Business
Stabilis Solutions Announces Fourth Quarter and Full Year 2023 Results
HOUSTON, TX / ACCESSWIRE / March 6, 2024 / 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 6, 2024 / 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 financial results for the fourth quarter and full year ended December 31, 2023.PERFORMANCE HIGHLIGHTSGenerated positive fourth quarter and full-year net incomeDelivered $6.7 million of cash flow from operations in full year 2023More than $11.0 million of cash and available liquidity and net leverage ratio of 0.6x as of December 31, 2023Commenced deliveries on previously announced multi-year LNG bunkering contract with Carnival CorporationAnticipate marine bunkering business to represent more than one-third of total revenue for the full year 2024MANAGEMENT COMMENTARY\"Our fourth quarter performance was a strong finish to an historic year for Stabilis,\" stated Westy Ballard, President and Chief Executive Officer. \"In 2023, we made measurable strides forward with our marine strategy through the successful execution of bunkering contracts in Florida and California, together with the award of a multi-year customer supply agreement with Carnival Corporation in Galveston Texas. We are building a strong, scalable platform equipped to support increased demand for our solutions.\"\"Looking ahead, we continue to shift our business model from commodity spot-sales toward longer duration, take-or-pay contractual revenue,\" continued Ballard. \"We believe this approach ensures further optimization of our asset base and increases the visibility of cash flow generation, positioning us to opportunistically invest in the people, systems and liquefaction capacity required to support future growth. Entering 2024, we remain confident in the positive demand trajectory for our business, along with our proven ability to provide reliable, end-to-end last mile solutions for every customer, every time.\"STRATEGIC AND OPERATIONAL UPDATEStrong commercial and operational momentum, improved balance sheet optionality. Stabilis believes that its operating scale, fortified balance sheet, diverse end-market exposure, established customer relationships and increased demand for small-scale LNG solutions will position the business to maximize its return on invested capital. Stabilis invested $10.3 million in total capital expenditu...