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Stabilis Solutions, Inc. (SLNG)

NasdaqCM - NasdaqCM Real-time price. Currency in USD
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4.8301+0.0601 (+1.26%)
At close: 04:00PM EST
4.8600 +0.03 (+0.62%)
After hours: 04:49PM EST
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Trade prices are not sourced from all markets
Previous close4.7700
Open4.8100
Bid4.8100 x 1400
Ask5.0300 x 1400
Day's range4.8100 - 5.2500
52-week range2.1500 - 10.4700
Volume17,895
Avg. volume10,338
Market cap85.451M
Beta (5Y monthly)2.25
PE ratio (TTM)N/A
EPS (TTM)-0.3250
Earnings date10 Nov 2021
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est14.00
  • GlobeNewswire

    Stabilis Solutions Acquires LNG Production Facility in Port Allen, Louisiana

    Acquisition Immediately Expands Stabilis’ LNG Production Capacity by 30% and Provides a Strategic Supply Point to Support Gulf Coast CustomersHouston, Tx, June 01, 2021 (GLOBE NEWSWIRE) -- Stabilis Solutions, Inc., ("Stabilis") (NASDAQ: SLNG), a leading provider of energy transition services including liquefied natural gas (“LNG”) and hydrogen fueling solutions, announced today that it has completed the acquisition of an LNG production facility in Port Allen, Louisiana from HR Nu Blu Energy, LLC

  • GlobeNewswire

    Stabilis Solutions Achieves Record First Quarter Revenue and LNG Deliveries

    HOUSTON, May 05, 2021 (GLOBE NEWSWIRE) -- Stabilis Solutions, Inc., ("Stabilis") (NASDAQ:SLNG), a leading provider of energy transition services including liquefied natural gas (“LNG”) and hydrogen fueling solutions, today reported its financial results for its first quarter ended March 31, 2021. 2021 Highlights Achieved record revenue and LNG gallons delivered in the first quarter, surpassing the prior record by 28%Net income and cash flow positive for the first quarterSecured long-term sales contracts for up to 40% of its LNG production plantClosed $10 million credit facility to fund working capital needsCommenced trading on NasdaqExecuted MOU with Port of Corpus Christi to develop LNG solutions First Quarter Results For the first quarter ended March 31, 2021, Stabilis reported its highest ever quarterly revenue of $17.7 million, a 29% sequential increase from the quarter ended December 31, 2020 and a 28% increase from the first quarter of 2020, Stabilis’ previous record revenue quarter. The increase was largely driven by growth in remote power generation projects, continued expansion of the Company’s Mexico operations, and increased activity with aerospace customers. "Stabilis is executing on its plan to deliver low cost and reliable energy transition fuels to its customers," said Jim Reddinger, President and Chief Executive Officer of Stabilis Solutions, Inc. "Our team’s outstanding performance has led us to new business opportunities in both LNG and hydrogen markets. Looking into 2021 and beyond, we expect continued growth.” Revenues from Stabilis' LNG segment totaled $16.1 million, a 33% sequential increase from the quarter ended December 31, 2020 and a 29% increase from the first quarter of 2020. The Company delivered 13.4 million gallons of LNG to customers during the quarter, a 29% sequential increase compared to the fourth quarter of 2020 and a 12% increase compared to the first quarter of 2020. Revenues from Stabilis’ power delivery segment decreased by 5% sequentially but increased 18% compared to the first quarter of 2020. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") improved to $2.7 million, or 15% of revenue during the first quarter, a 14% improvement over the fourth quarter of 2020 and a 78% improvement over the first quarter of 2020. There were no adjustments to EBITDA during the periods covered. Net income for the first quarter of 2021 rose to $0.2 million compared to net losses of ($0.1 million) in the fourth quarter of 2020 and ($1.1 million) during the first quarter of 2020.Cash and cash equivalents as of March 31, 2021 were $3.1 million as compared with $1.8 million, as of December 31, 2020. As previously announced, the Company also secured a $10 million credit facility, commenced trading on the Nasdaq, and executed an MOU to develop marine bunkering solutions using LNG with the Port of Corpus Christi Authority. In addition, the Company signed long-term customer contracts for up to 40% of the production at its LNG production plant. Conference Call Management will host a conference call on Thursday, May 6, 2021 at 10:00 a.m. eastern time (9:00 a.m. central). Dial-in InformationUnited States & Canada: +1 877-545-0320; passcode 225377 International: +1 973-528-0016; passcode 225377Webcast: https://www.webcaster4.com/Webcast/Page/2256/40949 Replay InformationUnited States & Canada: +1 877-481-4010; passcode 40949 International:+1 919-882-2331; passcode 40949 A replay of the call will be available until May 13, 2021 on the Stabilis Investor Center (www.stabilis-solutions.com). About Stabilis Stabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas (“LNG”) production, distribution and fueling services to multiple end markets in North America. Stabilis also provides hydrogen fueling services to its customers. Stabilis has safely delivered over 250 million gallons of LNG through more than 25,000 truck deliveries during its 16-year operating history in the LNG industry, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America. Stabilis’ customers use LNG and hydrogen as fuel sources in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis’ customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis’ customers also use LNG as a “virtual pipeline” solution when natural gas pipelines are not available or volumes are curtailed. To learn more, visit www.stabilis-solutions.com. Cautionary Statement 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,” “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 the parties’ current beliefs, based on information currently available. Most of these factors are outside the parties’ 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, 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 16, 2021 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. Stabilis Solutions, Inc. and SubsidiariesCondensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three Months EndedMarch 31, 2021 2020Revenue LNG product$11,695 $9,131 Rental, service and other4,425 3,397 Power delivery1,544 1,310 Total revenues17,664 13,838 Operating expenses: Cost of LNG product8,812 6,097 Cost of rental, service and other2,241 1,671 Costs of power delivery1,160 1,247 Selling, general and administrative expenses3,225 3,186 Depreciation expense2,225 2,270 Total operating expenses17,663 14,471 Income (loss) from operations before equity income1 (633)Net equity income (loss) from foreign joint ventures' operations: Income (loss) from equity investments in foreign joint ventures421 (114)Foreign joint ventures' operations related expenses(67) (60)Net equity income (loss) from foreign joint ventures' operations354 (174)Income (loss) from operations355 (807)Other income (expense): Interest expense, net(17) (11)Interest expense, net - related parties(173) (240)Other income90 38 Gain from disposal of fixed assets— 11 Total other income (expense)(100) (202)Income (loss) before income tax expense255 (1,009)Income tax expense80 41 Net income (loss)$175 $(1,050) Common Stock Data: Net income (loss) per common share: Basic and diluted$0.01 $(0.06)Weighted average number of common shares outstanding: Basic and diluted16,896,626 16,819,681 EBITDA$2,670 $1,512 Adjusted EBITDA2,670 1,512 Revenues by Segment(unaudited in thousands) Three Months EndedMarch 31, 2021 2020Revenue LNG$16,120 $12,528 Power Delivery1,544 1,310 Total Revenue$17,664 $13,838 Gallons Delivered(unaudited in thousands) Three Months EndedMarch 31, 2021 2020Gallons Delivered George West6,517 6,968 3rd Party6,891 4,979 Total Gallons Delivered13,408 11,947 Stabilis Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)(in thousands, except share and per share data) March 31, 2021 December 31, 2020Assets Current assets: Cash and cash equivalents$3,062 $1,814 Accounts receivable, net6,327 5,620 Inventories, net158 226 Prepaid expenses and other current assets3,336 3,111 Due from related parties2 42 Total current assets12,885 10,813 Property, plant and equipment: Cost90,763 90,422 Less accumulated depreciation(40,560) (38,384)Property, plant and equipment, net50,203 52,038 Right-of-use assets678 786 Goodwill4,453 4,453 Investments in foreign joint ventures12,256 11,897 Other noncurrent assets320 326 Total assets$80,795 $80,313 Liabilities and Stockholders’ Equity Current liabilities: Current portion of long-term notes payable$641 $680 Current portion of long-term notes payable - related parties3,422 3,351 Current portion of finance lease obligation17 — Current portion of finance lease obligation - related parties— 648 Current portion of operating lease obligations306 362 Short-term notes payable190 432 Accrued liabilities5,232 4,361 Accounts payable5,401 4,395 Total current liabilities15,209 14,229 Long-term notes payable, net of current portion667 682 Long-term notes payable, net of current portion - related parties2,093 2,726 Finance lease obligations, net of current portion75 — Long-term portion of operating lease obligations436 490 Deferred compensation44 59 Deferred income taxes106 97 Total liabilities18,630 18,283 Commitments and contingencies Stockholders’ Equity: Preferred Stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively— — Stockholders’ equity: Common stock; $0.001 par value, 37,500,000 shares authorized, 16,896,626 and 16,896,626 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively17 17 Additional paid-in capital91,440 91,278 Accumulated other comprehensive income (loss)(80) 122 Accumulated deficit(29,212) (29,387)Total stockholders’ equity62,165 62,030 Total liabilities and stockholders’ equity$80,795 $80,313 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 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 loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands). Three Months EndedMarch 31, 2021 2020Net income (loss)$175 $(1,050)Depreciation2,225 2,270 Net Interest Expense190 251 Income Tax Expense80 41 EBITDA2,670 1,512 Special Items— — Adjusted EBITDA$2,670 $1,512 Investor Contact:Rich CockrellCG Capital877.889.1972slng@cg.capital Andrew Puhala Chief Financial Officer832-456-6500ir@stabilis-solutions.com

  • GlobeNewswire

    Port of Corpus Christi Authority and Stabilis Solutions Partner to Construct LNG Fueling Infrastructure for Marine Vessels

    HOUSTON, TX, May 04, 2021 (GLOBE NEWSWIRE) -- The Port of Corpus Christi Authority and Stabilis Solutions Inc. (“Stabilis”) (NASDAQ:SLNG), a leading provider of energy transition services, including hydrogen and liquefied natural gas (“LNG”) fueling solutions, have entered into a Memorandum of Understanding (MOU) to facilitate the use of LNG as a marine fuel at the Port of Corpus Christi. LNG-powered vessels are becoming increasingly prominent amongst the world fleet, as LNG fuel benefits port customers in both efficiency and emissions reductions compared to diesel combustion engines. Some of the vessels calling on the Port of Corpus Christi today are already LNG-compatible. With this partnership and the increasing availability of LNG as a marine fuel at the Port of Corpus Christi, the Port and Stabilis hope to attract more LNG-capable vessels and to encourage the conversions to LNG power. The Port of Corpus Christi and Stabilis have committed to providing extensive customer education and technical support as well as attracting capital, including grant funding opportunities designed to incentivize market development and viable customer solutions. “The Port of Corpus Christi Authority sees LNG fueling of marine vessels as an important step toward our broader commitment to decarbonization and improved air quality,” said Sean Strawbridge, Chief Executive Officer of the Port of Corpus Christi. “We have a strong commitment to protecting our air attainment status, so by offering LNG as an alternative to diesel as a marine fuel within our gateway, we are evolving our sustainability protocols by reducing mobile source emissions.” According to the MOU, the Port of Corpus Christi will provide suitable access to dock space for shore-to-ship fueling operations while Stabilis will deploy its existing fleet of mobile cryogenic assets (including LNG transportation and distribution equipment) from its LNG production plant in South Texas to support LNG fueling operations. “We are excited to partner with the Port of Corpus Christi on this opportunity,” said Jim Reddinger, President and CEO of Stabilis Solutions. “The use of LNG as a marine fuel is critical for marine operators to reduce their emissions profile, and Stabilis is uniquely positioned to provide this service to customers along the Gulf Coast and beyond. Meeting the requirements of the energy transition requires innovative solutions, and we are excited to be part of this journey with the Port of Corpus Christi and its partners.” “We applaud the Port of Corpus Christi and Stabilis for joining together on such an important endeavor to further the maritime sector’s efforts to decarbonize and reduce emissions,” said Peter Keller, Chairman of SEA-LNG, a global industry coalition established to demonstrate LNG’s benefits as a marine fuel. “Through innovative thinking and partnerships such as this, SEA-LNG members like the Port of Corpus Christi and Stabilis are helping the industry move into a cleaner and more prosperous future.” About Port Corpus ChristiAs a leader in U.S. Crude Oil export ports and a major economic engine of Texas and the nation, Port Corpus Christi is the largest port in the United States in total revenue tonnage. Strategically located on the western Gulf of Mexico with a 36-mile, soon to be 54-foot (MLLW) deep channel, Port Corpus Christi is a major gateway to international and domestic maritime commerce. The Port has excellent railroad and highway network connectivity via three North American Class-1 railroads and two major interstate highways. With an outstanding staff overseen by its seven-member commission, Port Corpus Christi is “Moving America’s Energy.” www.portofcc.com About StabilisStabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas (“LNG”) production, distribution and fueling services to multiple end markets in North America. Stabilis also provides hydrogen fueling services to its customers. Stabilis has safely delivered over 250 million gallons of LNG through more than 25,000 truck deliveries during its 16-year operating history in the LNG industry, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America. Stabilis’ customers use LNG and hydrogen as a fuel sources in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis’ customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis’ customers also use LNG as a “virtual pipeline” solution when natural gas pipelines are not available, or volumes are curtailed. To learn more, visit www.stabilis-solutions.com. Cautionary Statement Regarding Forward-Looking StatementsThis 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,” “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 the parties’ current beliefs, based on information currently available. Most of these factors are outside the parties’ 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, and general economic conditions. The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in our quarterly reports on Form 10‐Q and annual reports on Form 10‐K, 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. CONTACT: Port of Corpus Christi Contact: Lisa Hinojosa Director of Communications Dir. Line: 361.885.6165 lhinojosa@pocca.com Stabilis Solutions Contact: Andrew Puhala Chief Financial Officer Dir. Line: 832-456-6502 ir@stabilis-solutions.com