Houston, TX, April 20, 2021 (GLOBE NEWSWIRE) -- Stabilis Solutions, Inc., (“Stabilis” or the “Company”) (OTCQX: SLNG) a leading provider of energy transition services including hydrogen and liquefied natural gas (“LNG”) fueling solutions, today announced record preliminary first quarter 2021 revenues in the range of $17.5 million to $17.8 million. This revenue range is a 29% to 30% increase compared to $13.7 million in the fourth quarter of 2020 and a 26% to 29% increase compared to $13.8 million in the first quarter of 2020. The first quarter of 2020 was the Company’s previous record revenue quarter.
Stabilis delivered 13.4 million gallons of LNG during the quarter, a 29% increase compared to the fourth quarter of 2020 and a 12% increase compared to the first quarter of 2020.
“Stabilis is proud to report record revenues for the quarter, beating our prior record quarter, the first quarter of 2020, by well over 25%,” said Jim Reddinger, Stabilis Solutions’ President and Chief Executive Officer. “The energy transition is underway and Stabilis’ position as a premier supplier of clean LNG and hydrogen fueling solutions is driving significant growth. We believe that this trend will continue into the remainder of 2021 and beyond.”
The year-over-year revenue increase was largely driven by broad-based growth including growth in power generation projects, continued expansion of the Company’s Mexico operations, and increased activity with aerospace customers.
These preliminary results are subject to the completion of the customary quarterly closing and review process and may be subject to change. See Cautionary Statement Regarding Preliminary Estimated Results below.
Earnings Release and Conference Call Information
Stabilis will issue its first quarter 2021 earnings release on Wednesday, May 5, 2021, after the close of trading. The Company will host a conference call on Thursday, May 6, 2021, at 10:00 a.m. eastern time (9:00 a.m. central). Individuals in the United States and Canada who wish to participate in the conference call can access the live webcast at https://www.webcaster4.com/Webcast/Page/2256/40949 or dial +1 888-545-0320; passcode 225377. International callers should dial +1 973-528-0016; passcode 225377. A replay of the call will be available until May 19, 2021. Individuals in the United States and Canada who wish to listen to the replay should dial +1 877-481-4010; passcode 40949. International callers should dial +1 919-882-2331; passcode 40949. A replay of the call also will be available on the Stabilis website (www.stabilis-solutions.com).
About Stabilis
Stabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas (“LNG”) production, distribution and fueling services to multiple end markets in North America. Stabilis also provides hydrogen fueling services to its customers. Stabilis has safely delivered over 250 million gallons of LNG through more than 25,000 truck deliveries during its 16-year operating history in the LNG industry, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America. Stabilis’ customers use LNG and hydrogen as a fuel sources in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis’ customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis’ customers also use LNG as a “virtual pipeline” solution when natural gas pipelines are not available or volumes are curtailed. To learn more, visit www.stabilis-solutions.com.
Cautionary Statement Regarding Preliminary Estimated Results
The Company has prepared the preliminary financial information set forth above on a materially consistent basis with its historical financial information and in good faith based upon its internal reporting for the three months ended March 31, 2021. This financial information is preliminary and unaudited and is thus subject to change as the Company finalizes its financial results for quarter ended March 31, 2021. The Company is in the process of completing its customary quarterly close and review and there can be no assurance that its final results for this period will not differ from this preliminary financial information. During the course of the preparation of the Company’s consolidated financial statements and related notes as of and for the period, the Company may identify items that could cause its final reported results to be materially different from the preliminary financial information set forth above. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, this preliminary financial information for the three months ended March 31, 2021 is not necessarily indicative of the results to be achieved for any future period. This preliminary financial information has been prepared by and is the responsibility of management. In addition, the preliminary financial information presented above has not been audited, reviewed, or compiled by the Company’s independent registered public accounting firm.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended with regard to our anticipated future growth and outlook. Our actual results may differ from expectations, estimates and projections presented or implied herein and, consequently, you should not rely on these forward-looking statements as predictions of future events.
Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. Most of these factors are outside management’s control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in in our quarterly reports on Form 10‐Q and annual reports on Form 10‐K, which are available on the SEC’s website at www.sec.gov or in the Investor Center on our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
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