Business
Stabilis Solutions Reports First Quarter 2023 Results
HOUSTON, TX / ACCESSWIRE / May 10, 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 / May 10, 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 reported its financial results for its first quarter ended March 31, 2023.For the first quarter, Stabilis reported revenues of $26.8 million, a 32% increase from the first quarter of 2022 and a 9% decrease from the fourth quarter of 2022. The year-on-year growth was primarily the result of increases in take-or pay fees from several customers, improved pricing, and higher natural gas prices.Net income from continuing operations was $1.1 million in the quarter, compared to a net loss from continuing operations of $0.4 million in the first quarter of 2022. Net income from continuing operations was $0.2 million in the fourth quarter of last year.Adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\") was $3.5 million, compared to $2.0 million in the first quarter of 2022 and $3.9 million in the fourth quarter of 2022.\"We had a solid quarter as we continue to build upon substantial progress made in 2022,\" commented Westy Ballard, President and CEO. \"Demand was strong across multiple sectors, and we continue to make tremendous progress in advancing our efforts in the large addressable markets in which we are expanding. Over the coming quarters, results may be uneven as individual projects are completed however, our longer term outlook is strong with a significant number of new and scalable opportunities in various stages of commercial discussions.\"Conference CallManagement will host a conference call on Thursday, May 11, 2023 at 10:00 a.m. eastern time (9:00 a.m. central). Individuals in the United States and Canada who wish to participate in the conference call can access the live webcast at https://www.webcaster4.com/Webcast/Page/2256/48262 or dial +1 888-506-0062; passcode 317626. International callers should dial +1 973-528-0011; passcode 317626. A replay of the call will be available until June 11, 2023. Individuals in the United States and Canada who wish to listen to the replay should dial +1 877-481-4010; passcode 48262. International callers should dial +1 919-882-2331; passcode 48262.About Stabilis SolutionsStabilis Solutions, Inc. is a leading provider of clea...