Business
Stabilis Solutions Announces Second Quarter 2024 Results
HOUSTON, TX / ACCESSWIRE / August 7, 2024 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (Nasdaq:SLNG), a leading provider of clean fueling,
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / August 7, 2024 / 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, 2024.SECOND QUARTER PERFORMANCE HIGHLIGHTSStrong demand and higher utilization at our Texas liquefaction plant led to a year-over-year increase of 45.3% in LNG volumes delivered and an improvement of $2.2 million in net incomeRecord second quarter Adjusted EBITDA of $2.1 million, an increase of $2.2 million on a year-over-year basis$5.0 million of cash flow from operations, an increase of 32.3% on a year-over-year basis$15.9 million of cash and availability under our credit agreements with cash and cash equivalents exceeding debt outstanding resulting in a net cash positive balance sheet as of June 30, 2024MANAGEMENT COMMENTARY\"We delivered strong second quarter results due to the ongoing efforts of our entire team to transition our company into one of North America's largest providers of liquefied natural gas fueling, production, storage, and last mile delivery solutions.\" said Westy Ballard, President and Chief Executive Officer. \"These efforts have optimized our existing operations and resulted in longer-term customer relationships, higher asset utilization, more predictable cash flows, improved liquidity, and a healthier leverage profile.\"Ballard continued, \"Moving forward, we remain focused on leveraging our proven business model to further develop and deliver a portfolio of opportunities across our marine, commercial and industrial business platforms.\"STRATEGIC AND OPERATIONAL UPDATEStrengthening balance sheet and liquidity profile. At the end of the second quarter, the Company's total cash and available liquidity under its credit agreements improved to $15.9 million and Stabilis had a trailing twelve-month net leverage ratio of -0.3x.Increased storage capacity at Texas liquefaction plant. During the quarter, the Company commenced the phased expansion of storage capacity from 270,000 gallons to 630,000 gallons at its liquefaction facility in Texas, which will further bolster its inland LNG supply chain to address increased demand and provide redundancy for its business as it ...