Stabilis Solutions Announces Noteworthy Fourth Quarter and Full Year 2023 Results

Stabilis Solutions, Inc., a prominent figure in the clean energy sector, revealed its financial outcomes for the fourth quarter and the entire year of 2023, illustrating a successful period with significant achievements. The company reported a positive net income for both the quarter and the full year, alongside robust cash flow from operations totaling $6.7 million for 2023. Furthermore, with over $11.0 million in cash and available liquidity and a net leverage ratio of 0.6x by year-end, Stabilis showcases a strengthened financial position.

Among the year's highlights was the initiation of LNG bunkering contracts with Carnival Corporation, a move that underscores the company's expanding footprint in the marine bunkering sector. This strategic partnership is expected to contribute significantly to Stabilis' revenue stream in 2024, potentially accounting for more than one-third of the total revenue.

President and CEO Westy Ballard highlighted the company's progress in enhancing its marine strategy and shifting towards longer-term, contractual revenue sources. This strategic shift is anticipated to optimize asset utilization and bolster cash flow visibility, thereby fueling future growth opportunities. Stabilis also noted a surge in its aerospace customer base, showcasing the increasing preference for its high-purity methane as a rocket fuel.

The company's operations for Carnival Corporation began in December 2023, marking a considerable step forward in its marine bunkering strategy. Additionally, Stabilis invested $10.3 million in capital expenditures in 2023 to support growth and operational efficiency, emphasizing its commitment to scaling its operations to meet the rising demand for small-scale LNG solutions.