Stabilis Solutions Inc (NASDAQ: SLNG) is a small-scale liquefied natural gas company that produces, distributes, and sells LNG to industrial and commercial customers across North America and select international markets. Revenue comes from transactional LNG supply contracts, including multi-year take-or-pay agreements, under which Stabilis delivers LNG by truck or vessel to end users. The company operates liquefaction facilities in George West, Texas and Port Allen, Louisiana, and holds a 40% interest in a foreign joint venture (BOMAY). Key end markets include marine bunkering for cruise ships and container vessels, remote and behind-the-meter power generation for data centers, and industrial customers requiring off-pipeline gas supply. A single marine bunkering contract accounted for approximately 32% of FY2025 revenues before concluding in Q4 2025. Stabilis holds DOE authorization to export up to 51.75 billion cubic feet per year of LNG equivalent to both FTA and non-FTA countries for approximately 25 years remaining, and delivered LNG to Europe and Mexico in 2024.

Revenue model

Stabilis generates revenue through transactional and contracted LNG supply agreements, including multi-year take-or-pay contracts. Deliveries are made by truck or vessel. A data center supply contract signed in February 2026 carries estimated revenue of approximately $200 million over its initial term (expected Q1 2027 through Q1 2029).

Products and services

Small-scale LNG production and distribution; truck-to-vessel marine bunkering services; behind-the-meter LNG supply for remote and data center power generation; LNG import and export under DOE authorizations; LNG supply to off-pipeline industrial customers.

Customers and end markets

Marine vessel operators including cruise ships and container ships; data center power generation providers; industrial off-pipeline gas consumers. A single marine bunkering customer accounted for approximately 32% of FY2025 revenues. A multi-year data center take-or-pay contract was executed in February 2026 for deliveries beginning Q1 2027.

Value-chain role

Stabilis operates as a midstream-to-downstream LNG supplier: it liquefies natural gas at owned facilities, stores LNG, and distributes it via truck or vessel directly to end users. The company does not operate large-scale pipeline infrastructure and positions itself in the small-scale, distributed LNG segment.

Geographic exposure

Primary operations in Texas (George West liquefaction facility; marine bunkering operations in Galveston) and Louisiana (Port Allen liquefaction facility). International activity includes LNG deliveries to Europe and Mexico in 2024 under DOE export authorizations. DOE authorization also covers LNG import by vessel to U.S. terminals through September 4, 2026.

Source: SEC 10-K, filed 2026-03-05

Industry: Natural Gas Distribution Peers: Blueknight Energy Partners, L.P. Evolve Transition Infrastructure LP Enterprise Products Partners L.P NextNRG Inc Imperial Petroleum Inc Martin Midstream Partners LP NGL Energy Partners LP Summit Midstream Partners, LP USD Partners LP