Stabilis Solutions(SLNG) - 2024 Q1 - Quarterly Results

Financial Performance - Stabilis Solutions reported a net income of $1.5 million for Q1 2024, representing a 36% increase year-over-year[5] - Revenues for Q1 2024 were $19.8 million, compared to $26.8 million in Q1 2023[15] - Basic and diluted net income per common share for Q1 2024 was $0.08, consistent with Q4 2023[15] - Net income for the three months ended March 31, 2024, was $1,469 million, an increase of 3.3% from $1,422 million in the previous quarter and a significant increase from $1,084 million in the same period last year[19] - EBITDA for the same period was $3,355 million, slightly up from $3,340 million in the previous quarter and up from $3,285 million year-over-year[21] - Adjusted EBITDA for Q1 2024 was $3,103 million, compared to $2,900 million in Q4 2023, reflecting a 7% increase, but down from $3,454 million in Q1 2023[21] Cash Flow and Liquidity - Cash flow from operations reached $3.9 million, up from $0.1 million year-over-year[5] - The company had $12.6 million in cash and available liquidity under credit agreements, with a trailing twelve-month net leverage ratio of 0.1x as of March 31, 2024[6] - Net cash provided by operating activities reached $3,929 million, a substantial increase from $1,332 million in the previous quarter and $93 million in the same period last year[19] - The company reported a net cash increase of $2,912 million for the quarter, compared to a decrease of $4,590 million in the same period last year[19] - Cash and cash equivalents at the end of the period were $8,286 million, up from $5,374 million at the end of the previous quarter and $6,861 million a year ago[19] Operational Highlights - LNG volumes delivered increased by 8% compared to the previous year, contributing to the strong performance[5] - The company successfully transitioned to longer-term customer relationships, enhancing asset utilization and cash flow predictability[6] - Stabilis' LNG bunkering operations for Carnival Corporation marked the first LNG bunkering operation in Galveston, Texas[6] - The clean fuel solutions sector generated 25% of Stabilis' revenues in 2023, with expectations for growth in the coming decade[6] Equity and Expenditures - Total stockholders' equity increased to $63.2 million as of March 31, 2024, up from $61.8 million at the end of 2023[17] - The company incurred $873 million in capital expenditures during the quarter, down from $1,270 million in the previous quarter and $3,727 million in the same period last year[19] Special Items and Expenses - Special items for Q1 2024 included a subtraction of $252 million related to unrealized gains on natural gas derivatives[21] - The company experienced a bad debt expense of $168 million in Q1 2024, compared to no bad debt expense in the previous quarter and the same period last year[19] - The company’s accounts receivable increased by $1,964 million during the quarter, compared to a decrease of $1,617 million in the previous quarter[19]