Stabilis Solutions Q3 revenue falls 27% to $14.8M
A $5.0 million customer advance supported third-quarter operating cash flow, while revenue remained below its year-earlier level.
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. reported third-quarter 2026 revenue of $14.8 million, down 27% year over year, and net income of $0.2 million versus $1.1 million. Adjusted EBITDA, a non-GAAP measure, was $1.9 million, compared with $2.9 million a year earlier. Revenue increased 25% sequentially to $14.8 million, while net income improved by $4.8 million from the second quarter’s $4.6 million loss; Adjusted EBITDA rose from $0.1 million.
Operating cash flow was $3.9 million, versus $2.4 million a year earlier, including $5.0 million in customer advance payments tied to a contract expected to begin in early 2027. Aerospace customer revenue increased 49% year over year. The company said capital investment and pre-commissioning for its multi-year data-center LNG supply contract remained on track ahead of its 2027 launch. Work on the proposed Galveston LNG facility continues as it engages prospective customers and financing partners toward a final investment decision.
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 pointRevenue increased 25% sequentially to $14.8 million.
- Moderate pointNet income improved $4.8 million from the second quarter.
- Moderate pointAdjusted EBITDA rose to $1.9 million from $0.1 million sequentially.
- Moderate pointOperating cash flow was $3.9 million, versus $2.4 million year over year.
Negative
- Moderate pointRevenue fell 27% year over year to $14.8 million.
- Moderate pointNet income was $0.2 million, versus $1.1 million a year earlier.
- Moderate pointAdjusted EBITDA was $1.9 million, versus $2.9 million a year earlier.
- Moderate pointOperating cash flow fell to $3.9 million from $7.1 million sequentially.
Filing Explained
At September 30, restricted cash was reported separately from cash and cash equivalents.
The 8-K furnishes Stabilis’s third-quarter 2026 results; at September 30, the balance sheet recorded deferred revenue as a liability, including an amount classified as noncurrent.
The balance sheet separately listed cash and cash equivalents and restricted cash and cash equivalents.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
deferred revenue financial
behind-the-meter power generation technical
final investment decision financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did SLNG report in Q3 2026?
What were SLNG’s net income and adjusted EBITDA in Q3 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Pursuant to Section 13 or 15(d)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
The |
Exhibit No. | Description |
99.1 | Press release dated November 4, 2026 |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
STABILIS SOLUTIONS, INC. |
||||||||
By: /s/Andrew L. Puhala |
||||||||
Andrew L. Puhala |
||||||||
Chief Financial Officer |
||||||||
Exhibit 99.1
STABILIS SOLUTIONS ANNOUNCES THIRD QUARTER 2026 RESULTS
Houston, November 4, 2026 — Stabilis Solutions, Inc. (“Stabilis” or the “Company”) (Nasdaq: SLNG), a leading provider of clean fueling, production, storage, and last mile delivery solutions, today announced financial results for the third quarter ended September 30, 2026.
THIRD QUARTER 2026 HIGHLIGHTS
● | Revenue of $14.8 million, up 25% sequentially from the second quarter of 2026 |
● | Net income of $0.2 million, compared with a net loss of $4.6 million in the second quarter of 2026; Adjusted EBITDA of $1.9 million, up from $0.1 million in the second quarter |
● | Data center-related revenue grew to 17% of total revenue in the third quarter, compared to less than 1% in the second quarter of 2026 |
● | $18.4 million of cash, cash equivalents and restricted cash as of September 30, 2026 |
● | Previously announced power generation contract for a U.S. data center remains on track to begin in the first quarter of 2027 |
MANAGEMENT COMMENTARY
“Our third quarter results were in line with our expectations and reflect the sequential improvement we anticipated, with revenues of $14.8 million supported by execution of a short-term power generation contract secured earlier this year,” stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. “The first quarter marked the low point for the year following the conclusion of several large contracts late last year, and the business has improved each quarter since. We are now preparing for the 2027 launch of our largest contract to date, a multi-year agreement to supply LNG for behind-the-meter power generation at a U.S. data center.”
“Demand for small-scale LNG solutions to support behind-the-meter power generation at data centers remains robust, and we continue to pursue additional opportunities in this market that would extend our growth beyond the contracts already in hand,” continued Crenshaw. “Demand across our aerospace end-market also remains strong, with revenues from aerospace customers increasing 49% year-over-year as launch and testing activity among our commercial space customers continues to drive LNG volumes. Capital investment and pre-commissioning work for the upcoming data center contract remains on track, supported by advance customer payments.”
“We also continue work on our proposed Galveston LNG facility, engaging with prospective customers and financing partners as we work toward a final investment decision,” concluded Crenshaw. “Looking ahead, we remain well positioned to capitalize on growing demand across our key end-markets and to deliver profitable growth for 2027.”
FINANCIAL PERFORMANCE SUMMARY
Revenue for the third quarter of 2026 was $14.8 million, a decrease of 27% compared to the third quarter of 2025. The decrease in revenue compared to the prior year period was primarily attributable to the completion of large contracts in the marine and power generation sectors in Q4 of 2025, partly offset by continued growth in aerospace and industrial sector volumes. Compared to the second quarter of 2026, revenue increased $2.9 million, or 25%, primarily due to the short-term data center contract secured earlier this year.
Net income for the third quarter of 2026 was $0.2 million, or $0.01 per diluted share, compared to net income of $1.1 million, or $0.06 per diluted share, in the third quarter of 2025. When compared to the prior year period, net income reflects lower revenues, partly offset by lower cost of revenues and a $0.3 million decrease in selling, general and administrative expenses. Compared to the second quarter of 2026, net income improved by $4.8 million, primarily reflecting higher revenues and the absence of $2.9 million of vessel time charter costs incurred in the second quarter. Following the termination of a marine vessel charter late in the second quarter, there was no financial impact from this vessel charter in the third quarter.
Cash flow from operations was $3.9 million for the third quarter of 2026, compared to $2.4 million in the third quarter of last year, primarily reflecting $5.0 million in advance payments from a customer associated with a contract expected to begin in early 2027. Compared to the second quarter of 2026, cash flow from operations decreased $3.2 million from $7.1 million, primarily due to changes in working capital. Both quarters included $5.0 million of customer advance payments.
Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2026 was $1.9 million, compared to $2.9 million in the year-ago quarter. The decrease in Adjusted EBITDA year-over-year is primarily attributable to the completion of the two large multi-year contracts during the fourth quarter of 2025. Compared to the second quarter of 2026, Adjusted EBITDA increased to $1.9 million from $0.1 million, primarily due to higher revenues.
THIRD QUARTER 2026 CONFERENCE CALL AND WEBCAST
Stabilis will host a conference call on Thursday, November 5, 2026, at 9:00 a.m. ET to review the Company’s financial results and conduct a question-and-answer session.
A webcast of the conference call will be available in the Investor Relations section of the Company’s corporate website at https://investors.stabilis-solutions.com/events. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: | 888-660-6196 |
| International Live: | 929-203-1911 |
| Conference ID: | SLNGQ326 |
To listen to a replay of the teleconference, which will be available through November 12, 2026:
Domestic Live: | 800-770-2030 |
| International Live: | 609-800-9909 |
Conference ID: | 1839903 |
ABOUT STABILIS SOLUTIONS
Stabilis Solutions is a leading provider of clean fueling, production, storage, and last mile delivery solutions to multiple end markets. To learn more, visit www.stabilis-solutions.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “can,” “believes,” “feels,” “anticipates,” “expects,” “could,” “will,” “plan,” “may,” “should,” “predicts,” “potential”, “outlook” and similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, availability, timing and terms of financing, ability to achieve the conditions precedent to the marine bunkering and other agreements, ability to achieve additional offtake necessary for FID for the proposed Galveston LNG facility and other commercial contracts, construction delays or cost overruns, regulatory or other legal impediments, and general economic conditions.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2026 and our subsequently filed Quarterly Reports on Form 10-Q which are available on the SEC’s website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Stabilis Solutions, Inc. and Subsidiaries
Selected Consolidated Operating Results
(Unaudited, in thousands, except share and per share data)
|
| Three Months Ended |
|
| Nine Months Ended |
|
||||||||||||||
|
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
|
|||||
|
| 2026 |
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ | 14,839 |
|
| $ | 11,916 |
|
| $ | 20,325 |
|
| $ | 37,134 |
|
| $ | 54,972 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
| 10,506 |
|
|
| 9,569 |
|
|
| 14,723 |
|
|
| 28,596 |
|
|
| 40,235 |
|
Time charter expense |
|
| — |
|
|
| 2,851 |
|
|
| — |
|
|
| 4,342 |
|
|
| — |
|
Change in unrealized (gain) loss on natural gas derivatives |
|
| — |
|
|
| — |
|
|
| 19 |
|
|
| — |
|
|
| (5 | ) |
Selling, general and administrative expenses |
|
| 2,517 |
|
|
| 2,501 |
|
|
| 2,783 |
|
|
| 7,814 |
|
|
| 10,847 |
|
Loss from disposal of fixed assets |
|
| 1 |
|
|
| — |
|
|
| 165 |
|
|
| 1 |
|
|
| 62 |
|
Impairment |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 71 |
|
|
| — |
|
Depreciation and amortization |
|
| 1,748 |
|
|
| 1,777 |
|
|
| 1,842 |
|
|
| 5,310 |
|
|
| 5,569 |
|
Total operating expenses |
|
| 14,772 |
|
|
| 16,698 |
|
|
| 19,532 |
|
|
| 46,134 |
|
|
| 56,708 |
|
Income (loss) from operations before equity income |
|
| 67 |
|
|
| (4,782 | ) |
|
| 793 |
|
|
| (9,000 | ) |
|
| (1,736 | ) |
Net equity income from foreign joint venture operations |
|
| 96 |
|
|
| 215 |
|
|
| 278 |
|
|
| 538 |
|
|
| 696 |
|
Income (loss) from operations |
|
| 163 |
|
|
| (4,567 | ) |
|
| 1,071 |
|
|
| (8,462 | ) |
|
| (1,040 | ) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
| 49 |
|
|
| 116 |
|
|
| 84 |
|
|
| 190 |
|
|
| 129 |
|
Other expense, net |
|
| (25 | ) |
|
| (37 | ) |
|
| (35 | ) |
|
| (99 | ) |
|
| (71 | ) |
Total other income (expense) |
|
| 24 |
|
|
| 79 |
|
|
| 49 |
|
|
| 91 |
|
|
| 58 |
|
Income (loss) before income tax expense (benefit) |
|
| 187 |
|
|
| (4,488 | ) |
|
| 1,120 |
|
|
| (8,371 | ) |
|
| (982 | ) |
Income tax expense (benefit) |
|
| (2 | ) |
|
| 149 |
|
|
| 1 |
|
|
| 153 |
|
|
| 110 |
|
Net income (loss) |
| $ | 189 |
|
| $ | (4,637 | ) |
| $ | 1,119 |
|
| $ | (8,524 | ) |
| $ | (1,092 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted per common share |
| $ | 0.01 |
|
| $ | (0.25 | ) |
| $ | 0.06 |
|
| $ | (0.46 | ) |
| $ | (0.06 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
| $ | 1,886 |
|
| $ | (2,827 | ) |
| $ | 2,878 |
|
| $ | (3,251 | ) |
| $ | 4,458 |
|
Adjusted EBITDA |
| $ | 1,947 |
|
| $ | 98 |
|
| $ | 2,897 |
|
| $ | 1,373 |
|
| $ | 6,446 |
|
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
|
| September 30, |
|
| December 31, |
|
||
|
| 2026 |
|
| 2025 |
|
||
Assets |
|
|||||||
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 1,535 |
|
| $ | 7,459 |
|
Restricted cash and cash equivalents |
|
| 16,839 |
|
|
| — |
|
Accounts receivable, net |
|
| 6,115 |
|
|
| 3,130 |
|
Inventories |
|
| 346 |
|
|
| 342 |
|
Prepaid expenses and other current assets |
|
| 2,358 |
|
|
| 1,976 |
|
Total current assets |
|
| 27,193 |
|
|
| 12,907 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
Cost |
|
| 134,591 |
|
|
| 125,613 |
|
Less accumulated depreciation and amortization |
|
| (76,642 | ) |
|
| (72,666 | ) |
Property, plant and equipment, net |
|
| 57,949 |
|
|
| 52,947 |
|
Goodwill |
|
| 4,314 |
|
|
| 4,314 |
|
Investments in foreign joint ventures |
|
| 11,830 |
|
|
| 11,946 |
|
Right-of-use assets and other noncurrent assets |
|
| 1,082 |
|
|
| 996 |
|
Total assets |
| $ | 102,368 |
|
| $ | 83,110 |
|
Liabilities and Stockholders’ Equity |
|
|||||||
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 6,300 |
|
| $ | 4,750 |
|
Accrued liabilities |
|
| 3,401 |
|
|
| 2,858 |
|
Current portion of long-term notes payable |
|
| 2,446 |
|
|
| 1,931 |
|
Deferred revenue, current |
|
| 3,793 |
|
|
| 1 |
|
Current portion of finance and operating lease obligations |
|
| 302 |
|
|
| 417 |
|
Total current liabilities |
|
| 16,242 |
|
|
| 9,957 |
|
Long-term notes payable, net of current portion and debt issuance costs |
|
| 5,727 |
|
|
| 5,755 |
|
Deferred revenue, noncurrent |
|
| 21,218 |
|
|
| — |
|
Long-term portion of operating lease obligations |
|
| 434 |
|
|
| 726 |
|
Total liabilities |
|
| 43,621 |
|
|
| 16,438 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,596,301 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
|
| 19 |
|
|
| 19 |
|
Additional paid-in capital |
|
| 103,644 |
|
|
| 103,644 |
|
Accumulated other comprehensive income |
|
| 609 |
|
|
| 10 |
|
Accumulated deficit |
|
| (45,525 | ) |
|
| (37,001 | ) |
Total stockholders’ equity |
|
| 58,747 |
|
|
| 66,672 |
|
Total liabilities and stockholders’ equity |
| $ | 102,368 |
|
| $ | 83,110 |
|
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
|
| Three Months Ended |
|
| Nine Months Ended |
|
||||||||||||||
|
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
|
|||||
|
| 2026 |
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
|
|||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
| $ | 189 |
|
| $ | (4,637 | ) |
| $ | 1,119 |
|
| $ | (8,524 | ) |
| $ | (1,092 | ) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 1,748 |
|
|
| 1,777 |
|
|
| 1,842 |
|
|
| 5,310 |
|
|
| 5,569 |
|
Stock-based compensation expense |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 447 |
|
Provision for credit losses |
|
| — |
|
|
| — |
|
|
| 202 |
|
|
| — |
|
|
| 315 |
|
Loss on disposal of assets |
|
| 1 |
|
|
| — |
|
|
| 165 |
|
|
| 1 |
|
|
| 62 |
|
Income from equity investment in joint venture |
|
| (152 | ) |
|
| (258 | ) |
|
| (322 | ) |
|
| (677 | ) |
|
| (859 | ) |
Distributions from equity investment in joint venture |
|
| — |
|
|
| 1,406 |
|
|
| — |
|
|
| 1,406 |
|
|
| 1,637 |
|
Impairment |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 71 |
|
|
| — |
|
Non-cash time charter cancellation |
|
| — |
|
|
| 572 |
|
|
| — |
|
|
| 572 |
|
|
| — |
|
Amortization of debt issuance cost |
|
| 10 |
|
|
| 27 |
|
|
| 28 |
|
|
| 64 |
|
|
| 76 |
|
Cash settlements from natural gas derivatives, net |
|
| — |
|
|
| — |
|
|
| (61 | ) |
|
| — |
|
|
| 178 |
|
Realized and unrealized gains on natural gas derivatives, net |
|
| — |
|
|
| — |
|
|
| 61 |
|
|
| — |
|
|
| 202 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
| (2,755 | ) |
|
| 618 |
|
|
| (2,721 | ) |
|
| (2,985 | ) |
|
| (976 | ) |
Prepaid expenses and other current assets |
|
| 68 |
|
|
| 215 |
|
|
| 62 |
|
|
| 741 |
|
|
| 698 |
|
Accounts payable and accrued liabilities |
|
| (406 | ) |
|
| 2,810 |
|
|
| 2,028 |
|
|
| 2,802 |
|
|
| 1,697 |
|
Deferred revenue |
|
| 5,011 |
|
|
| 5,000 |
|
|
| — |
|
|
| 25,011 |
|
|
| — |
|
Other |
|
| 170 |
|
|
| (461 | ) |
|
| (9 | ) |
|
| (422 | ) |
|
| (20 | ) |
Net cash provided by operating activities |
|
| 3,884 |
|
|
| 7,069 |
|
|
| 2,394 |
|
|
| 23,370 |
|
|
| 7,934 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed assets |
|
| (3,959 | ) |
|
| (2,293 | ) |
|
| (3,877 | ) |
|
| (11,520 | ) |
|
| (4,999 | ) |
Proceeds from sale of fixed assets |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 211 |
|
Net cash used in investing activities |
|
| (3,959 | ) |
|
| (2,293 | ) |
|
| (3,877 | ) |
|
| (11,520 | ) |
|
| (4,788 | ) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds received from borrowings on notes payable |
|
| — |
|
|
| 1,000 |
|
|
| — |
|
|
| 1,000 |
|
|
| — |
|
Payments on short- and long-term notes payable and finance leases |
|
| (405 | ) |
|
| (630 | ) |
|
| (433 | ) |
|
| (1,840 | ) |
|
| (1,784 | ) |
Payment of debt issuance costs |
|
| — |
|
|
| (15 | ) |
|
| — |
|
|
| (99 | ) |
|
| (42 | ) |
Employee tax payments from stock-based withholding |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (17 | ) |
Net cash provided by (used in) financing activities |
|
| (405 | ) |
|
| 355 |
|
|
| (433 | ) |
|
| (939 | ) |
|
| (1,843 | ) |
Effect of exchange rate changes on cash |
|
| 2 |
|
|
| 3 |
|
|
| 1 |
|
|
| 4 |
|
|
| 15 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents |
|
| (478 | ) |
|
| 5,134 |
|
|
| (1,915 | ) |
|
| 10,915 |
|
|
| 1,318 |
|
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period |
|
| 18,852 |
|
|
| 13,718 |
|
|
| 12,220 |
|
|
| 7,459 |
|
|
| 8,987 |
|
Cash, cash equivalents and restricted cash and cash equivalents, end of period |
| $ | 18,374 |
|
| $ | 18,852 |
|
| $ | 10,305 |
|
| $ | 18,374 |
|
| $ | 10,305 |
|
Non-GAAP Measures
Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. (“GAAP”). Accordingly, they should not be used as an indicator of, or an alternative to, net income (loss) as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).
|
| Three Months Ended |
|
| Nine Months Ended |
|
||||||||||||||
|
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
|
|||||
|
| 2026 |
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
|
|||||
Net income (loss) |
| $ | 189 |
|
| $ | (4,637 | ) |
| $ | 1,119 |
|
| $ | (8,524 | ) |
| $ | (1,092 | ) |
Depreciation and amortization |
|
| 1,748 |
|
|
| 1,777 |
|
|
| 1,842 |
|
|
| 5,310 |
|
|
| 5,569 |
|
Interest income, net |
|
| (49 | ) |
|
| (116 | ) |
|
| (84 | ) |
|
| (190 | ) |
|
| (129 | ) |
Income tax expense (benefit) |
|
| (2 | ) |
|
| 149 |
|
|
| 1 |
|
|
| 153 |
|
|
| 110 |
|
EBITDA |
|
| 1,886 |
|
|
| (2,827 | ) |
|
| 2,878 |
|
|
| (3,251 | ) |
|
| 4,458 |
|
Extraordinary vessel time charter costs, net |
|
| — |
|
|
| 2,851 |
|
|
| — |
|
|
| 4,342 |
|
|
| — |
|
Impairment and other |
|
| 61 |
|
|
| 74 |
|
|
| — |
|
|
| 282 |
|
|
| — |
|
Executive severance costs |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 2,096 |
|
Gain on disposal of fixed assets or settlement |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (103 | ) |
Change in unrealized loss (gain) on natural gas derivatives |
|
| — |
|
|
| — |
|
|
| 19 |
|
|
| — |
|
|
| (5 | ) |
Adjusted EBITDA |
| $ | 1,947 |
|
| $ | 98 |
|
| $ | 2,897 |
|
| $ | 1,373 |
|
| $ | 6,446 |
|
# # # # #
Investor Contact:
Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com