Stabilis Solutions Reports Q4 2025 Earnings

Decline in revenue and profitability driven by wind-down of major contracts, but company sees growth opportunities in data centers and marine bunkering

Published on Mar. 6, 2026

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Stabilis Solutions (NASDAQ:SLNG) reported a 23% year-over-year decline in Q4 2025 revenue, driven by the conclusion of two significant multiyear contracts in the marine bunkering and power generation markets. The company acknowledged the impact on profitability, with Adjusted EBITDA falling from $4.0 million in Q4 2024 to $1.5 million. However, Stabilis highlighted growing demand in data centers, aerospace, and industrial end markets, and described 2026 as a 'transitional year' as new contracts ramp up and the company pursues a final investment decision on its proposed Galveston liquefaction project.

Why it matters

Stabilis Solutions' Q4 2025 results reflect the challenges of transitioning its business as major contracts wind down, but the company sees opportunities for growth in emerging markets like data centers and marine bunkering. The Galveston liquefaction project is a key strategic initiative that could provide a foundation for future expansion, though securing financing and offtake agreements remains a work in progress.

The details

Stabilis said the conclusion of a truck-to-ship marine bunkering contract with Carnival Corporation and a power generation contract reduced Q4 revenues by approximately 28%. This was partly offset by growth in aerospace (up 17%) and industrial (up 12%) end markets. The company is pursuing a $200 million, two-year data center contract that it expects to be its largest-ever deal once deliveries begin in early 2027. On the Galveston project, Stabilis said it has secured 56% of the planned capacity in offtake commitments and is working to finalize project financing and sell the remaining capacity.

  • Stabilis reported Q4 2025 earnings on March 6, 2026.
  • The Carnival and power generation contracts concluded in Q4 2025.
  • The $200 million data center contract is expected to begin deliveries in Q1 2027 and run through Q1 2029.

The players

Stabilis Solutions

A U.S.-based marketer and distributor of cryogenic liquid products and liquefied natural gas (LNG), operating a nationwide network of terminals and bulk delivery assets.

Casey Crenshaw

Executive Chairman and Interim President and CEO of Stabilis Solutions.

Andy Puhala

Chief Financial Officer of Stabilis Solutions.

Carnival Corporation

A global cruise company that had a truck-to-ship marine bunkering contract with Stabilis Solutions.

Seaspan

A company that Stabilis Solutions has chartered an LNG bunkering vessel from.

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What they’re saying

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What’s next

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The takeaway

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