Q2 2026 Stabilis Solutions Inc Earnings Call Transcript
Key Points
- Aerospace LNG volumes surged 79% year-over-year and 87% sequentially, with revenue up 71%, driven by strong launch activity and a potential fourth customer.
- Secured a new behind-the-meter LNG contract for data center commissioning, expected to start in Q3 2026, with a six-month term that could extend.
- Largest-ever contract for bridge power to a U.S. data center, generating ~$100 million annually over two years starting in 2027, with $20 million in prepayments received.
- Asset-light model leverages third-party LNG and flexible logistics, enabling scaling without heavy capital investment, supporting 2027 revenue exceeding $100 million.
- Galveston LNG project achieved a key regulatory milestone with a U.S. Coast Guard letter of recommendation, strengthening its position as a preferred Gulf Coast bunkering option.
- Q2 2026 revenue fell 31% year-over-year to $11.9 million, and adjusted EBITDA dropped to $0.1 million from $1.5 million, due to contract completions.
- Adjusted EBITDA excluded $2.9 million in vessel charter costs from a terminated LNG bunkering vessel lease, indicating a failed venture.
- Galveston LNG project timeline remains uncertain with no firm FID date, pending commercial offtake and financing agreements.
- Aerospace customers have not committed to long-term contracts, limiting visibility beyond 18 months and creating revenue volatility.
- Data center long-term backup power business is still developing, with no contracts secured yet, and the market may not fully appreciate its potential.
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Welcome to the Stabilis Solutions Second Quarter 2026 Earnings Call. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press *1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing *2. So others can hear your questions clearly, we ask you pick up your handset for best sound quality. Lastly, if you should require operator assistance, please press *0. I would now like to turn our call over to Andy Puhala, Chief Financial Officer. Mr. Puhala, please go
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