Houston-based Stabilis Solutions reported an increase in quarterly revenues as the small-scale LNG player continues to expand its operations.
For the fourth quarter, the company reported record revenues of $23.7 million, an increase of 73 percent from the same period last year and an increase of 21 percent from the prior quarter.
The company attributed the rise to higher LNG deliveries and natural gas prices during the quarter.
Revenues from Stabilis’ LNG segment reached $20.9 million, a 73 percent increase compared to the same period last year, and 17 percent above the third quarter.
Adjusted Ebitda reached $0.9 million, down from the prior quarter and year-on-year, while the company recorded a net loss for the quarter of $2.3 million.
This compares to a net loss of $4.6 million in the third quarter and $0.1 million during the fourth quarter of 2020.
Full-year net loss climbs
In the January-December period, revenues rose 86 percent to $77.2 million, while LNG segment revenues increased 91 percent to $69.2 million.
Net loss for the entire year reached $7.8 million, compared to a net loss of $6.8 million in the prior year.
The firm has last year signed several deals with ports in Texas and in Louisiana as it looks to boost its LNG bunkering business.
These include the Port of Port Arthur, the Cameron Parish Port, Harbor & Terminal District, Port Isabel Logistical Offshore Terminal, the Port of Galveston, and the Port of Corpus Christi.
“While I am pleased that we significantly grew our revenues during the year, inflationary pressures negatively impacted margins, particularly during the second half of 2021,” CEO Westy Ballard said.
“Beginning in the fourth quarter, we launched several significant commercial and cost rationalization strategies that I feel will deliver favorable results as we progress through 2022,” the CEO said.
“In addition, we worked diligently to lay the groundwork for the expansion into exciting sectors that have enormous potential to drive scalable and long-term value for our stakeholders,” Ballard said.