Stabilis Solutions, Inc. (SLNG): BCG Matrix [Dec-2025 Updated]

You need a clear view of Stabilis Solutions, Inc.'s portfolio; here is the BCG matrix mapping its current growth and market share. Honestly, looking at the numbers as of late 2025, Stabilis Solutions, Inc. is clearly in a growth-and-bet phase, where the Aerospace LNG segment is exploding with an 88.3% year-over-year revenue increase, instantly making it a Star, while the dependable Cash Cows-supported by $2.9 million in Q3 Adjusted EBITDA-are funding the big swing on the Galveston LNG liquefaction expansion, which is currently a major Question Mark dependent on securing financing. We've also seen the deliberate pruning of low-margin Dogs, evidenced by the 22.8% revenue reduction in those industrial sectors, so you get a sharp, focused picture of where the capital is flowing and where the risk lies; see the full breakdown below to map out the strategy.

Background of Stabilis Solutions, Inc. (SLNG)

You're looking at Stabilis Solutions, Inc. (SLNG), which you should know is an energy transition company focused on providing turnkey clean energy solutions primarily using liquefied natural gas (LNG). Stabilis Solutions, Inc. is headquartered in Houston, Texas, and it used to be known as American Electric Technologies. The company's core business model is vertically integrated, covering LNG production via small-scale liquefaction plants, distribution through a logistics network, and last-mile fueling services.

Stabilis Solutions, Inc. serves a broad set of end markets across the United States and Mexico, including aerospace, marine bunkering, power generation, agriculture, industrials, mining, pipeline, remote power, and utility sectors. They generate revenue not just from selling and delivering LNG, but also from renting cryogenic equipment and providing engineering and field support services. As of September 30, 2025, the company reported a trailing 12-month revenue of $72.3M.

Looking at the most recent figures, Stabilis Solutions, Inc. reported strong third quarter 2025 results for the period ending September 30, 2025. Revenues hit $20.3 million, marking an increase of 15.3% year-over-year, and they posted a net income of $1.1 million. This growth was defintely fueled by key high-growth sectors; for instance, aerospace revenue jumped 88.3% year-over-year, marine revenue was up approximately 31.5%, and power generation saw about a 31.4% increase. To be fair, this strategic focus meant a deliberate 22.8% decrease in revenue from other industrial customers during that same quarter.

The company maintains a solid financial footing to support its strategy. For the third quarter of 2025, Adjusted EBITDA reached $2.9 million, and cash flow from operations was $2.4 million. As of the end of September 2025, Stabilis Solutions, Inc. held $10.3 million in cash, with an additional $5.2 million available under credit agreements. A major near-term catalyst is the announced plan for a significant LNG liquefaction capacity expansion in Galveston, Texas, which is supported by a newly secured 10-year marine bunkering agreement.

Stabilis Solutions, Inc. (SLNG) - BCG Matrix: Stars

You're looking at the growth engines for Stabilis Solutions, Inc. (SLNG) right now. These are the business units operating in high-growth markets where the company has managed to secure a leading market share. Stars, as you know, consume a lot of cash to maintain that growth trajectory, meaning the money coming in is often matched by the money going out for promotion and placement. If Stabilis Solutions, Inc. can sustain this success as these markets mature, these units are definitely set to become the Cash Cows of tomorrow.

Here's a quick look at the Q3 2025 performance that solidifies their Star status:

The overall Q3 2025 revenue for Stabilis Solutions, Inc. hit $20.3 million, and these three areas are the primary reason. This strong performance reflects a deliberate strategic pivot. The company is actively focusing on customers in these higher-growth markets, which is clear when you see that revenue from other sectors actually decreased by 22.8% year-over-year in the third quarter. This shift means that aerospace, marine, and power generation now account for 73% of total revenue, up from 60% a year prior.

The investment in these areas is significant, especially with the planned Galveston, Texas, LNG liquefaction facility. This project is the capital support these Stars need to keep leading. The company is cementing its position as an incumbent supplier in mission-critical applications, which is what you want to see from a Star. The key drivers supporting this high-growth, high-share positioning include:

• - Aerospace LNG supply, with revenue growth of 88.3% year-over-year in Q3 2025.
• - Marine bunkering solutions, seeing Q3 2025 revenue jump 31.5%, driven by new emission standards.
• - Power generation segment, which grew revenue by 31.4% in Q3 2025, serving high-demand remote power needs.
• - Strategic focus on high-performance, mission-critical applications where Stabilis Solutions, Inc. is an incumbent supplier.

To keep this momentum, Stabilis Solutions, Inc. secured a 10-year marine bunkering agreement, which is a foundational piece of offtake for the future capacity expansion. This kind of long-term commitment is exactly how a Star transitions into a Cash Cow; you lock in demand before the market growth slows down. The net income for the quarter was $1.1 million, showing that while they are investing heavily, the operational execution is translating to improved profitability. Finance: draft 13-week cash view by Friday.

Stabilis Solutions, Inc. (SLNG) - BCG Matrix: Cash Cows

Stabilis Solutions, Inc. maintains established assets in mature segments, characteristic of Cash Cows, which generate predictable cash flow to support the broader portfolio.

The core production infrastructure includes the state-of-the-art liquefaction facility in George West, TX, with a capacity exceeding 100,000 LNG gallons per day, and the facility in Port Allen, LA, capable of producing up to 30,000 LNG gallons per day. The combined owned production capacity is over 130,000 gallons per day.

The recurring revenue stream is supported by the rental of the mobile cryogenic equipment fleet, which consists of over 160 mobile LNG storage and vaporization assets across North America.

Here's a look at the financial performance from the core operations for the third quarter of 2025:

The North American 'virtual pipeline' logistics network extends this stability by leveraging company-owned cryogenic transport trailers alongside contracts with over 30 third-party natural gas liquefaction facilities, ensuring complete, integrated supply chain solutions across the U.S., Mexico, and Canada.

• George West, TX facility daily production capacity: greater than 100,000 gallons.
• Port Allen, LA facility daily production capacity: up to 30,000 gallons.
• Total mobile cryogenic equipment assets: over 160.
• Third-party supply network points: over 30.
• Q3 2025 Net Income: $1.1 million.
• Q3 2025 Adjusted EBITDA: $2.9 million.

Stabilis Solutions, Inc. (SLNG) - BCG Matrix: Dogs

Dogs, are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

The strategic shift at Stabilis Solutions, Inc. is clearly evidenced by the deliberate reduction of exposure to these low-return areas. The completion of a legacy contract in Q2 2025 highlights the volatility and low strategic value of some of these older industrial relationships. This transition is not just about growth in new areas; it is about actively shedding the low-margin, low-share components of the business.

Here's the quick math on the segment shift, comparing the focus areas to the areas being minimized:

The financial impact of these legacy relationships is visible in the Q2 2025 results, where total revenue fell 7% year-over-year to $17.3 million. This resulted in a net loss of ($0.6) million, compared to a net income of $27 thousand in Q2 2024, and Adjusted EBITDA fell to $1.5 million from $2.1 million year-over-year.

The components identified as Dogs, which Stabilis Solutions, Inc. is actively minimizing or exiting, include:

• - Revenue from other industrial sectors, which was deliberately reduced by 22.8% in Q3 2025 to exit low-margin business.
• - Legacy, short-duration industrial customer contracts, like the one whose completion caused a Q2 2025 revenue decline of 7%.
• - Low-margin, non-strategic LNG sales where the company lacks a competitive advantage or scale.
• - The company defintely sold non-core international assets in Brazil and Mexico in 2023, streamlining focus.

The company is clearly prioritizing the high-growth segments, which saw their revenue share increase from 62% in Q2 2024 to 77% in Q2 2025. This aggressive pruning of the Dogs segment is a necessary step to free up capital and management attention. Finance: draft 13-week cash view by Friday.

Stabilis Solutions, Inc. (SLNG) - BCG Matrix: Question Marks

You're looking at the business units that require significant capital to capture a rapidly expanding market-the classic Question Mark scenario. For Stabilis Solutions, Inc., the primary candidate here is the planned expansion of liquefaction capacity, which is currently a massive cash consumer with no corresponding revenue stream yet attached to the new facility.

The Galveston LNG liquefaction expansion is the centerpiece of this quadrant. This major capital project is anchored by a 10-year marine bunkering contract with a global marine operator, securing supply for approximately 40% of the planned capacity. This contract commits Stabilis Solutions, Inc. to supply around 50 million gallons of LNG per year, or $\sim \mathbf{188,000}$ $\text{m}3$ per year, starting in Q4 2027, contingent on project milestones. The proposed facility is designed for 350,000 gallons-per-day, which, when combined with existing assets, would boost total liquefaction capacity from 130,000 to 480,000 gallons-per-day. The project requires heavy investment, and the next critical hurdle is finalizing project financing by Q1 2026. Construction is targeted for completion by Q2 2028. The company is actively evaluating financing structures, including project-level joint venture partners, to fund this build.

The current financial performance, while showing growth in key areas, reflects the cash-intensive nature of preparing for this future capacity. For the third quarter ended September 30, 2025, Stabilis Solutions, Inc. reported revenues of \$20.3 million and a net income of \$1.1 million. Liquidity as of that date stood at \$10.3 million in cash, with an additional \$5.2 million available under credit agreements. This cash position must support the ongoing detailed engineering and design work for Galveston, which is accelerating capital expenditures ahead of the final investment decision (FID). The company is targeting 75% of the Galveston facility capacity under long-term customer contracts before the early 2026 FID milestone.

The reliance on third-party gas supply introduces a clear margin risk and limits operational flexibility, which is a classic trait of a Question Mark that hasn't fully scaled its own production to meet demand. While the company's core business is seeing strong growth-aerospace revenues were up 88.3% year-over-year in Q3 2025, and marine was up 31.5%-a significant portion of the Q3 2025 volume growth came from third party sources. This reliance is necessary to service current demand, which in Q2 2025 saw growth end-markets like aerospace, marine, and power generation account for ~77% of revenue. The company currently sources LNG via $\sim 30+$ third-party liquefiers as needed to bridge the gap until the new capacity comes online.

The hydrogen sector represents a high-growth area where Stabilis Solutions, Inc. is attempting new market penetration, but it currently contributes a small, unquantified portion of the overall revenue mix. The strategic imperative here is clear: heavy investment is needed to quickly convert these high-growth prospects into Stars, or the capital drain will eventually turn them into Dogs.

Here is a summary of the key financial and project metrics associated with this high-investment, high-growth segment as of late 2025:

The company's ability to secure the remaining 25% of capacity under long-term contracts and finalize project financing by Q1 2026 dictates whether this Question Mark can transition into a Star, or if the capital commitment becomes unsustainable.