Revenue growth has deteriorated sharply, evidenced by a 40.1% year-over-year decline in 2026Q1, while gross margins have compressed to a precarious 3.5%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 61.29M | 68.25M | 73.29M | 73.11M | 98.82M | 69.17M | 41.55M | 47.07M | 7.59M | 47.13M | 37.81M | 49.08M | 57.25M | 65.33M | 54.06M | 51.94M | 38.96M | 52.16M | 65.39M | 55.66M | 8.38M | 8.42M | 6.74M | 5.52M | 4.88M | 4.07M | 5.27M | 5.25M | 4.9M |
| Revenue Growth % | -13.51% | -6.89% | 0.24% | -26.02% | 42.87% | 66.48% | -11.73% | 520.09% | -83.89% | 24.64% | -22.96% | -14.27% | -12.36% | 20.84% | 4.09% | 33.3% | -25.3% | -20.22% | 17.47% | 564.34% | -0.45% | 24.87% | 22.21% | 13.07% | 19.9% | -22.83% | 0.45% | 7.1% | - |
| Cost of Goods Sold | 51.09M | 57.57M | 59.22M | 62.8M | 86.36M | 64.11M | 39.05M | 41.14M | 5.68M | 44.7M | 36.8M | 42.49M | 52.26M | 53.52M | 45.94M | 44.78M | 35.31M | 46.11M | 57M | 51.16M | 6.41M | 6.78M | 5.7M | 3.97M | 2.27M | 2.16M | 2.57M | 2.3M | 2M |
| COGS % of Revenue | - | 84.36% | 80.79% | 85.89% | 87.39% | 92.68% | 93.99% | 87.4% | 74.79% | 94.85% | 97.31% | 86.57% | 91.28% | 81.91% | 84.98% | 86.22% | 90.62% | 88.41% | 87.17% | 91.92% | 76.51% | 80.58% | 84.59% | 71.98% | 46.44% | 52.99% | 48.69% | 43.81% | 40.82% |
| Gross Profit | 10.2M | 10.67M | 14.08M | 10.32M | 12.46M | 5.06M | 2.5M | 5.93M | 1.91M | 2.43M | 1.02M | 6.59M | 5M | 11.81M | 8.12M | 7.16M | 3.66M | 6.05M | 8.39M | 4.5M | 1.97M | 1.63M | 1.04M | 1.55M | 2.61M | 1.91M | 2.7M | 2.95M | 2.9M |
| Gross Margin % | 16.64% | 15.64% | 19.21% | 14.11% | 12.61% | 7.32% | 6.01% | 12.6% | 25.21% | 5.15% | 2.69% | 13.43% | 8.72% | 18.09% | 15.02% | 13.78% | 9.38% | 11.59% | 12.83% | 8.08% | 23.49% | 19.42% | 15.41% | 28.02% | 53.56% | 47.01% | 51.31% | 56.19% | 59.18% |
| Gross Profit Growth % | - | -24.2% | 36.45% | -17.23% | 146.3% | 102.6% | -57.87% | 209.77% | -21.17% | 138.98% | -84.58% | 31.93% | -57.72% | 45.45% | 13.53% | 95.7% | -39.55% | -27.89% | 86.38% | 128.68% | 20.39% | 57.33% | -32.77% | -40.85% | 36.61% | -29.29% | -8.28% | 1.68% | - |
| Operating Expenses | 14.72M | 13.19M | 10.69M | 11.13M | 14.04M | 12.36M | 8.03M | 10.23M | 16.17M | 6.94M | 8.38M | 8.93M | 8.89M | 9.37M | 7.7M | 8.87M | 7.99M | 6.88M | 8.15M | 6.21M | 2.05M | 1.9M | 1.88M | 2.47M | 3.6M | 3.33M | 4.06M | 4.45M | 3.4M |
| OpEx % of Revenue | - | 19.33% | 14.59% | 15.22% | 14.2% | 17.87% | 19.31% | 21.72% | 213.04% | 14.72% | 22.18% | 18.2% | 15.53% | 14.33% | 14.25% | 17.07% | 20.51% | 13.19% | 12.47% | 11.16% | 24.46% | 22.58% | 27.9% | 44.75% | 73.88% | 81.85% | 76.99% | 84.84% | 69.39% |
| Selling, General & Admin | 11.05M | 13.19M | 11.76M | 12.89M | 13.19M | 13.79M | 10.76M | 11.36M | 3.75M | 6.66M | 7.42M | 8.16M | 8.08M | 8.87M | 7.6M | 8.29M | 7.11M | 6.88M | 8.15M | 6.21M | 2.05M | 1.9M | 1.88M | 2.47M | 3.6M | 3.33M | 4.06M | 4.45M | 3.1M |
| SG&A % of Revenue | - | 19.33% | 16.05% | 17.63% | 13.35% | 19.94% | 25.91% | 24.13% | 49.33% | 14.13% | 19.63% | 16.63% | 14.12% | 13.57% | 14.06% | 15.96% | 18.24% | 13.19% | 12.47% | 11.16% | 24.46% | 22.58% | 27.9% | 44.75% | 73.88% | 81.85% | 76.99% | 84.84% | 63.27% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 280K | 962K | 769K | 807K | 499K | 103K | 577K | 881.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.59% | 2.54% | 1.57% | 1.41% | 0.76% | 0.19% | 1.11% | 2.26% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.06M | 0 | -1.07M | -1.76M | 844K | -1.43M | -2.74M | -1.13M | 8.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| Operating Income | -7K | -2.52M | 3.39M | -812K | -1.57M | -7.3M | -5.53M | -4.3M | -7.28M | -4.51M | -7.37M | -2.34M | -2.22M | 2.45M | 419K | -1.71M | -4.33M | -512.25K | 234.4K | -1.71M | 3.25M | 1.89M | 127.71K | -922.53K | -991.21K | -1.42M | -1.35M | -1.5M | -500K |
| Operating Margin % | -0.01% | -3.69% | 4.62% | -1.11% | -1.59% | -10.55% | -13.3% | -9.13% | -95.93% | -9.57% | -19.49% | -4.77% | -3.88% | 3.75% | 0.78% | -3.29% | -11.12% | -0.98% | 0.36% | -3.08% | 38.76% | 22.47% | 1.89% | -16.73% | -20.32% | -34.84% | -25.68% | -28.65% | -10.2% |
| Operating Income Growth % | - | -174.36% | 517% | 48.28% | 78.49% | -32.08% | -28.62% | 40.99% | -61.43% | 38.78% | -214.78% | -5.31% | -190.73% | 484.73% | 124.5% | 60.54% | -746.07% | -318.54% | 113.69% | -152.74% | 71.7% | 1381.05% | 113.84% | 6.93% | 30.07% | -4.72% | 9.96% | -200.69% | - |
| EBITDA | 5.47M | 4.83M | 10.53M | 7.07M | 7.09M | 1.59M | 3.51M | 4.97M | 1.54M | -4.31M | -6.49M | -1.45M | -1.54M | 3.32M | 1.3M | -938K | -3.45M | 521.65K | 1.33M | -786.2K | 3.75M | 2.38M | 520.96K | -502.97K | -454.75K | -1.06M | -930.49K | -1.2M | -200K |
| EBITDA Margin % | 8.93% | 7.07% | 14.37% | 9.66% | 7.18% | 2.3% | 8.46% | 10.57% | 20.29% | -9.15% | -17.17% | -2.95% | -2.69% | 5.08% | 2.4% | -1.81% | -8.87% | 1% | 2.04% | -1.41% | 44.73% | 28.3% | 7.73% | -9.12% | -9.32% | -26.12% | -17.65% | -22.95% | -4.08% |
| EBITDA Growth % | -23.56% | -54.17% | 49.05% | -0.39% | 345.04% | -54.64% | -29.35% | 222.99% | 135.7% | 33.55% | -348.65% | 5.98% | -146.34% | 156.25% | 238.17% | 72.85% | -762.21% | -60.85% | 269.48% | -120.98% | 57.34% | 357.22% | 203.58% | -10.6% | 57.21% | -14.22% | 22.73% | -502.14% | - |
| D&A (Non-Cash Add-back) | 5.48M | 7.34M | 7.15M | 7.88M | 8.66M | 8.89M | 9.04M | 9.27M | 8.82M | 197K | 877K | 894K | 684K | 871K | 877K | 772K | 879.55K | 1.03M | 1.1M | 926.49K | 500.16K | 490.51K | 393.25K | 419.57K | 536.46K | 354.73K | 423.16K | 299.16K | 300K |
| EBIT | -125K | -2.52M | 5.08M | 703K | -157K | -6.24M | -5.58M | -4.18M | -1.35M | -3.1M | -7.37M | -2.34M | -3.9M | 5.29M | 3.13M | -263K | -2.65M | 1.1M | 2.83M | 1.04M | 3.25M | 1.89M | -841.52K | -922.53K | -991.21K | -1.42M | -1.35M | -1.5M | -500K |
| Net Interest Income | -63K | 42K | 112K | -334K | -770K | -901K | -916K | -1.21M | -24K | -50K | 69K | -172K | -165K | 54K | -111K | -183K | -131K | -133.63K | -278.98K | -175.85K | 16.77K | 0 | 2.17K | 20.08K | 40.84K | -27.75K | 70.98K | 0 | 0 |
| Interest Income | 24K | 42K | 112K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69K | 0 | 0 | 82K | 0 | 0 | 0 | 0 | 0 | 0 | 16.77K | 0 | 2.17K | 20.08K | 40.84K | 40.66K | 72.94K | 0 | 100K |
| Interest Expense | 87K | 0 | 0 | 334K | 770K | 901K | 916K | 1.21M | 24K | 50K | 0 | 172K | 165K | 28K | 111K | 183K | 131.02K | 133.63K | 278.98K | 175.85K | 0 | 0 | 0 | 0 | 0 | 68.41K | 1.96K | 0 | 100K |
| Other Income/Expense | -3.68M | 1.22M | 1.7M | 1.18M | 643K | 157K | -973K | -1.09M | -140K | -672K | 353K | 176K | -165K | 2.81M | 2.6M | 1.26M | 1.55M | 1.48M | 2.32M | 2.58M | 632.39K | 180.28K | -70.93K | 60.34K | -16.39K | 4.18K | -680.14K | -243.14K | 0 |
| Pretax Income | -3.68M | -1.3M | 5.08M | 369K | -927K | -7.14M | -6.5M | -5.39M | -1.37M | -5.18M | -7.02M | -2.17M | -2.39M | 5.26M | 3.02M | -446K | -2.78M | 967.31K | 2.55M | 865.13K | 3.88M | 2.07M | -857.52K | -862.2K | -1.01M | -1.41M | -2.03M | -1.75M | 0 |
| Pretax Margin % | -6.01% | -1.9% | 6.94% | 0.5% | -0.94% | -10.33% | -15.64% | -11.46% | -18.05% | -11% | -18.55% | -4.41% | -4.17% | 8.06% | 5.58% | -0.86% | -7.15% | 1.85% | 3.91% | 1.55% | 46.31% | 24.61% | -12.72% | -15.63% | -20.66% | -34.74% | -38.58% | -33.28% | - |
| Income Tax | 148K | 54K | 485K | 244K | 265K | 487K | 256K | 116K | 291K | -2.96M | 44K | 428K | -334K | 713K | 707K | 5.44M | -1.09M | 289.02K | 897.88K | 274.91K | 1.44M | 723.2K | 15.99K | -80.42K | -24.45K | 23.57K | 0 | -69K | 0 |
| Effective Tax Rate % | -4.02% | -4.15% | 9.54% | 66.12% | -28.59% | -6.82% | -3.94% | -2.15% | -21.24% | 57.01% | -0.63% | -19.77% | 13.99% | 13.54% | 23.44% | -1220.18% | 39.16% | 29.88% | 35.15% | 31.78% | 37.16% | 34.91% | -1.87% | 9.33% | 2.43% | -1.67% | 0% | 3.95% | - |
| Net Income | -3.83M | -1.35M | 4.6M | 125K | -3.19M | -7.8M | -6.76M | -5.71M | -2.56M | -2.23M | -7.06M | -2.59M | -4.73M | 4.55M | 2.31M | -5.89M | -1.69M | 678.29K | 1.66M | 590.22K | 2.44M | 1.35M | -857.52K | -842.12K | -966.76K | -1.44M | -2.03M | -1.68M | -500K |
| Net Margin % | -6.25% | -1.98% | 6.27% | 0.17% | -3.22% | -11.27% | -16.26% | -12.14% | -33.68% | -4.73% | -18.67% | -5.28% | -8.26% | 6.97% | 4.27% | -11.34% | -4.35% | 1.3% | 2.53% | 1.06% | 29.1% | 16.02% | -12.72% | -15.27% | -19.82% | -35.42% | -38.58% | -31.97% | -10.2% |
| Net Income Growth % | -350.13% | -129.44% | 3579.2% | 103.92% | 59.14% | -15.42% | -18.22% | -123.5% | -14.77% | 68.44% | -172.27% | 45.14% | -203.87% | 97.1% | 139.22% | -247.59% | -349.74% | -59.06% | 180.72% | -75.79% | 80.82% | 257.26% | -1.83% | 12.89% | 32.91% | 29.14% | -21.23% | -235.52% | - |
| Net Income (Continuing) | -3.83M | -1.35M | 4.6M | 125K | -1.19M | -7.63M | -6.76M | -5.51M | -1.66M | -197K | -7.06M | -2.59M | -2.05M | 4.55M | 2.31M | -5.89M | -1.69M | 678.29K | 1.66M | 590.22K | 2.44M | 1.35M | -857.52K | -842.12K | -966.76K | -1.44M | -2.03M | -1.68M | -500K |
| Discontinued Operations | 0 | 0 | 0 | 0 | -1.99M | -168K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.32M | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.21 | -0.07 | 0.25 | 0.01 | -0.17 | -0.45 | -0.40 | -0.39 | -2.30 | -2.42 | -7.12 | -2.88 | -4.96 | 3.55 | 2.00 | -6.03 | -1.75 | 0.72 | 1.68 | 0.64 | 3.20 | 2.29 | 0.00 | -1.43 | -1.64 | -4.45 | -6.28 | -5.18 | -1.16 |
| EPS Growth % | -374.3% | -129.12% | - | 104% | 62.22% | -12.5% | -2.56% | 83.04% | 4.96% | 66.01% | -147.22% | 41.94% | -239.72% | 77.5% | 133.17% | -244.57% | -343.06% | -57.14% | 162.5% | -80% | 39.74% | - | 100.06% | 12.8% | 63.15% | 29.14% | -21.24% | -346.55% | - |
| EPS (Basic) | - | -0.07 | 0.25 | 0.01 | -0.17 | -0.45 | -0.40 | -0.39 | -2.64 | -2.42 | -7.12 | -2.88 | -4.96 | 4.24 | 2.08 | -6.03 | -1.75 | 0.72 | 1.76 | 0.64 | 3.20 | 2.29 | 0.00 | -1.43 | -1.64 | -4.45 | -6.28 | -5.18 | -1.16 |
| Diluted Shares Outstanding | 18.6M | 18.6M | 18.6M | 18.51M | 18.29M | 17.5M | 16.88M | 14.56M | 1.11M | 1.07M | 1.04M | 1.03M | 1.02M | 1.18M | 1.03M | 976.7K | 967.7K | 978.44K | 963.39K | 882.43K | 759.96K | 589.61K | 589.61K | 589.61K | 589.61K | 323.68K | 323.68K | 323.68K | 430K |
| Basic Shares Outstanding | 18.6M | 18.6M | 18.58M | 18.5M | 18.29M | 17.5M | 16.88M | 14.56M | 1.11M | 1.07M | 1.04M | 1.03M | 1.02M | 998.84K | 987.65K | 976.7K | 967.7K | 961.24K | 957.85K | 882.32K | 759.96K | 589.18K | 589.18K | 589.18K | 589.18K | 323.68K | 323.68K | 323.68K | 430K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18.23% | - | - | - | - | - | - | - |
Negative operating margin volatility
As reported in recent financial filings, SLNG experienced a significant revenue decline of 40.1% in 2026Q1, marking a sharp acceleration in the downward trend that has plagued the company's top-line performance over the last several quarters, suggesting a potential loss of market share or pricing power.
The consistent inability to maintain positive revenue growth suggests that the company's core LNG and Power Delivery segments are struggling to find consistent demand in their primary Gulf Coast markets. Investors should monitor whether this contraction is a result of strategic exit from low-margin contracts or a broader deterioration in the competitive landscape for remote industrial power.
Based on the provided income statement data, gross margins have fluctuated significantly, dropping to a precarious 3.5% in 2026Q1 from a peak of 28.3% in 2024Q3, which highlights the company's vulnerability to commodity price spreads and the high fixed-cost nature of its liquefaction infrastructure.
The wide variance in gross profitability indicates that SLNG lacks the pricing power to consistently pass through feedstock cost increases to its industrial customers. This structural instability in margins makes it difficult for the company to achieve the operating leverage necessary to cover its fixed overhead, leaving the bottom line highly sensitive to minor shifts in utilization.
According to the company's historical income statements, operating income has failed to scale with revenue, swinging into a negative -3.69% margin in recent periods, which indicates that the firm's current cost structure is not optimized for its existing level of business activity.
The inability to maintain positive operating income during periods of revenue contraction suggests that SG&A expenses are relatively sticky, preventing the company from protecting its bottom line during downturns. This lack of operating leverage implies that management may need to pursue aggressive cost rationalization or significantly increase facility utilization to reach a sustainable break-even point.
Financial statements reveal that net income has been highly inconsistent, with a significant $4.1 million loss in 2026Q1, suggesting that the company's bottom-line results are heavily influenced by non-operating factors and the lumpy nature of its project-based revenue recognition in the Power Delivery segment.
The erratic nature of net income, compounded by the historical presence of stock-based compensation, warrants further investigation into the underlying cash-generating capability of the business. Investors should be cautious of relying on headline EPS figures, as they appear to be driven more by operational volatility than by a stable, recurring business model.
While the company maintains a low debt-to-equity ratio, the persistent negative operating margins and declining revenue suggest that the current business model may be fundamentally unsustainable without a significant shift in either market demand or the company's ability to control its high fixed-cost base.
Short-sellers would likely focus on the rapid depletion of cash reserves and the lack of a clear path to consistent profitability as primary risks. The reliance on specialized cryogenic assets creates a high barrier to entry, but it also creates a high barrier to exit, potentially trapping capital in underutilized infrastructure if the remote power market fails to expand as anticipated.
Quick answers to the most common questions about buying SLNG stock.
For fiscal year 2025, Stabilis Solutions, Inc. (SLNG) reported total revenue of $68.2M. This represents a 1292.8% increase compared to $4.9M in 1998.
Stabilis Solutions, Inc. (SLNG) reported a net loss of $1.4M for the fiscal year ending 2025.
Stabilis Solutions, Inc. (SLNG) reported an operating income of $-2.5M, resulting in an operating profit margin of -3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Stabilis Solutions, Inc. (SLNG) generated $10.7M in gross profit for the year, representing a gross profit margin of 15.6%. This demonstrates the company's core pricing power and production efficiency.