Stabilis Solutions Inc

stabilis-solutions.com

What Do They Do?

Sells and delivers LNG and provides fueling solutions to industrial, marine and other end-market customers; through a joint venture, builds power and control systems for energy customers in China.

How Do They Make Money?

LNG sales are the main business: customers are billed when LNG is delivered. Equipment rental is billed by day or month as each rental period passes; engineering and field support is charged by event or hours worked, with invoices generally due within 30 days.

revenue

Segment	Share	How money arrives
Natural Gas, Gathering, Transportation, Marketing and Processing Sold outright	84% FY2022: 84%	Sold outright
Rental Recurring	7.8% FY2022: 13%	Recurring
Service Mix	7.4% FY2022: 2.0%	Mix
Product and Service, Other	1.0% FY2022: 0.7%

Who Are Their Customers?

Sells primarily through its direct sales force to industrial and energy users, marine operators and other end-market customers across North America.

Do Revenues Turn Into Profits?

Not on paper. It lost $1.4M in FY2025, but brought in more cash than it spent: $462K of free cash flow.

Operating income, FY2025

7% of revenue

▼ −49% vs FY2024 ($9.5M, 13%)

Net income, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($4.6M, 6%)

Free cash flow, FY2025

1% of revenue

▼ −90% vs FY2024 ($4.5M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −31%; vs $17.3M in Q2 FY2025
Net income: ▲ +656% (Loss); vs −$613K in Q2 FY2025

Natural Gas, Gathering, Transportation, Marketing and Processing share of revenue vs 84.5% in Q2 FY2025

Jul 10, 2026 The company changed its outside accounting firm Ham, Langston and Brezina resigned after CohnReznick acquired certain assets; the company appointed CohnReznick as its new auditor.
Apr 2, 2026 Stabilis terminated an LNG supply agreement for the proposed Galveston facility The counterparty did not agree to changes requested during financing talks; the company said the facility's investment decision, financing and development timeline would be delayed.

Flat. Revenue was $68.2M in FY2025, about the same as the $69.2M of FY2021.

Data-center power The latest report describes LNG supply for behind-the-meter data-center power, extending its LNG use into a specific power application alongside the earlier report's remote-power and utility work.

Revenue over time

Natural Gas, Gathering, Transportation, Marketing and Processing Rental Service Product and Service, Other

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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