Stabilis Solutions(SLNG) - 2023 Q4 - Annual Results

Financial Performance - Stabilis Solutions reported a net income of $1.422 million for Q4 2023, compared to a net loss of $0.207 million in Q4 2022[15] - Total revenues for Q4 2023 were $18.049 million, a 17.3% increase from $15.316 million in Q3 2023[15] - Adjusted EBITDA for the full year 2023 was $6.817 million, down from $9.613 million in 2022[15] - EBITDA for the twelve months ended December 31, 2023, was $8,581 million, showing a slight increase from $8,507 million in 2022[21] - Adjusted EBITDA for Q4 2023 was $2,900 million, up from $539 million in Q3 2023, indicating a strong recovery[21] Cash Flow and Liquidity - The company generated $6.7 million in cash flow from operations for the full year 2023[4] - Stabilis had over $11.0 million in cash and available liquidity with a net leverage ratio of 0.6x as of December 31, 2023[4] - Cash and cash equivalents dropped significantly from $11,451 million in 2022 to $5,374 million in 2023, a decrease of about 53%[17] - The company reported a net cash provided by operating activities of $6,712 million for the twelve months ended December 31, 2023, compared to $14,697 million in 2022[19] - The company experienced a cash increase of $460 million in Q4 2023, reversing a decrease of $3,207 million in Q3 2023[19] Assets and Liabilities - Total assets decreased from $96,580 million in 2022 to $81,299 million in 2023, a decline of approximately 15.8%[17] - Total current liabilities decreased from $27,532 million in 2022 to $11,719 million in 2023, a reduction of approximately 57.5%[17] - The total stockholders' equity increased from $59,867 million in 2022 to $61,812 million in 2023, reflecting a growth of about 3.2%[17] Business Operations and Strategy - The marine bunkering business is expected to represent more than one-third of total revenue for the full year 2024[4] - Total sales volumes of LNG to aerospace customers reached approximately 3.4 million gallons in 2023, accounting for 6.8% of total sales volumes[5] - The company invested $10.3 million in total capital expenditures in 2023, including $7.8 million for growth capital related to a new LNG train and marine bunkering equipment[5] - Stabilis commenced LNG fueling operations for Carnival Corporation in December 2023, advancing its marine bunkering strategy[5] - The company anticipates a positive demand trajectory for its business entering 2024, focusing on long-term, take-or-pay contractual revenue[2] - The company plans to continue focusing on operational efficiency and exploring new market opportunities to drive future growth[20]