Business
Stabilis Solutions Announces Fourth Quarter and Full Year 2022 Results
HOUSTON, TX / ACCESSWIRE / March 8, 2023 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (NASDAQ:SLNG), a leading provider of clean energy
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / March 8, 2023 / Stabilis Solutions, Inc., (\"Stabilis\" or the \"Company\") (NASDAQ:SLNG), a leading provider of clean energy production, storage, and delivery solutions to multiple end markets, today announced its financial results for its fourth quarter and full year ended December 31, 2022.Fourth Quarter ResultsFor the fourth quarter ended December 31, 2022, Stabilis reported revenues of $29.6 million, a 15% increase sequentially and a 42% increase from the fourth quarter of 2021. The year-over-year growth was primarily the result of 1.1 million additional LNG gallons delivered, higher natural gas prices, and additional rental and service revenue.Net income from continuing operations was $0.2 million in the quarter, compared to $1.0 million in the third quarter of 2022 and a loss of $2.3 million in the fourth quarter of last year.Adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\") was $3.9 million, compared to $2.3 million in the third quarter of 2022 and $0.7 million in the fourth quarter of 2021.Full Year ResultsFull year 2022 revenues totaled $98.8 million, an increase of 43% compared to $69.2 million reported in 2021.Net loss from continuing operations was $1.2 million for the full year, compared to a net loss from continuing operations of $7.6 million for 2021.Adjusted EBITDA was $9.6 million in 2022, compared to $5.2 million in 2021.The Company generated positive cash flows from continuing operations of $13.6 million during 2022, compared to $4.7 million in the prior year. Cash on hand as of December 31, 2022 was $11.5 million and the Company has $1.0 million of available liquidity under its current bank agreement.\"We made tremendous progress both operationally and financially in 2022.\" commented Westy Ballard, President and CEO. \"The cost rationalization and pricing strategies I discussed on previous calls have improved profitability and delivered strong operating cash flows in a difficult and uncertain economic environment. Additionally, we began to lay the foundation for expansion into exciting new markets and look forward to building on this foundation in 2023 and beyond.\"Conference CallManagement will host a conference call on Thursday, March 9, 2023 at 10:00 a.m. eastern time (9:00 a.m. central). Individuals in the United States and Canada wh...