slng20250331

slng20250331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

☐	TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number. 001-40364

STABILIS SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Florida

59-3410234

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

11750 Katy Freeway, Suite 900, Houston, TX 77079

(Address of principal executive offices, including zip code)

(832) 456-6500

(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
Common Stock, $.001 par value	SLNG	The Nasdaq Stock Market LLC

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. Yes ☒ No ☐

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). Yes ☒ No ☐

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	☐

Non-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 ☐ No ☒

As of May 6, 2025, there were 18,596,301 outstanding shares of our common stock, par value $.001 per share.

		Page
Part I. Financial Information
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Comprehensive Income (Loss)	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 4.	Controls and Procedures	22
Part II. Other Information
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 5.	Other Information	22
Item 6.	Exhibits	23
Signatures		24

	*March 31,*			*December 31,*
	*2025*			*2024*
*Assets*
Current assets:
Cash and cash equivalents	$	9,003		$	8,987
Accounts receivable, net		4,692			6,239
Inventories, net		228			345
Prepaid expenses and other current assets		1,510			1,902
Total current assets		15,433			17,473
Property, plant and equipment:
Cost		117,456			117,246
Less accumulated depreciation		(67,167	)		(65,518	)
Property, plant and equipment, net		50,289			51,728
Goodwill		4,314			4,314
Investments in foreign joint ventures		12,140			11,659
Right-of-use assets and other noncurrent assets		884			410
Total assets	$	83,060		$	85,584
*Liabilities and Stockholders’ Equity*
Current liabilities:
Accounts payable	$	4,747		$	5,667
Accrued liabilities		3,299			3,566
Current portion of long-term notes payable		1,655			2,010
Current portion of finance and operating lease obligations		655			384
Total current liabilities		10,356			11,627
Long-term notes payable, net of current portion and debt issuance costs		6,620			6,848
Long-term portion of operating lease obligations		173			101
Total liabilities		17,149			18,576
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 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 March 31, 2025 and December 31, 2024, respectively		19			19
Additional paid-in capital		103,644			103,214
Accumulated other comprehensive loss		(507	)		(578	)
Accumulated deficit		(37,245	)		(35,647	)
Total stockholders’ equity		65,911			67,008
Total liabilities and stockholders’ equity	$	83,060		$	85,584

	*Three Months Ended*
	*March 31,*
	*2025*			*2024*
Revenues:
Revenues	$	17,338		$	19,770
Operating expenses:
Cost of revenues		12,788			13,514
Change in unrealized (gain) loss on natural gas derivatives		(84	)		(252	)
Selling, general and administrative expenses		4,933			3,456
Gain from disposal of fixed assets		(103	)		(127	)
Depreciation expense		1,867			1,800
Total operating expenses		19,401			18,391
Income (loss) from operations before equity income		(2,063	)		1,379
Net equity income from foreign joint venture operations:
Income from equity investment in foreign joint venture		417			247
Foreign joint venture operating related expenses		(49	)		(50	)
Net equity income from foreign joint venture operations		368			197
Income (loss) from operations		(1,695	)		1,576
Other income (expense):
Interest income (expense), net		21			(4	)
Other income (expense), net		(12	)		(21	)
Total other income (expense)		9			(25	)
Net income (loss) before income tax (benefit) expense		(1,686	)		1,551
Income tax (benefit) expense		(88	)		82
Net income (loss)	$	(1,598	)	$	1,469

Net income (loss) per common share (Note 11):
Basic and diluted per common share	$	(0.09	)	$	0.08

									*Accumulated*
									*Other*
	*Common Stock*					*Additional*			*Comprehensive*			*Accumulated*
	*Shares*			*Amount*		*Paid-in Capital*			*Loss*			*Deficit*			*Total*
Balance at December 31, 2023		18,573,391		$	19	$	102,057		$	(18	)	$	(40,246	)	$	61,812
Common stock issued from vesting of stock-based awards		13,588			—		—			—			—			—
Stock-based compensation		—			—		383			—			—			383
Employee tax payments from stock-based withholding		(1,965	)		—		(9	)		—			—			(9	)
Net income		—			—		—			—			1,469			1,469
Other comprehensive loss, net of tax		—			—		—			(466	)		—			(466	)
Balance at March 31, 2024		18,585,014		$	19	$	102,431		$	(484	)	$	(38,777	)	$	63,189

	Initial Investment at Merger ⁽¹⁾, ⁽²⁾		*Undistributed Earnings*		*Cumulative Foreign Exchange Translation Adj*			*Investment in BOMAY*
Balance at December 31, 2024	$	9,333	$	3,021	$	(695	)	$	11,659
Equity in earnings		—		417		—			417
Foreign currency translation gain (loss)		—		—		64			64
Balance at March 31, 2025	$	9,333	$	3,438	$	(631	)	$	12,140

	*Three Months Ended*
	*March 31,*
Supplemental Disclosure of Cash Flow Information:	*2025*		*2024*
Interest paid	$	144	$	157
Income taxes paid		—		—
Significant non-cash investing and financing activities:
Acquisition of fixed assets included within accounts payable and accrued expenses	$	—	$	182
ROU assets from leases		425		—

	Three Months Ended
	March 31,
	2025			2024			$ Change			% Change
Revenues:
LNG Product	$	13,946		$	15,413		$	(1,467	)		(9.5	)%
Increase / (decrease) in gallons delivered		(2,196	)								n/a
Rental		1,550			2,173			(623	)		(28.7	)
Service		1,705			1,924			(219	)		(11.4	)
Other		137			260			(123	)		(47.3	)
Total revenues		17,338			19,770			(2,432	)		(12.3	)
Operating expenses:
Cost of revenues		12,788			13,514			(726	)		(5.4	)
Change in unrealized (gain) loss on natural gas derivatives		(84	)		(252	)		168			(66.7	)
Selling, general and administrative expenses		4,933			3,456			1,477			42.7
Gain from disposal of fixed assets		(103	)		(127	)		24			(18.9	)
Depreciation expense		1,867			1,800			67			3.7
Total operating expenses		19,401			18,391			1,010			5.5
Income (loss) from operations before equity income		(2,063	)		1,379			(3,442	)		n/a
Net equity income from foreign joint venture operations		368			197			171			86.8
Income (loss) from operations		(1,695	)		1,576			(3,271	)		n/a
Other income (expense):
Interest income (expense), net		21			(4	)		25			n/a
Other income (expense), net		(12	)		(21	)		9			(42.9	)
Total other income (expense)		9			(25	)		34			n/a
Net income (loss) before income tax (benefit) expense		(1,686	)		1,551			(3,237	)		n/a
Income tax (benefit) expense		(88	)		82			(170	)		n/a
Net income (loss)	$	(1,598	)	$	1,469		$	(3,067	)		n/a

	Three Months Ended March 31,
	2025			2024
Net cash provided by (used in):
Operating activities	$	1,025		$	3,929
Investing activities		(276	)		(666	)
Financing activities		(730	)		(355	)
Effect of exchange rate changes on cash		(3	)		4
Net increase (decrease) in cash and cash equivalents		16			2,912
Cash and cash equivalents, beginning of period		8,987			5,374
Cash and cash equivalents, end of period	$	9,003		$	8,286

Exhibit No.		Exhibit Description

3.1		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)

3.2		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)

4.1		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)

4.2		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)

4.3		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)

4.5		Description of Securities (incorporated by reference to Exhibit 4.5 to Registrant's Annual Report on Form 10-K filed February 25, 2025)

10.1		† Release and Consulting Agreement (Incorporated by Reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed February 3, 2025)

10.2		Loan Modification Agreement, dated as of March 27, 2025, among Stabilis Solutions, Inc., Stabilis LNG Eagle Ford LLC, Stabilis GDS, Inc. and LNG Stabilis Port Allen LLC and Cadence (incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed March 28, 2025)

31.1		*Rule 13a-14(a) / 15d-14(a) Certification of Principal Executive Officer.

31.2		*Rule 13a-14(a) / 15d-14(a) Certification of Principal Financial Officer.

32.1		*Section 1350 Certifications of Principal Executive Officer and Principal Financial Officer.

101.INS		*Interactive XBRL Instance Document (XBRL tags are embedded within the Inline XBRL document)

101.SCH		*Inline XBRL Taxonomy Extension Schema Document

101.CAL		*Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		*Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		*Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		*Inline XBRL Taxonomy Extension Definition Linkbase Document

104		* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Date: May 7, 2025

STABILIS SOLUTIONS, INC.

By:	/s/ J. Casey Crenshaw
	J. Casey Crenshaw
	Interim President, Chief Executive Officer and Director (Principal Executive Officer)

By:	/s/ Andrew L. Puhala
	Andrew L. Puhala
	Chief Financial Officer (Principal Financial Officer)

	*March 31,*			*December 31,*
	*2025*			*2024*
Liquefaction plants and systems	$	56,752		$	56,752
Real property and buildings		2,082			2,082
Vehicles and tanker trailers and equipment		49,435			49,754
Computer and office equipment		624			545
Construction in progress		8,532			8,082
Leasehold improvements		31			31
		117,456			117,246
Less: accumulated depreciation		(67,167	)		(65,518	)
	$	50,289		$	51,728

	*Three Months Ended*
	*March 31,*
	*2025*		*2024*
Revenue	$	21,710	$	17,239
Gross profit	$	2,105	$	2,630
Net income	$	961	$	537

	*March 31,*			*December 31,*
	*2025*			*2024*
Original basis difference	$	1,165		$	1,165
Less accumulated accretion		(734	)		(702	)
Net remaining basis difference at end of period	$	431		$	463

SEC Form 10-Q filed by Stabilis Solutions Inc.