8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2025

Stabilis Solutions, Inc.

(Exact name of registrant as specified in its charter)

Florida	001-40364	59-3410234
(State or other jurisdiction<br> of incorporation)	(Commission<br> File Number)	(IRS Employer<br> Identification No.)
11750 Katy Freeway Suite 900
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Houston, Texas	77079
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 832-456-6500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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Item 2.02. Results of Operations and Financial Condition.

On August 6, 2025, Stabilis Solutions, Inc. (the “Company”) issued a press release announcing information regarding its results of operations and financial condition for the three and six months ended June 30, 2025. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Form 8-K.

The Company’s press release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or ("GAAP"). Pursuant to the requirements of Regulation G, the Company has provided within the press release quantitative reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

The information in this Current Report, including the exhibit, is being furnished pursuant to Item 7.01 of Form 8-K and General Instruction B.2 thereunder. The information in this Current Report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated by reference as if fully set forth herein.

Item 9.01 Financial Statements and Exhibits.

Exhibits:

Exhibit No.	Description
99.1	Press release dated August 6, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STABILIS SOLUTIONS, INC.
By: /s/Andrew L. Puhala
Andrew L. Puhala
Chief Financial Officer

Date: August 6, 2025

ex_831245.htm

Exhibit 99.1

STABILIS SOLUTIONS ANNOUNCES SECOND QUARTER 2025 RESULTS

Houston, August 6, 2025 — Stabilis Solutions, Inc., (“Stabilis” or the “Company”) (Nasdaq: SLNG), a leading provider of clean fueling, production, storage, and last mile delivery solutions for many of the world’s most recognized, high-performance brands, today announced financial results for the second quarter ended June 30, 2025.

SECOND QUARTER 2025 HIGHLIGHTS

●	Revenues of $17.3 million
●	Net loss of ($0.6) million
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●	Adjusted EBITDA of $1.5 million
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●	Cash flow from operations of $4.5 million
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●	$12.2 million of cash and $3.9 million of availability under credit agreements as of June 30, 2025
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MANAGEMENT COMMENTARY

"We continued to advance our long-term business development and growth strategy, by deepening engagement with customers across marine, aerospace, and power generation end-markets with a focus on securing the long-term contracts needed to grow our operations," stated Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. " Demand for our turnkey small-scale LNG solutions remains strong, underpinned by continued growth in commercial space applications. These trends reinforce our position as the provider of choice within our markets, and we are prepared to invest in additional LNG infrastructure in response to emerging commercial opportunities."

"Total revenue declined year-over-year in the second quarter, due to the successful completion of a large, short duration commercial project late in 2024. However, we are gaining momentum in our key high growth aerospace, marine and power generation markets, which together increased 15% year-over-year, reflecting growing demand for our solutions in high-performance and mission critical applications,” continued Crenshaw. “This reinforces our confidence in the long-term fundamentals of our business, as we deepen relationships with both new and existing customers and benefit from the continued growth in LNG fuel applications.”

"We remain focused on generating operating cash flows and maintaining a strong balance sheet and liquidity to support our long-term growth strategy," stated Andy Puhala, Chief Financial Officer. “As of the end of the second quarter, we had over $16 million in cash and available liquidity, providing us with the ability to continue investing in both capital expenditures and operating investments to support value creation for stakeholders.”

STRATEGIC AND OPERATIONAL UPDATE

●	Strong momentum in key growth markets. Since the second quarter of last year, Stabilis’ revenue mix in high-growth marine, power generation and aerospace end-markets increased from 62% of total revenue to nearly 77% in the second quarter of 2025. Demand within these end-markets is driven by multi-year trends such as the commercialization of the aerospace industry and the transition of marine vessels to LNG. The Company is actively pursuing further commercial opportunities to expand relationships with both new and existing customers within these end-markets.
●	Consistent cash conversion supports balance sheet versatility and growth investment potential. Stabilis’ efficient cost structure and working capital utilization has continued to drive robust free cash flow conversion and a strengthening liquidity position. The Company continues to allocate capital and operating expenses toward growth initiatives and since the beginning of the year has invested $1.2 million in capital expenditures for growth initiatives.
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FINANCIAL PERFORMANCE SUMMARY

Revenue for the second quarter of 2025 was $17.3 million, a decrease of 7% compared to the second quarter of 2024. The decrease in revenue compared to the prior year period was primarily attributable to the successful completion of a large industrial customer contract, partly offset by higher revenues associated with aerospace and power generation customers.

Net loss for the second quarter of 2025 was ($0.6) million, or ($0.03) per diluted share, compared to net income of $27 thousand or $0.00 per diluted share in the second quarter of 2024. The decrease in net income compared to the prior year period reflects the decrease in net revenues, including lower equipment and labor revenues on a completed customer contract, partly offset by a $0.2 million reduction in selling, general and administrative expenses in the second quarter of 2025.

Adjusted EBITDA for the second quarter of 2025 was $1.5 million, compared to $2.1 million, in the second quarter of last year. The decrease in Adjusted EBITDA year-over-year is primarily attributable to lower revenues including lower equipment and labor revenues on a completed customer contract.

SECOND QUARTER 2025 CONFERENCE CALL AND WEBCAST

Stabilis will host a conference call on Thursday August 7, 2025, at 9:00 a.m. ET to review the Company’s financial results and conduct a question-and-answer session.

A webcast of the conference call will be available in the Investor Relations section of the Company’s corporate website at https://investors.stabilis-solutions.com/events. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

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To participate in the live teleconference:

Domestic Live:	833-316-1983
International Live:	785-838-9310
Conference ID:	SLNGQ225

To listen to a replay of the teleconference, which will be available through August 14, 2025:

Domestic Live:	800-695-2533
International Live:	402-530-9029

ABOUT STABILIS SOLUTIONS

Stabilis Solutions is a leading provider of clean fueling, production, storage, and last mile delivery solutions for many of the world’s most recognized, high-performance brands. To learn more, visit www.stabilis-solutions.com.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “can,” “believes,” “feels,” “anticipates,” “expects,” “could,” “will,” “plan,” “may,” “should,” “predicts,” “potential” and similar expressions are intended to identify such forward-looking statements.

Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.

The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025 which is available on the SEC’s website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

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Stabilis Solutions, Inc. and Subsidiaries

Selected Consolidated Operating Results

(Unaudited, in thousands, except share and per share data)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Revenues:			****			****			****			****			****
Revenues	$	17,309		$	17,338		$	18,598		$	34,647		$	38,368
Operating expenses:			****			****			****			****			****
Cost of revenues		12,724			12,788			13,550			25,512			27,064
Change in unrealized (gain) loss on natural gas derivatives		60			(84	)		(82	)		(24	)		(334	)
Selling, general and administrative expenses		3,131			4,933			3,331			8,064			6,787
Gain from disposal of fixed assets		—			(103	)		(72	)		(103	)		(199	)
Depreciation expense		1,860			1,867			1,768			3,727			3,568
Total operating expenses		17,775			19,401			18,495			37,176			36,886
Income (loss) from operations before equity income		(466	)		(2,063	)		103			(2,529	)		1,482
Net equity income from foreign joint venture operations		50			368			295			418			492
Income (loss) from operations		(416	)		(1,695	)		398			(2,111	)		1,974
Other income (expense):			****			****			****			****			****
Interest income (expense), net		24			21			28			45			24
Other income (expense), net		(24	)		(12	)		26			(36	)		5
Total other income (expense)		—			9			54			9			29
Net income (loss) before income tax (benefit) expense		(416	)		(1,686	)		452			(2,102	)		2,003
Income tax (benefit) expense		197			(88	)		425			109			507
Net income (loss)	$	(613	)	$	(1,598	)	$	27		$	(2,211	)	$	1,496
Net income (loss) per common share:			****			****			****			****			****
Basic and diluted per common share	$	(0.03	)	$	(0.09	)	$	0.00		$	(0.12	)	$	0.08
EBITDA	$	1,420		$	160		$	2,192		$	1,580		$	5,547
Adjusted EBITDA	$	1,480		$	2,069		$	2,110		$	3,549		$	5,213

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Stabilis Solutions, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except share and per share data)

			December 31,
			2024
Assets
Current assets:
Cash and cash equivalents	12,220		$	8,987
Accounts receivable, net	4,397			6,239
Inventories, net	180			345
Prepaid expenses and other current assets	1,039			1,902
Total current assets	17,836			17,473
Property, plant and equipment:
Cost	118,596			117,246
Less accumulated depreciation	(69,048	)		(65,518	)
Property, plant and equipment, net	49,548			51,728
Goodwill	4,314			4,314
Investments in foreign joint ventures	10,760			11,659
Right-of-use assets and other noncurrent assets	786			410
Total assets	83,244		$	85,584
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	5,950		$	5,667
Accrued liabilities	3,456			3,566
Current portion of long-term notes payable	1,295			2,010
Current portion of finance and operating lease obligations	640			384
Total current liabilities	11,341			11,627
Long-term notes payable, net of current portion and debt issuance costs	6,336			6,848
Long-term portion of operating lease obligations	85			101
Total liabilities	17,762			18,576
Commitments and contingencies		****			****
Stockholders’ equity:		****			****
Common stock; 0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,585,014 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	19			19
Additional paid-in capital	103,644			103,214
Accumulated other comprehensive loss	(323	)		(578	)
Accumulated deficit	(37,858	)		(35,647	)
Total stockholders’ equity	65,482			67,008
Total liabilities and stockholders’ equity	83,244		$	85,584

All values are in US Dollars.

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Stabilis Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Cash flows from operating activities:			****			****			****			****			****
Net income (loss)	$	(613	)	$	(1,598	)	$	27		$	(2,211	)	$	1,496
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		1,860			1,867			1,768			3,727			3,568
Stock-based compensation expense		—			447			408			447			791
Bad debt expense (recovery)		106			7			(100	)		113			68
Gain on disposal of assets		—			(103	)		(72	)		(103	)		(199	)
Income from equity investment in joint venture		(120	)		(417	)		(340	)		(537	)		(587	)
Cash settlements from natural gas derivatives, net		76			163			(359	)		239			(359	)
Realized and unrealized (gains) losses on natural gas derivatives, net		225			(84	)		30			141			30
Distributions from equity investment in joint venture		1,637			—			1,716			1,637			1,716
Changes in operating assets and liabilities:
Accounts receivable		205			1,540			(228	)		1,745			1,736
Prepaid expenses and other current assets		213			423			445			636			680
Accounts payable and accrued liabilities		898			(1,229	)		1,679			(331	)		(133	)
Other		28			9			64			37			160
Net cash provided by operating activities		4,515			1,025			5,038			5,540			8,967
Cash flows from investing activities:			****			****			****			****			****
Acquisition of fixed assets		(635	)		(487	)		(1,376	)		(1,122	)		(2,249	)
Proceeds from sale of fixed assets		—			211			72			211			279
Net cash used in investing activities		(635	)		(276	)		(1,304	)		(911	)		(1,970	)
Cash flows from financing activities:			****			****			****			****			****
Payments on short- and long-term notes payable and finance leases		(680	)		(671	)		(529	)		(1,351	)		(875	)
Payment of debt issuance costs		—			(42	)		—			(42	)		—
Employee tax payments from restricted stock withholdings		—			(17	)		—			(17	)		(9	)
Net cash used in financing activities		(680	)		(730	)		(529	)		(1,410	)		(884	)
Effect of exchange rate changes on cash		17			(3	)		(8	)		14			(4	)
Net increase in cash and cash equivalents		3,217			16			3,197			3,233			6,109
Cash and cash equivalents, beginning of period		9,003			8,987			8,286			8,987			5,374
Cash and cash equivalents, end of period	$	12,220		$	9,003		$	11,483		$	12,220		$	11,483

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Non-GAAP Measures

Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. (“GAAP”). Accordingly, they should not be used as an indicator of, or an alternative to, net income (loss) as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Net income (loss)	$	(613	)	$	(1,598	)	$	27		$	(2,211	)	$	1,496
Depreciation		1,860			1,867			1,768			3,727			3,568
Interest expense (income), net		(24	)		(21	)		(28	)		(45	)		(24	)
Income tax (benefit) expense		197			(88	)		425			109			507
EBITDA		1,420			160			2,192			1,580			5,547
Special items*		60			1,909			(82	)		1,969			(334	)
Adjusted EBITDA	$	1,480		$	2,069		$	2,110		$	3,549		$	5,213
*	Special items for all periods presented consist of adjustments related to unrealized (gain)/loss on natural gas derivatives. The three months ended March 31, 2025 and the six months ended June 30, 2025 also include an add-back of $2.1 million related to Mr. Ballard's severance expenses and a subtraction of $0.1 million for a gain related to a property damage settlement.
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Investor Contact:

Andrew Puhala

Chief Financial Officer

832-456-6502

ir@stabilis-solutions.com