SLNG · Stabilis Solutions, Inc.

Stabilis Solutions’ Q1 2026 results reflect a deliberate but challenging transition phase following the completion of two large multi-year contracts in late 2025—primarily in marine and power generation—which drove the 40.2% year-over-year revenue decline to $10.4 million. Net loss widened to ($4.1) million, or ($0.22) per diluted share, due not only to lower top-line but also $1.5 million in vessel charter expenses related to a marine vessel being subchartered, partially offset by a $2.1 million reduction in SG&A. Adjusted EBITDA turned negative at ($0.7) million versus $2.1 million in Q1 2025, underscoring the earnings impact of the contract wind-down. However, the quarter delivered critical strategic momentum: the $200 million, 2-year LNG supply contract for behind-the-meter power generation at a U.S. data center—commencing Q1 2027—represents a major validation of Stabilis’ small-scale LNG logistics model in a high-margin, high-demand end market. Management explicitly links this win—and several other finalizing commercial opportunities—to an expected significant improvement in second-half 2026 results. The $12.4 million in operating cash flow, fueled by $15.0 million in advance payments, provides strong near-term liquidity and de-risks execution of upcoming contracts. Aerospace revenue growth of 31% year-over-year further confirms underlying strength in core verticals. While GAAP metrics show pressure, the forward-looking commentary, capital deployment progress on Galveston LNG and the Jones Act bunker barge, and tangible commercial wins collectively signal inflection toward sustainable revenue diversification and scale.