Stabilis Solutions(US:SLNG)2024-05-07 20:41Revenue Performance - Revenues for the three months ended March 31, 2024, decreased by $7.1 million, or 26%, to $19.77 million compared to $26.84 million in the prior year quarter [81]. - LNG Product revenue decreased by $6.49 million, or 29.6%, from $21.91 million in the prior year quarter to $15.41 million in the current quarter [82]. Cost and Income - The cost of revenues decreased by $6.76 million, or 33%, from $20.27 million in the prior year quarter to $13.51 million in the current quarter, representing 68% of revenue [83]. - Net income for the current quarter was $1.47 million, an increase of 35.5% compared to $1.08 million in the prior year quarter [82]. - Interest expense, net decreased significantly from $150,000 in the prior year quarter to $4,000 in the current quarter [89]. Cash Flow and Financing - Net cash provided by operating activities was $3.9 million for the three months ended March 31, 2024, compared to $0.1 million for the same period in 2023, reflecting an increase of $3.8 million [97]. - Net cash used in investing activities decreased to $0.7 million for the three months ended March 31, 2024, from $3.7 million in the same period in 2023, a reduction of $3.1 million [98]. - Net cash used in financing activities was $0.4 million for the three months ended March 31, 2024, down from $1.0 million in the same period in 2023, a decrease of $0.6 million [99]. - The company has a three-year Revolving Credit Facility with a maximum amount of $10 million, with no amounts drawn as of March 31, 2024 [93]. - The company has total availability under the Revolving Credit Facility and the Ameristate Secured Term Loan Facility of $4.3 million as of March 31, 2024 [94]. - Management believes the business will generate sufficient cash flows to fund operations for the next twelve months, but additional financing may be needed [95]. Capital Expenditures and Investments - Capital expenditures for the three months ended March 31, 2024, were $0.9 million, primarily for the purchase of additional liquefaction assets [101]. - The company had purchase orders open of approximately $2.3 million related to capital expenditures as of March 31, 2024 [101]. - The company filed a shelf registration statement allowing it to issue up to $100.0 million in securities to raise capital for various needs [102]. Contracts and Authorizations - The company entered into a multi-year contract to supply high-purity rocket propellant, estimating a significant portion of the U.S. market for this product [75]. - A two-year marine bunkering contract was secured to deliver an estimated 22 million gallons of LNG per year to a cruise industry customer [76]. - The company received DOE authorization to export LNG to all free trade and non-free trade countries for up to 51.75 billion cubic feet per year, valid for 28 years [77]. Asset Management - The company recorded a gain on disposal of assets of $0.1 million in the current quarter [88]. - As of March 31, 2024, the company had $8.3 million in cash and cash equivalents and $9.2 million in outstanding debt [94]. - The company had no off-balance sheet arrangements that could materially affect its financial position as of March 31, 2024 [103].