false
0001043186
0001043186
2023-08-09
2023-08-09
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 9, 2023
Stabilis Solutions, Inc.
(Exact name of registrant as specified in its charter)
|
Florida
|
001-40364
|
59-3410234
|
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
11750 Katy Freeway Suite 900
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. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 9, 2023, Stabilis Solutions, Inc. (the “Company”) issued a press release announcing information regarding its results of operations and financial condition for the six months ended June 30, 2023. 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
|
|
| |
|
|
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 9, 2023
Exhibit 99.1
STABILIS SOLUTIONS REPORTS SECOND QUARTER 2023 RESULTS
Houston, August 9, 2023 -- Stabilis Solutions, Inc., ("Stabilis" or the "Company") (Nasdaq: SLNG), a leading provider of clean energy production, storage, and delivery solutions, today announced results for the second quarter ended June 30, 2023.
For the three months ended June 30, 2023, Stabilis reported a net loss of ($2.2) million, on revenue of $12.9 million, versus a net loss of ($2.2) million, on revenue of $23.2 million in the second quarter 2022, and net income of $1.1 million, on revenue of $26.8 million in the first quarter 2023. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") was ($0.1) million in the second quarter 2023, compared to $1.4 million in the second quarter 2022 and $3.5 million in the first quarter 2023.
The year-over-year results were driven by a decline in non-margin producing (pass through) commodity prices, a change in feed gas composition at its south Texas LNG production facility, and additional operating costs to support future marine growth.
Sequentially, Stabilis’ results were driven by the scheduled completion of a large short-term bunkering contract, the decline in non-margin producing (pass-through) commodity prices, typical seasonal demand trends, and change in feed gas composition at its south Texas LNG production facility.
Total capital expenditures increased approximately 400% on a year-to-date basis in 2023 to $5.2 million, versus the same period last year, to support an anticipated acceleration in marine customer demand growth. The Company expects the pace of its capital expenditures to continue as marine bunkering and new commercial opportunities are finalized.
As of June 30, 2023, Stabilis had total cash and equivalents of $8.1 million, an undrawn $10 million revolving credit facility, subject to a borrowing base, and remaining capacity under its advancing loan with Ameristate bank. Total debt outstanding as of June 30, 2023 was $9.9 million, resulting in a ratio of net debt to trailing twelve-month Adjusted EBITDA of 0.2x.
For a full reconciliation of GAAP to non-GAAP metrics, please refer to the Appendix of this release.
MANAGEMENT COMMENTARY
“Our second quarter results were consistent with our expectations and were primarily attributable to lower pass-through natural gas feed stock commodity prices, the expected completion of a short-term marine bunkering contract, and usual seasonal activity, much of which has been re-awarded to Stabilis for the upcoming winter season. During the second quarter, we also experienced lower utilization at our Texas liquefaction plant due to changes in the composition in our supplier’s feed gas, which we are confident will be remedied during the third quarter,” stated Westy Ballard, President and CEO.
“Strategically, our objective of optimizing our core industrial business, while accelerating growth within a massive and multi-year marine vessel bunkering and export demand cycle, remains the same” continued Ballard. “We believe that there is insufficient infrastructure in the U.S. market to support the future demand for LNG vessel bunkering and it is our goal to be a significant participant in filling this void. To date, we’ve established marine operations on three coasts and are preparing for expansion in additional key strategic ports. Over the last year, we’ve made strong progress within the marine market, with our total marine revenue increasing by more than $16 million to 21% of total revenue, versus 5% in the prior-year period. Growth into a developing and nascent industry can be lumpy period-over-period and not always linear, but we are confident the overall trajectory will continue to move higher, especially as a significant volume of new, LNG-fueled vessels enter the market beginning in 2024.”
Ballard concluded: “As the only publicly traded, small-scale LNG growth platform in North America, we are uniquely positioned to be the leader in marine bunkering by leveraging our proven business model to expand and optimize our portfolio of owned and third-party assets to drive long-term growth and shareholder returns.”
SECOND QUARTER 2023 CONFERENCE CALL AND WEBCAST
Stabilis will host a conference call on Thursday, August 10, 2023 at 9:00 a.m. ET to review the Company’s financial results, discuss recent events 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.
To participate in the live teleconference:
Domestic Live: 800-267-6316
International Live: 203-518-9783
Conference ID: SLNGQ223
To listen to a replay of the teleconference, which will be available through August 17, 2023:
Domestic Live: 888-225-1626
International Live: 402-220-4974
ABOUT STABILIS SOLUTIONS
Stabilis Solutions, Inc. is a leading provider of clean energy production, storage, and delivery solutions to multiple end markets. 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,” “outlook” 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 March 9, 2023 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.
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,
|
|
| |
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
12,907 |
|
|
$ |
26,842 |
|
|
$ |
23,150 |
|
|
$ |
39,749 |
|
|
$ |
43,417 |
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
10,585 |
|
|
|
20,270 |
|
|
|
19,537 |
|
|
|
30,855 |
|
|
|
35,041 |
|
|
Change in unrealized loss on natural gas derivatives
|
|
|
(224 |
) |
|
|
169 |
|
|
|
899 |
|
|
|
(55 |
) |
|
|
899 |
|
|
Selling, general and administrative expenses
|
|
|
3,043 |
|
|
|
3,379 |
|
|
|
3,054 |
|
|
|
6,422 |
|
|
|
5,985 |
|
|
Gain from disposal of fixed assets
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(80 |
) |
|
Depreciation expense
|
|
|
1,992 |
|
|
|
2,011 |
|
|
|
2,197 |
|
|
|
4,003 |
|
|
|
4,474 |
|
|
Total operating expenses
|
|
|
15,396 |
|
|
|
25,829 |
|
|
|
25,687 |
|
|
|
41,225 |
|
|
|
46,319 |
|
|
Income (loss) from operations before equity income
|
|
|
(2,489 |
) |
|
|
1,013 |
|
|
|
(2,537 |
) |
|
|
(1,476 |
) |
|
|
(2,902 |
) |
|
Net equity income from foreign joint venture operations
|
|
|
685 |
|
|
|
345 |
|
|
|
686 |
|
|
|
1,030 |
|
|
|
773 |
|
|
Income (loss) from operations
|
|
|
(1,804 |
) |
|
|
1,358 |
|
|
|
(1,851 |
) |
|
|
(446 |
) |
|
|
(2,129 |
) |
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(147 |
) |
|
|
(150 |
) |
|
|
(150 |
) |
|
|
(297 |
) |
|
|
(287 |
) |
|
Interest expense, net - related parties
|
|
|
(24 |
) |
|
|
(32 |
) |
|
|
(49 |
) |
|
|
(56 |
) |
|
|
(80 |
) |
|
Other income (expense), net
|
|
|
(40 |
) |
|
|
(84 |
) |
|
|
(26 |
) |
|
|
(124 |
) |
|
|
(71 |
) |
|
Total other income (expense)
|
|
|
(211 |
) |
|
|
(266 |
) |
|
|
(225 |
) |
|
|
(477 |
) |
|
|
(438 |
) |
|
Net income (loss) from continuing operations before income tax expense (benefit)
|
|
|
(2,015 |
) |
|
|
1,092 |
|
|
|
(2,076 |
) |
|
|
(923 |
) |
|
|
(2,567 |
) |
|
Income tax expense (benefit)
|
|
|
159 |
|
|
|
8 |
|
|
|
(1 |
) |
|
|
167 |
|
|
|
(133 |
) |
|
Net income (loss) from continuing operations
|
|
|
(2,174 |
) |
|
|
1,084 |
|
|
|
(2,075 |
) |
|
|
(1,090 |
) |
|
|
(2,434 |
) |
|
Loss from discontinued operations, net of income tax
|
|
|
— |
|
|
|
— |
|
|
|
(93 |
) |
|
|
— |
|
|
|
(140 |
) |
|
Net income (loss)
|
|
$ |
(2,174 |
) |
|
$ |
1,084 |
|
|
$ |
(2,168 |
) |
|
$ |
(1,090 |
) |
|
$ |
(2,574 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share from continuing operations
|
|
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
Basic loss per common share from discontinued operations
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
Basic net income (loss) per common share
|
|
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
$ |
(0.12 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.14 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share from continuing operations
|
|
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
Diluted loss per common share from discontinued operations
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
Diluted net income (loss) per common share
|
|
$ |
(0.12 |
) |
|
$ |
0.06 |
|
|
$ |
(0.12 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.14 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$ |
148 |
|
|
$ |
3,285 |
|
|
$ |
320 |
|
|
$ |
3,433 |
|
|
$ |
2,274 |
|
|
Adjusted EBITDA
|
|
$ |
(76 |
) |
|
$ |
3,454 |
|
|
$ |
1,447 |
|
|
$ |
3,378 |
|
|
$ |
3,401 |
|
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
| |
|
June 30,
|
|
|
December 31,
|
|
| |
|
2023
|
|
|
2022
|
|
|
Assets
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
8,121 |
|
|
$ |
11,451 |
|
|
Accounts receivable, net
|
|
|
4,763 |
|
|
|
16,326 |
|
|
Inventories, net
|
|
|
47 |
|
|
|
205 |
|
|
Prepaid expenses and other current assets
|
|
|
1,051 |
|
|
|
2,186 |
|
|
Assets held for sale
|
|
|
— |
|
|
|
2,049 |
|
|
Total current assets
|
|
|
13,982 |
|
|
|
32,217 |
|
|
Property, plant and equipment:
|
|
|
|
|
|
|
|
|
|
Cost
|
|
|
111,219 |
|
|
|
103,368 |
|
|
Less accumulated depreciation
|
|
|
(59,726 |
) |
|
|
(55,699 |
) |
|
Property, plant and equipment, net
|
|
|
51,493 |
|
|
|
47,669 |
|
|
Goodwill
|
|
|
4,314 |
|
|
|
4,314 |
|
|
Investments in foreign joint ventures
|
|
|
11,339 |
|
|
|
11,606 |
|
|
Right-of-use assets and other noncurrent assets
|
|
|
550 |
|
|
|
774 |
|
|
Total assets
|
|
$ |
81,678 |
|
|
$ |
96,580 |
|
|
Liabilities and Stockholders’ Equity
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
1,805 |
|
|
$ |
4,474 |
|
|
Accrued liabilities
|
|
|
10,171 |
|
|
|
19,642 |
|
|
Current portion of long-term notes payable
|
|
|
338 |
|
|
|
848 |
|
|
Current portion of long-term notes payable - related parties
|
|
|
1,235 |
|
|
|
2,435 |
|
|
Current portion of finance and operating lease obligations
|
|
|
170 |
|
|
|
133 |
|
|
Total current liabilities
|
|
|
13,719 |
|
|
|
27,532 |
|
|
Long-term notes payable, net of current portion and debt issuance costs
|
|
|
8,349 |
|
|
|
8,650 |
|
|
Long-term portion of finance and operating lease obligations
|
|
|
82 |
|
|
|
183 |
|
|
Other noncurrent liabilities
|
|
|
— |
|
|
|
348 |
|
|
Total liabilities
|
|
|
22,150 |
|
|
|
36,713 |
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,478,829 and 18,420,067 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
|
|
|
19 |
|
|
|
19 |
|
|
Additional paid-in capital
|
|
|
101,319 |
|
|
|
100,137 |
|
|
Accumulated other comprehensive income
|
|
|
(349 |
) |
|
|
82 |
|
|
Accumulated deficit
|
|
|
(41,461 |
) |
|
|
(40,371 |
) |
|
Total stockholders’ equity
|
|
|
59,528 |
|
|
|
59,867 |
|
|
Total liabilities and stockholders’ equity
|
|
$ |
81,678 |
|
|
$ |
96,580 |
|
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,
|
|
| |
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations
|
|
$ |
(2,174 |
) |
|
$ |
1,084 |
|
|
$ |
(2,075 |
) |
|
$ |
(1,090 |
) |
|
$ |
(2,434 |
) |
|
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
1,992 |
|
|
|
2,011 |
|
|
|
2,197 |
|
|
|
4,003 |
|
|
|
4,474 |
|
|
Stock-based compensation expense
|
|
|
593 |
|
|
|
589 |
|
|
|
608 |
|
|
|
1,182 |
|
|
|
1,139 |
|
|
Income from equity investment in joint venture
|
|
|
(741 |
) |
|
|
(393 |
) |
|
|
(760 |
) |
|
|
(1,134 |
) |
|
|
(921 |
) |
|
Realized and unrealized losses on natural gas derivatives
|
|
|
70 |
|
|
|
421 |
|
|
|
899 |
|
|
|
491 |
|
|
|
899 |
|
|
Distributions from equity investment in joint venture
|
|
|
813 |
|
|
|
— |
|
|
|
1,550 |
|
|
|
813 |
|
|
|
1,550 |
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
4,964 |
|
|
|
2,044 |
|
|
|
(2,136 |
) |
|
|
7,008 |
|
|
|
(464 |
) |
|
Prepaid expenses and other current assets
|
|
|
320 |
|
|
|
507 |
|
|
|
(1,231 |
) |
|
|
827 |
|
|
|
(889 |
) |
|
Accounts payable and accrued liabilities
|
|
|
(2,024 |
) |
|
|
(6,361 |
) |
|
|
2,954 |
|
|
|
(8,385 |
) |
|
|
1,270 |
|
|
Other
|
|
|
(4 |
) |
|
|
191 |
|
|
|
(440 |
) |
|
|
187 |
|
|
|
(596 |
) |
|
Net cash provided by operating activities from continuing operations
|
|
|
3,809 |
|
|
|
93 |
|
|
|
1,566 |
|
|
|
3,902 |
|
|
|
4,028 |
|
|
Net cash provided by (used in) operating activities from discontinued operations
|
|
|
— |
|
|
|
— |
|
|
|
(134 |
) |
|
|
— |
|
|
|
559 |
|
|
Net cash provided by operating activities
|
|
|
3,809 |
|
|
|
93 |
|
|
|
1,432 |
|
|
|
3,902 |
|
|
|
4,587 |
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed assets
|
|
|
(1,484 |
) |
|
|
(3,727 |
) |
|
|
(333 |
) |
|
|
(5,211 |
) |
|
|
(1,023 |
) |
|
Proceeds from sale of fixed assets
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
Net cash used in investing activities from continuing operations
|
|
|
(1,484 |
) |
|
|
(3,727 |
) |
|
|
(333 |
) |
|
|
(5,211 |
) |
|
|
(923 |
) |
|
Net cash used in investing activities from discontinued operations
|
|
|
— |
|
|
|
— |
|
|
|
(30 |
) |
|
|
— |
|
|
|
(258 |
) |
|
Net cash used in investing activities
|
|
|
(1,484 |
) |
|
|
(3,727 |
) |
|
|
(363 |
) |
|
|
(5,211 |
) |
|
|
(1,181 |
) |
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings on short- and long-term notes payable
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
1,000 |
|
|
Payments on short- and long-term notes payable
|
|
|
(366 |
) |
|
|
(365 |
) |
|
|
(459 |
) |
|
|
(731 |
) |
|
|
(873 |
) |
|
Payments on notes payable and finance leases from related parties
|
|
|
(604 |
) |
|
|
(596 |
) |
|
|
— |
|
|
|
(1,200 |
) |
|
|
(669 |
) |
|
Payment of debt issuance costs
|
|
|
(108 |
) |
|
|
— |
|
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
Net cash provided by (used in) financing activities from continuing operations
|
|
|
(1,078 |
) |
|
|
(961 |
) |
|
|
541 |
|
|
|
(2,039 |
) |
|
|
(542 |
) |
|
Net cash used in financing activities from discontinued operations
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(58 |
) |
|
Net cash provided by (used in) financing activities
|
|
|
(1,078 |
) |
|
|
(961 |
) |
|
|
532 |
|
|
|
(2,039 |
) |
|
|
(600 |
) |
|
Effect of exchange rate changes on cash
|
|
|
13 |
|
|
|
5 |
|
|
|
57 |
|
|
|
18 |
|
|
|
54 |
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
1,260 |
|
|
|
(4,590 |
) |
|
|
1,658 |
|
|
|
(3,330 |
) |
|
|
2,860 |
|
|
Cash and cash equivalents, beginning of period
|
|
|
6,861 |
|
|
|
11,451 |
|
|
|
2,112 |
|
|
|
11,451 |
|
|
|
910 |
|
|
Cash and cash equivalents, end of period
|
|
$ |
8,121 |
|
|
$ |
6,861 |
|
|
$ |
3,770 |
|
|
$ |
8,121 |
|
|
$ |
3,770 |
|
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 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,
|
|
| |
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Net income (loss)
|
|
$ |
(2,174 |
) |
|
$ |
1,084 |
|
|
$ |
(2,168 |
) |
|
$ |
(1,090 |
) |
|
$ |
(2,574 |
) |
|
Loss from discontinued operations
|
|
|
— |
|
|
|
— |
|
|
|
93 |
|
|
|
— |
|
|
|
140 |
|
|
Net income (loss) from continuing operations
|
|
|
(2,174 |
) |
|
|
1,084 |
|
|
|
(2,075 |
) |
|
|
(1,090 |
) |
|
|
(2,434 |
) |
|
Depreciation
|
|
|
1,992 |
|
|
|
2,011 |
|
|
|
2,197 |
|
|
|
4,003 |
|
|
|
4,474 |
|
|
Interest expense, net
|
|
|
171 |
|
|
|
182 |
|
|
|
199 |
|
|
|
353 |
|
|
|
367 |
|
|
Income tax expense (benefit)
|
|
|
159 |
|
|
|
8 |
|
|
|
(1 |
) |
|
|
167 |
|
|
|
(133 |
) |
|
EBITDA
|
|
|
148 |
|
|
|
3,285 |
|
|
|
320 |
|
|
|
3,433 |
|
|
|
2,274 |
|
|
Special items*
|
|
|
(224 |
) |
|
|
169 |
|
|
|
1,127 |
|
|
|
(55 |
) |
|
|
1,127 |
|
|
Adjusted EBITDA
|
|
$ |
(76 |
) |
|
$ |
3,454 |
|
|
$ |
1,447 |
|
|
$ |
3,378 |
|
|
$ |
3,401 |
|
|
*
|
Special items for the three and six month 2023 periods consist of the subtraction / add-back of an unrealized (gain) / loss related to natural gas derivatives. Special items for the three and six months ended June 30, 2022,consist of the add-back of an unrealized loss on natural gas derivatives of $0.9 million and one-time costs related to an expired contract of $0.2 million.
|
# # # # #
INVESTOR RELATIONS CONTACT:
Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com
v3.23.2
Document And Entity Information
|
Aug. 09, 2023 |
| Document Information [Line Items] |
|
| Entity, Registrant Name |
Stabilis Solutions, Inc.
|
| Document, Type |
8-K
|
| Document, Period End Date |
Aug. 09, 2023
|
| Entity, Incorporation, State or Country Code |
FL
|
| Entity, File Number |
001-40364
|
| Entity, Tax Identification Number |
59-3410234
|
| Entity, Address, Address Line One |
11750 Katy Freeway Suite 900
|
| Entity, Address, City or Town |
Houston
|
| Entity, Address, State or Province |
TX
|
| Entity, Address, Postal Zip Code |
77079
|
| City Area Code |
832
|
| Local Phone Number |
456-6500
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common Stock
|
| Trading Symbol |
SLNG
|
| Security Exchange Name |
NASDAQ
|
| Entity, Emerging Growth Company |
false
|
| Amendment Flag |
false
|
| Entity, Central Index Key |
0001043186
|
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|
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