Stabilis Solutions Announces Solid Second Quarter 2024 Results

HOUSTON, TX / ACCESSWIRE / August 7, 2024 / Stabilis Solutions, Inc. (Nasdaq:SLNG) reported strong financial performance for the second quarter ended June 30, 2024. Higher utilization at the Texas liquefaction plant led to a 45.3% increase in LNG volumes delivered, enhancing net income by $2.2 million.

The company achieved a record second-quarter Adjusted EBITDA of $2.1 million, up by $2.2 million year-over-year, and generated $5.0 million from operations, marking a 32.3% increase. Stabilis boasted $15.9 million in cash and availability under credit agreements, maintaining a net cash positive balance sheet.

CEO Westy Ballard credited the team’s efforts for optimizing operations, strengthening customer relationships, and improving liquidity and leverage. The company expanded storage capacity at its Texas facility and executed its inaugural LNG bunkering operation in Galveston.

Stabilis extended an LNG supply contract for power generation and anticipates a 76% rise in aerospace market volumes for 2024. The company plans to build the first dedicated LNG bunkering facility along the U.S. Gulf Coast.