Stabilis Solutions, Inc. (SLNG): History, Ownership, Mission, How It Works & Makes Money

As the energy transition accelerates, are you defintely tracking the small-scale Liquefied Natural Gas (LNG) players like Stabilis Solutions, Inc. (SLNG) that are enabling the shift in high-growth markets?

This company is making a decisive pivot, evidenced by Q3 2025 revenue of over $20.3 million and a net income of $1.1 million, fueled by a strategic focus where aerospace revenue alone surged 88% year-over-year, and now accounts for nearly 73% of their total revenue mix.

Stabilis is not just selling gas; they are providing turnkey clean energy solutions, securing their largest-ever customer contract-a 10-year marine bunkering agreement in Galveston-so understanding their history, vertically integrated model, and revenue streams is critical to mapping their future growth potential.

Stabilis Solutions, Inc. (SLNG) History

Given Company's Founding Timeline

You're looking at a company that emerged from the push for cleaner energy in North America. Stabilis Solutions, Inc. (SLNG) was built on the idea of providing liquefied natural gas (LNG) where pipelines couldn't reach, essentially creating a 'virtual pipeline' for customers.

Year established

The company was established in 2013.

Original location

Stabilis Solutions, Inc. is headquartered in Houston, Texas.

Founding team members

The company was co-founded by Casey Crenshaw and his wife, Stacey Crenshaw, in 2013. Casey Crenshaw is the majority shareholder and, as of late 2025, serves as the Executive Chairman and Interim President & CEO.

Initial capital/funding

Specific details on the initial capital or seed funding are not publicly disclosed, but the company's trajectory shows rapid, strategic capital deployment, including a major acquisition just three years after founding. Honestly, the initial funding is less important than the capital they raised later to fuel expansion.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is marked by three clear, transformative decisions that moved it from a regional supplier to a major North American LNG player focused on high-growth sectors.

• The 2016 Buckeye Partners Acquisition: Spending $85 million to acquire the LNG assets of Buckeye Partners was the first major step to scale. This move secured critical infrastructure, allowing Stabilis to offer turnkey solutions-production, storage, transportation, and fueling-which is key to their business model.
• The 2019 IPO and Strategic Acquisitions: Going public in 2019 provided the capital base needed for sustained expansion. Plus, the acquisition of Prometheus Energy in the same year was a smart move, adding a co-founder with over 25 years of LNG experience to the team.
• The 2025 Galveston Expansion: The October 2025 announcement of the 10-year marine bunkering contract is the most recent game-changer. This agreement underpins the plan for a new Galveston LNG facility, which will increase Stabilis' total liquefaction capacity from 130,000 to a massive 480,000 gallons per day. This contract alone covers about 40% of the planned capacity, securing commercial scale and shifting the revenue mix further into the high-growth marine sector.

What this estimate hides is the project financing risk; Stabilis must finalize financing by the first quarter of 2026 for this massive expansion to move forward. For a deeper dive into the company's purpose, check out Mission Statement, Vision, & Core Values of Stabilis Solutions, Inc. (SLNG).

Stabilis Solutions, Inc. (SLNG) Ownership Structure

Stabilis Solutions, Inc. (SLNG) is a publicly traded company, but its ownership structure is heavily concentrated, with a single strategic entity holding a dominant majority stake. This means that while its shares trade on the Nasdaq, the strategic direction and ultimate control rest with a core group of co-founders and affiliated entities, not the general public or institutional investors.

Stabilis Solutions, Inc.'s Current Status

Stabilis Solutions is a publicly traded company on the Nasdaq Capital Market under the ticker symbol SLNG. As of November 2025, the company operates as an energy transition provider, focusing on liquefied natural gas (LNG) and hydrogen solutions in North America. The company recently reported strong Q3 2025 results, with revenue increasing by 15.3% year-over-year to $20.3 million and net income reaching $1.1 million for the quarter. As of November 3, 2025, the company had 18,596,301 shares of common stock outstanding, reflecting a modest market capitalization of approximately $89.82 million as of early November 2025. The company is currently focused on its major Galveston LNG facility project, which is contingent on securing project financing in early 2026.

Stabilis Solutions, Inc.'s Ownership Breakdown

The company's ownership is highly concentrated, a key factor for any investor or analyst to understand. LNG Investment Company LLC, an entity affiliated with co-founder and Executive Chairman J. Casey Crenshaw, holds a controlling interest. This level of insider and strategic ownership, totaling over 70%, gives the co-founder and associated entities substantial control over all major corporate decisions, defintely including mergers and acquisitions.

Stabilis Solutions, Inc.'s Leadership

The leadership team is a mix of co-founders and seasoned energy executives, steering the company through its next phase of growth, particularly the large-scale Galveston project. Following a management transition in early 2025, the Executive Chairman assumed the top operational role.

• J. Casey Crenshaw: Executive Chairman and Interim President & CEO. Mr. Crenshaw is a co-founder and the majority shareholder, stepping into the interim CEO role in February 2025 to lead the company's next growth phase.
• Andrew Puhala (Andy Puhala): Senior Vice President, Chief Financial Officer, and Secretary. Mr. Puhala provides financial continuity and was a key speaker on the Q3 2025 earnings call.
• Matt Barclay: Senior Vice President, Marine. Co-founded Prometheus Energy Company, which Stabilis acquired, bringing deep LNG production and distribution experience.
• Koby Knight: Senior Vice President Plants, EPC, and Special Projects. Leads the engineering, procurement, and construction (EPC) for new facilities, crucial for the Galveston expansion.
• Stage Marroquin: Senior Vice President, Commercial and Industrial. Focuses on the core commercial and industrial customer segments.

The average tenure for the management team is relatively short at 1.8 years, suggesting a new team is in place to execute the current strategy, but the board's average tenure is longer at 6.3 years, providing institutional knowledge. You can review the company's core principles here: Mission Statement, Vision, & Core Values of Stabilis Solutions, Inc. (SLNG).

Stabilis Solutions, Inc. (SLNG) Mission and Values

Stabilis Solutions, Inc. is an energy transition company whose purpose goes beyond just moving liquefied natural gas (LNG); it's about being your reliable partner in delivering clean, cost-effective energy solutions across North America. Their cultural DNA is rooted in an unwavering commitment to safety, integrity, and operational excellence, which is defintely critical in the energy sector.

Stabilis Solutions' Core Purpose

You need to know what drives a company besides its quarterly earnings, and for Stabilis Solutions, it's a clear commitment to facilitating the transition to cleaner energy. This core purpose focuses on providing turnkey LNG solutions-production, storage, transportation, and fueling-to diverse markets that need a reliable alternative to traditional, higher-emission fuels.

The company's commitment to Quality, Health, Safety, and Environment (QHSE) is central to its operations. They don't just talk about safety; their policy emphasizes leadership, accountability, and managing hazards to ensure risks are reduced to levels that are as low as reasonably possible. They've delivered over 550 million gallons of LNG and completed more than 55,000 deliveries across the U.S., Mexico, and Canada, so they have the track record to back it up.

Official Mission Statement

While a single, formal mission statement can be elusive, the company's actions and stated goals coalesce into a clear mandate for their team and for you as an investor or customer. It's about being the essential link for clean energy access.

• Provide safe, reliable, and innovative liquefied natural gas (LNG) solutions to diverse industrial, commercial, and energy markets.
• Facilitate the transition to cleaner energy sources by offering LNG as a cost-effective alternative to traditional fuels.
• Create value for shareholders through strategic investments and operational excellence.

Vision Statement

The company's vision is straightforward: they want to be your most trusted partner in the space. This isn't a vague aspiration; it's a strategic positioning to capitalize on the growing demand for cleaner, distributed power solutions.

• Be the trusted partner in providing low cost, abundant, and environmentally friendly natural gas solutions throughout North America.
• Become the leading provider of small-scale LNG solutions, enabling cleaner energy access for businesses and communities.
• Drive innovation in LNG production, transportation, and applications.

This focus on clean energy is directly translating into financial results, too. For the nine months ended September 30, 2025, the company reported sales of nearly $55 million ($54.97 million), demonstrating their vision is driving real-world revenue. You can review the full charter here: Mission Statement, Vision, & Core Values of Stabilis Solutions, Inc. (SLNG).

Stabilis Solutions' Slogan/Tagline

A good tagline captures the essence of the business model in a few words; for Stabilis Solutions, it highlights their unique logistics capability.

• Bringing Energy Where You Need It™.

This simple phrase speaks to their core competency: using a virtual pipeline (cryogenic transportation) to deliver LNG where traditional pipelines don't reach, serving high-growth markets like marine bunkering and commercial aerospace. Honestly, that last-mile delivery is where the real margin is made.

Stabilis Solutions, Inc. (SLNG) How It Works

Stabilis Solutions operates as a vertically integrated, turnkey supplier of liquefied natural gas (LNG) and clean fueling solutions across North America, managing the entire supply chain from production to final-mile delivery.

The company essentially acts as a virtual natural gas pipeline, liquefying natural gas at its facilities and transporting it via a specialized fleet of over 150+ cryogenic assets to customers who lack access to traditional pipeline infrastructure or need a high-purity, mobile fuel source.

Stabilis Solutions, Inc.'s Product/Service Portfolio

Stabilis Solutions, Inc.'s Operational Framework

Stabilis's operational model is built on owning and controlling critical infrastructure, which allows it to deliver a reliable, end-to-end service. This control is the core of their value proposition.

• Production Infrastructure: The company owns and operates small-scale liquefaction facilities, including the George West, Texas plant with a capacity over 100,000 gallons per day, and the Port Allen, Louisiana facility at 30,000 gallons per day. Total current capacity is approximately 130,000 gallons per day.
• Logistics and Distribution: They manage a large fleet of cryogenic trailers to transport LNG directly to the customer's site, creating a flexible virtual pipeline. This mobile solution is defintely a game-changer for remote or temporary power needs.
• Growth Capital Deployment: A major focus is expansion, evidenced by the planned 350,000 gallon-per-day Galveston, Texas facility, which is backed by a 10-year marine bunkering agreement. The goal is to more than triple current capacity.
• Revenue Generation: Revenue streams come from LNG product sales (the largest component, with LNG product revenue at $17.5 million in Q3 2025), equipment rentals, and associated field services. Year-to-date revenue through Q3 2025 was approximately $55.0 million. For a deeper dive into their guiding principles, check out Mission Statement, Vision, & Core Values of Stabilis Solutions, Inc. (SLNG).

Stabilis Solutions, Inc.'s Strategic Advantages

The company's success is rooted in its integrated service model and its first-mover status in high-growth, specialized markets, which provides a significant competitive moat.

• Turnkey Solution Provider: Offering a complete LNG supply chain-from liquefaction to fueling-reduces complexity for customers and fosters long-term, sticky contracts. This integrated model is unique among small-scale LNG distributors.
• Focus on High-Growth End-Markets: Stabilis has successfully pivoted its revenue mix toward high-margin sectors. In Q3 2025, the three target growth markets-Aerospace, Marine, and Power Generation-accounted for approximately 73% of total revenue. Aerospace revenue alone increased by more than 88% year-over-year in Q3 2025.
• Strategic Asset Placement: Owning production facilities in key Gulf Coast locations (Texas and Louisiana) and having a broad North American distribution network ensures supply reliability, which is critical for high-performance customers like cruise lines and space launch operators.
• Long-Term Contract Backlog: Securing a 10-year marine bunkering contract for the proposed Galveston facility provides strong revenue visibility and anchors future expansion, giving them a clear path to increase liquefaction capacity by over 269%.

Stabilis Solutions, Inc. (SLNG) How It Makes Money

Stabilis Solutions, Inc. makes money by operating a vertically integrated liquefied natural gas (LNG) supply chain, selling LNG fuel and providing the necessary logistics and equipment as a turnkey solution for customers without access to pipeline natural gas. The company's revenue engine is shifting away from traditional industrial contracts toward high-growth markets like aerospace and marine bunkering, which now account for the majority of sales.

Honestly, the business model is simple: produce and deliver clean, reliable LNG where the pipeline can't reach. It's a virtual pipeline.

Stabilis Solutions, Inc.'s Revenue Breakdown

The company's revenue is primarily driven by the sale of LNG product, which includes the fuel itself, while a smaller, but still important, portion comes from the rental of specialized cryogenic equipment and related services. This breakdown is based on the most recent financial data for the third quarter of fiscal year 2025.

Here's the quick math: In the third quarter of 2025, total revenue was $20.3 million, with LNG product sales making up $17.5 million of that total. The growth in LNG sales is strong, with LNG gallons sold increasing by 21% year-over-year in Q3 2025.

Business Economics

Stabilis Solutions' economic fundamentals are rooted in its strategic focus on high-growth, high-volume end markets, which is a deliberate management pivot. This shift is clearly visible in the Q3 2025 results, where 73% of total revenue came from aerospace, marine, and power generation customers, up from 60% in the prior year quarter.

The company secures its future revenue through long-term contracts, which de-risks the business model and provides predictable cash flow. For instance, the planned Galveston LNG facility is already anchored by a 10-year marine bunkering agreement with a global operator, and management expects to have approximately 75% of the total capacity sold under long-term contracts by the time they reach a final investment decision in early 2026.

• Pricing Strategy: Revenue growth is driven by both higher LNG volumes and higher average commodity prices, a good sign of pricing power and market demand.
• Margin Pressure: The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin saw a slight compression to 14.3% in Q3 2025, down from 14.6% last year. This is primarily due to the roll-off of a high-margin industrial project and a less favorable customer mix in the short term as the new, high-growth markets scale up.
• Cost Control: The cost of revenues remained stable at approximately 72% of sales in Q3 2025, showing consistency in managing the primary cost driver-the purchase and production of natural gas.

Stabilis Solutions, Inc.'s Financial Performance

As of November 2025, the company shows a mixed but strategically positive financial picture, characterized by strong growth in key sectors despite overall revenue volatility. The focus is on funding infrastructure to support the new long-term contracts.

• Revenue Trend: Total revenue for the trailing twelve months (TTM) ending September 30, 2025, was approximately $72.27 million. Quarterly revenue is growing again, with Q3 2025 revenue at $20.3 million, a 15.3% increase year-over-year.
• Profitability: Stabilis Solutions returned to positive net income in Q3 2025, reporting $1.1 million, a solid improvement from the net loss seen earlier in the year. Adjusted EBITDA also increased to $2.9 million in Q3 2025.
• Liquidity and Capital: The balance sheet remains strong with liquidity (cash and credit availability) totaling $15.5 million as of September 30, 2025. The company is generating cash from operations, recording $2.4 million in Q3 2025.
• Growth Drivers: The key to future performance lies in the growth rates of its target markets: aerospace revenue surged by over 88% and marine revenue by over 31% year-over-year in Q3 2025. This is defintely where the future value lies.

To dive deeper into the institutional backing of this strategic shift, you should check out Exploring Stabilis Solutions, Inc. (SLNG) Investor Profile: Who's Buying and Why?

Stabilis Solutions, Inc. (SLNG) Market Position & Future Outlook

Stabilis Solutions, Inc. is positioned as the dominant North American provider of turnkey, small-scale liquefied natural gas (LNG) solutions, capitalizing on the rapid shift toward cleaner, off-grid energy sources. The company's future trajectory hinges on successfully executing its Galveston liquefaction project, a strategic move to lock in long-term, high-margin revenue from the burgeoning marine and aerospace sectors.

Competitive Landscape

In the small-scale LNG market, competition is fragmented but intense, pitting specialized distributors like Stabilis against global industrial gas giants and integrated energy players. Stabilis's core competitive advantage is its established, last-mile distribution network across North America, which is hard for larger players to replicate quickly. You can get a deeper dive into the financials here: Breaking Down Stabilis Solutions, Inc. (SLNG) Financial Health: Key Insights for Investors

Opportunities & Challenges

The company is seeing strong momentum in specialized, high-growth end-markets, which is defintely where the focus should be. Here's the quick math on the near-term growth: Q3 2025 revenue from Aerospace jumped 88.3% year-over-year, Marine bunkering rose 31.5%, and Power Generation grew 31.4%. This shows the strategy is working.

Industry Position

Stabilis Solutions holds a critical niche as a pure-play, small-scale LNG provider, distinguishing itself from massive integrated oil and gas companies or equipment manufacturers. Its TTM 2025 revenue of $69.57 million reflects a focused, profitable operation compared to the multi-billion dollar revenues of its larger, more diversified competitors.

• Turnkey Service Leadership: The only distributor with owned production and a complete North American distribution footprint, offering a true virtual natural gas pipeline for remote and off-grid customers.
• High-Growth Market Focus: Strategic shift toward Marine, Aerospace, and Power Generation is driving significant volume growth, insulating the company from softer demand in legacy industrial sectors.
• Liquidity and Stability: The company's solid financial footing, including $10.3 million in cash reserves as of Q3 2025, provides a buffer for near-term capital expenditures on growth projects.

The company is small, but it dominates its specific segment, which is a key difference in this industry.