Stabilis Solutions Announces Third Quarter 2024 Results
Stabilis Solutions (NASDAQ:SLNG) reported strong Q3 2024 results with significant improvements across key metrics. The company achieved a 22% year-over-year increase in LNG sales volumes and improved net income by $1.2 million. Adjusted EBITDA reached $2.6 million, up $2.0 million year-over-year, while cash flow from operations increased 73% to $2.6 million. The company's strategic transformation led to 68% of Q3 revenues coming from contracted agreements, up from 43% in Q3 2023. Revenue mix in marine and aerospace markets grew from 11% to 40% year-over-year. The company maintains $15.6 million in cash and credit availability as of September 30, 2024.
Stabilis Solutions (NASDAQ:SLNG) ha riportato risultati solidi per il terzo trimestre del 2024, con miglioramenti significativi in diversi indicatori chiave. L'azienda ha registrato un aumento del 22% delle vendite di LNG rispetto all'anno precedente e un incremento del reddito netto di 1,2 milioni di dollari. EBITDA rettificato ha raggiunto i 2,6 milioni di dollari, in aumento di 2,0 milioni di dollari rispetto all'anno precedente, mentre il flusso di cassa dalle operazioni è aumentato del 73% a 2,6 milioni di dollari. La trasformazione strategica dell'azienda ha portato il 68% dei ricavi del terzo trimestre da accordi contrattuali, rispetto al 43% del terzo trimestre del 2023. La percentuale di entrate nei mercati marittimo e aerospaziale è aumentata dall'11% al 40% rispetto all'anno precedente. L'azienda mantiene 15,6 milioni di dollari in contante e disponibilità di credito al 30 settembre 2024.
Stabilis Solutions (NASDAQ:SLNG) reportó resultados sólidos para el tercer trimestre de 2024 con mejoras significativas en métricas clave. La compañía logró un aumento del 22% en el volumen de ventas de GNL en comparación con el año anterior y mejoró su ingreso neto en 1,2 millones de dólares. EBITDA ajustado alcanzó los 2,6 millones de dólares, aumentando 2,0 millones de dólares interanualmente, mientras que el flujo de caja de las operaciones creció un 73% hasta los 2,6 millones de dólares. La transformación estratégica de la empresa llevó a que el 68% de los ingresos del tercer trimestre provinieran de acuerdos contratados, un aumento respecto al 43% del tercer trimestre de 2023. La mezcla de ingresos en los mercados marino y aeroespacial creció del 11% al 40% interanualmente. La compañía mantiene 15,6 millones de dólares en efectivo y disponibilidad de crédito al 30 de septiembre de 2024.
Stabilis Solutions (NASDAQ:SLNG)는 2024년 3분기에 강력한 실적을 보고하였으며 주요 지표에서 상당한 개선이 이루어졌습니다. 회사는 전년 대비 LNG 판매량이 22% 증가하였고, 순이익이 120만 달러 향상되었습니다. 조정된 EBITDA는 260만 달러에 달하며, 전년 대비 200만 달러 증가하였고 운영으로부터의 현금 흐름은 73% 증가하여 260만 달러에 도달했습니다. 회사의 전략적 변화는 3분기 수익의 68%가 계약된 협정으로부터 발생하게 되었으며, 이는 2023년 3분기의 43%에서 증가한 수치입니다. 해양 및 항공우주 시장의 수익 비율은 전년 대비 11%에서 40%로 증가했습니다. 회사는 2024년 9월 30일 기준으로 1560만 달러의 현금과 신용 가능성을 유지하고 있습니다.
Stabilis Solutions (NASDAQ:SLNG) a annoncé de solides résultats pour le troisième trimestre 2024 avec des améliorations significatives dans plusieurs indicateurs clés. L'entreprise a enregistré une augmentation de 22% de ses volumes de ventes de GNL par rapport à l'année précédente et a amélioré son revenu net de 1,2 million de dollars. EBITDA ajusté a atteint 2,6 millions de dollars, en hausse de 2,0 millions de dollars par rapport à l'année précédente, tandis que le flux de trésorerie des opérations a augmenté de 73% pour atteindre 2,6 millions de dollars. La transformation stratégique de l'entreprise a conduit à ce que 68% des revenus du troisième trimestre proviennent d'accords contractuels, contre 43% au troisième trimestre 2023. La part des revenus dans les marchés maritime et aérospatial a augmenté de 11% à 40% d'une année sur l'autre. L'entreprise maintient 15,6 millions de dollars en liquidités et en disponibilités de crédit au 30 septembre 2024.
Stabilis Solutions (NASDAQ:SLNG) meldete starke Ergebnisse für das dritte Quartal 2024 mit erheblichen Verbesserungen in wichtigen Kennzahlen. Das Unternehmen erzielte einen Anstieg des LNG-Verkaufsvolumens um 22% im Vergleich zum Vorjahr und verbesserte den Nettogewinn um 1,2 Millionen Dollar. Bereinigtes EBITDA erreichte 2,6 Millionen Dollar, was einer Steigerung von 2,0 Millionen Dollar gegenüber dem Vorjahr entspricht, während der Cashflow aus dem operativen Geschäft um 73% auf 2,6 Millionen Dollar anstieg. Die strategische Transformation des Unternehmens führte dazu, dass 68% der Drittquartal-Umsätze aus vertraglichen Vereinbarungen stammten, im Vergleich zu 43% im dritten Quartal 2023. Der Umsatzanteil in den Bereichen Marine und Luftfahrt stieg im Jahresvergleich von 11% auf 40%. Das Unternehmen hält zum 30. September 2024 15,6 Millionen Dollar an Bargeld und Kreditverfügbarkeit.
- 22% year-over-year increase in LNG sales volumes
- $1.2 million improvement in net income year-over-year
- Adjusted EBITDA increased by $2.0 million to $2.6 million
- 73% increase in cash flow from operations to $2.6 million
- Contracted revenue increased to 68% of total revenue from 43% year-over-year
- Marine and aerospace revenue mix grew from 11% to 40% of total revenue
- None.
Insights
This quarterly report shows significant operational improvements for Stabilis Solutions.
The expansion in marine and aerospace markets, growing from
HOUSTON, TX / ACCESSWIRE / November 6, 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 third quarter ended September 30, 2024.
THIRD QUARTER PERFORMANCE HIGHLIGHTS
Strong customer demand supported by ratable long-term contractual agreements and improved plant utilization
22% increase in LNG sales volumes on a year-over-year basisDelivered positive net income, an improvement of
$1.2 million on a year-over-year basisAdjusted EBITDA of
$2.6 million , an increase of$2.0 million on a year-over-year basis$2.6 million of cash flow from operations, an increase of73% on a year-over-year basis$15.6 million of cash and availability under credit agreements as of September 30, 2024
MANAGEMENT COMMENTARY
"We continued to advance our multi-year business transformation strategy during the third quarter, culminating in significant year-over-year growth in revenue and profitability, together with increased balance sheet optionality to support further value creation," said Westy Ballard, President and Chief Executive Officer. "Over the last two years, we have successfully reweighted our revenue mix to include more, longer-term customer contracts in emerging growth markets. As we continue to grow our pipeline of contractual revenue, we see significant opportunity to drive increased operating leverage and cash flow."
Ballard continued, "Moving forward, we intend to further invest in our LNG fueling solutions platform as we enter this next, exciting phase of demand growth across our diverse portfolio of developing markets where last-mile services remain the most cost-effective, reliable and environmentally sound choice for our customers."
STRATEGIC AND OPERATIONAL UPDATE
Optimized revenue mix driving improved operating leverage.
68% of our third quarter revenues were derived from contracted customer agreements, compared to43% in the third quarter of 2023. The improved business mix drove improved Adjusted EBITDA margins and consistent profitability.Strong competitive position within emerging, high-growth markets. Since the third quarter of last year, Stabilis' revenue mix in high-growth marine and aerospace end markets increased from
11% of total revenue to40% in the third quarter of 2024. The Company is uniquely positioned as the incumbent small-scale LNG supplier in these markets where LNG fuel demand continues to develop.
Pursuing expansion of Texas Gulf Coast marine bunkering operations. We have invested in design, engineering and feasibility assessments, and purchased the major components of the first LNG train, with a production capacity of 100,000 gallon per day, to be situated on the waterfront on the Gulf Coast, ahead of commitments from potential customers.
Developing capabilities for key growth opportunities in commercial and industrial markets. The Company has identified a substantial opportunity for the deployment of LNG to address the need for power generation for critical "must-run" applications in emergency response for large data centers, and as fuel for high-performance rocket engines in the aerospace industry. The Company is focused on empowering commercial end users by offering end-to-end capabilities ranging from fuel source procurement and strategy development, around-the-clock LNG production, storage and delivery, and ancillary back-end services for fuel source monitoring.
THIRD QUARTER CONFERENCE CALL AND WEBCAST
Stabilis will host a conference call on Wednesday November 7, 2024, at 9:00 am ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call will be available in the Investor Relations section of the Company's corporate website at https://investors.stabilis-solutions.com/events. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: 800-274-8461
International Live: 203-518-9814
Conference ID: SLNGQ324
To listen to a replay of the teleconference, which will be available through November 14, 2024:
Domestic Live: 888-562-2849
International Live: 402-220-7359
ABOUT STABILIS SOLUTIONS
Stabilis Solutions, Inc. is a leading provider of clean fueling, production, storage, and last mile delivery solutions for many of the world's most recognized, high-performance brands. To learn more, visit www.stabilis-solutions.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "feels," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2024 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
# # # # #
Investor Contact:
Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com
Stabilis Solutions, Inc. and Subsidiaries
Selected Consolidated Operating Results
(Unaudited, in thousands, except share and per share data)
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||||||
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| |||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenues | $ | 17,627 |
|
| $ | 18,598 |
|
| $ | 15,316 |
|
| $ | 55,995 |
|
| $ | 55,065 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
| 12,638 |
|
|
| 13,550 |
|
|
| 12,056 |
|
|
| 39,702 |
|
|
| 42,911 |
|
Change in unrealized (gain) loss on natural gas derivatives |
| 13 |
|
|
| (82 | ) |
|
| (267 | ) |
|
| (321 | ) |
|
| (322 | ) |
Selling, general and administrative expenses |
| 3,035 |
|
|
| 3,331 |
|
|
| 3,002 |
|
|
| 9,822 |
|
|
| 9,424 |
|
Gain from disposal of fixed assets |
| (102 | ) |
|
| (72 | ) |
|
| (1,002 | ) |
|
| (301 | ) |
|
| (1,002 | ) |
Depreciation expense |
| 1,776 |
|
|
| 1,768 |
|
|
| 2,003 |
|
|
| 5,344 |
|
|
| 6,006 |
|
Total operating expenses |
| 17,360 |
|
|
| 18,495 |
|
|
| 15,792 |
|
|
| 54,246 |
|
|
| 57,017 |
|
Income (loss) from operations before equity income |
| 267 |
|
|
| 103 |
|
|
| (476 | ) |
|
| 1,749 |
|
|
| (1,952 | ) |
Net equity income from foreign joint venture operations |
| 516 |
|
|
| 295 |
|
|
| 284 |
|
|
| 1,008 |
|
|
| 1,314 |
|
Income (loss) from operations |
| 783 |
|
|
| 398 |
|
|
| (192 | ) |
|
| 2,757 |
|
|
| (638 | ) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
| 81 |
|
|
| 28 |
|
|
| 60 |
|
|
| 105 |
|
|
| (237 | ) |
Interest (expense), net - related parties |
| - |
|
|
| - |
|
|
| (15 | ) |
|
| - |
|
|
| (71 | ) |
Other income (expense), net |
| 10 |
|
|
| 26 |
|
|
| (3 | ) |
|
| 15 |
|
|
| (127 | ) |
Total other income (expense) |
| 91 |
|
|
| 54 |
|
|
| 42 |
|
|
| 120 |
|
|
| (435 | ) |
Net income (loss) before income tax (benefit) expense |
| 874 |
|
|
| 452 |
|
|
| (150 | ) |
|
| 2,877 |
|
|
| (1,073 | ) |
Income tax (benefit) expense |
| (123 | ) |
|
| 425 |
|
|
| 57 |
|
|
| 384 |
|
|
| 224 |
|
Net income (loss) | $ | 997 |
|
| $ | 27 |
|
| $ | (207 | ) |
| $ | 2,493 |
|
| $ | (1,297 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted per common share | $ | 0.05 |
|
| $ | - |
|
| $ | (0.01 | ) |
| $ | 0.13 |
|
| $ | (0.07 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA | $ | 2,569 |
|
| $ | 2,192 |
|
| $ | 1,808 |
|
| $ | 8,116 |
|
| $ | 5,241 |
|
Adjusted EBITDA | $ | 2,582 |
|
| $ | 2,110 |
|
| $ | 539 |
|
| $ | 7,795 |
|
| $ | 3,917 |
|
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
September 30, |
|
| December 31, |
| |||
2024 |
|
| 2023 |
| |||
Assets | |||||||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents | $ | 12,393 |
|
| $ | 5,374 |
|
Accounts receivable, net |
| 5,766 |
|
|
| 7,752 |
|
Inventories, net |
| 218 |
|
|
| 169 |
|
Prepaid expenses and other current assets |
| 2,072 |
|
|
| 1,677 |
|
Total current assets |
| 20,449 |
|
|
| 14,972 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
Cost |
| 116,137 |
|
|
| 110,646 |
|
Less accumulated depreciation |
| (63,727 | ) |
|
| (61,167 | ) |
Property, plant and equipment, net |
| 52,410 |
|
|
| 49,479 |
|
Goodwill |
| 4,314 |
|
|
| 4,314 |
|
Investments in foreign joint ventures |
| 11,557 |
|
|
| 12,009 |
|
Right-of-use assets and other noncurrent assets |
| 620 |
|
|
| 525 |
|
Total assets | $ | 89,350 |
|
| $ | 81,299 |
|
Liabilities and Stockholders' Equity | |||||||
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable | $ | 10,260 |
|
| $ | 5,707 |
|
Accrued liabilities |
| 3,916 |
|
|
| 4,166 |
|
Current portion of long-term notes payable |
| 2,150 |
|
|
| 1,682 |
|
Current portion of finance and operating lease obligations |
| 204 |
|
|
| 164 |
|
Total current liabilities |
| 16,530 |
|
|
| 11,719 |
|
Long-term notes payable, net of current portion and debt issuance costs |
| 7,111 |
|
|
| 7,747 |
|
Long-term portion of finance and operating lease obligations |
| 354 |
|
|
| 21 |
|
Total liabilities |
| 23,995 |
|
|
| 19,487 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
Common stock; |
| 19 |
|
|
| 19 |
|
Additional paid-in capital |
| 103,132 |
|
|
| 102,057 |
|
Accumulated other comprehensive loss |
| (43 | ) |
|
| (18 | ) |
Accumulated deficit |
| (37,753 | ) |
|
| (40,246 | ) |
Total stockholders' equity |
| 65,355 |
|
|
| 61,812 |
|
Total liabilities and stockholders' equity | $ | 89,350 |
|
| $ | 81,299 |
|
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||||||
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| |||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) | $ | 997 |
|
| $ | 27 |
|
| $ | (207 | ) |
| $ | 2,493 |
|
| $ | (1,297 | ) |
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
| 1,776 |
|
|
| 1,768 |
|
|
| 2,003 |
|
|
| 5,344 |
|
|
| 6,006 |
|
Stock-based compensation expense |
| 293 |
|
|
| 408 |
|
|
| 513 |
|
|
| 1,084 |
|
|
| 1,695 |
|
Bad debt expense |
| 20 |
|
|
| (100 | ) |
|
| - |
|
|
| 88 |
|
|
| - |
|
Gain from disposal of assets |
| (102 | ) |
|
| (72 | ) |
|
| (1,002 | ) |
|
| (301 | ) |
|
| (1,002 | ) |
Income from equity investment in joint venture |
| (575 | ) |
|
| (340 | ) |
|
| (332 | ) |
|
| (1,162 | ) |
|
| (1,466 | ) |
Cash settlements from natural gas derivatives, net |
| - |
|
|
| (359 | ) |
|
| - |
|
|
| (359 | ) |
|
| - |
|
Realized and unrealized losses on natural gas derivatives, net |
| 93 |
|
|
| 30 |
|
|
| 49 |
|
|
| 123 |
|
|
| 540 |
|
Distributions from equity investment in joint venture |
| - |
|
|
| 1,716 |
|
|
| - |
|
|
| 1,716 |
|
|
| 813 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
| 109 |
|
|
| (228 | ) |
|
| (1,372 | ) |
|
| 1,845 |
|
|
| 5,636 |
|
Prepaid expenses and other current assets |
| 177 |
|
|
| 445 |
|
|
| 121 |
|
|
| 857 |
|
|
| 948 |
|
Accounts payable and accrued liabilities |
| (22 | ) |
|
| 1,679 |
|
|
| 1,752 |
|
|
| (155 | ) |
|
| (6,633 | ) |
Other |
| (211 | ) |
|
| 64 |
|
|
| (47 | ) |
|
| (51 | ) |
|
| 140 |
|
Net cash provided by operating activities |
| 2,555 |
|
|
| 5,038 |
|
|
| 1,478 |
|
|
| 11,522 |
|
|
| 5,380 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed assets |
| (1,312 | ) |
|
| (1,376 | ) |
|
| (3,771 | ) |
|
| (3,561 | ) |
|
| (8,982 | ) |
Proceeds from sale of assets |
| 102 |
|
|
| 72 |
|
|
| - |
|
|
| 381 |
|
|
| - |
|
Net cash used in investing activities |
| (1,210 | ) |
|
| (1,304 | ) |
|
| (3,771 | ) |
|
| (3,180 | ) |
|
| (8,982 | ) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on short- and long-term notes payable |
| (405 | ) |
|
| (529 | ) |
|
| (129 | ) |
|
| (1,280 | ) |
|
| (860 | ) |
Payments on notes payable from related parties |
| - |
|
|
| - |
|
|
| (613 | ) |
|
| - |
|
|
| (1,813 | ) |
Payment of debt issuance costs |
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (108 | ) |
Employee tax payments from restricted stock withholdings |
| - |
|
|
| - |
|
|
| (162 | ) |
|
| (9 | ) |
|
| (162 | ) |
Net cash used in financing activities |
| (405 | ) |
|
| (529 | ) |
|
| (904 | ) |
|
| (1,289 | ) |
|
| (2,943 | ) |
Effect of exchange rate changes on cash |
| (30 | ) |
|
| (8 | ) |
|
| (10 | ) |
|
| (34 | ) |
|
| 8 |
|
Net increase (decrease) in cash and cash equivalents |
| 910 |
|
|
| 3,197 |
|
|
| (3,207 | ) |
|
| 7,019 |
|
|
| (6,537 | ) |
Cash and cash equivalents, beginning of period |
| 11,483 |
|
|
| 8,286 |
|
|
| 8,121 |
|
|
| 5,374 |
|
|
| 11,451 |
|
Cash and cash equivalents, end of period | $ | 12,393 |
|
| $ | 11,483 |
|
| $ | 4,914 |
|
| $ | 12,393 |
|
| $ | 4,914 |
|
Non-GAAP Measures
Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income (loss) as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||||||
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| |||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Net income (loss) | $ | 997 |
|
| $ | 27 |
|
| $ | (207 | ) |
| $ | 2,493 |
|
| $ | (1,297 | ) |
Depreciation |
| 1,776 |
|
|
| 1,768 |
|
|
| 2,003 |
|
|
| 5,344 |
|
|
| 6,006 |
|
Interest expense (income), net |
| (81 | ) |
|
| (28 | ) |
|
| (45 | ) |
|
| (105 | ) |
|
| 308 |
|
Income tax expense |
| (123 | ) |
|
| 425 |
|
|
| 57 |
|
|
| 384 |
|
|
| 224 |
|
EBITDA |
| 2,569 |
|
|
| 2,192 |
|
|
| 1,808 |
|
|
| 8,116 |
|
|
| 5,241 |
|
Special items* |
| 13 |
|
|
| (82 | ) |
|
| (1,269 | ) |
|
| (321 | ) |
|
| (1,324 | ) |
Adjusted EBITDA | $ | 2,582 |
|
| $ | 2,110 |
|
| $ | 539 |
|
| $ | 7,795 |
|
| $ | 3,917 |
|
* | Special items for all periods presented consist of adjustments related to unrealized (gain)/loss on natural gas derivatives. The three and nine months ended September 30, 2023 also include a subtraction of |
# # # # #
SOURCE: Stabilis Solutions, Inc.
View the original press release on accesswire.com
FAQ
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