Stabilis Solutions is a Houston small-scale liquefied natural gas producer trying to replace half of last year's revenue with behind-the-meter data-center power. Two multi-year contracts in marine bunkering and remote power ended in late 2025. Those jobs had been the economic core of the platform. The replacement story is a take-or-pay supply agreement for a domestic data center, with deliveries slated to start in early 2027. Until that contract converts, the equity is a controlled micro-cap living through a trough year.
The second quarter shows the trough is real even as cash looks healthier. Revenue was $11.9 million. That print is down from the year-ago quarter. Adjusted earnings before interest, taxes, depreciation, and amortization, a non-GAAP cash-earnings proxy, sat just above breakeven. The net loss widened because the company chartered the Seaspan Garibaldi bunker vessel for a marine job that never closed, then cancelled the charter late in the quarter. Operating cash looks strong only because a customer prepaid for the 2027 project. Those receipts sit as restricted cash and deferred revenue, not as earned margin.
Aerospace demand is the only current-period volume that is actually growing. Management expects the second half to outrun the first half by a wide margin once a six-month commissioning job starts. The investment debate is whether that sequential bounce, plus on-time start of the large take-or-pay, is enough to justify paying more than book for a still-lossy last-mile LNG franchise. Does the 2027 contract start on schedule, or does Stabilis remain a trough-year hauler with a delayed Galveston dream?