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Stabilis Solutions, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $17,627,000 from $15,316,000 in the same quarter the previous year. The increase is attributed to higher LNG deliveries and improved customer pricing mix, partially offset by lower natural gas prices.
Cost of revenues for the quarter was $12,638,000, representing 72% of sales, compared to 79% in the same quarter of the previous year. This decrease in cost ratio is due to lower natural gas, liquefaction, and transportation costs.
The company reported a net income of $997,000 for the quarter, compared to a net loss of $207,000 in the previous year, with the improvement attributed to increased revenues and cost management.
Net equity income from foreign joint venture operations was $516,000, up from $284,000, due to increased net profits by the joint venture.
Interest income, net was $81,000, compared to $60,000 in the previous year, related to interest earned on cash balances.
Cash provided by operating activities was $11,522,000, while cash used in investing and financing activities was $3,180,000 and $1,289,000, respectively.
Stabilis had cash and cash equivalents of $12,393,000 as of September 30, 2024. The company believes it has sufficient liquidity to fund operations and repay debt over the next twelve months.
The filing also details the company's revolving credit facility with Cadence Bank (CADE-0.06%), providing a maximum aggregate amount of $10 million, with no amounts drawn as of September 30, 2024.
Stabilis does not anticipate any expenditures for compliance with environmental laws that would materially impact its financial position.
The company continues to focus on providing LNG solutions to diverse end markets, including aerospace, agriculture, and marine bunkering, with significant opportunities for LNG usage.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stabilis Solutions Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.