Stabilis Solutions, Inc. (SLNG): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Stabilis Solutions, Inc., and honestly, understanding their business model is key to seeing where the near-term value is hiding. Forget the big pipelines; this company is all about the nimble, last-mile delivery of small-scale Liquefied Natural Gas (LNG) to sectors that are exploding right now. For instance, their focus on marine bunkering and the aerospace industry-which saw revenue jump 88.3% year-over-year in Q3 2025-is clearly paying off, as these high-growth areas made up 73% of their total $72.27 million trailing twelve-month revenue as of Q3 2025. So, if you want to see exactly how they structure their partnerships, resources, and revenue streams to power this specialized energy transition, check out the full Business Model Canvas we've mapped out below.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Stabilis Solutions, Inc. is building to execute its major Gulf Coast expansion, which is a significant step up from its existing operations. These partnerships are the linchpin for unlocking that new capacity, so let's look at the hard numbers tied to each one.

Global Marine Operator for 10-Year LNG Bunkering Contract

This agreement is the commercial anchor for the new Galveston facility, marking the largest customer contract in Stabilis Solutions, Inc.'s history. It secures a substantial portion of the future output, which is key for bankability.

• The contract term is 10 years.
• It commits Stabilis Solutions, Inc. to supply approximately 50 million gallons (or 188,000 m³) of LNG annually.
• This volume covers about 40% of the planned Galveston LNG facility's total capacity.
• Deliveries are targeted to start in the fourth quarter of 2027.
• The agreement mandates that Stabilis Solutions, Inc. must finalize project financing by the first quarter of 2026.

The company is also in late-stage negotiations with another marine bunkering customer for an additional 20% of the planned production capacity. Stabilis Solutions, Inc. expects to have approximately 75% of the total capacity sold under long-term customer contracts by the time of the Final Investment Decision (FID) in early 2026.

Engineering and Design Firms for Galveston Liquefaction Facility

Moving the Galveston project forward requires deep collaboration with engineering and design partners to finalize the facility and the supporting marine logistics infrastructure, including a dedicated Jones Act-compliant LNG bunkering vessel. Stabilis Solutions, Inc. is on track for FID in early 2026.

The engineering work is focused on securing long lead time items and developing detailed designs to meet the targeted construction completion date of the second quarter of 2028.

Investment Bank to Arrange Project Financing for Gulf Coast Expansion

Securing the right financing structure is critical, especially with the Q1 2026 deadline for finalizing project funding. Stabilis Solutions, Inc. is actively working with financial advisors to structure this next phase of capital deployment.

• Evercore is serving as the financial advisor to Stabilis Solutions, Inc. for the financing and structuring of the Galveston transaction.
• The company is evaluating various financing options, intending to prioritize a structure that maximizes value creation, including a potential joint venture structure.
• As of Q3 2025, Stabilis Solutions, Inc. maintained a net positive cash position with $10.3 million in cash and approximately $5.2 million of availability under credit agreements.
• Cash flow from operations for Q3 2025 was $2.4 million.

This financial footing supports the ongoing engineering spend ahead of the Final Investment Decision.

Network of Production and Distribution Partners Across North America

Stabilis Solutions, Inc. supports its operations with owned production and an extensive network of partners, which acts as a 'virtual natural gas pipeline' across the continent.

• Total LNG gallons delivered to date exceed 550 million.
• The company has made more than 55,000 deliveries across the U.S., Mexico and Canada.
• The distribution network is extended through contracts with over 30 natural gas liquefaction facilities.
• The fleet includes over 150+ assets of cryogenic equipment for deployment.

The existing owned production capacity is 130,000 LNG gallons per day, split between the George West, TX facility (capable of over 100,000 daily) and the Port Allen, LA facility (30,000 daily). For Q3 2025, revenue from the marine end market increased 31.5% year-over-year.

Finance: draft 13-week cash view by Friday.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Key Activities

You're looking at the core engine of Stabilis Solutions, Inc. (SLNG) operations as of late 2025. This is where the rubber meets the road for their small-scale LNG value chain.

Operating small-scale LNG liquefaction plants (e.g., George West, TX)

Stabilis Solutions, Inc. maintains owned and operated production assets to create the product. The George West, TX facility is the flagship liquefier. The Port Allen, Louisiana facility is also operational. The combined nameplate capacity from these two owned facilities exceeds 130,000 gallons per day. The George West plant has a capacity of 100,000 LNG gallons per day, while the Port Allen facility is rated for 30,000 LNG gallons per day. The company also acquired components for an additional liquefaction train at George West for $6.0 million, which is under evaluation for integration. The company also sources LNG from third-party producers to supplement its own output.

Here's a quick look at the core production assets:

Executing last-mile LNG logistics and delivery

This activity focuses on getting the product to the customer, a critical part of the turnkey solution. Stabilis Solutions, Inc. has executed over 550 million LNG gallons in deliveries to date. The focus has strongly shifted to high-growth verticals. For the third quarter of 2025, total volume increased by more than 20% year-over-year. In the first half of 2025, aerospace revenues grew by more than 147% year-over-year (Q1 2025). For the second quarter of 2025, aerospace revenues were up 83% year-over-year. In the third quarter of 2025, aerospace revenues increased by more than 88% compared to the same quarter last year. These growth markets are now a larger part of the business mix.

The revenue mix reflects this pivot:

• Aerospace, marine, and power generation represented approximately 77% of Q2 2025 revenue.
• This compares to 62% of revenue from these sectors in the second quarter of 2024.
• Q3 2025 revenue was $20.3 million, a 15.3% increase year-over-year.
• Q2 2025 revenue was $17.3 million.

Developing the Galveston LNG facility expansion project

This is a major capital activity focused on scaling production capacity significantly. The proposed waterfront facility in Galveston, Texas, is planned to produce 350,000 gallons per day. Successful completion would increase Stabilis Solutions, Inc.'s total liquefaction capacity to 480,000 gallons per day from the current 130,000 gallons per day. This expansion is anchored by a new 10-year marine bunkering agreement to supply approximately 50 million gallons annually, which secures roughly 40% of the planned capacity. The company is targeting a Final Investment Decision (FID) in early 2026, with project financing required to be finalized by the first quarter of 2026. Construction is targeted to break ground in the first quarter of 2026, with completion targeted by the second quarter of 2028. Deliveries under the anchor contract are expected to commence in the fourth quarter of 2027. Management is targeting 75% of total capacity sold under long-term contracts before reaching FID.

Providing specialized cryogenic equipment rental and field support services

This activity supports the logistics and provides an ancillary revenue stream. Stabilis Solutions, Inc. manages a fleet of over 160 mobile LNG storage and vaporization assets, including transportation trailers. Revenue from this segment is reported as Rental and Service revenue. For the three months ended June 30, 2025, total revenues decreased partly due to lower rental, service, and other revenues compared to the same period in 2024. Similarly, third-quarter 2025 revenue was partially offset by lower rental and service revenues. The company generated $1.5 million in Adjusted EBITDA for the second quarter of 2025.

Key financial metrics related to overall operations in late 2025 include:

• Q3 2025 Adjusted EBITDA: $2.9 million.
• Q2 2025 Adjusted EBITDA: $1.5 million.
• Q2 2025 Cash flow from operations: $4.5 million.
• Q3 2025 Cash flow from operations: $2.4 million.
• Liquidity at September 30, 2025: $10.3 million in cash and $5.2 million available under credit agreements.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Key Resources

You're looking at the core assets Stabilis Solutions, Inc. (SLNG) relies on to deliver its distributed energy solutions. These aren't abstract concepts; they are physical plants, specialized equipment, and binding agreements that underpin their revenue generation.

Small-scale LNG production facilities in Texas and Louisiana

Stabilis Solutions, Inc. operates two permitted, owned, and operated PHMSA facilities that form the backbone of their production capability. These facilities provide a reliable, domestic source of Liquefied Natural Gas (LNG) for their distribution network across North America.

Fleet of over 150+ cryogenic transportation and storage assets

To move the product from production sites or third-party sources to the customer, Stabilis Solutions, Inc. manages a significant fleet of specialized equipment. This asset base is crucial for their 'virtual natural gas pipeline' service.

• Fleet size includes over 160 mobile LNG storage and vaporization assets.
• Assets include transportation trailers and vaporizers used for customer site delivery and rental.
• This fleet supports delivery across North America, including exports to Mexico, Canada, and Europe.

Long-term supply contracts, securing stable future demand

Securing long-term commitments is how Stabilis Solutions, Inc. de-risks capacity expansion. You can see this strategy clearly in their October 2025 announcement regarding the Galveston project.

• Executed a 10-year agreement in October 2025 with a global marine operator for Port of Galveston bunkering.
• This contract commits to supplying approximately 50 million gallons (or 188,000 cubic meters) per year of LNG.
• The agreement covers approximately 40% of the planned Galveston LNG facility's capacity.
• Deliveries under this new contract are slated to begin in the fourth quarter of 2027.
• A prior contract with a cruise customer was for an estimated 22 million gallons of LNG per year.

Technical expertise in LNG and hydrogen fueling solutions

The company's operational history translates into expertise that supports growth in high-value sectors. For instance, their focus markets are showing tangible growth.

In the second quarter of 2025, revenues derived from the key growth end markets-aerospace, marine, and power generation-represented approximately 77% of total revenues, up from 62% in the second quarter of the prior year. Specifically, aerospace revenues saw an 83% year-over-year increase during Q2 2025.

Stabilis Solutions, Inc. is also investing in the emerging hydrogen sector, including a pilot project for hydrogen-powered passenger ferry bunkering that launched in 2021.

Finance: draft 13-week cash view by Friday.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Value Propositions

Stabilis Solutions, Inc. is an energy transition company providing turnkey clean energy production, storage, transportation, and fueling solutions using liquefied natural gas (LNG) across diverse end markets.

The value delivered is quantified by the success in shifting revenue mix toward these cleaner energy verticals. For the third quarter of 2025, the company reported total revenue of $20.3 million.

• Turnkey clean energy solutions using LNG and hydrogen: The company provides LNG fueling solutions.
• Q3 2025 Revenue: $20.3 million.
• Q3 2025 Net Income: $1.1 million.
• Q3 2025 Adjusted EBITDA: $2.9 million.
• Trailing Twelve Month Revenue (as of 30-Sep-2025): $72.3 million.

Reliable, low-cost alternative to higher-emission traditional fuels is evidenced by the accelerating growth in the sectors actively displacing older fuels. The strategic pivot to these markets is paying off in revenue expansion.

The virtual pipeline solution for off-grid or curtailed natural gas users is supported by the company's strong operational cash generation and liquidity position, which allows for reliable service delivery even during transitions.

• Q2 2025 Cash from Operations: $4.5 million.
• Q2 2025 Quarter-End Liquidity: Record $16.1 million.
• Q2 2025 Cash on Hand: $12.2 million.
• Q2 2025 Credit Availability: Approximately $3.9 million.

Integrated last-mile LNG supply for complex industrial applications is being bolstered by capacity expansion plans to secure long-term, complex contracts. This ensures the ability to meet demand for high-purity LNG.

• New liquefaction facility planned for Galveston, Texas.
• Expansion supported by a 10-year marine bunkering agreement with a global operator.
• Financing decision for the Galveston initiative expected in early 2026.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Customer Relationships

You're looking at how Stabilis Solutions, Inc. (SLNG) locks in its revenue by treating its biggest customers as true partners, which is key for funding big capital projects like the new Galveston facility. The relationship strategy is built on securing long-term volume commitments before breaking ground.

Long-term, high-value contracts with anchor customers (e.g., 10-year marine deal)

The cornerstone of the current customer relationship strategy is anchoring future capacity with multi-year deals. In October 2025, Stabilis Solutions, Inc. announced what is the largest customer contract in the company's history: a 10-year marine bunkering agreement with a leading investment-grade global marine operator for the Port of Galveston. This deal is defintely transformative for their Gulf Coast expansion plans.

Here's the quick math on that anchor deal: it secures the supply of approximately 50 million gallons (or 188,000 cubic meters) per year of LNG. This single contract locks in 40% of the planned 350,000 gallon-per-day capacity at the proposed Galveston LNG liquefaction facility. The company is also in late-stage negotiations with another marine bunkering customer, aiming to secure an additional 20% of that planned production capacity. Management stated they expect to have approximately 75% of the total capacity sold under long-term customer contracts by the time they reach the Final Investment Decision (FID) in early 2026.

Still, the relationship with existing customers remains vital. Stabilis Solutions, Inc. continues to perform well on its Gulf Coast bunkering contract with Carnival Cruise Lines. Furthermore, the company previously held contracts to supply high-purity propellant to two commercial space exploration companies.

Dedicated engineering and field support for complex integration

For complex energy solutions, Stabilis Solutions, Inc. doesn't just deliver fuel; they provide the necessary support to make the transition seamless. The company generates revenue by selling and delivering LNG, renting cryogenic equipment, and providing engineering and field support services.

• They work closely with engineering and design partners.
• This collaboration is focused on securing long lead time items for major projects.
• Support extends to developing detailed engineering designs for the LNG facility and the associated bunkering vessel.

Deepening relationships in high-growth markets to become partner of choice

The strategy is clearly centered on deepening relationships within the highest-growth end markets. The focus is squarely on marine, aerospace, and power generation. The shift in customer mix confirms this focus is paying off financially, as these strategic sectors are driving volume and revenue growth.

The third quarter of 2025 saw significant year-over-year revenue increases in these key areas:

By Q3 2025, these three sectors accounted for 73% of total revenue, a notable increase from 60% in the prior year. For context, in Q2 2025, aerospace and marine/power generation revenues were up a combined 15% year-over-year, with aerospace revenues alone up 83%. The power generation segment is seeing increased interest due to rising electric demand from data centers, positioning Stabilis Solutions, Inc. as a bridge and backup fueling solution provider.

Direct, consultative sales approach for custom energy solutions

The sales approach is consultative, matching custom LNG solutions to specific customer needs, whether it's for remote power, pipeline replacement, or marine bunkering. Management noted that commercial discussions with both new and long-standing customers are progressing well across all three key end markets. This direct engagement is necessary to secure the long-term customer commitments required to justify capacity expansion investments.

The company's Q3 2025 results reflect this direct engagement, with higher throughput volumes across marine, aerospace, and power generation markets translating to improved profitability, with Adjusted EBITDA rising to $2.9 million. The company is actively engaged with multiple customers in the power generation space, driven by data center needs.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Channels

Stabilis Solutions, Inc. uses a multi-faceted approach to get its Liquefied Natural Gas (LNG) solutions to customers, focusing on both owned infrastructure and direct logistical execution.

Direct sales and delivery via proprietary logistics network

The company functions as a 'virtual natural gas pipeline' across North America, delivering LNG to sites not connected to the main pipeline grid. This is executed using a dedicated fleet of cryogenic trailers and supplemented by third-party logistics providers. Stabilis Solutions manages a fleet of over 160 mobile LNG storage and vaporization assets, which includes transportation trailers and vaporizers, to ensure last-mile delivery capability. To date, Stabilis Solutions, Inc. has delivered over 550 million gallons of LNG and executed more than 55,000 deliveries across the U.S., Mexico, and Canada. This distribution backbone is supported by a 30+ point supply network across North America.

Company-owned LNG production and fueling facilities

A core channel is the direct supply from Stabilis Solutions, Inc.'s owned and operated liquefaction plants. The company operates two such facilities:

• George West, Texas: Production capacity of 100,000 LNG gallons per day.

• Port Allen, Louisiana: Production capacity of 30,000 LNG gallons per day.

The combined existing production capacity exceeds 130,000 gallons per day. This owned production is critical, as evidenced by Q3 2025 performance where revenue reached $20.3 million, a 15.3% year-over-year increase, with Net Income reported at $1.1 million for the quarter ended September 30, 2025. As of September 30, 2025, the company held $10.3 million in cash. The trailing 12-month revenue as of September 30, 2025, was $72.3 million.

Jones Act-compliant LNG bunkering vessel (planned for Galveston)

A major planned channel expansion is the development of a fully integrated, last-mile LNG delivery solution for the marine sector in Galveston, Texas. This involves the planned construction of a new waterfront LNG liquefaction facility and a dedicated Jones Act-compliant LNG bunkering vessel. The proposed Galveston LNG plant is designed for a nameplate production capacity of 350,000 gallons per day, which would increase Stabilis Solutions, Inc.'s total liquefaction capacity to 480,000 gallons per day. This expansion is anchored by a 10-year marine bunkering agreement to supply approximately 50 million gallons (or 188,000 m3) of LNG annually, securing 40% of the planned Phase 1 capacity. The company is required to finalize project financing by Q1 2026, with facility construction targeted for completion by Q2 2028, and deliveries under the contract expected to start in the fourth quarter of 2027 (4Q27).

The key planned infrastructure and contract metrics for the Galveston expansion are summarized below:

Commercial and technical teams for direct customer engagement

Direct engagement channels are managed by commercial and technical personnel who tailor solutions for diverse end markets. Stabilis Solutions, Inc. serves aerospace, agriculture, energy, industrials, marine bunkering, mining, pipeline, remote power, and utility markets. In Q3 2025, the strategic pivot toward high-growth segments was clear, as approximately 73% of total revenue was derived from the aerospace, marine, and power generation sectors. For context on growth within these channels, in Q2 2025, aerospace revenue was up 83% Year-over-Year (YoY), and power generation revenue was up 10% YoY. The technical support function is a direct channel for service, with the dedicated team available 24/7/365 to provide planning and control expertise. Commercial teams actively engage at industry forums, such as the LNG Bunkering Summit 2025 North America in Virginia Beach, Virginia, from November 18 - 20, 2025, to drive new business.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Stabilis Solutions, Inc. (SLNG) is serving as of late 2025, based on their strategic focus and recent financial performance through the third quarter of 2025. The company is clearly prioritizing high-growth sectors, which is showing up in their revenue mix.

• Marine bunkering operators, including the secured 10-year agreement with a global marine operator for supply at the Port of Galveston.
• Aerospace and commercial space industry clients, which is the standout growth area this year.
• Distributed power generation customers, covering needs like data centers, microgrids, and remote power applications.
• Industrial, mining, and utility customers in North America, though this segment is currently seeing a strategic reduction in focus.

The shift in focus is quite deliberate. In the third quarter of 2025, revenue from the high-growth aerospace, marine, and power generation end-markets collectively represented about 73% of total revenue, up from 60% in the third quarter of 2024. This means the company is leaning hard into these areas for future volume.

Here's the quick math on how these segments performed year-over-year in Q3 2025 revenue:

Overall Q3 2025 revenue hit $20.3 million, a 15.3% increase year-over-year, largely on the back of these growth segments. The total LNG gallons sold across the business were up 21% year-over-year for the quarter. What this estimate hides is the exact revenue split between the three growing segments, but we know they dominate the mix now. Finance: draft 13-week cash view by Friday.

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Cost Structure

The Cost Structure for Stabilis Solutions, Inc. centers on the procurement and delivery of Liquefied Natural Gas (LNG), significant capital investment for growth projects like the Galveston expansion, and the ongoing management of its extensive mobile asset fleet.

Cost of goods sold (COGS) for LNG procurement and production is a primary driver. While the specific Cost of Goods Sold for the third quarter of 2025 is not explicitly detailed in the immediate reports, Trailing Twelve Month (TTM) data shows a significant component:

Capital expenditures for new facility construction, particularly for the planned Galveston LNG project, represent a major planned outlay. These expenditures are front-loaded for engineering and design work ahead of a Final Investment Decision (FID) expected in early 2026.

• Capital expenditures for the nine months ended September 30, 2025: $5.0 million.
• Capital expenditures for the third quarter of 2025: $3.9 million.

Operating expenses for managing the 150+ cryogenic asset fleet are embedded within the overall operating structure. Stabilis Solutions, Inc. maintains one of the largest fleets of small-scale LNG equipment in North America, consisting of over 150+ mobile LNG storage and vaporization assets, including trailers and vaporizers [cite: 8 from previous search, 10 from previous search]. Specific operating expense line items for fleet management are not itemized in the reported Q3 2025 highlights, but the operational scale is supported by the fleet.

Selling, General, and Administrative (SG&A) expenses showed positive cost control in the third quarter of 2025 compared to the prior year period.

• SG&A expenses reduction in Q3 2025 year-over-year: $0.3 million.

The following table summarizes key related financial metrics from the Q3 2025 period, which inform the overall cost absorption and profitability:

Stabilis Solutions, Inc. (SLNG) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Stabilis Solutions, Inc. as of late 2025. It's clear the focus is shifting hard toward specific, high-growth end-markets, which is driving the top line. The total Trailing Twelve Months (TTM) Revenue, as of the third quarter ending September 30, 2025, clocked in at $72.27 million.

The core of the business model is built around delivering their Liquefied Natural Gas (LNG) product, which includes sales from both produced and purchased LNG, along with associated transportation services. This is the primary driver, supported by other streams like equipment leasing and specialized support.

For the third quarter of 2025, the revenue picture shows a significant strategic pivot. Revenue for Q3 2025 was $20.3 million, which was a 15.3% increase compared to the third quarter of 2024. This growth is directly tied to the success of their targeted sectors.

Here's how the revenue mix looked for Q3 2025, emphasizing the shift:

The deliberate move toward these high-growth areas is a key part of the strategy. In Q3 2024, these same sectors represented 60% of total revenue, so that jump to 73% in Q3 2025 is material. Honestly, that kind of concentration shows where management is placing its bets for future stability.

Stabilis Solutions, Inc. segments its revenue into four main areas, which directly map to the other revenue stream components you asked about:

• Sale and delivery of Liquefied Natural Gas (LNG) product: This is the core volume business, with LNG gallons sold up 21% year-over-year in Q3 2025.
• Rental income from cryogenic equipment: This revenue stream saw a decrease in Q2 2025, but it remains a component of the overall revenue base.
• Engineering and field support service contracts: Service revenues are also a distinct segment, though growth in Q3 2025 was reportedly offset by lower rental and service revenues compared to the prior year period.
• Other revenues: This includes cost-plus items rebilled to customers.

The strong performance in the key markets drove Adjusted EBITDA to $2.9 million for the quarter, up $0.3 million year-over-year. That's the financial result of capturing that higher-margin, more stable volume.