Stabilis Solutions Inc (SLNG) 2025 Q1 法說會逐字稿

Welcome to the Stabilis Solutions first-quarter 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation. (Operator Instructions)

歡迎參加 Stabilis Solutions 2025 年第一季財報電話會議。目前，所有參與者都處於只聽模式，演講結束後將開放提問環節。（操作員指示）

It is now my pleasure to turn today's call over to Andy Puhala, Chief Financial Officer. Sir, you may begin.

現在我很高興將今天的電話會議轉給財務長安迪普哈拉 (Andy Puhala)。先生，您可以開始了。

Good morning, and welcome to Stabilis Solutions first-quarter 2025 results conference call. I'm Andy Puhala, Senior Vice President, and CFO of Stabilis, and joining me today is our Executive Chairman and Interim President and CEO, Casey Crenshaw.

早上好，歡迎參加 Stabilis Solutions 2025 年第一季業績電話會議。我是 Stabilis 資深副總裁兼財務長 Andy Puhala，今天與我一起出席的是我們的執行主席兼臨時總裁兼執行長 Casey Crenshaw。

We issued a press release after the market closed yesterday, detailing our first quarter operational and financial results. This release is publicly available in the investor relations section of our corporate website at stabilis-solutions.com.

我們在昨天收盤後發布了一份新聞稿，詳細介紹了我們的第一季營運和財務表現。本新聞稿可在本公司網站 stabilis-solutions.com 的投資者關係部分公開查閱。

Before we begin, I'd like to remind everyone that today's conference call will contain forward-looking statements within the meaning of the Private Securities Reform Act of 1995 and other securities laws. These forward-looking statements are based on the company's expectations and beliefs as of today, May 8, 2025. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected.

在我們開始之前，我想提醒大家，今天的電話會議將包含《1995 年私人證券改革法案》和其他證券法所定義的前瞻性陳述。這些前瞻性陳述是基於本公司截至 2025 年 5 月 8 日的預期和信念。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。

The company undertakes no obligation to provide updates or revisions to the forward-looking statements made in today's call. Additional information concerning factors that could cause those differences is contained in our filings with the SEC and in the press, release announcing our results.

該公司不承擔對今天電話會議中所做的前瞻性陳述進行更新或修改的義務。有關可能導致這些差異的因素的更多資訊包含在我們向美國證券交易委員會提交的文件和宣布我們業績的新聞稿中。

Investors are cautioned not to place undue reliance on any forward-looking statements. Further, please note that we may refer to certain non-GAAP financial information on today's call. You can find reconciliations of the non-GAAP financial measures to the most comparable GAAP measures in our earnings press release.

提醒投資者不要過度依賴任何前瞻性陳述。此外，請注意，我們可能會在今天的電話會議上參考某些非 GAAP 財務資訊。您可以在我們的收益新聞稿中找到非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。

Today's call is being recorded and will be available for replay. With that, I'll hand the call over to Casey Crenshaw for his remarks.

今天的通話正在錄音，可供重播。說完這些，我將把電話交給 Casey Crenshaw 來發表演說。

Thank you, Andy, and good morning to everyone joining us on the call. Our first-quarter results reflect the continued execution of our strategy to pursue long-term growth across our core end markets, including marine bunkering, aerospace, power generation. These markets are supported by significant multi-year demand ranging from rising remote power needs and marine fuel transitions to the growth of commercial space industry.

謝謝你，安迪，大家早安，歡迎參加我們的電話會議。我們第一季的業績反映了我們繼續執行策略，追求在海上加油、航空航太、發電等核心終端市場的長期成長。這些市場受到多年巨大需求的支持，包括不斷增長的遠端電力需求和船用燃料轉型以及商業航太工業的成長。

Revenue and adjusted EBITDA declined this quarter, primarily due to planned downtime with a key marine bunkering customer, and the successful completion of a major short-duration industrial project in the third quarter of last year.

本季營收和調整後的 EBITDA 均有所下降，主要原因是一家主要海上加油客戶的計畫停工，以及去年第三季一項重大短期工業專案的成功完成。

While these factors affected our near term results. They do not reflect the underlying momentum in our business. Revenue in our marine and aerospace markets grew by more than 13% year over year, driven primarily by increased activity with a major aerospace customer.

雖然這些因素影響了我們的近期業績。它們並沒有反映出我們業務的潛在發展動能。我們的海洋和航空航太市場的營收年增超過 13％，主要得益於與主要航空航太客戶的業務往來增加。

We continue to advance commercial discussions across all of our end markets, both with new customers and long standing partners. Our strategy remains focused on expanding our position as the leading small-scale LNG supplier within these high-growth sectors where access to traditional LNG supply infrastructure is limited.

我們將繼續在所有終端市場與新客戶和長期合作夥伴進行商業討論。我們的策略仍然專注於擴大我們作為領先的小型液化天然氣供應商在這些高成長產業中的地位，這些產業中傳統液化天然氣供應基礎設施的取得受到限制。

Looking ahead, we're actively positioning the business to scale alongside our customers by making targeted operating expense investments in our commercial, technical, and operations teams to support future growth. These growth focused costs are fully reflected in our results, yet we continue to generate consistent positive operating cash flow. As we secure additional contracts, we plan to expand our footprint to meet growing demand.

展望未來，我們將積極定位業務，與客戶一起擴大規模，透過對我們的商業、技術和營運團隊進行有針對性的營運費用投資來支持未來的成長。這些以成長為中心的成本充分反映在我們的業績中，但我們仍繼續產生持續的正經營現金流。隨著我們獲得更多合同，我們計劃擴大我們的業務範圍以滿足日益增長的需求。

We continue to evaluate the potential expansion of our liquefication capacity in South Texas and along the Gulf Coast. While no final investment decision has been made, this remains a key first part of our long-term growth strategy.

我們將繼續評估南德克薩斯州和墨西哥灣沿岸液化能力的潛在擴張。雖然尚未做出最終的投資決定，但這仍然是我們長期成長策略的關鍵第一部分。

In the near term, we expect steady utilization and demand under existing contracts with upside potential as we convert new opportunities into signed agreements. Changes in US trade policy and tariff regimes are not expected to directly impact our business. Approximately 95% of our revenue comes from US-based customers utilizing domestically sourced natural gas.

短期內，隨著我們將新機會轉化為簽署的協議，我們預計現有合約的利用率和需求將保持穩定，並具有上升潛力。預計美國貿易政策和關稅制度的變化不會直接影響我們的業務。我們約 95% 的收入來自使用國內天然氣的美國客戶。

From a capital allocation standpoint, we remain focused on maintaining a strong balance sheet and liquidity position. That this approach ensures we are well prepared to fund future growth and capitalize on the long-term demand we see ahead.

從資本配置的角度來看，我們仍然專注於維持強勁的資產負債表和流動性狀況。這種方法確保我們做好充分準備來資助未來的成長並利用我們預見的長期需求。

With that, I'll turn the call back over to Andy to review our financial performance in more detail.

說完這些，我將把電話轉回給安迪，讓他更詳細地審查我們的財務表現。

Thank you, Casey. I'll start with a discussion of our first quarter performance, followed by an update on our balance sheet and liquidity exiting the quarter. Our revenues during the first quarter decreased 12% compared to the first quarter of 2024 but were modestly higher when compared to the fourth quarter of '24.

謝謝你，凱西。我將首先討論我們的第一季業績，然後介紹我們的資產負債表和本季的流動性的最新情況。與 2024 年第一季相比，我們第一季的營收下降了 12%，但與 2024 年第四季相比略有成長。

The decline in revenues on a year over year was primarily the result of the roll off of a large contract with an industrial customer. The temporary impact from a week of planned downtime with a major marine customer partly offset by 147% increase in revenues from aerospace customers as we continue to grow our presence in that market. Power-generation revenues remain consistent with Q1 of 2024.

收入同比下降主要是由於與工業客戶簽訂的大合約終止。隨著我們繼續擴大在航空航天市場的份額，來自一家大型船舶客戶的一周計劃停機時間所帶來的暫時影響被來自航空航天客戶的收入 147% 的增長部分抵消。發電收入與 2024 年第一季保持一致。

During the first quarter, approximately 51% of our revenues were derived from marine and aerospace customers compared to 39% in the first quarter of last year.

第一季度，我們約 51% 的營收來自海洋和航空航太客戶，而去年第一季這一比例為 39%。

First-quarter GAAP net loss was $1.6 million or $0.09 per diluted share compared to net income of $1.5 million or $0.08 per diluted share in the first quarter of 2024. Our GAAP net loss during the quarter reflects a non-recurring impact of approximately $2.1 million relating to executive transition costs during the quarter.

第一季 GAAP 淨虧損為 160 萬美元，即每股攤薄虧損 0.09 美元，而 2024 年第一季淨收入為 150 萬美元，即每股攤薄虧損 0.08 美元。我們本季的 GAAP 淨虧損反映了與本季高階主管過渡成本有關的約 210 萬美元的非經常性影響。

Adjusted EBITDA was $2.1 million during the first quarter compared to $3.1 million in the first quarter of last year. Adjusted EBITDA margin was 11.9%, down from 15.7% in the first quarter of last year.

第一季調整後 EBITDA 為 210 萬美元，而去年第一季為 310 萬美元。調整後 EBITDA 利潤率為 11.9%，低於去年第一季的 15.7%。

The decrease in our adjusted EBITDA was primarily the result of lower revenues, while our adjusted EBITDA percentage declined due to lower equipment and labor revenues associated with the completion of a customer contract. Cash generated from operations during the first quarter was $1 million representing a conversion rate of 50% of our adjusted EBITDA.

我們的調整後 EBITDA 下降主要是由於收入下降，而我們的調整後 EBITDA 百分比下降是由於與完成客戶合約相關的設備和勞動力收入減少。第一季經營活動產生的現金為 100 萬美元，相當於我們調整後 EBITDA 的 50%。

This cash generation continued to support a strong liquidity position of $12.5 million at the end of the first quarter. Capital expenditures declined in the first quarter on a sequential basis due to the timing of capital needs involved in our ongoing efforts to invest in our infrastructure along the Gulf Coast.

這筆現金產生繼續支撐第一季末 1,250 萬美元的強勁流動資金狀況。由於我們持續投資墨西哥灣沿岸基礎設施的資金需求時機問題，第一季資本支出較上季下降。

During the quarter, our CapEx was $0.5 million, with about 70% of those expenditures going towards growth initiatives. Our growth investments during the quarter primarily focused on front-end engineering and design studies for our potential Gulf Coast expansion.

本季度，我們的資本支出為 50 萬美元，其中約 70% 的支出用於成長計畫。我們本季的成長投資主要集中在潛在的墨西哥灣沿岸擴張的前端工程和設計研究。

As Casey noted, the success of our ongoing commercial initiatives will be a critical stepping stone for continued growth investment, which will require incremental capital as we make final investment decisions on these key investments.

正如凱西所指出的，我們正在進行的商業計劃的成功將成為持續成長投資的關鍵基石，這將需要我們在對這些關鍵投資做出最終投資決策時增加資本。

As of March 31, 2025, Stabilis had total cash and equivalents of $9 million together with $3.5 million of availability under our credit facilities. With $9.1 million of total debt outstanding, we ended the quarter with essentially no net debt and strong balance sheet flexibility.

截至 2025 年 3 月 31 日，Stabilis 的現金及等價物總額為 900 萬美元，加上我們信貸安排下的可用資金 350 萬美元。由於未償還債務總額為 910 萬美元，本季末我們基本上沒有淨債務，資產負債表彈性很強。

That concludes our prepared remarks. Operator, please open the line for the Q&A session.

我們的準備好的演講到此結束。接線員，請打開線路進行問答。

(Operator Instructions)

（操作員指示）

Martin Malloy, Johnson Rice.

馬丁·馬洛伊、約翰遜·賴斯。

Good morning. Thank you for taking my questions.

早安.感謝您回答我的問題。

Good Morning, Marty.

早安，馬蒂。

First question. I just wanted to ask about is on the contracting side, and the last call you mentioned that you had moved that additional liquefaction train down to George West area, I believe. Just -- if you could give any more color in terms of where you are in terms of timing of being able to get commercial contracts that would support the deployment of that additional train.

第一個問題。我只是想問一下承包方面的情況，上次通話中您提到，您已經將額外的液化列車移到了喬治韋斯特地區，我相信。只是——如果您可以更詳細地說明您獲得支援部署該額外列車的商業合約的時間表。

You bet, Marty. This is Casey. Thanks for joining this morning. Thank you for your question, and we are super actively working on a couple different commercial contracts, and when they are finalized and papered, we think that's plenty of increased committed contracted demand to go for FID on the project. And so we're hoping to be able to come back with clarity on that second, third quarter of this year, is our expected time frame to have that kind of at that point. So we were hoping to be able to be there this quarter right now, but it's just with timing and pushing and some of the other things going on, it's just pushed just a little bit. No change in our expectation.

當然，馬蒂。這是凱西。感謝您今天上午的參與。感謝您的提問，我們正在積極地處理幾份不同的商業合同，當這些合同最終敲定並形成文件後，我們認為將有大量的承諾合同需求增加，以爭取該項目的 FID。因此，我們希望能夠明確今年第二季和第三季的預期時間框架。因此，我們希望本季就能實現這一目標，但這只是時間和推進的問題，還有一些其他事情正在進行，所以只是稍微推遲了一點。我們的預期沒有改變。

Okay, great. And just in terms of power generation that's been an area that's garnered some more time on your earnings calls in in recent quarters. Can you maybe talk about the types of customer inquiries you are you seeing? Is this for data center reassuring manufacturing, standby emergency type power or base load power?

好的，太好了。就發電而言，這是最近幾季您在收益電話會議上花費更多時間討論的領域。您能否談談您所看到的客戶詢問的類型？這是用於資料中心安心製造、備用應急型電源還是基載電源？

Yeah, Marty, this is the case y'all take this one and start and let Andy follow up, but it's really all of the above, so we define this category as distributed power, so kind of behind the meter power, and we are working on half a dozen AI opportunities. There's digital mining opportunities. There's just behind the meter micro grid opportunities and oil and gas sector and other sectors. And it's a couple different things. It's the increased need of power and then it's the lack of access to the last mile pipe into the facilities or area, or it's the -- just inability to get power and enough power brought in quickly.

是的，馬蒂，你們都接受這個情況並開始讓安迪跟進，但實際上它是以上所有，所以我們將這個類別定義為分散式電源，有點像電錶後面的電源，我們正在研究六個人工智慧機會。存在數位挖掘機會。這只是電錶微電網機會以及石油和天然氣產業和其他產業的機會。這是幾件不同的事情。這是因為對電力的需求不斷增加，而後又缺乏通往設施或區域的最後一英里管道，或者只是無法快速獲得電力和足夠的電力。

So some of these projects range from six months up to five years depending on short term versus bridge versus, how long the bridge is, and some of them could get converted to back up after that point, but we're working on lots of different opportunities around the space. We don't want to call it just AI or just this. It's just fully remote power opportunities.

因此，其中一些項目的期限從六個月到五年不等，具體取決於短期與過渡期，以及過渡期有多長，其中一些項目可以在該時間點之後轉換為備用項目，但我們正在該領域尋找許多不同的機會。我們不想僅僅稱其為人工智慧或僅僅如此。這只是完全遠端供電的機會。

Great. Thank you very much.

偉大的。非常感謝。

(Operator Instructions)

（操作員指示）

Tate Sullivan, Maxim Group.

泰特·沙利文（Tate Sullivan），馬克西姆集團（Maxim Group）。

Thank you. Good morning. Can you talk about the -- your bunk ship bunkering operation in terms of mentioning the downtime? Is it when cruise ships themselves are down for operation or the bunkering fuel, the fueling infrastructure, if you can't provide more detail on that?

謝謝。早安.您能否談談您的雙層船加油作業以及停工？如果您無法提供更多細節，那麼是當遊輪本身停止運作或燃料加註、加油基礎設施停止運作的時候嗎？

Yeah, Tate, hey, good morning. Welcome to the call. Thank you for your question. So we, the way I would try to explain this to you all for you all to think about kind of how to plan for this in your own internal kind of thoughts is it's really one week out of 52 where crews operators are doing maintenance on all of their operations on the vessel, maybe lifeboat.

是的，泰特，嘿，早安。歡迎來電洽詢。感謝您的提問。因此，我試著向大家解釋這一點，讓大家思考如何在自己的內心想法中為此做計劃，實際上，在 52 周中，有一周船員操作員會對船上的所有操作進行維護，也許是救生艇。

Just a whole set of operations, and so this was just a planned non-sailing week, which created a reduction in a bunkering event during the quarter. So that's the way we think about it. So out of 52 weeks a year, we would expect to at least have one week with planned maintenance outage. Does that answer your question?

只是一整套操作，所以這只是一個計劃中的非航行週，這減少了本季度的加油事件。這就是我們的想法。因此，一年 52 週中，我們預計至少會有一週的計畫維護停機時間。這回答了你的問題嗎？

Yes, thank you. And then, I mean there's a lot of -- I mean different considerations for indications of demand I imagine for small scale LNG services. Is there anything that you'd point to, I mean, is it permit applications, any pipeline hookups or anything that you look at in terms of indications of more demand for your services in the US?

是的，謝謝。然後，我的意思是有很多——我的意思是對於小規模液化天然氣服務的需求指標有不同的考慮。您能否指出什麼，我的意思是，是許可證申請，任何管道連接，還是任何您認為表明美國對您的服務的需求增加的跡象？

Well, we're really looking at, instead of looking at a whole US, there's a lot of indicators of increased, overall US activity. We're a little bit more focused on kind of those three areas that we talk about the aerospace, the marine bunkering, and the distributed power markets. That's where we're working. We're primarily focused on the indicators around the areas and the scope, the areas that we're working on adding additional infrastructure and investment.

嗯，我們真正關注的不是整個美國，而是有許多指標顯示美國整體活動增加。我們更關注我們談論的三個領域：航空航太、海上加油和分散式電力市場。那就是我們工作的地方。我們主要關注相關領域和範圍的指標，以及我們正在努力增加額外基礎設施和投資的領域。

And so what we can say is that what I can speak to is the areas that we're working on and those three sectors are all seeing increased bidding. Inbound customer need and app and opportunities. So all three sectors in the areas that we are looking to deploy capital right now are seeing increased commercial activity.

因此，我們可以說的是，我可以談論的是我們正在努力的領域，這三個領域的競標都在增加。入站客戶需求、應用程式和機會。因此，我們目前尋求部署資本的領域中的所有三個行業的商業活動都在增加。

Thank you for that. And then specifically for the space industry, and I know you might limited what you can say I mean SpaceX has announced more plans, more launches of its larger rockets or applications to do so in Texas. I mean, as is happening, a good example of an indication of rising demand for yourself or is that or is that more pertinent for other larger scale.

謝謝你。然後具體到航太工業，我知道你可能會限制你能說的內容，我的意思是 SpaceX 已經宣布了更多的計劃，更多的大型火箭的發射或在德克薩斯州進行的申請。我的意思是，正如正在發生的那樣，這是一個很好的例子，表明您自己對它的需求正在上升，或者這對其他更大規模的需求更為相關。

Yeah, I think just the normalization and the fact that commercial aerospace activity is increasing on a macro basis. Lots of different people in the space working on doing more launches, and the fact that the LNG as the primary propellant for those rockets is the choice that they're going with is the probably primary drivers that we're excited about. So we also have a facility that has a multiple facilities -- two facilities. Both of them are participating in the industry right now in different ways. So we work with both launches and the testing around, the engines and the units there. So we're pretty.

是的，我認為只是正常化以及商業航空航太活動在宏觀基礎上增加的事實。該領域有許多不同的人致力於進行更多的發射，而他們選擇液化天然氣作為這些火箭的主要推進劑，這可能是令我們興奮的主要驅動力。因此，我們也有一個擁有多個設施的設施—兩個設施。他們倆目前都以不同的方式參與這個行業。因此，我們既負責發射，也負責測試，包括引擎和設備。所以我們很漂亮。

Again, it's a growing industry, and we expect to see a lot of growth now. The total size of it versus distributed power and marine bunkering may never reach the size of those total op opportunity, but as a really strong in market that we're good at and participating in, we're super excited about it.

再說一次，這是一個正在成長的行業，我們預計現在會看到很大的成長。它與分散式電力和海上加油的總規模可能永遠無法達到這些總營運機會的規模，但作為一個我們擅長並參與的真正強大的市場，我們對此感到非常興奮。

Hey Kate, this is Andy. Let me just add a little bit to that. I mean, in terms of the indicators, you're exactly right. We look at launch schedules, and testing schedules, and what we're hearing from both hearing from our customers and you know seeing in the media like everyone else.

嘿，凱特，我是安迪。讓我再補充一點。我的意思是，就指標而言，你完全正確。我們會查看發佈時間表、測試時間表以及從客戶那裡聽到的消息和像其他人一樣在媒體上看到的消息。

On the marine side, we're looking at the deliveries of dual fuel or LNG powered vessels coming into the market. We're looking at what our customers are telling us in terms of their plans, for example, for Galveston and LNG vessels and things like that. So it's those types of things that we look at to get our indications of coming demand and growing demand.

在海運方面，我們正在關注進入市場的雙燃料或液化天然氣動力船舶的交付。我們正在關注客戶提出的計劃，例如加爾維斯頓和液化天然氣船等。因此，我們透過觀察這些事物來了解未來需求和成長需求的跡象。

Great. Well, thank you for all the background, and have a great rest of the day.

偉大的。好吧，感謝您提供的所有背景信息，祝您今天剩餘時間過得愉快。

Thank you.

謝謝。

Thanks, Jay.

謝謝，傑伊。

And this does include the Q&A portion of today's call. I would now like to turn the floor back to Andy Puhala for any closing remarks.

這確實包括今天電話會議的問答部分。現在我想請 Andy Puhala 做最後發言。

Well, thank you, David. For all who joined us today, thanks for your time and continued interest in the company. If you want to talk more, have questions, please contact me at our investor relations number. And thanks for joining. We look forward to speaking with you guys next quarter. This concludes our call. You can now disconnect.

好吧，謝謝你，大衛。對於今天加入我們的所有人，感謝你們的時間和對公司的持續關注。如果您想進一步了解或有任何疑問，請撥打我們的投資者關係電話與我聯絡。感謝您的加入。我們期待下個季度與你們交談。我們的通話到此結束。您現在可以斷開連線。

Thank you, guys.

謝謝你們。

Thank you. This does conclude today's Stabilis Solutions first-quarter 2025 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的 Stabilis Solutions 2025 年第一季財報電話會議就此結束。請此時斷開您的線路並祝您有美好的一天。