Stabilis Solutions, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Stabilis Solutions, Inc. has filed its 2023 10-K report detailing financial performance and operational aspects.</b>

AI Summary

Stabilis Solutions, Inc. (SLNG) filed a Annual Report (10-K) with the SEC on March 7, 2024. Stabilis Solutions, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing provides financial data for the fiscal years 2023 and 2022. The company's principal business is Natural Gas Distribution. The filing includes details on executive compensation and equity awards. Specific financial figures for assets, debt, and revenue are presented.

Why It Matters

For investors and stakeholders tracking Stabilis Solutions, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Stabilis Solutions' financial health and operational activities for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed financial statements and risk factors within the report are essential for understanding the company's market position, potential challenges, and strategic direction in the natural gas distribution sector.

Risk Assessment

Risk Level: medium — Stabilis Solutions, Inc. shows moderate risk based on this filing. The company operates in the natural gas distribution sector, which is subject to regulatory changes, price volatility, and competition, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Stabilis Solutions' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end date.)
• 2024-03-07 — Filing Date (Date the 10-K was filed.)
• 001-40364 — SEC File Number (SEC file number for Stabilis Solutions, Inc.)
• 0001043186 — Central Index Key (Company's Central Index Key.)

Key Players & Entities

• Stabilis Solutions, Inc. (company) — Filer of the 10-K report.
• American Electric Technologies Inc (company) — Former name of Stabilis Solutions, Inc.
• Stabilis Energy, Inc. (company) — Former name of Stabilis Solutions, Inc.
• FL (location) — State of incorporation for Stabilis Solutions, Inc.
• TX (location) — State of business and mailing address.
• HOUSTON (location) — City of business and mailing address.

FAQ

Risk Factors

• Market Risks [medium — market]: The company is subject to risks associated with the natural gas market, including price volatility and demand fluctuations.
• Regulatory Environment [medium — regulatory]: Changes in environmental regulations and policies related to natural gas could impact operations and profitability.
• Operational Challenges [medium — operational]: The company faces operational risks related to the transportation and distribution of natural gas, including potential disruptions.

Industry Context

Stabilis Solutions operates in the natural gas distribution industry, providing energy solutions and services.

Regulatory Implications

The natural gas industry is subject to federal, state, and local regulations concerning safety, environmental impact, and distribution.

What Investors Should Do

1. Review the consolidated financial statements for fiscal years 2023 and 2022.
2. Analyze the risk factors section to understand potential challenges and mitigation strategies.
3. Examine any disclosures related to executive compensation and equity awards.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 2023 10-K.
• 2024-03-07: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing updated financial and operational information compared to previous filings.

Filing Documents

• slng20221231_10k.htm (10-K) — 1732KB
• ex_567444.htm (EX-4.5) — 17KB
• ex_632591.htm (EX-10.11) — 49KB
• ex_566838.htm (EX-21.1) — 22KB
• ex_566839.htm (EX-23.1) — 3KB
• ex_566840.htm (EX-31.1) — 14KB
• ex_566841.htm (EX-31.2) — 12KB
• ex_566842.htm (EX-32.1) — 14KB
• ex_602354.htm (EX-97.1) — 28KB
• graph23.jpg (GRAPHIC) — 162KB
• pic1.jpg (GRAPHIC) — 3KB
• 0001437749-24-006870.txt (&nbsp;) — 9360KB
• slng-20231231.xsd (EX-101.SCH) — 84KB
• slng-20231231_cal.xml (EX-101.CAL) — 90KB
• slng-20231231_def.xml (EX-101.DEF) — 549KB
• slng-20231231_lab.xml (EX-101.LAB) — 488KB
• slng-20231231_pre.xml (EX-101.PRE) — 597KB
• slng20221231_10k_htm.xml (XML) — 1271KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 34 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 59 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 Part III. Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation

Executive Compensation 63 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 67 Item 13. Certain Relationships and Related Transactions and Director Independence 68 Item 14. Principal Accountant Fees and Services 69 Part IV. Item 15. Exhibits and Financial Statement Schedules 70 Item 16. Form 10-K Summary 70

Signatures

Signatures 72 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This document includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements represent intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks and uncertainties and other factors. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flow, pending legal and regulatory proceedings and claims, including environmental matters, future economic performance, operating income, cost savings, and management's plans, strategies, goals and objectives for future operations and growth. These forward-looking statements generally are accompanied by words such as "intend," "anticipate," "believe," "estimate," "expect," "should," "seek," "project," "plan" or similar expressions. Any statement that is not a historical fact is a forward-looking statement. It should be understood that these forward-looking statements are necessary estimates reflecting the best judgment of senior management, not guarantees of future performance. Many of the factors that impact forward-looking statements are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors as further described in Part I. "Item 1A. Risk Factors" in this document. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements included in this document are expressly qualified in their entirety by the cautionary statements contained or refe

BUSINESS

ITEM 1. BUSINESS OVERVIEW Our Company Stabilis Solutions, Inc. and its subsidiaries (the "Company", "Stabilis", "our", "us" or "we") is an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas ("LNG") to multiple end markets. We have safely delivered over 470 million gallons of LNG through more than 49,000 truck deliveries during our 20 year operating history, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America. We define "small-scale" LNG production to include liquefiers that produce less than 1.7 million LNG gallons per day (or approximately 1.0 million tonnes per annum ("MTPA")) and "small-scale" LNG distribution to include distribution by trailer or tank container up to 10,000 LNG gallons or marine vessels that carry less than 8.0 million LNG gallons (approximately 30,000 cubic meters). The Company provides LNG solutions to customers in diverse end markets, including aerospace, agriculture, energy, industrial, marine bunkering, mining, pipeline, remote power and utility markets. The Company also builds power and control systems for the energy industry in China through its 40% owned Chinese joint venture, BOMAY Electric Industries, Inc ("BOMAY"). BOMAY is accounted for as an equity investment. Our Industry LNG can be used to replace a variety of alternative fuels, including distillate fuel oil and propane, among others, to provide environmental and economic benefits. LNG can also be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. Increasingly, LNG is being utilized as a transportation fuel in the marine industry and as a propellant in the private rocket launch sector. We believe that these fuel markets are large and provide significant opportunities for LNG usage. We believe that LNG will provide an important bala

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