Stabilis Solutions (SLNG) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 15.3% year-over-year to $20.3 million, driven by strong demand in marine, aerospace, and power generation markets.

• Net income for Q3 2025 was $1.1 million ($0.06 per share), up from $1.0 million in Q3 2024, but the nine-month period ended with a net loss of $1.1 million due to higher costs and lower joint venture income.

• Secured the largest customer contract in company history: a 10-year marine bunkering agreement for LNG from the planned Galveston, Texas facility, contingent on project financing by Q1 2026.

• Progressed on project development, including engineering, permitting, and customer negotiations for the Galveston LNG facility and related bunkering vessel.

• Management transition occurred in Q1 2025, with $1.7 million in related expenses recognized.

Financial highlights

• Q3 2025 revenue: $20.3 million, up 15.3% year-over-year; net income: $1.1 million; adjusted EBITDA: $2.9 million (14.3% margin); cash flow from operations: $2.4 million.

• Cash and cash equivalents at quarter-end: $10.3 million; total liquidity: $15.5 million including $5.2 million in credit availability.

• Ended the quarter with $9.5 million in total debt and lease obligations, resulting in a net positive cash position; debt-to-equity ratio: 0.14.

• Q3 2025 gross margin: 27.6% ($5.6 million); operating margin: 3.9%.

• Capital expenditures were $3.9 million in Q3 and $5.0 million YTD, mainly for Galveston project engineering and design.

Outlook and guidance

• Final investment decision for the Galveston LNG facility targeted for early 2026, with construction to begin shortly after and operations expected in late 2027.

• Anticipate 75% of Galveston facility capacity to be sold under long-term contracts by FID; additional $3–$5 million in CapEx expected before FID.

• Management expects sufficient liquidity for the next twelve months, but future expansion depends on securing additional financing.

• No formal revenue or earnings guidance provided.