slng20260630

slng20260630_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026

☐	TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number. 001-40364

STABILIS SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Florida

59-3410234

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

11750 Katy Freeway, Suite 900, Houston, TX 77079

(Address of principal executive offices, including zip code)

(832) 456-6500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.001 par value	SLNG	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act:

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 7, 2026, there were 18,596,301 outstanding shares of our common stock, par value $.001 per share.

		Page
Part I. Financial Information
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Comprehensive Income (Loss)	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 4.	Controls and Procedures	23
Part II. Other Information
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 5.	Other Information	23
Item 6.	Exhibits	24
Signatures		25

	*June 30,*			*December 31,*
	*2026*			*2025*
*Assets*
Current assets:
Cash and cash equivalents	$	4,535		$	7,459
Restricted cash and cash equivalents		14,317			—
Accounts receivable, net		3,360			3,130
Inventories, net		360			342
Prepaid expenses and other current assets		1,344			1,976
Total current assets		23,916			12,907
Property, plant and equipment:
Cost		133,751			125,613
Less accumulated depreciation		(75,270	)		(72,666	)
Property, plant and equipment, net		58,481			52,947
Goodwill		4,314			4,314
Investments in foreign joint ventures		11,528			11,946
Right-of-use assets and other noncurrent assets		1,113			996
Total assets	$	99,352		$	83,110
*Liabilities and Stockholders’ Equity*
Current liabilities:
Accounts payable	$	9,081		$	4,750
Accrued liabilities		3,611			2,858
Current portion of long-term notes payable		1,418			1,931
Deferred revenue, current		680			1
Current portion of finance and operating lease obligations		221			417
Total current liabilities		15,011			9,957
Long-term notes payable, net of current portion and debt issuance costs		6,064			5,755
Deferred revenue, noncurrent		19,320			—
Long-term portion of operating lease obligations		521			726
Total liabilities		40,916			16,438
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025		—			—
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,596,301 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively		19			19
Additional paid-in capital		103,644			103,644
Accumulated other comprehensive income		487			10
Accumulated deficit		(45,714	)		(37,001	)
Total stockholders’ equity		58,436			66,672
Total liabilities and stockholders’ equity	$	99,352		$	83,110

	*Three Months Ended*						*Six Months Ended*
	*June 30,*						*June 30,*
	*2026*			*2025*			*2026*			*2025*
Revenues:
Revenues	$	11,916		$	17,309		$	22,295		$	34,647
Operating expenses:
Cost of revenues		9,569			12,724			18,090			25,512
Time charter expense		2,851			—			4,342			—
Change in unrealized (gain) loss on natural gas derivatives		—			60			—			(24	)
Selling, general and administrative expenses		2,501			3,131			5,297			8,064
Gain from disposal of fixed assets		—			—			—			(103	)
Impairment		—			—			71			—
Depreciation expense		1,777			1,860			3,562			3,727
Total operating expenses		16,698			17,775			31,362			37,176
Loss from operations before equity income		(4,782	)		(466	)		(9,067	)		(2,529	)
Net equity income from foreign joint venture operations:
Income from equity investment in foreign joint venture		258			120			525			537
Foreign joint venture operating related expenses		(43	)		(70	)		(83	)		(119	)
Net equity income from foreign joint venture operations		215			50			442			418
Loss from operations		(4,567	)		(416	)		(8,625	)		(2,111	)
Other income (expense):
Interest income, net		116			24			141			45
Other expense, net		(37	)		(24	)		(74	)		(36	)
Total other income (expense)		79			—			67			9
Net loss before income tax expense		(4,488	)		(416	)		(8,558	)		(2,102	)
Income tax expense		149			197			155			109
Net loss	$	(4,637	)	$	(613	)	$	(8,713	)	$	(2,211	)

Net loss per common share:
Basic and diluted per common share	$	(0.25	)	$	(0.03	)	$	(0.47	)	$	(0.12	)
Weighted average number of common shares outstanding - Basic and diluted		18,596,301			18,596,301			18,596,301			18,593,851

									*Accumulated*
									*Other*
	*Common Stock*					*Additional*			*Comprehensive*			*Accumulated*
	*Shares*			*Amount*		*Paid-in Capital*			*Income (Loss)*			*Deficit*			*Total*
Balance at December 31, 2024		18,585,014		$	19	$	103,214		$	(578	)	$	(35,647	)	$	67,008
Common stock issued from vesting of stock-based awards		13,589			—		—			—			—			—
Stock-based compensation		—			—		447			—			—			447
Employee tax payments from stock-based withholding		(2,302	)		—		(17	)		—			—			(17	)
Net loss		—			—		—			—			(1,598	)		(1,598	)
Other comprehensive income, net of tax		—			—		—			71			—			71
Balance at March 31, 2025		18,596,301			19		103,644			(507	)		(37,245	)		65,911
Net loss		—			—		—			—			(613	)		(613	)
Other comprehensive income, net of tax		—			—		—			184			—			184
Balance at June 30, 2025		18,596,301			19		103,644			(323	)		(37,858	)		65,482

	*June 30,*		*June 30,*
Other information	*2026*		*2025*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,724	$	147
Financing cash flows from finance leases		210		49
Interest paid		—		10

	*Six Months Ended*
	*June 30,*
Supplemental Disclosure of Cash Flow Information:	*2026*		*2025*
Interest paid	$	290	$	285
Income taxes paid (received)		105		191
Significant non-cash investing and financing activities:
Acquisition of fixed assets included within accounts payable and accrued expenses	$	2,776	$	675
ROU assets acquired under operating leases		21,758		425
ROU assets and operating lease obligations forgiven upon lease termination		18,400		—

	Three Months Ended
	June 30,
	2026			2025		$ Change			% Change
Revenues:
LNG product	$	11,036		$	14,628	$	(3,592	)		(24.6	)
Increase / (decrease) in gallons delivered		(2,820	)							n/a
Rental		683			1,296		(613	)		(47.3	)
Service		9			1,169		(1,160	)		(99.2	)
Other		188			216		(28	)		(13.0	)
Total revenues		11,916			17,309		(5,393	)		(31.2	)
Operating expenses:
Cost of revenues		9,569			12,724		(3,155	)		(24.8	)
Time charter expense		2,851			—		2,851			n/a
Change in unrealized loss on natural gas derivatives		—			60		(60	)		n/a

	*June 30,*			*December 31,*
	*2026*			*2025*
Liquefaction plants and systems	$	57,480		$	57,341
Real property and buildings		2,082			2,082
Vehicles and tanker trailers and equipment		49,227			50,316
Computer and office equipment		1,233			897
Construction in progress		23,698			14,946
Leasehold improvements		31			31
Total		133,751			125,613
Less: accumulated depreciation		(75,270	)		(72,666	)
Net	$	58,481		$	52,947