Key Highlights

  • Third quarter Revenue fell to USD 14.8 million from USD 20.3 million, a calculated decline of about 27.0%, while Net Income was USD 0.2 million, or USD 0.01 per share, versus USD 1.1 million, or USD 0.06.
  • Stabilis Solutions (NASDAQ:SLNG) received USD 25.0 million of advance payments in the first nine months under a multi-year LNG Supply contract for Data Center power, including USD 5.0 million in the third quarter.
  • Nine-month net cash provided by Operating Activities was USD 23.4 million versus USD 7.9 million, though the nine-month net loss was USD 8.5 million, or USD 0.46 per share.
  • Unrestricted cash was USD 1.5 million on September 30, 2026, alongside USD 16.8 million of restricted cash and USD 8.9 million of Debt and Lease obligations.

Thinner Sales but a Small Quarterly Profit

Stabilis Solutions (NASDAQ:SLNG) filed its Quarterly Report on November 4, 2026. The company provides liquefied Natural Gas production, storage, transportation and fueling for industrial, mining, marine, pipeline and remote power customers, and owns 40% of a Chinese power systems joint venture. Third quarter revenue was USD 14.8 million, and cost of revenues fell to USD 10.5 million from USD 14.7 million. Selling, general and administrative expense eased to USD 2.5 million, and income from operations was USD 0.2 million versus USD 1.1 million. Nine-month revenue was USD 37.1 million against USD 55.0 million, and Depreciation and amortization was USD 1.7 million for the quarter. Net Equity income from the Chinese joint venture was USD 0.1 million versus USD 0.3 million, and the company received USD 1.4 million of distributions from it over nine months.

Data Center LNG Contract Drives Cash and Deferred Revenue

In February 2026 the company won a multi-year contract to supply LNG for on-site power at a data center. Advance payments totaled USD 25.0 million over nine months, and LNG deliveries are expected to run from the first quarter of 2027 through the first quarter of 2029. Because the payments offset a share of future invoices, they sit as deferred revenue of USD 25.0 million (USD 3.8 million current and USD 21.2 million noncurrent), not as sales. That lifted operating cash flow, but the cash is tied to future deliveries and restricted cash of USD 16.8 million appeared on the balance sheet. The supply obligation extends over about two years of deliveries (calculated from the stated dates).

Time Charter Cost, Spending and Balance Sheet Strain

The nine-month result includes USD 4.3 million of non-recurring time charter expense for a canceled marine bunkering vessel agreement, which explains much of the USD 9.0 million operating loss before equity income. Capital spending on fixed Assets was USD 11.5 million versus USD 5.0 million. Stockholders' equity declined to USD 58.7 million from USD 66.7 million, with the accumulated Deficit at USD 45.5 million. Revenue fell during the period, so delivery of the data center contract and customer Demand are the main risks. The filing gave no guidance or price information, and it reported borrowings of USD 1.0 million under a Loan during the nine months.

Where Things Stand

The advances were collected because a data center customer is prepaying for LNG power supply that has not started yet, while revenue fell on the existing business. Stabilis Solutions (NASDAQ:SLNG) therefore reports stronger Operating Cash Flow and a thin quarterly profit, but a larger nine-month loss. Next markers are the start of deliveries in the first quarter of 2027, how restricted cash is released, and whether sales stabilize after the nine-month decline.