Stabilis Solutions(US:SLNG)2024-03-06 23:16Revenue Performance - LNG Product revenue decreased by $24.6 million, or 29.6%, to $58.5 million in 2023 from $83.1 million in 2022[182] - Total revenues fell by $25.7 million, or 26%, from $98.8 million in 2022 to $73.1 million in 2023[182] - The company delivered 12.7 million fewer gallons of LNG in 2023 compared to the previous year, resulting in a revenue reduction of $16.5 million[184] - Total revenues for 2023 were $73,114,000, a decrease of 26% compared to $98,823,000 in 2022[261] - LNG Product revenues decreased to $58.5 million in 2023 from $83.1 million in 2022, representing a decline of 29.6%[310] - Rental revenues fell to $6.2 million in 2023, down 52.5% from $13.1 million in 2022[310] - Service revenues increased significantly to $6.9 million in 2023, compared to $1.9 million in 2022, marking a growth of 254.5%[310] Operating Expenses and Income - Operating expenses decreased by $26.5 million, or 26.4%, from $100.4 million in 2022 to $73.9 million in 2023[182] - The net income for 2023 was $125,000, a significant improvement from a net loss of $3,186,000 in 2022[264] - Net income from continuing operations improved to $0.1 million in 2023, compared to a loss of $1.2 million in 2022[182] - The company reported a basic net income per share of $0.01 for 2023, compared to a loss of $0.17 per share in 2022[262] Cash Flow and Investments - Net cash provided by operating activities was $6.7 million for the year ended December 31, 2023, down from $14.7 million in 2022, a decrease of $8.0 million[203] - Net cash used in investing activities increased to $8.9 million in 2023 from $1.9 million in 2022, primarily due to the acquisition of liquefaction assets[204] - The company reported a decrease in cash and cash equivalents, ending 2023 with $5,374 million, down from $11,451 million at the beginning of the year[271] Debt and Financing - Total outstanding debt as of December 31, 2023, was $9.6 million, with $1.8 million due in 2024[200] - The Company expects total interest payment obligations of approximately $0.5 million for the year ending December 31, 2024[210] - The Company is evaluating additional financing alternatives to support growth, but there is no guarantee that such financing will be available on favorable terms[201] - The Company had total indebtedness of $9.0 million as of December 31, 2023, with expected maturities totaling $8.998 million over the next five years[338][339] Asset Management - Total current assets decreased to $14,972,000 in 2023 from $32,217,000 in 2022, a decline of 53.6%[259] - The company’s total stockholders' equity increased to $61,812,000 in 2023 from $59,867,000 in 2022, an increase of 3.2%[259] - The net property, plant, and equipment increased from $47,669,000 in 2022 to $49,479,000 in 2023, reflecting a growth of about 3.8%[318] Risk Management - The Company manages commodity price risk through contract pricing that mirrors supply cost volatility, with certain natural gas derivative instruments in place as of December 31, 2023[243] - The Company has not designated its derivative instruments as hedges under U.S. GAAP, with all resulting gains and losses included in the Consolidated Statements of Operations[239] Regulatory and Compliance - The Company received DOE approval to export up to 51.75 billion cubic feet of LNG per year for 28 years, starting from Q3 2022[173] - The Company’s revenue recognition practices comply with Accounting Standards Update 2014-09, ensuring accurate depiction of revenue from contracts with customers[223] Joint Ventures and Subsidiaries - BOMAY Electric Industries Company, the joint venture, reported revenues of $102,981,000 in 2023, up from $89,634,000 in 2022, representing a growth of approximately 14.8%[323] - BOMAY's total assets increased significantly from $91,552,000 in 2022 to $138,220,000 in 2023, marking an increase of about 51%[323] Miscellaneous - The Company recorded a gain of $1.2 million from the disposal of fixed assets related to an insurance settlement for assets damaged in a fire[187] - The Company recognized total stock-based compensation costs of $2.1 million for the year ended December 31, 2023, compared to $2.3 million for 2022[361]