In Q4 2025, Stabilis Solutions' revenue fell 23% year-over-year due to a 22% drop in LNG gallons sold and the conclusion of two multiyear contracts with Carnival Corporation and a Louisiana power provider. Adjusted EBITDA declined to $1.5 million from $4.0 million a year earlier, weighed down by lower rental and service revenue and the absence of prior-year non-recurring gains.

The company closed the quarter with $10.2 million in liquidity, comprising $7.5 million of cash and $2.7 million of credit facility availability. Capital expenditures totaled $3.1 million, primarily for early engineering and long-lead equipment for the proposed Galveston liquefaction facility and a related Jones Act LNG barge, with an additional $1–2 million earmarked for Q1 2026.

Stabilis is advancing its Galveston liquefaction project toward a final investment decision, backed by offtake commitments covering 56% of planned capacity. The company continues engineering work and procurement of long-lead items and plans to fund near-term project capex through project-level financing once FID is secured.

The firm secured its largest operational award to date—a $200 million, two-year behind-the-meter LNG contract for a U.S. data center, with deliveries from Q1 2027 through Q1 2029. The agreement includes customer prepayments and credit enhancements, and will utilize third-party liquefaction, on-site storage, and regasification to meet regional availability and logistics constraints.