Stabilis (NASDAQ: SLNG) posts Q4 loss, secures $200M LNG contract

Rhea-AI Filing Summary

Stabilis Solutions reported weaker results for the fourth quarter and full year 2025 as several large multi‑year marine bunkering and power‑generation contracts wound down. Q4 2025 revenue was $13.3 million, down 23.3% year over year, and the company posted a net loss of $0.3 million versus $2.1 million of net income a year earlier.

Full‑year 2025 revenue was $68.2 million compared with $73.3 million in 2024, and Stabilis recorded a net loss of $1.4 million versus prior‑year net income of $4.6 million. Adjusted EBITDA declined to $8.0 million from $11.8 million, while operating cash flow for 2025 was $8.6 million. Management highlighted a recently awarded multi‑year take‑or‑pay LNG supply agreement with an estimated value of about $200 million that is expected to drive material revenue expansion beginning in early 2027, and noted that a Final Investment Decision on the Galveston LNG liquefaction and bunkering project is expected by the end of the first quarter of 2026.

Positive

• Large contracted growth opportunity: Stabilis secured a multi‑year take‑or‑pay LNG supply agreement with an estimated value of approximately $200 million, expected to drive material revenue expansion beginning in early 2027.
• Project pipeline advancing: Management expects a Final Investment Decision on the Galveston LNG liquefaction and bunkering project by the end of Q1 2026, which could enhance future capacity and market reach.

Negative

• Profitability deterioration: Q4 2025 shifted to a net loss of $0.3 million from net income of $2.1 million in Q4 2024, and full‑year 2025 moved to a net loss of $1.4 million from net income of $4.6 million.
• Lower earnings power: Full‑year Adjusted EBITDA declined to $8.0 million in 2025 from $11.8 million in 2024, reflecting the completion of several large multi‑year contracts.

Insights

Energy infrastructure equity analyst

Results weakened as legacy projects ended, but a large LNG contract and pending project decision set up future growth.

Stabilis Solutions saw Q4 2025 revenue fall to $13.3M, down 23.3% from Q4 2024, as major marine bunkering and power‑generation contracts concluded. This shift pushed the quarter from net income of $2.1M a year earlier to a small net loss of $0.3M and cut Adjusted EBITDA from $4.0M to $1.5M.

For full‑year 2025, revenue slipped to $68.2M from $73.3M, and results swung from net income of $4.6M to a net loss of $1.4M, with Adjusted EBITDA declining to $8.0M from $11.8M. Despite this, operating cash flow remained positive at $8.6M, and total liabilities decreased to $16.4M, suggesting a relatively manageable balance sheet.

Strategically, management emphasized a newly awarded multi‑year take‑or‑pay LNG supply agreement with an estimated value of approximately $200M, expected to support behind‑the‑meter power generation and drive material revenue expansion beginning in early 2027. They also expect a Final Investment Decision on the Galveston LNG liquefaction and bunkering project by the end of Q1 2026. Execution on the new contract and the Galveston project, along with trends in data‑center‑driven power demand, will be central to how quickly the company can replace the earnings lost from completed contracts.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 4, 2026

Stabilis Solutions, Inc.

(Exact name of registrant as specified in its charter)

Florida	001-40364	59-3410234
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

11750 Katy Freeway Suite 900 Houston, Texas	77079
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 832-456-6500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.001 par value	SLNG	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On March 4, 2026, Stabilis Solutions, Inc. (the “Company”) issued a press release announcing information regarding its results of operations and financial condition for the three and twelve months ended December 31, 2025. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Form 8-K.

The Company’s press release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or ("GAAP"). Pursuant to the requirements of Regulation G, the Company has provided within the press release quantitative reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

The information in this Current Report, including the exhibit, is being furnished pursuant to Item 7.01 of Form 8-K and General Instruction B.2 thereunder. The information in this Current Report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated by reference as if fully set forth herein.

Item 9.01 Financial Statements and Exhibits.

Exhibits:

Exhibit No.	Description
99.1	Press release dated March 4, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 hereunto duly authorized.

STABILIS SOLUTIONS, INC.

By: /s/Andrew L. Puhala

Andrew L. Puhala

Chief Financial Officer

Date: March 4, 2026

Exhibit 99.1

STABILIS SOLUTIONS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Houston, March 4, 2026 — Stabilis Solutions, Inc., (“Stabilis” or the “Company”) (Nasdaq: SLNG), a leading provider of clean fueling, production, storage, and last mile delivery solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025.

FOURTH QUARTER 2025 HIGHLIGHTS

● Revenues of $13.3 million

● Net loss of $0.3 million

● Adjusted EBITDA of $1.5 million

● Cash flow from operations of $0.7 million

● $7.5 million of cash and $2.7 million of availability under credit agreements as of December 31, 2025

FULL YEAR 2025 HIGHLIGHTS

● Revenues of $68.2 million

● Net loss of $1.4 million

● Adjusted EBITDA of $8.0 million

● Cash flow from operations of $8.6 million

MANAGEMENT COMMENTARY

“The fourth quarter marked the successful completion of several multi‑year contracts within our marine bunkering and power‑generation markets,” stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. “As anticipated, the wind‑down of these projects was reflected in our financial results and negatively impacted revenues in the fourth quarter by approximately 28%. Looking ahead to 2026 and beyond, we have a solid foundation and clear line of sight to significant new opportunities as our organization positions itself for the next phase of growth.”

“Across our end‑markets, commercial demand remains strong, supported by accelerating energy requirements in power generation, in support of data centers,” continued Crenshaw. “Our recently awarded multi‑year take or pay LNG supply agreement, a contract with an estimated value of approximately $200 million supporting behind the meter power generation, gives us firm visibility into material revenue expansion beginning in early 2027. We are also in active discussions with additional data center customers which reinforces our confidence in the long-term scalability and profitability of our platform.”

“We are finalizing project financing for our Galveston LNG liquefaction and bunkering project alongside our advisors,” noted Crenshaw. “A Final Investment Decision is expected by the end of the first quarter of 2026. We remain focused on disciplined execution, maintaining balance sheet flexibility, and investing in the infrastructure required to meet strong customer demand and drive long-term shareholder value creation.”

FINANCIAL PERFORMANCE SUMMARY

Revenue for the fourth quarter of 2025 was $13.3 million, a decrease of 23.3% compared to the fourth quarter of 2024. The decrease in revenue compared to the prior year period was primarily attributable to the completion of contracts in the marine and power generation sectors, partly offset by higher commodity prices and growth in the aerospace and industrial sector volumes.

Net loss for the fourth quarter of 2025 was ($0.3) million, or ($0.01) per diluted share, compared to net income of $2.1 million, or $0.11 per diluted share, in the fourth quarter of 2024. When compared to the prior year period, the net loss reflects lower revenues and a $0.4 million increase in selling, general and administrative expenses.

Cash flow from operations was $0.7 million for the fourth quarter of 2025, compared to $2.2 million in the fourth quarter of last year, primarily reflecting the decrease in profitability relative to the prior year period. Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2025 was $1.5 million, compared to $4.0 million, in the year ago quarter. The decrease in Adjusted EBITDA year-over-year is primarily attributable to the completion of large multi-year contracts during the fourth quarter of 2025.

FOURTH QUARTER 2025 CONFERENCE CALL AND WEBCAST

Stabilis will host a conference call on Thursday March 5, 2026, at 9:00 a.m. ET to review the Company’s financial results and conduct a question-and-answer session.

A webcast of the conference call will be available in the Investor Relations section of the Company’s corporate website at https://investors.stabilis-solutions.com/events. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

Domestic Live:	800-245-3047
International Live:	203-518-9765
Conference ID:	SLNGQ425

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

Domestic Live:	800-839-4197
International Live:	402-220-2987

ABOUT STABILIS SOLUTIONS

Stabilis Solutions is a leading provider of clean fueling, production, storage, and last mile delivery solutions to multiple end markets. To learn more, visit www.stabilis-solutions.com.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “can,” “believes,” “feels,” “anticipates,” “expects,” “could,” “will,” “plan,” “may,” “should,” “predicts,” “potential” and similar expressions are intended to identify such forward-looking statements.

Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, availability, timing and terms of financing, ability to achieve the conditions precedent to the marine bunkering and other agreements, ability to achieve additional offtake necessary for FID for the planned LNG liquefaction facility, construction delays or cost overruns, regulatory or other legal impediments, and general economic conditions.

The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025 which is available on the SEC’s website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

2

Stabilis Solutions, Inc. and Subsidiaries

Selected Consolidated Operating Results

(Unaudited, in thousands, except per share data)

		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2025				2025				2024				2025				2024
Revenues:
Revenues		$	13,273			$	20,325			$	17,298			$	68,245			$	73,293
Operating expenses:
Cost of revenues			9,994				14,723				12,367				50,229				52,069
Change in unrealized loss (gain) on natural gas derivatives			(19	)			19				11				(24	)			(310	)
Selling, general and administrative expenses			2,342				2,783				1,941				13,189				11,763
Loss (gain) from disposal of fixed assets			(38	)			165				(460	)			24				(761	)
Depreciation expense			1,776				1,842				1,802				7,345				7,146
Total operating expenses			14,055				19,532				15,661				70,763				69,907
Income (loss) from operations before equity income			(782	)			793				1,637				(2,518	)			3,386
Net equity income from foreign joint venture operations:
Net equity income from foreign joint venture operations			546				278				556				1,242				1,564
Income (loss) from operations			(236	)			1,071				2,193				(1,276	)			4,950
Other income (expense):
Interest income (expense), net			(87	)			84				7				42				112
Other income (expense), net			5				(35	)			7				(66	)			22
Total other income (expense)			(82	)			49				14				(24	)			134
Net income (loss) before income tax expense			(318	)			1,120				2,207				(1,300	)			5,084
Income tax expense (benefit)			(56	)			1				101				54				485
Net income (loss)		$	(262	)		$	1,119			$	2,106			$	(1,354	)		$	4,599
Net income (loss) per common share:
Basic and diluted per common share		$	(0.01	)		$	0.06			$	0.11			$	(0.07	)		$	0.25
EBITDA		$	1,545			$	2,878			$	4,002			$	6,003			$	12,118
Adjusted EBITDA		$	1,526			$	2,897			$	4,013			$	7,972			$	11,808

3

Stabilis Solutions, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited, in thousands, except share and per share data)

		December 31,
		2025				2024
Assets
Current assets:
Cash and cash equivalents		$	7,459			$	8,987
Accounts receivable, net			3,130				6,239
Inventories, net			342				345
Prepaid expenses and other current assets			1,976				1,902
Total current assets			12,907				17,473
Property, plant and equipment:
Cost			125,613				117,246
Less accumulated depreciation			(72,666	)			(65,518	)
Property, plant and equipment, net			52,947				51,728
Goodwill			4,314				4,314
Investments in foreign joint ventures			11,946				11,659
Right-of-use assets and other noncurrent assets			996				410
Total assets		$	83,110			$	85,584
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	4,750			$	5,667
Accrued liabilities			2,859				3,566
Current portion of long-term notes payable			1,931				2,010
Current portion of finance and operating lease obligations			417				384
Total current liabilities			9,957				11,627
Long-term notes payable, net of current portion and debt issuance costs			5,755				6,848
Long-term portion of operating lease obligations			726				101
Total liabilities			16,438				18,576
Commitments and contingencies
Stockholders’ Equity:
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024			—				—
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,585,014 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively			19				19
Additional paid-in capital			103,644				103,214
Accumulated other comprehensive income (loss)			10				(578	)
Accumulated deficit			(37,001	)			(35,647	)
Total stockholders’ equity			66,672				67,008
Total liabilities and stockholders’ equity		$	83,110			$	85,584

4

Stabilis Solutions, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2025				2025				2024				2025				2024
Cash flows from operating activities:
Net income (loss)		$	(262	)		$	1,119			$	2,106			$	(1,354	)		$	4,599
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			1,776				1,842				1,802				7,345				7,146
Stock-based compensation expense			—				—				82				447				1,166
Provision for credit losses			—				202				14				315				102
Loss (gain) on disposal of assets			(38	)			165				(460	)			24				(761	)
Income from equity investment in joint venture			(594	)			(322	)			(608	)			(1,453	)			(1,770	)
Distributions from equity investment in joint venture			—				—				—				1,637				1,716
Cash settlements from natural gas derivatives, net			—				(61	)			—				178				(359	)
Realized and unrealized losses from natural gas derivatives, net			—				61				29				202				152
Changes in operating assets and liabilities:
Accounts receivable			3,770				(2,721	)			(455	)			2,794				1,390
Prepaid expenses and other current assets			(135	)			62				12				563				820
Accounts payable and accrued liabilities			(3,972	)			2,028				(523	)			(2,275	)			(678	)
Other			124				19				172				180				170
Net cash provided by operating activities			669				2,394				2,171				8,603				13,693
Cash flows from investing activities:
Acquisition of fixed assets			(3,142	)			(3,877	)			(5,585	)			(8,141	)			(9,146	)
Proceeds from sale of fixed assets			—				—				460				211				841
Proceeds from notes receivable, related to prior sale of Brazil operations			226				—				185				226				185
Net cash used in investing activities			(2,916	)			(3,877	)			(4,940	)			(7,704	)			(8,120	)
Cash flows from financing activities:
Payments on short- and long-term notes payable and finance leases			(603	)			(433	)			(625	)			(2,387	)			(1,905	)
Payment of debt issuance costs			—				—				—				(42	)			—
Employee tax payments from stock-based withholding			—				—				—				(17	)			(9	)
Net cash used in financing activities			(603	)			(433	)			(625	)			(2,446	)			(1,914	)
Effect of exchange rate changes on cash			4				1				(12	)			19				(46	)
Net increase (decrease) in cash and cash equivalents			(2,846	)			(1,915	)			(3,406	)			(1,528	)			3,613
Cash and cash equivalents, beginning of year			10,305				12,220				12,393				8,987				5,374
Cash and cash equivalents, end of year		$	7,459			$	10,305			$	8,987			$	7,459			$	8,987

5

Non-GAAP Measures

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

		Three Months Ended												Twelve Months Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
		2025				2025				2024				2025				2024
Net income		$	(262	)		$	1,119			$	2,106			$	(1,354	)		$	4,599
Depreciation			1,776				1,842				1,802				7,345				7,146
Interest expense (income), net			87				(84	)			(7	)			(42	)			(112	)
Income tax expense (benefit)			(56	)			1				101				54				485
EBITDA			1,545				2,878				4,002				6,003				12,118
Special items*			(19	)			19				11				1,969				(310	)
Adjusted EBITDA		$	1,526			$	2,897			$	4,013			$	7,972			$	11,808

* Special items for all periods presented consist of adjustments related to unrealized (gain)/loss on natural gas derivatives. The year ended December 31, 2025 also includes an add-back of $2.1 million related to Mr. Ballard's severance expenses and a subtraction of $0.1 million for a gain related to a property damage settlement.

# # # # #

Investor Contact:

Andrew Puhala

Chief Financial Officer

832-456-6502

ir@stabilis-solutions.com

6

FAQ

How did Stabilis Solutions (SLNG) perform financially in Q4 2025?

Stabilis Solutions reported Q4 2025 revenue of $13.3 million, down 23.3% from Q4 2024. The company posted a net loss of $0.3 million, versus net income of $2.1 million a year earlier, as several large marine and power‑generation contracts ended.

What were Stabilis Solutions’ full-year 2025 results?

For full-year 2025, Stabilis generated $68.2 million in revenue compared with $73.3 million in 2024. The company recorded a net loss of $1.4 million, versus net income of $4.6 million in the prior year, and Adjusted EBITDA decreased to $8.0 million from $11.8 million.

What major contract did Stabilis Solutions (SLNG) announce with its 2025 results?

Stabilis announced a new multi-year take‑or‑pay LNG supply agreement with an estimated value of approximately $200 million. The contract supports behind‑the‑meter power generation and is expected to provide material revenue expansion beginning in early 2027, according to management commentary.

How strong was Stabilis Solutions’ cash flow and balance sheet in 2025?

Stabilis generated $8.6 million of cash flow from operations in 2025 and ended the year with $7.5 million in cash and cash equivalents. Total liabilities were $16.4 million, including current and long-term notes payable, suggesting a relatively modest debt load versus equity.

What is the status of Stabilis Solutions’ Galveston LNG project?

Management reported they are finalizing project financing for the Galveston LNG liquefaction and bunkering project. A Final Investment Decision is expected by the end of Q1 2026, positioning the project as a potential future growth driver if it proceeds as planned.

Why did Stabilis Solutions’ revenue decline in Q4 2025?

Q4 2025 revenue declined primarily because several multi‑year marine bunkering and power‑generation contracts were completed. Management said this contract wind‑down negatively impacted Q4 revenue by approximately 28%, partially offset by higher commodity prices and growth in aerospace and industrial volumes.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 308.5 KB

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• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
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