Business
Stabilis Solutions Reports Second Quarter 2023 Results
HOUSTON, TX / ACCESSWIRE / August 9, 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 / 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...