Stabilis Solutions, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved revenues of $17,627,000 for the three months ended September 30, 2024, marking a 15% increase from $15,316,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $55,995,000, a slight increase of 1.7% compared to $55,065,000 in the prior year. The growth in revenue was primarily driven by increased LNG product sales, which rose to $14,256,000 in Q3 2024 from $12,122,000 in Q3 2023, reflecting a 17.6% increase.

The company reported net income of $997,000 for the three months ended September 30, 2024, a substantial improvement from a net loss of $(207,000) in the same quarter of 2023. For the nine-month period, net income was $2,493,000, compared to a net loss of $(1,297,000) in the previous year, representing a turnaround of $3,790,000. This positive shift in profitability was attributed to increased LNG deliveries and improved pricing, despite challenges from lower natural gas prices and decreased revenues from take-or-pay contracts.

Total operating expenses for the three months ended September 30, 2024, were $17,360,000, up from $15,792,000 in the prior year, while for the nine months, expenses decreased to $54,246,000 from $57,017,000. The decrease in nine-month expenses was largely due to lower costs associated with natural gas prices and reduced rental and service costs.

Stabilis Solutions also reported a significant increase in cash and cash equivalents, which rose to $12,393,000 as of September 30, 2024, compared to $4,914,000 a year earlier. The company generated $11,522,000 in net cash from operating activities for the nine months ended September 30, 2024, compared to $5,380,000 in the same period of 2023.

Strategically, Stabilis continues to focus on its LNG solutions across various markets, including aerospace and marine bunkering. The company holds a 40% stake in BOMAY Electric Industries, a joint venture in China, which reported increased revenues and net income for the three and nine months ended September 30, 2024. The company has also maintained compliance with its debt covenants and has not drawn on its $10 million revolving credit facility as of the reporting date.

Overall, Stabilis Solutions, Inc. has demonstrated a strong recovery in profitability and cash flow, positioning itself for continued growth in the energy transition sector.