Stabilis Solutions, Inc. reported a decline in financial performance for the second quarter of 2025, with total revenues of $17.3 million, down 6.9% from $18.6 million in the same period last year. For the first half of 2025, revenues decreased by 9.7% to $34.6 million compared to $38.4 million in the first half of 2024. The company attributed this decline primarily to a reduction in the gallons of liquefied natural gas (LNG) delivered, which resulted in a revenue decrease of approximately $3.6 million. Additionally, rental and service revenues also fell, contributing to the overall revenue drop.
Operating expenses for the second quarter of 2025 were $17.8 million, a decrease of 3.9% from $18.5 million in the prior year. The cost of revenues decreased by 6.1% to $12.7 million, reflecting lower LNG delivery volumes. However, selling, general, and administrative expenses increased by 6% to $3.1 million, largely due to severance-related costs associated with the departure of former CEO Westervelt T. Ballard, Jr. The company reported a net loss of $613,000 for the quarter, compared to a net income of $27,000 in the same quarter of 2024.
In terms of operational developments, Stabilis Solutions has maintained a focus on its LNG production and logistics capabilities. The company operates liquefaction facilities in Texas and Louisiana and continues to provide LNG solutions across various sectors, including aerospace and agriculture. The company’s joint venture, BOMAY Electric Industries, reported a decrease in net income, which contributed to a decline in equity income from joint ventures for Stabilis. The company holds a 40% interest in BOMAY, which builds electrical systems and has seen a reduction in its operational profits.
Stabilis Solutions has also undergone a management transition, appointing J. Casey Crenshaw as Executive Chairman and interim CEO following the resignation of Ballard. The company recorded a total of $1.7 million in expenses related to this transition, which included severance payments and consulting fees. As of June 30, 2025, Stabilis had $12.2 million in cash and cash equivalents, with no amounts drawn from its $10 million revolving credit facility, which has been extended to June 2028.
Looking ahead, Stabilis Solutions aims to leverage its existing LNG infrastructure and market position to enhance revenue generation. The company is focused on improving operational efficiencies and exploring additional financing options to support future growth initiatives. However, management acknowledges the inherent risks in the LNG industry and the uncertainty surrounding future cash flows, emphasizing the need for careful financial planning and potential capital investments to sustain operations and growth.
About Stabilis Solutions, Inc.
Stabilis Solutions, Inc. provides turnkey small-scale LNG production, transportation, storage, and fueling solutions across North America. Serving diverse markets such as industrial, marine, aerospace, mining, and remote power, it leverages proven cryogenic technology and extensive operational experience. The company offers LNG sales, logistics, equipment rental, and engineering services, positioning itself as a comprehensive provider in the evolving energy transition landscape.
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