Stabilis Solutions of Texas reports LNG fuel revenue growth across diverse markets in North America
Stabilis Solutions Inc., one of the leading small-scale US LNG distribution companies, said preliminary first-quarter 2021 revenues had reached a record level.
Stabilis said in its pre-earnings statement that revenues would be in the range of $17.5 million to $17.8 million.
“This revenue range is a 29 percent to 30 percent increase compared with $13.7M in the fourth quarter of 2020 and a 26 percent to 29 percent increase compared with the $13.8M reported in the first quarter of 2020,” explained the company.
The first quarter of 2020 was the company’s previous record revenue quarter.
Stabilis also delivered 13.4 million gallons of LNG during the three months, a 29 percent increase compared to the fourth quarter of 2020 and a 12 percent rise versus the first quarter of 2020.
Liquefaction
Stabilis is headquartered in Houston in Texas and has a liquefaction facility in the Texan town of George West.
Together with its network of production and distribution partners, it has already delivered more than 250 million gallons of LNG across the US, Mexico and Canada.
“Stabilis is proud to report record revenues for the quarter, beating our prior record quarter, the first quarter of 2020, by well over 25 percent,” said Jim Reddinger, President and Chief Executive of Stabilis Solutions.
“The energy transition is underway and Stabilis’ position as a premier supplier of clean LNG and hydrogen fueling solutions is driving significant growth,” added Reddinger.
“We believe that this trend will continue into the remainder of 2021 and beyond,” he added.
Stabilis explained that the year-on-year revenue increase was largely driven by broad-based growth, including in power generation projects, continued expansion of the company’s Mexico operations and increased activity with aerospace customers.
The company said it delivered LNG to Mexico every day, for example, and its North American customer base includes diverse markets like transportation, greenhouses, agriculture, remote power, mining and industrial thermal loads.
Stabilis, which is listed on the over-the-counter US market OTCQX, will formally issue its full first-quarter earnings on Wednesday, May 5, 2021, after the close of trading.
