Executive Summary

Q4 2024 delivered record profitability metrics: net income of $2.1M ($0.11 EPS), Adjusted EBITDA of $4.0M, and Adjusted EBITDA margin of 23.2% driven by mix shift to aerospace and marine and operating efficiencies .
Revenue mix pivot toward growth markets accelerated: aerospace +35% YoY, power generation +23% YoY, and marine bunkering +500%+ YoY; aerospace+marine reached ~49% of Q4 revenue vs ~14% LY, offsetting softer oil & gas and lower natural gas prices .
Liquidity solid: $9.0M cash and $4.3M availability exiting Q4; TTM Adjusted EBITDA implies net debt/EBITDA ~0.03x, supporting growth investments and potential project financing for incremental liquefaction capacity .
Guidance: no quantitative revenue/EPS outlook; management outlined maintenance capex of ~$1.5–$2.0M annually, potential $20–$25M FID to complete an additional LNG train (9–12 months to complete at George West), and incremental gross margin potential of $10–$15M upon deployment .
Consensus estimates from S&P Global were unavailable at time of analysis, so beats/misses vs Street cannot be assessed; however, operational records and margin expansion are likely positive stock catalysts given the mix shift narrative and capex optionality [Values retrieved from S&P Global unavailable].

What Went Well and What Went Wrong

What Went Well

Record Q4 Adjusted EBITDA ($4.0M) and margin (23.2%) on improved utilization and mix toward contracted, higher-quality revenues; Q4 net income rose to $2.1M ($0.11) vs $1.4M ($0.08) in Q4 2023 .
Strategic mix shift: aerospace and marine reached ~49% of Q4 revenue, up from ~14% LY, with aerospace +35% YoY and marine bunkering +500%+ YoY; management emphasized “multi-year value creation journey” and strong competitive position in these markets .
Operating cash flow more than doubled YoY in 2024 to $13.7M, funding capex and storage expansion; exiting Q4, cash and availability totaled $13.3M, positioning SLNG to finance growth .

Management quotes:

“Adjusted EBITDA of $4 million was a record for the fourth quarter… margin also reached a record 23.2%” .
“Revenue mix in high-growth marine and aerospace increased from 14%… to nearly 50% in Q4 2024” .
“Operating cash flow more than doubled… driven by improved utilization… and revenue growth within aerospace and marine” .

What Went Wrong

Reported revenue declined ~4% YoY in Q4 due to lower oil & gas customer revenues and lower natural gas prices despite volume growth; commodity price pass-through muted revenue growth .
Sequential revenue fell Q3→Q4 ($17.6M to $17.3M) amid timing effects (oil & gas contracts, slower aerospace uptake, marine scaling cadence); management flagged timing across end-markets .
Q4 G&A declined on accrual adjustments and CEO transition-related items; management highlighted one-time costs expected in Q1 tied to separation, adding near-term noise to expense lines .

Financial Results

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$18.049	$18.598	$17.627	$17.298
EPS (Basic & Diluted, $USD)	$0.08	$0.00	$0.05	$0.11
EBITDA ($USD Millions)	$3.340	$2.192	$2.569	$4.002
Adjusted EBITDA ($USD Millions)	$2.900	$2.110	$2.582	$4.013
Adjusted EBITDA Margin (%)	16.1% (calc: 2.900/18.049)	11.3%	14.6%	23.2%
Cost of Revenues ($USD Millions)	$12.008	$13.550	$12.638	$12.367
Gross Profit ($USD Millions)	$6.041 (rev–cost)	$5.048 (rev–cost)	$4.989 (rev–cost)	$4.931 (rev–cost)
Gross Margin (%)	33.5% (calc)	27.1% (calc)	28.3% (calc)	28.5% (calc)

Notes:

All figures are unaudited and in thousands in source; converted to USD Millions above .
Adjusted EBITDA margins for Q2 and Q3 cited directly from prepared remarks/transcripts .

Segment/End-Market Mix

Metric	Q2 2024	Q3 2024	Q4 2024
Aerospace + Marine Share of Revenue (%)	N/A (full-year aerospace ~10% volumes)	~40%	~49%
Contracted Revenue Share (%)	N/A	68% (vs 43% LY)	N/A

KPIs and Operating Metrics

KPI	Q2 2024	Q3 2024	Q4 2024
George West Liquefaction Utilization (%)	“60% improvement vs LY” (no exact %)	~90%	N/A
Port Allen Liquefaction Utilization (%)	N/A	high ~70s	N/A
Gallons Delivered YoY (FY)	N/A	N/A	+8M gallons YoY (FY 2024)
Cash & Availability ($M)	$11.5 cash; $4.4 availability (end Q2)	$12.4 cash; $3.2 availability (end Q3)	$9.0 cash; $4.3 availability (end Q4)
Net Debt / TTM Adjusted EBITDA	Net cash positive (end Q2)	Negative 0.2x (net cash)	~0.03x (TTM basis)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Maintenance Capex ($)	FY 2025+	N/A	~$1.5–$2.0M annually	New detail
2024 Capex ($)	FY 2024	$8–$10M expected (Q3 call)	~12% of FY revenue; >$7M growth capex; Q4 capex >$5.5M (deployment/storage)	Maintained trajectory; actuals updated
Liquefaction Train FID Cost ($)	Project (George West or Waterfront)	N/A	~$20–$25M to finish construction; 9–12 months to complete at George West; longer on water	New detail
Incremental Gross Margin ($)	Post-Train Deployment	N/A	~$10–$15M potential if operated as additional train at George West	New detail
G&A Outlook	Near-term	N/A	Q4 benefited from accrual adjustments; expect one-time separation costs in Q1; run-rate similar to FY level thereafter	Clarified one-time items

No quantitative revenue/EPS guidance was provided; management emphasized financing and commercial milestones for growth projects .

Earnings Call Themes & Trends

Topic	Q2 2024 (Prior-2)	Q3 2024 (Prior-1)	Q4 2024 (Current)	Trend
Marine bunkering expansion	Initiated dedicated waterfront bunkering plans; Carnival Galveston contract executing; storage expansion underway	Identified Gulf Coast site; purchased 100k gpd train; targeting 18–24 months roll-out post “go”	Relocated train to George West; expanded storage; working multiple paths incl. Galveston/Houston Ship Channel; financing/commercial alignment ongoing	Advancing toward FID; execution-readiness improving
Data center distributed power	Targeting primary/backup power; hub-and-spoke LNG supply for sites lacking pipelines	Quantified macro demand; 22 GW data center demand by 2030; positioning as turnkey power fuel supplier	No DC contracts yet; active BD; will disclose when material; frames DC under “distributed power”	Narrative more cautious; execution pending
Aerospace LNG for rockets	Expanded customer base; ~+75% YoY volumes expected in 2024; ~10% of sales	Threefold YoY revenue increase in marine/aerospace; capacity and purity requirements highlighted	Aerospace revenues +35% YoY in Q4; continued growth; exploring contracts	Continued growth; building ratability
Contracted revenue quality	Pivot to term contracts; liquidity strengthening	Contracted share 68% vs 43% LY; improved margins	Continued emphasis (no new % disclosed); margin records	Quality sustained; margin uplift
Capex and storage	Doubling storage at George West; capex to rise H2	FEED/site selection; storage expansion payments	~$5.5M Q4 spend to relocate train and expand George West storage; maintenance capex guide	Build-out underway; financing next
Commodity price impacts	Resolved feed gas issues; utilization +60% vs LY	Improved utilization, revenue +15% YoY despite price headwinds	Lower nat gas prices dampened revenue despite volume growth	Price headwinds persist; mix mitigates

Management Commentary

Strategy: “We prioritized asset optimization and operational efficiency… and will prioritize growth within marine, aerospace and distributed power solutions” — Casey Crenshaw (Exec. Chairman & Interim CEO) .
Q4 performance: “Adjusted EBITDA of $4 million was a record… margin reached a record 23.2%” — Andrew Puhala (CFO) .
Liquefaction expansion economics: “It would take about $20–$25 million to finish construction on that train… could create $10–$15 million of additional gross margin… ~9–12 months to complete at George West” — Andrew Puhala .
Liquidity and leverage: “Total debt outstanding… $9.3 million, resulting in a net debt to trailing 12-month adjusted EBITDA of just 0.03x” — Andrew Puhala .

Q&A Highlights

FID timeline and costs: Management working multiple paths (marine, aerospace, distributed power) and financing options; ~9–12 months to complete at George West post-FID, longer on-water; $20–$25M capex with $10–$15M incremental gross margin potential .
Marine customers and market: Cruise (Carnival) early mover; container, car-haulers, tankers at varying adoption rates; SLNG aiming to be primary supplier leveraging first-mover advantage on Gulf Coast .
G&A cadence: Q4 benefited from accrual adjustments (bonus, CEO transition); expect one-time separation costs in Q1; run-rate approximates FY figures thereafter .
Volumes timing: Gallons delivered up ~8M YoY (FY); Q4 fluctuations reflect oil & gas contract declines, slower aerospace uptake, marine scaling .
Data centers: No active DC contracts yet; BD ongoing; SLNG will disclose when material; distributed power viewed as the framing for DC opportunities .

Estimates Context

Metric	Actual Q4 2024	Consensus (S&P Global)	Surprise
Revenue ($USD Millions)	$17.298	N/A	N/A
EPS ($USD)	$0.11	N/A	N/A
Adjusted EBITDA ($USD Millions)	$4.013	N/A	N/A

Consensus estimates via S&P Global were unavailable at the time of analysis; as a result, we cannot quantify beats/misses vs Street. Values retrieved from S&P Global unavailable.

Key Takeaways for Investors

Mix-driven margin expansion: With aerospace and marine growing to ~49% of revenue, Q4 Adjusted EBITDA margin reached 23.2%; sustaining this mix is key for continued profitability improvement .
Growth project optionality: A completed train (~$20–$25M capex) could add $10–$15M gross margin; financing and commercial offtake will dictate timing and returns (9–12 months to complete at George West) .
Liquidity support: Cash and availability of ~$13.3M exiting Q4 and net debt/EBITDA ~0.03x provide capacity to pursue selective growth while absorbing one-time costs in Q1 .
Commodity price sensitivity: Lower natural gas prices can dampen reported revenue despite higher volumes; focus on contracted/term agreements mitigates volatility .
Near-term trading: Absence of quantitative guidance and Street comparison may limit immediate catalysts; watch for FID announcements, new marine/DC contracts, and financing updates as potential re-rating events .
Medium-term thesis: First-mover advantage in small-scale LNG bunkering and distributed power, expanding storage and potential liquefaction capacity, and improving contract mix support durable margin and cash generation .
Expense normalization: Expect Q1 one-time separation costs; G&A run-rate likely reverts to FY levels thereafter, preserving margin trajectory if mix persists .

Appendix: Additional Q3/Q2 Results (for Trend)

Q3 2024: Revenue $17.627M; EPS $0.05; Adjusted EBITDA $2.582M; margin 14.6%; cash $12.4M; availability $3.2M; contracted revenue 68% .
Q2 2024: Revenue $18.598M; EPS $0.00; Adjusted EBITDA $2.110M; margin 11.3%; cash $11.5M; availability $4.4M; storage expansion initiated .

Stabilis Solutions, Inc. (SLNG)·Q4 2024 Earnings Summary