Stabilis Solutions (SLNG) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue declined 23–28% year-over-year due to the completion of major multiyear contracts in marine and power generation sectors.

• Net loss for Q4 2025 was $0.3 million, compared to net income of $2.1 million in Q4 2024.

• Awarded a $200 million, multi-year LNG supply agreement for behind-the-meter power generation for a U.S. data center, with deliveries beginning Q1 2027.

• Project financing for the Galveston LNG liquefaction and bunkering project is nearing completion, with a final investment decision expected by Q1 2026.

• Strong ongoing client relationships and continued engagement in last-mile LNG solutions, with robust demand in aerospace and marine bunkering markets.

Financial highlights

• Q4 2025 revenue was $13.3 million, down 23% year-over-year, with adjusted EBITDA at $1.5 million, down from $4 million in Q4 2024.

• LNG gallons sold declined 22% year-over-year; marine bunkering revenues fell 42%, and power generation revenues dropped 56%.

• Aerospace revenues increased 17% and industrial revenues rose 12% compared to Q4 last year.

• Cash from operations was $670,000 in Q4; year-end cash stood at $7.5 million, with $2.7 million available under credit agreements.

• Full year 2025 revenue totaled $68.2 million, with a net loss of $1.4 million and adjusted EBITDA of $8.0 million.

Outlook and guidance

• Lower revenues and profitability expected in the first half of 2026 as the company transitions to new contracts.

• Significant growth anticipated from mid-2026 onward, with strong visibility into multiyear growth starting in 2027 from the new LNG supply agreement.

• Final investment decision for the Galveston LNG project anticipated by end of Q1 2026.

• $1–2 million in additional capital investment planned for Q1 2026, mainly for the Galveston project and routine maintenance.