Stabilis Solutions Inc (SLNG) 2026 Q1 法說會逐字稿

While that's on hold, we appreciate your patience and ask that you please continue to stand by.

在此事項暫緩期間，我們感謝您的耐心，並請您繼續稍候。

Please stand by, your program is about to begin.

請稍候，您的節目即將開始。

Welcome to the Stabilis Solutions First Quarter 2026 Earnings Conference Call.

歡迎參加 Stabilis Solutions 2026 年第一季財報電話會議。

At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad.

此刻，所有與會者皆已進入僅收聽模式，簡報結束後將開放提問。若您希望在那時提問，請在電話鍵盤上按星號一。

If at any point your question has been answered, you may remove yourself from the key by pressing star two.

若在任何時點您的問題已獲解答，您可按星號二退出排隊。

So that others can hear your questions clearly, we ask that you pick up your handset for best sound quality.

為了讓其他人能清楚聽到您的提問，我們建議您拿起話筒以獲得最佳音質。

Lastly, if you require operator assistance, please press star zero.

最後，如需接線員協助，請按星號零。

I would now like to turn our call over to Andy Puhala, Chief Financial Officer. Mr. Puhala, please go ahead.

現在我想將本次電話會議交給財務長 Andy Puhala。Puhala 先生，請開始。

Good morning, and welcome to Stabilis Solutions' First Quarter 2026 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. 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. 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.

各位早安，歡迎參加 Stabilis Solutions 2026 年第一季業績電話會議。我是 Stabilis 資深副總裁兼財務長 Andy Puhala，今天與我一同出席的是本公司執行董事長兼臨時總裁暨執行長 Casey Crenshaw。我們已於昨日收盤後發布新聞稿，詳述第一季營運與財務結果。該新聞稿已公開刊載於公司網站 stabilis-solutions.com 的投資人關係專區。在開始之前，我想提醒各位，今天的電話會議將包含《1995 年私人證券訴訟改革法》及其他證券法所定義的前瞻性陳述。

These forward-looking statements are based on the company's expectations and beliefs as of today, May 7, 2026. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. 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. Investors are cautioned not to place undue reliance on any forward-looking statements.

這些前瞻性陳述係基於公司截至今日（2026 年 5 月 7 日）的預期與信念。前瞻性陳述受風險與不確定性影響，可能導致實際結果與預測存在重大差異。公司不承擔就今日電話會議中所作前瞻性陳述提供更新或修訂的任何義務。有關可能導致上述差異之因素的更多資訊，載於我們向美國證券交易委員會（SEC）提交的文件以及公布業績的新聞稿中。提醒投資人切勿過度依賴任何前瞻性陳述。

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. 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.

此外，請注意我們在今日電話會議中可能會提及某些非 GAAP 財務資訊。您可在我們的財報新聞稿中，找到非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表。今日電話會議將被錄音，並提供重播。接下來，我將把電話交給 Casey Crenshaw 發表談話。

Thank you, Andy, and good morning to everyone joining us today. Our first quarter results reflect the expected transition following the completion of 2 large multiyear contracts at the end of 2025 that were in our marine and behind-the-meter power generation markets. As anticipated, that created a near-term revenue and earnings headwind in the quarter. At the same time, we continue to see strong demand in the quarter for aerospace and emerging power generation opportunities for additional data center work. While our financial results were soft during the transition period, our commercial activity remains very encouraging.

謝謝你，Andy，也向今天加入我們的各位道早安。我們第一季的結果反映了預期中的轉換期：我們在 2025 年底完成了兩項大型多年期合約，分別屬於海事市場與表後（behind-the-meter）發電市場。如預期所示，這在本季對營收與獲利造成短期逆風。同時，我們在本季仍持續看到航太領域以及新興發電機會（用於更多資料中心業務）的強勁需求。雖然在轉換期間我們的財務表現偏弱，但我們的商務活動仍相當令人鼓舞。

Demand for small-scale LNG and integrated last-mile delivery solutions continue to grow, and our commercial teams are actively engaged with both existing and prospective customers across multiple end markets. Importantly, the contracts already awarded to us, combined with our active pipeline of opportunities, provide us with increasing visibility into improved performance as we move through the balance of 2026. Based on expected contract startups later this year and advanced commercial discussions underway, we expect results to improve meaningfully in the second half of 2026, even before the expected 2027 startup of the large data center contract we announced earlier this year. As a reminder, the data center award is an estimated $200 million minimum 2-year contract to support behind-the-meter power generation for a U.S. data center.

小規模 LNG 與整合式最後一哩交付解決方案的需求持續成長，我們的商務團隊正積極與多個終端市場中的既有與潛在客戶接洽。重要的是，已授予我們的合約，加上我們活躍的機會管線，使我們在 2026 年剩餘期間推進之際，對改善表現的能見度持續提升。基於預期今年稍晚啟動的合約，以及正在進行的深入商務洽談，我們預期 2026 年下半年業績將顯著改善，甚至在我們今年稍早宣布、預計於 2027 年啟動的大型資料中心合約開始之前。提醒各位，該資料中心得標案為一份估計至少 2 年、最低 2 億美元的合約，用以支援美國某資料中心的表後發電。

While delivery is expected to begin in the first quarter of 2027 and continue through the first quarter of 2029, we view this award as a strong validation of Stabilis' platform and a meaningful step forward in our participation in the rapidly growing distributed power market. The accelerating demand for behind-the-meter power, bridge power, commissioning support, and durable energy infrastructure is creating a clear need for flexible, reliable LNG solutions. This is where Stabilis is especially well positioned. Our value proposition is not simply LNG supply, it is the ability to deliver a complete solution, including sourcing, logistics, storage, regasification, and last-mile reliability in environments where customers need dependable energy infrastructure quickly. A key advantage of our model is that we are not limited solely by capacity of our own liquefaction facilities.

雖然預計將於 2027 年第一季開始交付並持續至 2029 年第一季，我們仍將此得標案視為對 Stabilis 平台的強力驗證，亦是我們參與快速成長的分散式電力市場的一項重要里程碑。表後電力、過渡電力（bridge power）、試運轉支援，以及耐久能源基礎設施的需求加速，清楚顯示市場需要具彈性且可靠的 LNG 解決方案。這正是 Stabilis 特別具備優勢之處。我們的價值主張不僅是 LNG 供應，而是能提供完整解決方案，包括採購、物流、儲存、再氣化，以及在客戶需要快速建置可靠能源基礎設施的環境中，提供最後一哩的可靠性。我們模式的一項關鍵優勢在於，我們不僅受限於自有液化設施的產能。

Our multisource LNG supply model allows us to serve customers across regions of the United States by combining our own production assets with third-party supply arrangements, logistics capabilities, and mobile infrastructure. This scalability is critical as we pursue larger opportunities in data center, aerospace, marine markets, and industrial applications. Within the aerospace market, demand remains strong. Activity among commercial space customers continues to grow, and we are seeing increased engagement with current customers as launch activity and LNG requirements expand. We continue to believe aerospace represents a long-term growth opportunity for Stabilis, supported by our ability to provide high-purity LNG, reliable delivery, and fit-for-purpose solutions for customers with demanding technical requirements.

我們的多來源 LNG 供應模式，透過結合自有生產資產、第三方供應安排、物流能力與行動式基礎設施，使我們能服務美國各地區的客戶。在我們追求資料中心、航太、海事市場及工業應用等更大型機會之際，這種可擴展性至關重要。在航太市場方面，需求仍然強勁。商業太空客戶的活動持續增加，隨著發射活動與 LNG 需求擴大，我們也看到與現有客戶的互動更加頻繁。我們仍相信航太是 Stabilis 的長期成長機會，並由我們提供高純度 LNG、可靠交付，以及符合用途（fit-for-purpose）的解決方案能力所支撐，以滿足具嚴苛技術要求的客戶。

Turning to our Galveston LNG project. As we announced last month, we elected to terminate an offtake agreement for our proposed Galveston LNG facility. During negotiations with prospective financing partners, we were asked to amend the offtake agreement to facilitate the financing. The customer did not agree to the requested modification, and we elected to terminate the agreement. While this development has delayed the project time line, I want to be clear that we remain committed to pursuing the Galveston LNG project.

接著談我們的 Galveston LNG 專案。如同我們上月所宣布，我們選擇終止針對擬議 Galveston LNG 設施的一份承購（offtake）協議。在與潛在融資夥伴協商期間，我們被要求修訂該承購協議以利融資。客戶未同意所要求的修改，因此我們選擇終止該協議。雖然此一發展延後了專案時程，但我想明確表示，我們仍致力於推進 Galveston LNG 專案。

We are in active discussions with other potential customers to sell the available capacity. We also continue to engage with financial partners who have expressed support for the project. Galveston LNG remains an important component of our long-term value creation strategy, particularly as we look to serve durable multiyear demand in the Port of Galveston and the broader Gulf Coast marine market. At the same time, it's important to emphasize that Galveston project is only one part of our growth strategy. We continue to see significant organic growth opportunities across our existing platform, including distributed power for data centers, fuel for aerospace, and LNG for industrial applications.

我們正與其他潛在客戶積極洽談，以銷售可用產能。我們也持續與表達支持該專案的金融夥伴保持互動。Galveston LNG 仍是我們長期價值創造策略的重要組成，特別是當我們著眼於服務加爾維斯頓港及更廣泛墨西哥灣沿岸海事市場中具持久性的多年期需求之際。同時，也必須強調 Galveston 專案只是我們成長策略的一部分。我們在既有平台上仍看到顯著的有機成長機會，包括資料中心的分散式電力、航太燃料，以及工業應用的 LNG。

As we look ahead, we believe the first half of 2026 represents a temporary lull for the business as we move through this transition period and prepare for the ramp-up of new contracts and opportunities beginning in the second half of 2026. The demand environment remains strong, our customer engagement is active, and our awarded contracts provide a foundation for a recovery in the second half of 2026 and substantial growth in 2027. In summary, we remain focused on converting current and future demand into sustainable, profitable growth while maintaining financial discipline and creating long-term value for our shareholders. We believe Stabilis is well positioned across multiple high-growth end markets, and we look forward to updating you on our progress in the quarters ahead. With that, I'll turn the call over to Andy for a detailed review of our financial performance.

展望未來，我們認為 2026 年上半年是業務在此轉換期中的短暫低潮，因我們正為 2026 年下半年開始的新合約與機會的放量做準備。需求環境仍然強勁，我們與客戶的互動活躍，而已得標的合約為 2026 年下半年的復甦以及 2027 年的顯著成長奠定基礎。總結而言，我們仍專注於將當前與未來需求轉化為可持續且具獲利性的成長，同時維持財務紀律並為股東創造長期價值。我們相信 Stabilis 在多個高成長終端市場中具備良好定位，並期待在未來幾季向各位更新我們的進展。接下來，我將把電話交回 Andy，請他詳細說明我們的財務表現。

Thank you, Casey. I'll begin with a discussion of our first quarter performance, followed by an update on our balance sheet, cash flow, liquidity, and capital spending. First quarter revenue was $10.4 million, a decrease of approximately 40% compared to the first quarter of 2025. The year-over-year decline was driven primarily by a 41% decrease in LNG gallons sold and lower rental and service revenue, partially offset by a slight increase in the underlying commodity price. At an end market level, there were no revenues from marine customers during the quarter, and revenues from behind-the-meter power generation were not material due to the completion of the large multiyear contracts late last year.

謝謝你，Casey。我將先討論我們第一季的表現，接著更新我們的資產負債表、現金流、流動性與資本支出。第一季營收為1,040萬美元，較2025年第一季約下降40%。年對年下滑主要是因LNG銷售加侖數下降41%以及租賃與服務收入較低所致，部分被基礎商品價格小幅上升所抵銷。就終端市場層面而言，本季沒有來自海事客戶的收入；而由於去年底完成大型多年期合約，表後（behind-the-meter）發電的收入並不具重大性。

This was partially offset by continued growth in our aerospace and other legacy markets where revenues increased 31% and 26%, respectively, compared to the first quarter of 2025. Adjusted EBITDA was negative $0.7 million in the first quarter, compared to a positive $2.1 million in the prior year period. The decrease was primarily attributable to the completion of the 2 large multiyear contracts in our marine and power generation end markets. I would also note that our adjusted EBITDA for the first quarter excludes approximately $1.5 million of vessel charter costs incurred during the period. These costs relate to the lease of a non-Jones Act vessel that we entered into in the fourth quarter of 2025 in anticipation of supporting the logistics requirements of our previously completed marine bunkering contract.

上述影響部分被我們航太及其他既有市場的持續成長所抵銷，這些市場的收入分別較2025年第一季增加31%與26%。第一季調整後EBITDA為負70萬美元，較去年同期正210萬美元。下降主要歸因於我們海事與發電終端市場的兩項大型多年期合約已完成。我也要指出，我們第一季的調整後EBITDA不包含本期約150萬美元的船舶租船成本。這些成本與我們在2025年第四季為因應先前已完成的海事加注燃料合約之物流需求，而簽訂租賃一艘非《瓊斯法案》（Jones Act）船舶的安排有關。

We're currently working to fully subcharter this vessel. In the interim, we are leasing it back to the lessor at a reduced cost. Until a subcharter agreement is finalized, which we expect during the second quarter, our cost of revenue will continue to reflect these lease expenses, which we expect to exclude from adjusted EBITDA as an extraordinary item. Turning to cash flow and liquidity. Cash flow from operations was $12.4 million for the quarter.

我們目前正努力將該船舶完全轉租出去。在此期間，我們以較低成本將其回租給出租人。在轉租協議敲定之前（我們預期於第二季完成），我們的營收成本將持續反映這些租賃費用；我們預期會將其作為一次性特殊項目自調整後EBITDA中排除。接著談現金流與流動性。本季營運活動現金流為1,240萬美元。

This included $15 million of advance payments from a customer associated with our behind-the-meter data center contract scheduled to begin in Q1 of 2027. These payments are restricted to support equipment purchases and other preparations for that project. Quarter end's total liquidity was $17.2 million, consisting of total cash of $13.7 million, of which $10.6 million is restricted and $3.5 million of availability under our credit agreements. Capital expenditures totaled $5.3 million during the quarter. These expenditures were primarily related to equipment purchases associated with our upcoming large data center project.

其中包含來自一位客戶的1,500萬美元預收款，該客戶與我們預計於2027年第一季開始的表後資料中心合約相關。這些款項受限制使用，用於支援設備採購及該專案的其他前置準備。季末總流動性為1,720萬美元，包括現金總額1,370萬美元（其中1,060萬美元為受限制現金），以及我們信貸協議下可動用額度350萬美元。本季資本支出合計530萬美元。這些支出主要與我們即將展開的大型資料中心專案相關的設備採購有關。

Looking ahead, we expect to invest an additional $10 million to $12 million in capital for equipment and securing guaranteed supply for this project. We expect these investments to be funded through the advance payments received during the first quarter, as well as additional advance payments we expect to receive over the course of the year. That concludes our prepared remarks. Operator, please open the line for the Q&A session.

展望未來，我們預期將再投入1,000萬至1,200萬美元的資本，用於設備以及為該專案確保保證供應。我們預期這些投資將由第一季收到的預收款，以及我們預期在今年內陸續收到的額外預收款提供資金。以上為我們準備好的發言。接線生，請開放線路進行問答環節。

(Operator Instructions)

(接線生指示)

We'll take our first question from Martin Mallory with Johnson Rice.

我們的第一個問題來自Johnson Rice的Martin Mallory。

Good morning. Good morning, Marty.

早安。早安，Marty。

The first question I had. Just wanted to talk a little bit about the contracts that you're finalizing here, and it could start up in 2Q, but it sounds like they'll definitely impact second-half of this year for behind-the-meter power. Could you maybe talk about the size of those contracts? Will those make up for the two contracts for canceled fourth quarter last year? And also, with the behind-the-meter power, is this going to be.

我第一個問題。想請你談談你們正在敲定的合約；它可能在第二季啟動，但聽起來它們肯定會影響今年下半年表後發電的業務。你能否談談這些合約的規模？它們能否彌補去年第四季取消的那兩份合約？另外，關於表後發電，這會不會是……

A bridge type arrangement till pipeline is hooked up to these facilities? And then is there the opportunity for backup related contracts later on backup power?

一種過渡性的安排，直到管線接到這些設施？然後，之後是否有機會再簽與備援電力相關的合約？

Good morning and thank you for joining. Today. And let me try to take on, I think, really two questions. I mean, the first is being, what type of contract is that on the distributed power? And we really talk about that being kind of either commissioning power, bridge power, a more permanent backup related to behind-the-meter applications and distributed power.

早安，謝謝你今天加入。今天。我來嘗試回答，我想其實是兩個問題。第一個是，分散式電力那邊的合約類型是什麼？我們通常把它歸類為調試用電、過渡用電，或是更永久性的備援電力，應用在表後場景與分散式電力。

This is more of a commissioning project, which is normally a 6 to 12 month that we anticipate starting up in the end of the second quarter of this year and running through the end of the year. And we do anticipate, with the work we have, commitments around being able to replace the.

這比較像是一個調試（commissioning）專案，通常為期6到12個月；我們預期在今年第二季末開始啟動，並持續到年底。而且我們確實預期，基於目前手上的工作與承諾，能夠在……方面替代……

The contracts that were ended at the end of last year during the back half of the year. So without giving too much forward statements, we anticipate being able to replace that on the P&L. And that's before we get into the contracted demand starting in Q1 of next year, which is meaningful in size as well.

去年底結束的那些合約，在今年下半年予以補上。因此在不做過多前瞻性陳述的前提下，我們預期能在損益表上補回那部分。而這還不包含明年第一季開始的合約需求量（contracted demand），其規模也相當可觀。

Great.

很好。

Thank you. And then just on the Galveston LNG project, it sounds like you're active with discussions with off-takers to replace the canceled contract.

謝謝。接著關於Galveston LNG專案，聽起來你們正積極與承購方（off-takers）洽談，以取代已取消的合約。

In terms of the opportunity there, is there the possibility that that previous off-taker would return to sign up for off-take? And also, are you.

就那邊的機會而言，先前那位承購方是否有可能回來簽承購（off-take）？另外，你們是否……

Satisfied with the provisions of the other off-take agreement contracts you have that they won't need to be modified for project financing purposes.

對於你們現有其他承購協議合約的條款感到滿意，認為為了專案融資目的不需要再修改？

That's a great question. I think I'll take the last first. And so, yes, the current off-take agreement we have works well with the project construction timeline, et cetera, and doesn't create risk on when construction would finish and when startup would happen. So that contract's in good position. And.

這是個很好的問題。我先回答最後一個。是的，我們目前的承購協議與專案施工時程等配合良好，不會在施工完工與啟動時間點上造成風險。所以那份合約的狀態很好。而且……

Going back to the first question, we highly anticipate this customer that we were required to cancel that contract with to come back and do business with us in Galveston once we get further down the road or complete the plant, whether or not they'll be part of the offtake that helps.

回到第一個問題，我們高度預期，當我們進一步推進或完成Galveston的工廠後，先前我們不得不取消合約的那位客戶會回來與我們做生意；至於他們是否會成為有助於……的承購方之一……

Create the financing or they become a spot market client post-construction is complete. We don't know yet, but we're actively working with that client and, timelines and, with the Iran war and different things happening, just delays and some of the issues around dates and how that would affect financing just created us a need to exit that contract.

用以促成融資，或是在完工後成為現貨市場客戶，我們目前還不確定。但我們正積極與該客戶合作；而在時程方面，因伊朗戰爭及其他事件，造成延遲與一些日期相關的問題，以及這些因素如何影響融資，才使我們需要退出那份合約。

Great.

很好。

Thank you. I'll get back in queue.

謝謝。我回到提問隊列。

Thank you.

謝謝。

Our next question comes from Bill Dezellem with Tieton Capital.

我們的下一個問題來自Tieton Capital的Bill Dezellem。

Good morning, Bill.

早安，Bill。

Good morning.

早安。

I actually would like to talk a little bit more about the new data center contract. So if we understood correctly, you said that was a commissioning contract, so that will begin in Q2.

我其實想再多談一點關於新的資料中心合約。所以如果我們理解正確的話，您說那是一份試運轉（commissioning）合約，因此會在第二季開始。

Basically last through the Q4. Did we hear all of that correctly? And if so, was this a contract that you went direct to the data center, or did you have an intermediary that basically is taking care of all the power and they've hired you?

基本上會一路持續到第四季。我們聽到的都正確嗎？如果是的話，這份合約是您直接與資料中心簽的，還是有一個中介基本上負責所有電力，然後由他們聘請你們？

Yeah, so this particular project you're asking about is more of a construction commissioning project. And on all of these projects, we work with both the end user and the power provider on both. And so we're normally engaged with both.

是的，所以你問的這個特定專案，更像是一個施工試運轉（construction commissioning）專案。而在所有這些專案中，我們同時與終端用戶以及電力供應商合作。所以我們通常是同時與兩方合作。

And there's numerous ones of these projects that are active and engaging on these, I call it construction commissioning. And those are normally, the way we view it, a six to 12-month contract depending on, are you just going to commission phase one or which systems are you going to work on commissioning. But that's what this project is anticipated to be. Different than the one that's starting up in next year, which is more of a bridge power solution, longer in duration, and all of these have the minimum period of time with potential. Tensions related to, what's happening on their time schedule, et cetera.

而且這類專案有很多正在進行並持續推動，我稱之為施工試運轉。而這些通常——以我們的看法——是一份為期6到12個月的合約，取決於你是只要試運轉第一階段，或是你要針對哪些系統進行試運轉。但這就是這個專案預期的樣貌。這與明年開始的那個不同，後者更像是一個橋接供電（bridge power）方案，期間更長，而這些合約都有最低期間，並且可能會有延長的可能。延長與否取決於他們的時程安排等情況。

And is the monthly, is the magnitude of this contract and that original commissioning. Is the monthly revenue similar to what you will have for the monthly revenue from the bridge? Is it simply a shorter period of time because it's just part of the commissioning rather than a long-term bridge? Or is there a difference in the size of these two plants that makes the data centers that makes this very different?

那每月的——這份合約的規模以及原本那個試運轉合約的規模。每月營收是否與橋接方案的每月營收相近？只是因為它只是試運轉的一部分、而不是長期橋接，所以期間較短嗎？還是因為這兩座機組的規模不同、也就是資料中心的規模不同，讓這兩者差異很大？

Yeah, it's a little different. So I would say, when you think about the bridge, it's defined on how many megawatts we're providing, and it's consistently provided an inconsistent load. The commissioning project that we're speaking about that's starting this quarter and going in the back half of this year is a smaller in total megawatt project, and it's lower in gallons related to that, but still meaningful in size.

是的，會有些不同。所以我會說，當你想到橋接方案時，它是由我們提供多少兆瓦來定義的，而且是持續供應在相對穩定的負載下。我們正在談的這個試運轉專案，會在本季開始並延續到今年下半年，整體兆瓦規模較小，相關的加侖數也較低，但規模仍然相當可觀。

And again, I mean, what we wanted to present is kind of expectation of the recovery, kind of the trough in the first quarter and second quarter and then how the recovery of the business goes into 2026. And that's really what we're trying to highlight for our shareholders and stakeholders.

再說一次，我們想呈現的是對復甦的預期——第一季與第二季的谷底，然後業務如何一路復甦到2026年。這正是我們想向股東與利害關係人強調的重點。

That's appreciated, Casey. And let me take that comment that you made that there are many other. Contracts like this. I mean, we all hear of all the data centers ramping up. There's lots of commissioning taking place.

謝謝你，Casey，這很有幫助。我想接著你剛才提到的評論：還有很多其他。類似這樣的合約。我的意思是，我們都聽到各種資料中心正在加速擴張。有很多試運轉正在進行。

Talk to us about the pipeline of opportunities in the data center arena that you have, because we're basically just over the last few months, you've announced two.

跟我們談談你們在資料中心領域的機會管線（pipeline）吧，因為基本上就在過去幾個月，你們已經宣布了兩個。

Yeah, Bill, let me see if I can give you I mean, we're certainly super excited about it. So I don't want to like we're optimistic. The demand is the pipeline is pretty exciting.

好的，Bill，我看看我能不能給你一些——我的意思是，我們當然非常興奮。所以我不想——我們是樂觀的。需求、以及機會管線都相當令人振奮。

I think when you look back about 18 months, everybody was like, well, all the power is going to come in right on time or early, pipelines are going to get put in on time or early. And then what's happened is just natural delays and construction delays and different things have creeped into this giant infrastructure build out that you all know about, and it's all going on.

我想回頭看大約18個月前，大家都覺得，嗯，所有電力都會準時甚至提前到位，管線也會準時甚至提前鋪設完成。但後來發生的是，自然的延誤、施工延誤，以及各種因素逐漸滲入你們都知道的這個龐大基礎建設擴建之中，而且這一切都正在進行。

And you think about how that kind of rolls downhill, that first the power generation and those type of backup power and solutions. And then now we're getting to how do you provide the natural gas needed to do these either commissioning, startup, or bridges. And so what we're really excited about is this commissioning activity, because this is where we go in and support the data center commissioning their project, testing all their cooling and all their different things while they're waiting on either the final gas pipeline or the connection to the grid. And the perfect world is connection to the grid with cheap. Power that never stops. And then secondly, they're doing behind the meter with pipeline. So both of those, Tabilis, can participate in providing either commissioning or backup or bridge. And that's what we're working around.

你再想想這種影響如何一路往下傳導：首先是發電，以及那類備援電力與解決方案。接著現在我們進入到：要如何提供天然氣，以支援這些試運轉、啟動或橋接。所以我們真正感到興奮的是這些試運轉活動，因為這是我們進場支援資料中心進行專案試運轉、測試他們所有冷卻系統與各種不同項目，同時他們在等待最終的天然氣管線或電網接入。而理想狀況是接上電網，取得便宜的。且不中斷的電力。其次，他們會做表後（behind the meter）並搭配管線。所以這兩種情境下，Tabilis 都可以參與，提供試運轉、備援或橋接。這就是我們正在努力的方向。

Obviously, right now, we're seeing more commissioning activity in the first quarter.

很明顯地，目前我們在第一季看到更多試運轉活動。

This year. That's where the activity is at with our customers, with some people talking about the longer-term bridge, but the longer-term bridge is not the perfect solution for the client. So that's a much different cost structure, and they would prefer to get either connected to the grid or their gas pipeline put in. So commissioning is where we really provide a lot of value and speed up there to market strategy.

今年。這就是我們客戶目前的活動重點，有些人也在談較長期的橋接，但長期橋接並不是客戶的完美解決方案。所以那會是完全不同的成本結構，而他們更希望能接上電網，或把天然氣管線鋪設完成。因此試運轉是我們真正能提供大量價值、並加速其上市策略（go-to-market strategy）的地方。

So lots of activity around that. I'd say lots of activity around the six-month to 12-month type activity, a little bit less activity when we're talking about the longer-term big bridge projects, but we have a number of those we're working on.

所以這方面有很多活動。我會說，圍繞6到12個月這類型的活動很多；當我們談到更長期、規模更大的橋接專案時，活動相對少一些，但我們手上也有好幾個正在推進。

Really appreciate that perspective, Casey, and essentially.

非常感謝這個觀點，Casey，而且基本上。

We've come to this point because there's been all the delays. So essentially one way we could think about these commissioning opportunities is they may be ready to go live. They're done with their testing and using this one contract as an example in the fourth quarter. But if the grid or the pipeline is not ready, then your commissioning contract.

我們走到這一步是因為出現了各種延誤。所以基本上，我們可以這樣理解這些試運轉機會：它們可能已經準備好上線。以這份合約為例，他們在第四季完成測試並使用。但如果電網或管線還沒準備好，那麼你們的試運轉合約。

Essentially converts to a breach contract is how it likely would continue.

基本上就會轉成一份橋接合約，並很可能以這種方式延續下去。

That's a good way to think about it. Or the other way to think about it is let's say they're commissioning these in modular formats, and they may get power connected to one of the modular concepts, and then you would move into the next phase. Of commissioning the next center nearby because it's normally in groups or hubs. So that may be another way to think about it. But we don't think about it, we're going to talk to you guys about what we know, but we don't expect it to be just a short-term situation where it's just temporary for just now. And then secondly, you're going to have.

這樣想是對的。或者另一種想法是：假設他們以模組化形式進行試運轉，他們可能先讓其中一個模組概念接上電力，然後你就會進入下一階段。去試運轉附近的下一個中心，因為通常是以群組或樞紐（hubs）的方式建置。所以這也可能是另一種理解方式。但我們不會把它想成——我們會跟各位談我們所知道的，但我們不預期這只會是一個短期狀況、只是暫時性的。其次，你們還會有。

Outages and other backup needs to continue with the reliability that they're committing to. And that'll provide additional work for LNG long beyond the construction phase and bridge base.

停電以及其他備援需求，會隨著他們所承諾的可靠性而持續存在。而這將在施工階段與橋接基礎之外，為LNG帶來更長期的額外工作。

Well, for those of us who have never brought a data center online, thank you for that additional perspective. It is helpful.

嗯，對於我們這些從未讓資料中心上線的人來說，謝謝你補充這個觀點。這很有幫助。

Yeah, so just think about them as like modular. They're like done in like, 80 megawatt, 50 megawatt, 100 megawatt building modular, and then they're just got them stacked up around each other. And so, we're providing, unit work for units in the system.

對，所以就把它們想成是模組化的。它們像是以 80 兆瓦、50 兆瓦、100 兆瓦的建築模組方式完成，然後就把它們彼此堆疊在周圍。因此，我們是在系統中以單元對單元提供工作。

Great, thank you. And then one question relative to the subchartering of the vessel. What's the timeline that you would anticipate that to.

很好，謝謝。接著有一個關於船舶轉租（subchartering）的问题。你預期那會在什麼時間點發生？

To happen.

會發生。

Yes.

是的。

Good question.

好問題。

Thank you for bringing it up. We wanted to take care of covering that. So again, we initially chartered that to support our client in Galveston.

謝謝你提出來。我們也想把這部分交代清楚。所以再說一次，我們最初租用那艘船是為了支援我們在加爾維斯頓（Galveston）的客戶。

We ended up coming up for a number of different reasons with them going on a different solution. We anticipated a very quick sub-charter capability with that vessel.

但後來因為多種不同原因，他們改採用另一個解決方案。我們原本預期那艘船可以很快就轉租出去。

That's all, but the Iran war disrupted rechartering activity and put a delay on it. We anticipate it happening in this quarter. So we're working on numerous subcharter agreements right now, and we anticipate it happening in Q2 for effective date in Q3.

就這樣，但伊朗戰爭打亂了再租賃活動，並造成延遲。我們預期會在本季發生。所以我們目前正在洽談多份轉租協議，並預期在第二季（Q2）完成，生效日落在第三季（Q3）。

And we don't expect the subcharter to be at a big profit.

而且我們不預期這次轉租會帶來很大的利潤。

So we expect it to be net neutral is what we're what we what we want to guide y'all to.

所以我們預期大致上是損益兩平（net neutral），這也是我們希望給各位的指引。

Thank you again.

再次謝謝。

Once again, if you have a question, you may press star one on a telephone keypad.

再次提醒，如果您有問題，可以在電話鍵盤按下星號 1。

We'll go next to Spencer Lemon, private investor.

接下來是私人投資人 Spencer Lemon。

Well, good morning, guys.

各位早安。

Good morning. How are you doing, Spencer?

早安。Spencer，你最近如何？

Pretty good, still alive.

還不錯，還活著。

Just a couple, two questions if I may.

如果可以的話，我有兩個問題。

First, with this situation and oil and LNG getting all backed up, there's a lot of talk about some of these countries coming into the Gulf of America and picking up their oil and LNG.

第一，在目前這種情況下，石油和 LNG 都嚴重塞車，市場上很多人在談一些國家會進入美洲灣（Gulf of America）來提取他們的石油和 LNG。

Are you currently in a position to capitalize on that development?

你們目前是否處於可以把握這個發展的有利位置？

Yeah, I mean, Spencer, I appreciate the question. It's such a positive leading question. I thank you for it.

是的，我的意思是，Spencer，我很感謝這個問題。這是一個非常正向、具有引導性的問題。謝謝你。

We have never seen the macro for like our Galveston LNG bunkering might have reliable, consistent supply there for the marine bunkering activity as being better than it is today.

就像我們在加爾維斯頓的 LNG 船用加注（bunkering）而言，我們從未見過宏觀環境像今天這樣好——能為海事加注活動提供可靠、穩定的供應。

And though the.

而且雖然。

War and the disruption or war, the conflict or security conflict, whatever we're calling it, has caused some confusion and disruption on the timing of our subcharter of the vessel and, the potential short delays on what the construction would take and how that would work.

戰爭以及這種干擾——不管我們稱它為戰爭、衝突或安全衝突——確實讓我們在船舶轉租的時點上，以及施工需要多久、如何推進等方面，出現了一些混亂與干擾，也可能造成一些短期延遲。

Amazingly strong, and so we're super it it validates why we need more LNG fit-for-purpose bunkering capacity on the water in the Gulf Coast, and so it just validates what we're doing and our customers.

但需求強勁得驚人，因此我們非常——這也驗證了為什麼我們需要在墨西哥灣沿岸水域增加更多「為特定用途打造」（fit-for-purpose）的 LNG 加注運力；這也驗證了我們正在做的事以及我們的客戶。

Know that. Our commercial team's working heavy and hard on it. I think, duration of contract that we need, credit quality of contract, how that matches up with the project financing are the things we're working on right now.

他們知道這點。我們的商務團隊正在全力以赴、非常努力地推進。我認為我們目前在處理的重點是：我們需要的合約期限、合約的信用品質，以及這些如何與專案融資相匹配。

Validation of they need the project with a Jones Act vessel. Again, the Houston Ship Channel is not of.

同時也驗證了他們需要一個使用《瓊斯法案》（Jones Act）船舶的專案。再說一次，休士頓航道並不是。

Confusion. And I also think the conflict in the price of LNG also does a couple different things. It furthers our fit-for-purpose supply that we're doing for aerospace and the value of what all these aerospace customers are doing with the technology of telecommunications and how important all that is in the global.

混亂的來源。我也認為 LNG 價格的衝突/波動也帶來幾個不同的影響。它進一步凸顯我們為航太產業所提供的「為特定用途打造」供應，以及這些航太客戶在電信技術上所做的事情的價值，還有這一切在全球。

Conflicts and everything, it's just all kind of plays together. And so this conflict further reinforces the need for our space, aerospace, U.S. Presence to be successful. And then lastly. It further reiterates that the price of US natural gas and LNG for behind-the-meter power for AI data center activity is advantaged versus global priced data centers, so we have an advantage now, and now based on the price of oil.

衝突與各種情勢中的重要性——這些其實都彼此牽動。因此，這場衝突進一步強化了我們在太空/航太領域、以及美國存在要成功的必要性。最後，它也再次重申：就 AI 資料中心的「表後」（behind-the-meter）用電而言，美國天然氣與 LNG 的價格相較於全球定價的資料中心更具優勢，所以我們現在有優勢；而且現在基於油價。

Globally and LNG globally on a TTF or JMK basis, it further makes U.S. Data centers more competitive when they're either on grid power, pipeline, or LNG. So it just reiterates the pieces of all three of our growth legs of the company. And obviously, we're not reporting a great quarter. I don't want to.

以及全球 LNG 價格（以 TTF 或 JMK 為基準），這會進一步讓美國資料中心更具競爭力，無論它們使用的是電網電力、管線供氣或 LNG。所以這只是再次強化我們公司三大成長支柱的各個環節。而且很明顯，我們這一季的表現並不理想。我不想。

Gloss over that, but if we look at the future of what where Stabilis 3 growth platforms are, the customers we have and what we're doing, we're super excited about it and disappointed in our financial performance that we've presented just due to the expected trough that we.

淡化這件事；但如果我們看 Stabilis 的三個成長平台的未來、我們擁有的客戶以及我們正在做的事情，我們對此非常興奮；同時也對我們所呈現的財務表現感到失望，主要是因為我們預期的谷底期——我們。

Kind of hopefully communicated with the two contracts falling off, but are excited about the back half of the year and really excited about next year and excited about all three markets. We anticipate getting -- we are working very hard on our Galveston LNG bunkering project, but we're equally excited about the aerospace and the behind-the-meter work power.

我們應該已經就兩份合約到期/流失所造成的影響做過溝通——但我們對今年下半年感到興奮，對明年更是非常期待，也對三個市場都充滿期待。我們預期會取得——我們正在非常努力推進加爾維斯頓 LNG 船用加注專案，但我們同樣對航太以及表後供電工作感到興奮。

Well, that sounds great.

嗯，聽起來很棒。

Thank you. That sort of segues into my second question. Andy, I think you're still in charge of IR.

謝謝。這也剛好帶到我的第二個問題。Andy，我想你仍然負責投資人關係（IR）。

And with all that's happening now, and just coincidentally, by the way, the data center stuff was all over Fox Business this morning.

在現在發生這麼多事情的情況下，而且順帶一提，今天早上 Fox Business 上到處都在談資料中心的事。

And it's just such a hot item. And just wondering whether this is time when maybe we get in the radar. A little bit with your story.

這真的是非常熱門的題材。我想知道，這是不是一個時機，讓我們的故事能稍微進入市場雷達。

Any plans for it? I mean, you're really becoming an AI company and not that I want you to hype it, over hype it, but any plans for maybe getting the story out?

有什麼計畫嗎？我的意思是，你們真的正在變成一家 AI 公司——我不是要你們炒作、過度炒作——但是否有計畫把這個故事更廣泛地傳出去？

Well, we're starting this morning. I'll let Andy clean up the call. We're starting this morning by talking about what's contracted and what we're doing on the commissioning bridge and different versions of the.

嗯，我們就是從今天早上開始。我會讓 Andy 在電話會議結尾補充說明。我們今天早上開始談我們已簽約的內容、我們在投運/試運轉（commissioning）橋接上的工作，以及不同版本的。

Behind the meter power storage. But we've got really three growth stories. We've got the Marine, which is really exciting. You've got the aerospace and you've got this behind the meter. And we think it is important what you bring up is that it is three exciting growth platforms where we're delivering LNG in this advantaged U.S. LNG into the market. So I'll stop there and then let Andy answer the question directly Spencer, but we're we're do we are communicating what we're doing and we're hopeful that over time As we see the growth that we're anticipating from next year Already and then we see and we've been we've announced and then we see the. Ring project come online, which we anticipate to be able to get that to a point and again, that will take a while to get construction done, the barge built, but get it to a FID position, then we believe people will be able to do math around what that means and understand the value like we see the future value of our platform.

表後供電與儲能。但我們其實有三個成長故事。海事（Marine）非常令人興奮。再來是航太，還有表後（behind-the-meter）。我們認為你提到的重點很重要：這是三個令人興奮的成長平台，我們把具優勢的美國 LNG 交付到市場。我先說到這裡，然後讓 Andy 直接回答你的問題，Spencer；但我們——我們確實正在溝通我們在做什麼，也希望隨著時間推進，當我們看到我們預期的成長（從明年開始就已經在發生），以及我們已公告的內容，並且看到。Ring 專案上線——我們預期能把它推進到最終投資決策（FID）的階段；當然，施工完成、駁船建造仍需要時間——但一旦到達 FID，我們相信大家就能據此進行估算，並理解其意涵與價值，就像我們所看到的我們平台未來價值一樣。

But we can't force people to believe in it to the same level that we do. We can only communicate kind of what we're up to. So I'll stop there. Andy, I'm sure, is working on the IR stuff.

但我們無法強迫別人以與我們相同的程度去相信這件事。我們只能大致傳達我們正在做什麼。所以我就先說到這裡。我相信 Andy 正在處理投資人關係（IR）的相關事宜。

Yeah, well, thanks for the question, Spencer. I mean, kind of to.

是的，Spencer，謝謝你的提問。我的意思是，大概是要。

Add to what Casey said, philosophically, we believe that our number one priority is to demonstrate this in the results of the business and grow the business, grow the top-line, grow the profitability, and then the stock price starts to take care of itself. And so that's number one. And number two is we do intend to get out there and do more in terms of telling the story as we get more things, more exciting things to start talking about. So I appreciate. Make a comment, and we do think it's important both to deliver the results and also to make sure we're doing a good job of communicating it.

補充 Casey 所說的，從理念上來看，我們相信我們的首要任務是要在公司的營運成果中證明這一點，並擴大業務、提升營收（top-line）、提高獲利能力，然後股價就會開始自行反映。所以這是第一點。第二點是，隨著我們有更多事情、更多令人振奮的進展可以談，我們確實打算更積極地對外講好這個故事。所以我很感謝。提出這個意見；我們也認為，同時交出成果並確保我們把訊息傳達清楚，兩者都很重要。

Yeah, and just corporate governance, we file some stuff and have the company in a position to do things around that. So we're still doing all the normal work around that spectrum.

是的，另外就公司治理而言，我們也會申報一些資料，並讓公司具備在這方面推動事項的條件。所以我們仍在這個範疇內做所有正常的工作。

Okay, thank you.

好的，謝謝。

We'll take our next question from Bill Dezellem, Tieton Capital.

我們接下來的問題來自 Tieton Capital 的 Bill Dezellem。

Thank you. I'd actually like to follow-up on the data center commissioning. Is this the same data center as the one that you were doing the bridge with?

謝謝。我其實想追問一下資料中心的試運轉（commissioning）。這是你們之前做橋接供電（bridge）的同一個資料中心嗎？

No, completely different project.

不是，是完全不同的專案。

Different region and different project.

不同地區、不同專案。

And will this commissioning use George West's capacity or third parties?

那這次試運轉會使用 George West 的產能，還是使用第三方？

We can always do both. So it's always kind of the benefit of having, your own supply for backup and reliability to make sure you can do it.

我們兩者都可以。所以擁有自有供應作為備援與可靠性保障，確保能夠完成作業，這一直是個優勢。

This project is not anticipating using that offtake as the primary source. Neither of these are.

這個專案並不預期把那份承購（offtake）作為主要來源。這兩個專案都不是。

And a lot of our own offtake.

而我們自有的承購量有很大一部分。

Is being drawn into both industrial projects and aerospace. So I'd say that's how we think about the mix right now.

正被導入工業專案與航太領域。所以我會說，這就是我們目前看待組合的方式。

I think the great thing about both of these data center projects, Bill, is that they're not using George West Molecules, so it doesn't absorb all our capacity. So really, it allows us to grow the top-line and continue to grow the business without having to wait on.

Bill，我認為這兩個資料中心專案最棒的一點是，它們都不使用 George West 的分子（Molecules），因此不會吃掉我們全部的產能。所以實際上，這讓我們能在不必等待。

You know internal production expansion of internal production capacity.

你知道，等待內部產量擴張、內部生產能力擴充的情況下，就能提升營收並持續擴大業務。

So it's great for that reason as well Right and will the same Third-party power provider. Is it the same one?

所以基於這個原因也很棒。對，那第三方電力供應商呢。是同一家嗎？

That has contracted you for the commissioning has contracted you for the bridge power with the other with the other data center.

那家與你們簽訂試運轉合約的，是否也是與你們就另一個資料中心的橋接供電簽約的同一家第三方電力供應商？

You know we work with numerous.

你知道，我們與多家。

The power providers and numerous data centers, end user owners. And so I think it's due to confidentiality and competitive information, we'd like to not share that level of detail.

電力供應商以及多個資料中心終端用戶業主合作。因此基於保密與競爭資訊考量，我們希望不要分享那麼細的細節。

I'll switch to an entirely different question.

我換一個完全不同的問題。

You've mentioned the aerospace and industrial activity and the strength there.

你們提到航太與工業活動，以及那邊的強勁表現。

With that in mind, what is your current guesstimate on when George West volumes will be completely used again?

在此背景下，你們目前推估 George West 的供應量何時會再次被完全用完？

We're going to have some room on George West. We're anticipating getting closer to a not 100% utilization, but a consistent kind of offtake that we were anticipated in the third and fourth quarter of this year.

George West 這邊我們還會有一些餘裕。我們預期在今年第三與第四季，會更接近不是 100% 的利用率，但會回到我們原先預期的那種穩定承購水準。

Looking back to those kind of reasonable utilization numbers. We just were significantly off as those two projects ended that were heavy off-takers of both of our production facilities. We're seeing a steady increase on those pull-throughs and that usage, and we expect that to happen in the third and fourth quarter of this year.

回到那類合理的利用率水準。只是因為那兩個專案結束了，而它們先前是我們兩座生產設施的主要大量承購方，所以我們的落差非常大。我們看到這些拉動效應與使用量正穩定增加，並預期在今年第三與第四季會發生。

Not fully utilized, but at a number that's consistent with what we've seen in the past.

不會是滿載，但會回到與我們過去所見一致的水準。

We look at the kind of the revenue and earnings profile of the current operation. And that is pre the addition of the new contract for next year.

我們看的是目前營運的營收與獲利輪廓。而那是在明年新增合約加入之前。

And that contract will or will not be using George West Molecules.

而那份合約會或不會使用 George West 的分子（Molecules）。

Right now it does not need to. It will be addition.

目前不需要。它將會是額外增加。

Thank you.

謝謝。

Thank you both again for taking the extra questions.

也再次感謝你們願意多回答幾個問題。

I'm delighted to do it. Thanks for joining the call.

我很樂意。謝謝參與這通電話會議。

This concludes the Q&A portion of today's call. I would now like to turn the floor over to Andy for closing remarks.

今天電話會議的問答部分到此結束。接下來我想把時間交給 Andy 做結語。

Thank you, everyone, for joining the call today. We appreciate the interest in the company and the continued support, and we look forward to updating you on our developments as we have them and talking to you guys again next quarter. So thank you all very much.

感謝各位今天參與電話會議。我們感謝大家對公司的關注與持續支持，也期待在有進展時向各位更新，並在下個季度再次與各位交流。非常謝謝大家。

Thank you. This concludes today's Stabilis Solutions First Quarter 2026 Earnings Conference Call. Please disconnect your line at this time and have a wonderful day.

謝謝。以上為 Stabilis Solutions 2026 會計年度第一季財報電話會議的全部內容。請各位現在掛斷電話，祝各位有美好的一天。