily attributable to $25.0 million of advance payments received on the multi-year data center power generation contract to begin in the first quarter of 2027. The advance payments represent deferred revenue and is classified in restricted cash. These amounts were partially offset by the higher net loss incurred for the nine months ended September 30, 2026 compared to the same period in 2025.
Investing Activities
Net cash used in investing activities totaled $11.5 million for the nine months ended September 30, 2026 compared to $4.8 million for the nine months ended September 30, 2025. The increase in net cash used in investing activities in the Current Year of $6.7 million was primarily due to cash paid for capital expenditures to support growth including the multi-year data center power generation contract to begin in the first quarter of 2027.
Financing Activities
Net cash used in financing activities totaled $0.9 million for the nine months ended September 30, 2026, compared to $1.8 million for the nine months ended September 30, 2025. The decrease in cash used in financing activities in the Current Year compared to the Prior Year is due to proceeds received under the AmeriState Loan of $1.0 million partially offset by increased loan payments in the Current Year under the AmeriState Loan.
Future Cash Requirements
We believe we have sufficient liquidity and capital resources to fund our operations and repay our debt.
We require cash to fund our operating expenses and working capital requirements, including costs associated with gas purchases, capital expenditures, debt repayments, equipment purchases, maintenance of LNG production facilities, mergers and acquisitions (if any), pursuing market expansion, supporting sales and marketing activities and other general corporate purposes. During the nine months ended September 30, 2026, the Company incurred a net loss of $8.5 million as a result of the conclusion of two customer contracts, and vessel charter costs, related to non-recurring time charter expenses of a canceled lease. However, the Company recognized net income of $0.2 million for the three months ended September 30, 2026 and anticipates its future profitability and operating cash flow to improve based on the multi-year take-or-pay contract, among other planned business, as discussed above in “Expanding Markets and Strategic Expansion Efforts”.
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Our current expansion efforts include the construction of the proposed new Galveston LNG liquefaction facility and Jones Act-compliant marine bunkering vessel and the commencement of operations for the multi-year data center power generation contract beginning in 2027 (discussed below). We may elect to pursue additional financing activities such as refinancing existing debt, obtaining new debt, or debt or equity offerings to provide flexibility with our cash management. Certain of these alternatives may require the consent of current lenders or stockholders, and there is no assurance that we will be able to execute any of these alternatives on acceptable terms or at all.
Capital expenditures for the nine months ended September 30, 2026 were $11.5 million and primarily related to preliminary work and ordering of long lead time items, related to the Company's proposed new Galveston LNG liquefaction facility and Jones Act-compliant marine bunkering vessel, and its multi-year data center power generation contract. Capital expenditures also related to refurbishments and upgrades to existing assets and rolling stock. Other future capital expenditures will be dependent upon business needs, as well as the availability of additional capital at favorable terms which is difficult to predict. At September 30, 2026, the Company had open purchase orders and commitments related to capital expenditures of approximately $6.7 million and the Company continues to advance the proposed new Galveston LNG liquefaction facility and Jones Act-compliant marine bunkering vessel, and scale for its multi-year data center power generation contract. See additional discussion regarding the Company's potential expansion efforts below.
Expansion Efforts
Multi-year, On-site Power Generation for a Data Center
In February 2026, the Company was awarded a multi-year contract to supply LNG for power generation at a data center. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. The supply agreement will require investment of up to $25.0 million in capital additions and working capital needed to secure LNG supply and fund the commissioning of the project. The Company received advance payments totaling $25.0 million during the nine months ended September 30, 2026.
Proposed New Galveston LNG Liquefaction Facility and Jones Act-compliant Bunkering Vessel
The Company continues to advance its proposed Galveston liquefaction facility along with a Jones Act-compliant LNG bunkering vessel toward an expected FID later in 2026 or early 2027. The Company has secured customer commitments for approximately 16% of the project’s proposed 350,000 gallons-per-day capacity and remains engaged in discussions with multiple potential customers to secure the remaining offtake. Total investment in the Company’s proposed Galveston liquefaction facility is estimated at $350 million to $400 million. The financing and structure of the proposed Galveston liquefaction facility is anticipated to be in the form of a separate entity with a combination of third-party equity and debt that would be nonrecourse to the Company. The Company does not intend to commit to the use of significant additional funds related to the proposed Galveston LNG liquefaction facility without first securing the financing. There is no guarantee that additional financing will be available or available at terms that would be beneficial to the Company.
At September 30, 2026, the Company has capitalized $9.7 million of costs related to the proposed new Galveston LNG liquefaction facility and related LNG marine bunkering vessel. In the event the Company determines that it is not probable that it will secure financing to advance the proposed Galveston liquefaction facility, the Company will need to asses the capitalized costs for impairment. However, such impairment, if any, would not result in any future cash requirement to the Company.
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Shelf Registration Statement
The Company filed a registration statement on Form S-3 (the "Shelf Registration"), which was declared effective on March 26, 2026. The Shelf Registration is for a period of three years, expiring on March 25, 2029, and permits the Company to issue up to $100 million (subject the limitations described below) in either common stock, preferred stock, warrants or a combination of the above. On April 17, the Company filed a prospectus supplement to the Shelf Registration pursuant to which the Company may offer and sell shares of common stock directly to the public “at the market” (the "ATM") as permitted in Rule 415 under the Securities Act pursuant to an Equity Distribution Agreement entered into between the Company and Johnson Rice & Company L.L.C., as sales agent. The Company is subject to General Instruction I.B.6. of Form S-3 that limits the amount of securities that the Company may sell under the Shelf Registration to no more than one-third of the Company’s public float (currently $10.2 million) in any twelve-month period. The Company has made no issuances under the Shelf Registration and related ATM at September 30, 2026.
Off-Balance Sheet Arrangements
As of September 30, 2026, we had no transactions that met the definition of off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our consolidated financial position, operating results, liquidity, cash requirements or capital resources.
Critical Accounting Policies and Estimates
The discussion and analysis of our financial condition and results of operations are based on our Condensed Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities known to exist at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We evaluate our estimates on an ongoing basis, based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates. There have been no significant changes in the Company's “Critical Accounting Policies and Estimates” during the three and nine months ended September 30, 2026 from those disclosed within the Company's Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 5, 2026.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
As a “smaller reporting company,” the Company is not required to provide this information.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) of the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at September 30, 2026.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during our last fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
The Company becomes involved in various legal proceedings and claims in the normal course of business. In management’s opinion, the ultimate resolution of these matters will not have a material effect on our financial position or results of operations.
ITEM 1A. RISK FACTORS.
Our operations and financial results are subject to various risks and uncertainties, including those described in the Part I. “Item 1A. Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 5, 2026 (“Form 10-K”), which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. During the nine months ended September 30, 2026, there have been no material changes in our risk factors disclosed in our 2025 Form 10-K; except for the addition of the following risk factors.
Geopolitical events in the Middle East with the U.S. and Iran conflict could have some adverse impact on our business and results of operations
Recent geopolitical developments in the Middle East, including the U.S. conflict with Iran, may contribute to an increase in energy related costs and related market uncertainties. The Company's pricing structure related to LNG product revenues may absorb most, if not all, volatility associated with the price of natural gas. However, failure to absorb the full impact of any price increases could adversely impact the Company's business and results of operations. The Company continues to monitor the risk associated with the Middle East conflicts.
Failure to secure additional off-take from the proposed Galveston LNG liquefaction facility, could adversely affect the Company's ability to secure financing for the project
Financing for the proposed new Galveston LNG liquefaction facility may be based on having firm contractual LNG off-take from the facility. Failure to obtain additional contractual off-take could prevent the Company from being able to finance the project, adversely impacting potential profits, results of operations, cash flows and financial condition. At September 30, 2026, the Company has capitalized $9.7 million of costs related to the proposed new Galveston LNG liquefaction facility and related dedicated Jones Act-compliant LNG bunkering vessel.
ITEM 5. OTHER INFORMATION.
of the Company's officers or directors adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended September 30, 2026, as such terms are defined under Item 408(a) of Regulation S-K.
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ITEM 6. EXHIBITS.
(a) Index to Exhibits
Exhibit No. |
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Exhibit Description |
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3.1 |
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Amended and Restated Articles of Incorporation of the Registrant (Incorporated by Reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K filed October 15, 2020) |
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3.2 |
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Amended and Restated Bylaws of the Registrant (Incorporated by Reference to Exhibit 3.2 to Registrant’s Current Report on Form 8-K filed September 18, 2020) |
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4.1 |
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Registration Rights Agreement dated July 26, 2019, by and among Registrant, LNG Investment Company, LLC, and AEGIS NG LLC (Incorporated by Reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed August 1, 2019) |
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4.2 |
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Registration Rights Agreement dated as of August 20, 2019, by and among Registrant and the Investors named therein (Incorporated by Reference to Exhibit 4.9 to Registrant's Registration Statement on Form S-1 filed September 11, 2019) |
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4.3 |
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Registration Rights Agreement, dated June 1, 2021, among TGB Equipment Leasing, LLC and Stabilis (Incorporated by reference to Exhibit 10.5 to Registrant's Quarterly Report on Form 10-Q filed on August 5, 2021) |
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4.5 |
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Description of Securities (incorporated by reference to Exhibit 4.5 to Registrant's Annual Report on Form 10-K filed February 25, 2025) |
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31.1 |
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*Rule 13a-14(a) / 15d-14(a) Certification of Principal Executive Officer. |
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31.2 |
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*Rule 13a-14(a) / 15d-14(a) Certification of Principal Financial Officer. |
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32.1 |
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*Section 1350 Certifications of Principal Executive Officer and Principal Financial Officer. |
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101.INS |
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*Interactive XBRL Instance Document (XBRL tags are embedded within the Inline XBRL document) |
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101.SCH
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*Inline XBRL Taxonomy Extension Schema Document
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101.CAL
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*Inline XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB
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*Inline XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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*Inline XBRL Taxonomy Extension Presentation Linkbase Document
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101.DEF
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*Inline XBRL Taxonomy Extension Definition Linkbase Document
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104 |
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* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* Filed herewith
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: November 4, 2026 |
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STABILIS SOLUTIONS, INC. |
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By: |
/s/ J. Casey Crenshaw |
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J. Casey Crenshaw |
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Interim President, Chief Executive Officer and Director (Principal Executive Officer) |
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By: |
/s/ Andrew L. Puhala |
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Andrew L. Puhala |
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Chief Financial Officer (Principal Financial Officer) |
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