# EDGAR Filing Document

**Accession Number:** 0001043186
**File Stem:** 0001437749-26-015281
**Filing Date:** 2026-5
**Character Count:** 130040
**Document Hash:** 634d92e4218ac8013e57c68ae4eb77a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-015281.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001437749-26-015281

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stabilis Solutions, Inc.
- **CENTRAL INDEX KEY:** 0001043186
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS DISTRIBUTION [4924]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 593410234
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40364
- **FILM NUMBER:** 26950077

**BUSINESS ADDRESS:**
- **STREET 1:** 11750 KATY FREEWAY
- **STREET 2:** SUITE 900
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079
- **BUSINESS PHONE:** 8324566500

**MAIL ADDRESS:**
- **STREET 1:** 11750 KATY FREEWAY
- **STREET 2:** SUITE 900
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stabilis Energy, Inc.
- **DATE OF NAME CHANGE:** 20190724

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Electric Technologies Inc
- **DATE OF NAME CHANGE:** 20070516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN ACCESS TECHNOLOGIES INC
- **DATE OF NAME CHANGE:** 19971117

?xml version='1.0' encoding='ASCII'? slng20260331_10q.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 10-Q** 

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☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Quarterly Period Ended March 31, 2026** 

☐ **TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to**

**Commission file number. 001-40364** 

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![logo01.jpg](logo01.jpg)

**STABILIS SOLUTIONS, INC.**

**(Exact name of registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| **Florida** | **59-3410234** |
| **(State or other jurisdiction** <br> **of incorporation or organization)** | **(I.R.S. Employer** <br> **Identification No.)** |

---

**11750 Katy Freeway, Suite 900, Houston, TX 77079** 

**(Address of principal executive offices, including zip code)** 

**(832) 456-6500** 

**(Registrant**'**s telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| **Common Stock, $.001 par value** | **SLNG** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Act:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐&nbsp;&nbsp;&nbsp;&nbsp;

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of May 6, 2026, there were 18,596,301 outstanding shares of our common stock, par value $.001 per share.

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[**Table of Contents**](#toc)

STABILIS SOLUTIONS, INC. AND SUBSIDIARIES

FORM 10-Q Index

For the Quarterly Period Ended March 31, 2026

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [Part I. Financial Information](#partonefininfo) | [Part I. Financial Information](#partonefininfo) | [Part I. Financial Information](#partonefininfo) |
| Item 1. | [Financial Statements (Unaudited)](#finstmts) |  |
|  | [Condensed Consolidated Balance Sheets](#bs)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [4](#finstmts) |
|  | [Condensed Consolidated Statements of Operations](#ops)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [5](#ops) |
|  | [Condensed Consolidated Statements of Comprehensive Income (Loss)](#compinc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [6](#compinc) |
|  | [Condensed Consolidated Statements of Stockholders' Equity](#se)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [7](#se) |
|  | [Condensed Consolidated Statements of Cash Flows](#cf)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [8](#cf) |
|  | [Notes to Condensed Consolidated Financial Statements](#notes)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [9](#notes) |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [15](#mda) |
| Item 4. | [Controls and Procedures](#controls)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [21](#controls) |
| [Part II. Other Information](#parttwootherinfo) | [Part II. Other Information](#parttwootherinfo) | [Part II. Other Information](#parttwootherinfo) |
| Item 1. | [Legal Proceedings](#legal)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [21](#legal) |
| Item 1A. | [Risk Factors](#risk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [21](#risk) |
| Item 5. | [Other Information](#otherinfo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [21](#otherinfo) |
| Item 6. | [Exhibits](#exhibits)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [22](#exhibits) |
| [Signatures](#sigs)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [Signatures](#sigs)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [23](#sigs) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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[**Table of Contents**](#toc)

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q ("this Report") includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements represent intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks and uncertainties and other factors. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flow, pending legal and regulatory proceedings and claims, including environmental matters, future economic performance, operating income, cost savings, and management's plans, strategies, goals and objectives for future operations and growth. These forward-looking statements generally are accompanied by words such as "intend," "anticipate," "believe," "estimate," "expect," "should," "seek," "project," "plan" or similar expressions. Any statement that is not a historical fact is a forward-looking statement. It should be understood that these forward-looking statements are necessary estimates reflecting the best judgment of senior management, not guarantees of future performance. Many of the factors that impact forward-looking statements are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements as described in Part I. "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("the SEC") on March 5, 2026, as well as any additional risk factors identified and described in Part II. "Item 1A. Risk Factors" of this Report.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements included in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

In this Report, we may rely on and refer to information from market research reports, analyst reports and other publicly available information. Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information, and we have not independently verified it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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[**Table of Contents**](#toc)

**PART I** – **FINANCIAL INFORMATION** 

**ITEM 1. FINANCIAL STATEMENTS. (Unaudited)**

**Stabilis Solutions, Inc. and Subsidiaries** 

**Condensed Consolidated Balance Sheets** 

(Unaudited, in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***December 31,*** |
|  | ***2026*** | ***2025*** |
| ***Assets*** | ***Assets*** | ***Assets*** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $3082 | $7459 |
| Restricted cash and cash equivalents | 10636 |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 3978 | 3130 |
| &nbsp;&nbsp;&nbsp; Inventories, net | 295 | 342 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 1559 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 19550 | 12907 |
| Property, plant and equipment: |  |  |
| &nbsp;&nbsp;&nbsp; Cost | 130567 | 125613 |
| &nbsp;&nbsp;&nbsp; Less accumulated depreciation | (74448) | (72666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 56119 | 52947 |
| Goodwill | 4314 | 4314 |
| Investments in foreign joint ventures | 12628 | 11946 |
| Right-of-use assets and other noncurrent assets | 22549 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $115160 | $83110 |
| ***Liabilities and Stockholders' Equity*** | ***Liabilities and Stockholders' Equity*** | ***Liabilities and Stockholders' Equity*** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $5008 | $4750 |
| &nbsp;&nbsp;&nbsp; Accrued liabilities | 3133 | 2859 |
| &nbsp;&nbsp;&nbsp; Current portion of long-term notes payable | 1643 | 1931 |
| &nbsp;&nbsp;&nbsp; Current portion of finance and operating lease obligations | 11189 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 20973 | 9957 |
| Long-term notes payable, net of current portion and debt issuance costs | 5458 | 5755 |
| Deferred revenue, noncurrent | 14667 |  |
| Long-term portion of operating lease obligations | 11056 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 52154 | 16438 |
| **Commitments and contingencies (Note 10)** |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp; Common stock; $0.001 par value, 37,500,000 shares authorized, 18,596,301 and 18,596,301 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 103644 | 103644 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 420 | 10 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | (41077) | (37001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total stockholders' equity** | 63006 | 66672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and stockholders' equity** | $115160 | $83110 |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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[**Table of Contents**](#toc)

**Stabilis Solutions, Inc. and Subsidiaries** 

**Condensed Consolidated Statements of Operations** 

(Unaudited, in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** |
|  | ***March 31,*** | ***March 31,*** |
|  | ***2026*** | ***2025*** |
| **Revenues:** |  |  |
| Revenues | $10379 | $17338 |
| **Operating expenses:** |  |  |
| Cost of revenues | 10012 | 12788 |
| Change in unrealized gain on natural gas derivatives |  | (84) |
| Selling, general and administrative expenses | 2796 | 4933 |
| Gain from disposal of fixed assets |  | (103) |
| Impairment | 71 |  |
| Depreciation expense | 1785 | 1867 |
| Total operating expenses | 14664 | 19401 |
| **Loss from operations before equity income** | (4285) | (2063) |
| **Net equity income from foreign joint venture operations:** |  |  |
| Income from equity investment in foreign joint venture | 267 | 417 |
| Foreign joint venture operating related expenses | (40) | (49) |
| Net equity income from foreign joint venture operations | 227 | 368 |
| **Loss from operations** | (4058) | (1695) |
| **Other income (expense):** |  |  |
| Interest income, net | 25 | 21 |
| Other income (expense), net | (37) | (12) |
| Total other income (expense) | (12) | 9 |
| **Net loss before income tax expense (benefit)** | (4070) | (1686) |
| Income tax expense (benefit) | 6 | (88) |
| **Net loss** | $(4076) | $(1598) |
| **Net loss per common share:** |  |  |
| Basic and diluted per common share | $(0.22) | $(0.09) |
| Weighted average number of common shares outstanding - Basic and diluted | 18596301 | 18591374 |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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[**Table of Contents**](#toc)

**Stabilis Solutions, Inc. and Subsidiaries**

**Condensed Consolidated Statements of Comprehensive Income (Loss)**

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** |
|  | ***March 31,*** | ***March 31,*** |
|  | ***2026*** | ***2025*** |
| Net loss | $(4076) | $(1598) |
| Foreign currency translation adjustment, net of tax | 410 | 71 |
| Total comprehensive loss | $(3666) | $(1527) |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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[**Table of Contents**](#toc)

**Stabilis Solutions, Inc. and Subsidiaries**

**Condensed Consolidated Statements of Stockholders**' **Equity**

(Unaudited, in thousands, except share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | ***Accumulated*** |  |  |
|  |  |  |  | ***Other*** |  |  |
|  | ***Common Stock*** | ***Common Stock*** | ***Additional*** | ***Comprehensive*** | ***Accumulated*** |  |
|  | ***Shares*** | ***Amount*** | ***Paid-in Capital*** | ***Income (Loss)*** | ***Deficit*** | ***Total*** |
| **Balance at December 31, 2024** | 18585014 | $19 | $103214 | $(578) | $(35647) | $67008 |
| Common stock issued from vesting of stock-based awards | 13589 |  |  |  |  |  |
| Stock-based compensation | *—* |  | 447 |  |  | 447 |
| Employee tax payments from stock-based withholding | (2302) |  | (17) |  |  | (17) |
| Net loss | *—* |  |  |  | (1598) | (1598) |
| Other comprehensive income, net of tax | *—* |  |  | 71 |  | 71 |
| **Balance at March 31, 2025** | 18596301 | $19 | $103644 | $(507) | $(37245) | $65911 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | ***Accumulated*** |  |  |
|  |  |  |  | ***Other*** |  |  |
|  | ***Common Stock*** | ***Common Stock*** | ***Additional*** | ***Comprehensive*** | ***Accumulated*** |  |
|  | ***Shares*** | ***Amount*** | ***Paid-in Capital*** | ***Income*** | ***Deficit*** | ***Total*** |
| **Balance at December 31, 2025** | 18596301 | $19 | $103644 | $10 | $(37001) | $66672 |
| Net loss | *—* |  |  |  | (4076) | (4076) |
| Other comprehensive income, net of tax | *—* |  |  | 410 |  | 410 |
| **Balance at March 31, 2026** | 18596301 | $19 | $103644 | $420 | $(41077) | $63006 |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7

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[**Table of Contents**](#toc)

**Stabilis Solutions, Inc. and Subsidiaries**

**Condensed Consolidated Statements of Cash Flows**

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** |
|  | ***March 31,*** | ***March 31,*** |
|  | ***2026*** | ***2025*** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(4076) | $(1598) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 1785 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense |  | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets |  | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from equity investment in joint venture | (267) | (417) |
| Impairment | 71 |  |
| Amortization of debt issuance cost | 27 | 20 |
| Cash settlements from natural gas derivatives, net |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized and unrealized gains on natural gas derivatives, net |  | (84) |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | (848) | 1540 |
| Prepaid expenses and other current assets | 458 | 423 |
| Accounts payable and accrued liabilities | 398 | (1229) |
| Deferred revenue | 15000 |  |
| Other | (131) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | 12417 | 1025 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of fixed assets | (5268) | (487) |
| Proceeds from sale of fixed assets |  | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | (5268) | (276) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on short- and long-term notes payable and finance leases | (805) | (671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of debt issuance costs | (84) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee tax payments from stock-based withholding |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in financing activities** | (889) | (730) |
| Effect of exchange rate changes on cash | (1) | (3) |
| Net increase in cash, cash equivalents and restricted cash and cash equivalents | 6259 | 16 |
| **Cash, cash equivalents and restricted cash and cash equivalents, beginning of period** | 7459 | 8987 |
| **Cash, cash equivalents and restricted cash and cash equivalents, end of period** | $13718 | $9003 |
| **Cash, cash equivalents and restricted cash and cash equivalents, end of period, as presented on the Condensed Consolidated Balance Sheets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $3082 | $9003 |
| &nbsp;&nbsp;&nbsp; Restricted cash and cash equivalents | 10636 |  |
| &nbsp;&nbsp;&nbsp; **Total cash and cash equivalents** | $13718 | $9003 |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8

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[**Table of Contents**](#toc)

**STABILIS SOLUTIONS, INC. AND SUBSIDIARIES**

Notes to Condensed Consolidated Financial Statements (Unaudited)

***1.* DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION**

**Description of Business**

Stabilis Solutions, Inc. and its subsidiaries (the "Company", "Stabilis", "our", "us" or "we") provide turnkey clean energy production, storage, transportation and fueling solutions using liquefied natural gas ("LNG") to multiple end markets.

The Company serves customers in diverse end markets, including aerospace, agriculture, industrial, marine bunkering, mining, oil and gas, pipeline, remote power and utility markets. LNG can be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. Additionally, LNG can be used as a partner fuel for renewable energy, and as an alternative to traditional fuel sources, such as distillate fuel oil (including diesel fuel and other fuel oils) and propane, among others to provide both environmental and economic benefits.

The Company also builds power and control systems for the energy industry in China through its 40% owned Chinese joint venture, BOMAY Electric Industries, Inc ("BOMAY"). BOMAY is accounted for under the equity method.

**Basis of Presentation and Consolidation**

The accompanying unaudited, interim condensed consolidated financial statements ("Condensed Consolidated Financial Statements") include our accounts and those of our subsidiaries and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain information and disclosures normally included in the notes to consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. We believe that the presentation and disclosures within this report are adequate to prevent the information presented herein from being misleading. The Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim periods presented are *not* necessarily indicative of the results of operations to be expected for the full year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended *December 31, 2025* included in the Company's Annual Report on Form *10*-K, as filed on *March 5, 2026*. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated.

**Use of Estimates in the Preparation of the Consolidated Financial Statements** 

The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the determination of fair value of equity-based awards, fair value of natural gas derivatives, carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the Condensed Consolidated Financial Statements.

**Segment Reporting**

In accordance with ASC Topic *280* - "Segment Reporting (ASC *280*)" the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does *not* have any material intra-segment sales and transfers of assets. The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer (the "CEO"). The CEO, with the Chief Financial Officer, assesses the performance and makes operating decisions of the Company on a consolidated basis, based on the Company's net increase in shareholder's equity resulting from operations ("net income"). Company assets are *not* reviewed by the CODM at a different asset level or category, but at the consolidated level. As the Company's operations are comprised of a single operating segment, the segment assets are reflected on the accompanying Condensed Consolidated Balance Sheets as "total assets" and the significant segment expenses are listed on the accompanying Condensed Consolidated Statements of Operations.

**Restricted Cash and Cash Equivalents**

Restricted cash and cash equivalents consist of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Condensed Consolidated Balance Sheets. Our restricted cash relates to a $15.0 million advance payment, received from a customer, related to a customer project scheduled to commence during the *first* quarter of *2027* and continuing through the *first* quarter of *2029.* The use of the advance payment is restricted to the purchase of equipment, securing LNG supply and commissioning expenses incurred by the Company specific to the customer project. The advance payment will offset a percentage of each future invoice over the term of the contract until fully offset at which time the credit will cease. The Company believes the advance payment constitutes deferred revenue, as presented on the Condensed Consolidated Balance Sheets as of *March 31, 2026*. See Note *6* - Deferred Revenue for additional information.

**Other noncurrent assets**

Other noncurrent assets consist of legal costs incurred to obtain customer contracts and legal costs associated with obtaining financing for the Company's proposed Galveston LNG Liquefaction facility that have been capitalized and will be expensed over the term of the contract or financing term. During the *three* months ended *March 31, 2026,* the Company impaired contract costs of $0.1 million associated with a customer contract that was cancelled by the Company.

**Recent Accounting Pronouncements** 

In *November 2024,* the FASB issued ASU *2024*-*03,* "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses" which requires companies to disclose disaggregated information about certain costs and expenses in the notes to the financial statements. ASU *2024*-*03* is effective for companies for annual reporting periods beginning after *December 15, 2026.* The requirements can be applied either prospectively or retrospectively. Although early adoption is permitted, the Company intends to adopt the pronouncement when the pronouncement becomes effective on *January 1, 2027.* The Company does *not* expect the adoption of ASU *2024*-*03* to have a significant impact on its consolidated financial statements.

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***2.* REVENUE RECOGNITION**

We recognize revenues when the transfer of promised goods or services are delivered to our customers in accordance with the applicable customer contract and we are entitled to be paid by the customer. Revenues are measured as consideration specified in the contract and exclude any sales incentives and amounts collected on behalf of *third* parties. Revenues from contracts with customers are disaggregated into (*1*) LNG Product (*2*) rental (*3*) service and (*4*) other. Certain contracts *may* include multiple goods or services such as the usage of equipment and delivery of field support services that are bundled into an all-in price to the customer for each gallon of LNG delivered. Revenue recognition under these contracts requires significant judgment by the Company in order to determine the appropriate accounting for these transactions, including whether performance obligations should be accounted for separately versus together, how the price should be allocated among the performance obligations, and when to recognize revenue for each performance obligation. The Company has determined that these contracts have multiple performance obligations and the Company allocates the contract price to each performance obligation using its best estimates of the respective standalone selling price of each distinct good or service at the time the contract was negotiated.

***LNG Product revenues***

LNG Product revenues represent the sale of LNG from both produced and purchased sources as well as the transportation performed to deliver the LNG to our customer location. LNG Product revenues are recognized upon delivery of the LNG to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. The Company acts as a principal when using *third*-party transportation companies and therefore recognizes the gross revenue for the supply of LNG. The Company does *not* differentiate between the revenue from the sale of LNG production and purchased LNG as the criteria for revenue recognition are identical. Some of our contracts contain minimum take-or-pay amounts where a customer has agreed to source a minimum volume of LNG under the contract. Take or pay revenues are only recognized when the customer has failed to take the minimum contracted volumes upon completion of the time period specified within the contract, and the Company has the unconditional right to receive payment for the take or pay amount. Certain of our sales contracts contain provisions that *may* meet the criteria of a derivative in the event delivery is *not* made. These contracts are accounted for under the normal purchase normal sales exclusion under U.S. GAAP and are *not* measured at fair value each reporting period. Our LNG contracts are generally *one* to *24* months in duration.

***Rental revenues***

Rental revenues are generated from the rental of cryogenic equipment to our customers. Rental revenues are *not* dependent upon the gallons delivered but based upon day rates or monthly rates for the use of equipment as specifically established within the contract and are disaggregated from LNG Product revenues. Revenues related to rental of equipment are recognized under Topic *606* and *not* ASC *842:* Leases, as the Company maintains control of the equipment that the customer uses and can replace the rented equipment with similar equipment should the rented equipment become inoperable or the Company chooses to replace the equipment for maintenance purposes. Revenue is recognized as the rental period is completed and for periods that cross month end, revenue is recognized for the portion of the rental period that has been completed to date. Performance obligations for rental revenue are considered to be satisfied as the rental period is completed based upon the terms of the related contract. The stated rental rates within each contract are representative of the stand-alone rental rates at the time the contract was negotiated.

***Service revenues***

Service revenues are generated from engineering and field support services and represent the human resources provided to the customer to support the use of LNG at the customer's job site. These include support and costs for mobilization and demobilization of equipment at customer sites as well as onsite technical support while customers are consuming LNG. Service revenues are *not* dependent upon the gallons delivered or rental period but based upon the specific contractual terms and can be based on an event (i.e. mobilization or demobilization) or an hourly rate as specifically established within the contract and are disaggregated from LNG Product revenues and Rental revenues. Service revenue is recognized as the event is completed or work is done. The stated hourly labor rates in each contract are representative of the stand-alone hourly rates at the time the contract was negotiated.

***Other revenues***

Other revenues are items that, due to their nature, are disaggregated from the categories mentioned above such as expenses incurred by the Company on behalf of the customer that we contractually rebill to our customers on a cost-plus basis.

**Disaggregated revenues**

The table below presents revenue disaggregated by source, for the *three* months ended *March 31, 2026* and *2025* (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** |
|  | ***March 31,*** | ***March 31,*** |
| **Revenues:** | ***2026*** | ***2025*** |
| LNG Product | $8697 | $13946 |
| Rental | 857 | 1550 |
| Service | 823 | 1705 |
| Other | 2 | 137 |
| Total revenues | $10379 | $17338 |

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The table below presents revenue disaggregated by geographic location, for the *three* months ended *March 31, 2026* and *2025* (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** |
|  | ***March 31,*** | ***March 31,*** |
| **Revenues:** | ***2026*** | ***2025*** |
| United States | $9535 | $16523 |
| Mexico | 844 | 815 |
| Total revenues | $10379 | $17338 |

---

**Variable and other Revenue Components**

Certain of our contracts *may* include rental or services that *may* vary based on customer demand at stated rates within the contract and are satisfied as the work is authorized by the customer and performed by the Company. LNG product sales agreements *may* include both fixed and variable fees per gallon of LNG but are representative of the stand-alone selling price for LNG at the time the contract is negotiated. We have concluded that the variable LNG fees meet the exception for allocating variable consideration to specific parts of the contract. As such, the variable consideration for these contracts is allocated to each distinct gallon of LNG and recognized when that distinct gallon of LNG is delivered to the customer.

Taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers, such as sales, use and value-added taxes, are excluded from revenue.

***3.* PREPAID EXPENSES AND OTHER CURRENT ASSETS**

The Company's prepaid expenses and other current assets at *March 31, 2026* and *December 31, 2025* consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***December 31,*** |
|  | ***2026*** | ***2025*** |
| Prepaid insurance | $631 | $999 |
| Prepaid supplier expenses | 346 | 254 |
| Other receivables | 256 | 447 |
| Deposits | 89 | 99 |
| Other | 237 | 177 |
| Total prepaid expenses and other current assets | $1559 | $1976 |

---

***4.* PROPERTY, PLANT AND EQUIPMENT**

The Company's property, plant and equipment at *March 31, 2026* and *December 31, 2025* consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***December 31,*** |
|  | ***2026*** | ***2025*** |
| Liquefaction plants and systems | $57402 | $57341 |
| Real property and buildings | 2082 | 2082 |
| Vehicles and tanker trailers and equipment | 50352 | 50316 |
| Computer and office equipment | 1020 | 897 |
| Construction in progress | 19680 | 14946 |
| Leasehold improvements | 31 | 31 |
| Total | 130567 | 125613 |
| Less: accumulated depreciation | (74448) | (72666) |
| Net | $56119 | $52947 |

---

Depreciation expense totaled $1.8 million and $1.9 million for the *three* months ended *March 31, 2026* and *2025*, respectively, all of which is included in the Condensed Consolidated Statements of Operations as a separate line item.

Construction in progress of $19.7 million and $14.9 million at *March 31, 2026* and *December 31, 2025,* respectively primarily relate to the deployment and build-out of liquefaction assets and the purchase of additional liquefaction assets for the Company's contract for power generation for a data center that begins in *2027* and the proposed Galveston LNG Liquefaction Facility.

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***5.* ACCRUED LIABILITIES**

The Company's accrued liabilities at *March 31, 2026* and *December 31, 2025* consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***December 31,*** |
|  | ***2026*** | ***2025*** |
| Compensation and benefits | $2610 | $2573 |
| Deferred revenue | 333 | 1 |
| Other taxes payable | 57 |  |
| Customer deposits and prepayments | 127 | 127 |
| Other accrued liabilities | 6 | 158 |
| Total accrued liabilities | $3133 | $2859 |

---

***6.* DEFERRED REVENUE**

The Company records deferred revenue if we receive consideration, prior to transferring the goods or services, required under the terms of the sales contract, to the customer.

**Multi-year, On-site Power Generation for a Data Center**

During the *three* months ended *March 31, 2026*, the Company received an advance payment of $15.0 million associated with a multi-year data center power generation contract. Under the contract, the Company will receive an additional $10.0 million in advance payments. LNG deliveries are expected to commence during the *first* quarter of 2027 and continue through the *first* quarter of *2029.* The advance payments will offset a percentage of each future invoice over the term of the contract, or until fully offset, at which time credit will cease. The Company *may* utilize the advance payments for the purchase of equipment, securing LNG supply and commissioning expenses incurred by the Company specific to the customer project. The portion of the *$15.0* million that has *not* been utilized related to the customer project has been classified as restricted cash and cash equivalents and the full amount of the advance payment has been presented as deferred revenue on the Company's Condensed Consolidated Balance Sheet at *March 31, 2026.*

The Company's deferred revenue at *March 31, 2026* and *December 31, 2025* was $15.0 million and $0.0 million, respectively with $14.7 million of deferred revenue classified as non-current at *March 31, 2026*.

***7.* LEASES**

Our leases primarily consist of operating leases for certain facilities and office spaces in Houston, Texas and Monterrey, Mexico, and financing leases for certain equipment.

**Time Charter Agreement - Marine Bunkering Vessel**

On *December 12, 2025,* the Company entered into a time charter agreement for a marine bunkering vessel, the Seaspan Garibaldi for a period of two years, commencing in *2026.* The Company determined that the time charter agreement represents an operating lease with commencement beginning on the delivery date of the Garibaldi, which was *March 1, 2026.* On *March 1,* the Company recorded a right-of-use asset and lease liability of $22.4 million and $21.8 million, respectively. At *March 31, 2026*, the right-of-use asset and operating lease liability was $21.6 million and $21.4 million, respectively.

Operating lease assets also include any upfront lease payments made and exclude lease incentives and initial direct cost incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company also leases marine bunkering and staging sites in Galveston, Texas, along with certain equipment on a short-term basis. Leases which are less than *twelve* months and have *no* cancellation penalties are *not* recorded on the Condensed Consolidated Balance Sheets. Our leases have remaining terms of *1* to 2.8 years and *may* include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

The following table summarizes our operating and finance lease assets and liabilities at *March 31, 2026* and *December 31, 2025* (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  | ***March 31,*** | ***December 31,*** |
|  | ***Balance sheet line item classification*** | ***2026*** | ***2025*** |
| **Assets** |  |  |  |
| Operating lease assets | *Right-of-use assets and other noncurrent assets* | $22399 | $929 |
| Finance lease assets | *Property and equipment, net of accumulated depreciation* |  | 301 |
| *Total lease assets* | *Total lease assets* | $22399 | $1230 |
| **Liabilities** |  |  |  |
| Current |  |  |  |
| Operating lease obligation | *Current portion of finance and operating lease obligations* | $11189 | $197 |
| Finance lease obligation | *Current portion of finance and operating lease obligations* |  | 220 |
| Noncurrent |  |  |  |
| Operating lease obligation | *Long-term portion of operating lease obligations* | 11056 | 726 |
| *Total lease liabilities* | *Total lease liabilities* | $22245 | $1143 |

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Lease expense that relates to the Company's operating leases that are on the Condensed Consolidated Balance Sheets, was approximately $1.6 million and $0.1 million for the *three* months ended *March 31, 2026* and *2025* (in thousands), respectively. The following table summarizes the components of lease expense for the *three* months ended *March 31, 2026* and *2025* (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  | ***March 31,*** | ***March 31,*** |
| **Lease Cost** | ***Classification*** | ***2026*** | ***2025*** |
| Operating lease cost | *Cost of revenues* | $1491 | $— |
| Operating lease cost | *Selling, general and administrative expenses* | 93 | 43 |
| Finance lease cost: |  |  |  |
| Amortization of leased assets | *Depreciation expense* | 9 | 9 |
| Interest on lease liabilities | *Interest expense* |  | 7 |
| *Net lease cost* | *Net lease cost* | $1593 | $59 |

---

**Future Minimum Lease Payments**

The following schedule presents the future minimum lease payments that relate to our operating lease obligations on the Company's Condensed Consolidated Balance Sheets at *March 31, 2026* (in thousands):

---

| | |
|:---|:---|
|  | **Operating Leases** |
| 2026 | $9612 |
| 2027 | 12227 |
| 2028 | 2303 |
| 2029 and Thereafter | 8 |
| Total lease payments | 24150 |
| Less: Interest | (1905) |
| Present value of lease liabilities | $22245 |

---

Lease term and discount rates for our operating and finance lease obligations are as follows:

---

| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***March 31,*** |
| **Lease Term and Discount Rate** | ***2026*** | ***2025*** |
| Weighted-average remaining lease term (years) |  |  |
| Operating leases | 1.9 | 3.4 |
| Finance leases | *—* | 0.6 |
| Weighted-average discount rate |  |  |
| Operating leases | 8.0% | 8.5% |
| Finance leases | —% | 8.5% |

---

The following table summarizes the supplemental cash flow information related to leases for the *three* months ended *March 31, 2026* and *2025* (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***March 31,*** |
| **Other information** | ***2026*** | ***2025*** |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |
| Operating cash flows from operating leases | $436 | $36 |
| Financing cash flows from finance leases | 210 | 25 |
| Interest paid |  | 6 |

---

***8.* DEBT**

During the *three* months ended *March 31, 2026,* there were *no* material changes to the Company's debt other than scheduled repayments. During the *three* months ended *March 31, 2026* and *2025*, interest expense was $0.1 million and $0.1 million, respectively, and the Company capitalized interest of $0.1 million and $0.1 million, respectively.

**Secured Term Note**

On *April 8, 2021,* the Company entered into a loan agreement (the "AmeriState Loan Agreement") with AmeriState Bank ("Lender") to provide for an advancing loan facility in the aggregate principal amount of up to $10.0 million (the "AmeriState Loan"). The AmeriState Loan Agreement is secured by specific equipment owned by the Company. On *September 19, 2023,* the AmeriState Loan Agreement was amended (the "First Amendment") for the purpose of substituting certain items of collateral under the AmeriState Loan Agreement. The AmeriState Loan is a term loan facility, matures on *April 8, 2031* and bears interest at 5.75% per annum through *April 8, 2026,* and the U.S. prime lending rate plus 2.5% per annum thereafter. The AmeriState Loan provides that proceeds from borrowings *may* be used for working capital purposes at the Company's liquefaction plant in George West, Texas and related fees and costs associated with the AmeriState Loan. As of *March 31, 2026*, $6.9 million remained outstanding with $1.0 million in remaining availability for future draws.

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The AmeriState Loan Agreement requires the Company to meet certain financial covenants which include a debt-to-net-worth ratio of *not* more than 9.1 to *1.0* and a debt service coverage ratio of *not* less than 1.2 to *1.0.* During the *three* months ended *March 31, 2026,* the Company amended its AmeriState Loan Agreement to clarify that compliance with its financial covenants is measured and calculated only on an annual basis at *December 31,* of each year.

Upon an Event of Default (as defined in the AmeriState Loan Agreement), the Lender *may (*i) terminate its commitment, (ii) declare the outstanding principal amount of the Advancing Notes (as defined in the AmeriState Loan Agreement) due and payable, or (iii) exercise all rights and remedies available to Lender under the AmeriState Loan Agreement.

***9.* RELATED PARTY TRANSACTIONS**

Casey Crenshaw (our Executive Chairman of the Board and interim President and Chief Executive Officer) is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with family members. From time to time, the Company purchases supplies and services from subsidiaries of The Modern Group.

For the *three* months ended *March 31, 2026* and *2025*, the Company's purchases and lease payments with The Modern Group were immaterial. The Company had no sales to The Modern Group during the *three* months ended *March 31, 2026* and *2025*. As of *March 31, 2026* and *December 31, 2025*, the Company had no accounts receivable due from The Modern Group and no accounts payable due to The Modern Group.

Chart Energy and Chemicals, Inc. ("Chart E&C") beneficially owns 7.9% of our outstanding common stock at *March 31, 2026*. For the *three* months ended *March 31, 2026* and *2025*, the Company had total purchases from Chart E&C of $0.0 million and $0.1 million, respectively. The Company had no sales to Chart E&C during the *three* months ended *March 31, 2026* and *2025*. The Company had no accounts receivable due from Chart E&C at *March 31, 2026* and *December 31, 2025*. The Company had no accounts payable due to Chart E&C at *March 31, 2026* and an immaterial amount of accounts payable due to Chart E&C at *December 31, 2025*.

***10.* COMMITMENTS AND CONTINGENCIES**

**Environmental Matters** 

The Company is subject to federal, state and local environmental laws and regulations. The Company does *not* anticipate any expenditures to comply with such laws and regulations that would have a material impact on the Company's condensed consolidated financial position, results of operations or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state and local environmental laws and regulations.

**Litigation, Claims and Contingencies** 

The Company *may* become party to various legal actions that arise in the ordinary course of its business. The Company is also subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes *may* arise during the course of these audits. It is impossible to determine the ultimate liabilities that the Company *may* incur resulting from any of these lawsuits, claims, proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If these matters were to ultimately be resolved unfavorably, it is possible that such an outcome could have a material adverse effect upon the Company's condensed consolidated financial position, results of operations, or liquidity. The Company does *not,* however, anticipate such an outcome and it believes the ultimate resolution of these matters will *not* have a material adverse effect on the Company's condensed consolidated financial position, results of operations, or liquidity.

***11.* SUPPLEMENTAL CASH FLOW INFORMATION**

The Company's supplemental disclosure of cash flow information for the *three* months ended *March 31, 2026* and *2025* is as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** |
|  | ***March 31,*** | ***March 31,*** |
| **Supplemental Disclosure of Cash Flow Information:** | ***2026*** | ***2025*** |
| Interest paid | $128 | $144 |
| Income taxes paid (received) | (44) |  |
| **Significant non-cash investing and financing activities:** |  |  |
| Acquisition of fixed assets included within accounts payable and accrued expenses | $521 | $— |
| ROU assets acquired under operating leases | 21758 | 425 |

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***12.* SUBSEQUENT EVENTS**

The Company received $1.0 million of debt proceeds on *April 7, 2026* under its AmeriState Loan Agreement. See additional discussion of the Company's AmeriState Loan Agreement in Note *8* - Debt.

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**ITEM 2. MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included elsewhere in this Form 10-Q ("this Report") and the consolidated financial statements included in the 2025 Annual Report on Form 10-K filed on March 5, 2026 with the U.S. Securities and Exchange Commission (the "SEC"). Historical results and percentage relationships set forth in the Condensed Consolidated Statements of Operations and Cash Flows, including trends that might appear, are not necessarily indicative of future operations or cash flows.

**Overview**

Stabilis Solutions, Inc. and its subsidiaries provide turnkey clean energy production, storage, transportation and fueling solutions, using liquefied natural gas ("LNG"), to multiple end markets. We provide LNG solutions to customers in diverse end markets, including aerospace, agriculture, industrial, marine bunkering, mining, oil and gas, pipeline, remote power and utility markets. LNG can be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. LNG can also be used to replace a variety of fuels, including distillate fuel oil, such as diesel and marine gas oil, and propane, among others, to provide environmental and economic benefits. Increasingly, LNG is being utilized as a transportation fuel in the marine industry and as a propellant in the private rocket launch sector. We believe that these fuel markets are large and provide significant opportunities for LNG usage.

The Company generates revenue by selling and delivering LNG to our customers, renting cryogenic equipment and providing engineering and field support services. We sell our products and services separately or as a bundle depending on the customer's needs. Pricing depends on market pricing for natural gas and competing fuel sources (such as diesel, fuel oil, and propane among others), as well as the customer's purchased volume, contract duration and credit profile.

*LNG Production and Sales*—Stabilis builds and operates cryogenic natural gas processing facilities, called "liquefiers," which convert natural gas into LNG through a purification and multiple stage cooling process. We currently own and operate a liquefier that can produce up to 100,000 LNG gallons per day in George West, Texas and a liquefier that can produce up to 30,000 LNG gallons per day in Port Allen, Louisiana. The Company continues to seek expansion of its own liquefaction capacity as described in "Expanding Markets and Expansion Efforts" below. We also purchase LNG from third-party production sources which allows us to support customers in markets where we do not own liquefiers. We make the determination of LNG supply sources based on the cost of LNG, the transportation cost to deliver to regional customer locations, and the reliability of the supply source. Revenues earned from the production and sales of LNG are included within LNG Product revenue.

*Transportation and Logistics Services*—Stabilis offers our customers a "virtual natural gas pipeline" by providing turnkey LNG transportation and logistics services in North America. We deliver LNG to our customers' work sites from both our own production facilities and our network of third-party production sources located throughout North America. We own a fleet of cryogenic trailers to transport and deliver LNG. We also outsource similar equipment and transportation services for LNG from qualified third-party providers as required to support our customer base. Revenues earned from the transportation and logistical services of LNG to our customers are included within LNG Product revenue.

*Cryogenic Equipment Rental*—Stabilis operates a fleet of mobile LNG storage and vaporization assets, including: transportation trailers, ISO containers, electric and gas-fired vaporizers, ambient vaporizers, storage tanks, and mobile vehicle fuelers. We also own several stationary storage and regasification assets. We believe this is one of the largest fleets of small-scale LNG equipment in North America. Our fleet consists primarily of trailer-mounted mobile assets, making delivery to and between customer locations more efficient. We deploy these assets on job sites to provide our customers with the equipment required to transport, store, and consume LNG in their operations. Revenues earned from cryogenic equipment rental are included within Rental revenue.

*Engineering and Field Support Services*—Stabilis has experience in the safe, cost effective, and reliable use of LNG in multiple customer applications. We have also developed many processes and procedures that we believe improve our customers' use of LNG in their operations. Our engineers help our customers design and integrate LNG into their operations and our field service technicians help our customers mobilize, commission and reliably operate on the job site. Revenues earned from engineering and field support services are included within Service revenue.

**Expanding Markets and Strategic Expansion Efforts**

***Multi-year On-site Power Generation for a Data Center***

In February 2026, the Company executed a multi-year take-or-pay contract to supply LNG for behind-the-meter power generation for a world-leading provider of remote and temporary power generation at a data center. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. Total revenue under the initial multi-year term of the contract is estimated to be approximately $200 million. This contract represents the Company's first contract in support of data center behind-the-meter power generation, consistent with the Company's strategic focus on growing, high-value vertical markets. The Company will receive $25.0 million in advance payments from the customer; of which, $15.0 million has been received to date. Advance payments will offset a percentage of each future invoice over the term of the contract, until fully offset, at which time the credit will cease. The Company may utilize the advance payments for the purchase of equipment, securing LNG supply and commissioning expenses incurred by the Company specific to the customer project. The portion of the $15.0 million that has not been utilized related to the customer project has been classified as restricted cash and cash equivalents. The full amount of the advance payment has been presented as deferred revenue on the Company's Condensed Consolidated Balance Sheet at March 31, 2026. See additional discussion in Note 1 and Note 6 of the Company's Condensed Consolidated Financial Statements.

***Proposed Galveston LNG Liquefaction Facility and Jones Act-compliant LNG Bunkering Vessel***

In 2025, the Company announced development of a proposed new 350,000 gallon-per-day, waterfront LNG liquefaction facility in Galveston, Texas. The Company has entered into a ten-year LNG supply bunkering agreement, commencing in 2027, with a global marine cruise vessel operator to supply LNG for approximately 16% of the proposed project's planned capacity and to anchor development of the proposed facility. The Company continues to advance development of the facility and is engaged in discussions with multiple potential customers to secure the remaining offtake and to advance the project toward an expected Final Investment Decision ("FID") later in 2026. The total capital required for the project is estimated at $350 million to $400 million. The proposed Galveston LNG liquefaction facility is expected to be strategically located to support and expand the Company's marine bunkering services to additional marine markets. With the construction of the facility, the Company plans to commission a dedicated Jones Act-compliant LNG bunkering vessel to serve the Port of Galveston, Port of Houston and surrounding Gulf Coast markets. This vessel would transport LNG from the facility directly to customer vessels. Together, the proposed new LNG facility and new bunkering vessel are expected to create a fully integrated, last-mile LNG delivery solution for customers.

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***Leased Bunkering Vessel***

The Company entered into a time charter agreement for the lease of a liquefied natural gas bunkering vessel, the Seaspan Garibaldi (the "Garibaldi"), for a period of two years. The time charter is classified as an operating lease and includes an option to lease the vessel for an additional year. The Company is pursuing plans to maximize utilization of the Garibaldi including subchartering the vessel.

***U.S. Department of Energy ("DOE") Approval to Export LNG***

In the third quarter of 2022, Stabilis received authorization from the DOE to export domestically produced LNG to all free trade ("FTA") and non-free trade ("non-FTA") countries, for up to 51.75 billion cubic feet per year (or approximately 1.0 MTPA) of natural gas equivalent. The authorization is for shipments of LNG and is for a term of 28 years with a remaining term of approximately 25 years under this authorization. In the third quarter of 2024, the Company met the initial time requirement to initiate exports to non-FTA countries. As of March 31, 2026, we have delivered LNG to Europe under this authorization. For exports to FTA countries, the Company has five years from the date it received the authorization with which to initiate exportation of LNG.

The DOE authorization received during the third quarter of 2022 supplements the Company's other existing import and export license from the DOE. Under this license, the Company is authorized to import and export LNG from and to Canada and Mexico, via truck. Additionally, effective September 2024, the Company can import LNG, by vessel, from various international sources to any LNG import terminal in the United States.

**Geopolitical events in the Middle East with the U.S. and Iran conflict**

Recent geopolitical developments in the Middle East, including the U.S. conflict with Iran, may contribute to an increase in energy related costs and related market uncertainties. The Company's customer pricing structure for natural gas is primarily based off a monthly index and may absorb most, if not all, of potential volatilities associated with the price of natural gas; however, there can be no assurance that the Company will not be adversely impacted by resulting energy cost and market uncertainties resulting from the Iran conflict. The Company continues to monitor the developments.

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**Results of Operations**

Stabilis supplies LNG to multiple end markets in North America and provides turnkey fuel solutions to help users of propane, diesel and other crude-based fuel products convert to LNG.

***Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025*** 

During the fourth quarter of 2025, two multi-year customer contracts concluded in accordance with their terms. The completed contracts were for temporary remote power in Louisiana, and the Company's truck-to-vessel LNG marine bunkering services in Galveston, Texas. The two contracts accounted for approximately 19% and 32% of 2025 revenues, respectively. As a result, the first quarter of 2026 results were lower for the period. The comparative tables below reflect our consolidated operating results for the three months ended March 31, 2026 (the "Current Quarter") as compared to the three months ended March 31, 2025 (the "Prior Year Quarter") (unaudited, amounts in thousands, except for percentages).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |  |
|  | **March 31,** | **March 31,** |  |  |
|  | **2026** | **2025** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| LNG Product | $8697 | $13946 | $(5249) | (37.6) |
| *Increase / (decrease) in gallons delivered* | *(5275*) |  |  | n/a |
| Rental | 857 | 1550 | (693) | (44.7) |
| Service | 823 | 1705 | (882) | (51.7) |
| Other | 2 | 137 | (135) | (98.5) |
| Total revenues | 10379 | 17338 | (6959) | (40.1) |
| **Operating expenses:** |  |  |  |  |
| Cost of revenues | 10012 | 12788 | (2776) | (21.7) |
| &nbsp;&nbsp;&nbsp; Change in unrealized gain on natural gas derivatives |  | (84) | 84 | n/a |
| Selling, general and administrative expenses | 2796 | 4933 | (2137) | (43.3) |
| Gain from disposal of fixed assets |  | (103) | 103 | n/a |
| Impairment | 71 |  | 71 | n/a |
| Depreciation expense | 1785 | 1867 | (82) | (4.4) |
| Total operating expenses | 14664 | 19401 | (4737) | (24.4) |
| **Foreign joint venture operating related expenses** | (4285) | (2063) | (2222) | 107.7 |
| Net equity income from foreign joint venture operations | 227 | 368 | (141) | (38.3) |
| **Loss from operations** | (4058) | (1695) | (2363) | 139.4 |
| **Other income (expense):** |  |  |  |  |
| Interest income, net | 25 | 21 | 4 | 19.0 |
| Other income (expense), net | (37) | (12) | (25) | 208.3 |
| Total other income (expense) | (12) | 9 | (21) | n/a |
| **Net loss before income tax expense (benefit)** | (4070) | (1686) | (2384) | 141.4 |
| Income tax expense (benefit) | 6 | (88) | 94 | n/a |
| **Net loss** | $(4076) | $(1598) | $(2478) | 155.1 |

---

***Revenue***

During the Current Quarter, revenues decreased $7.0 million, or 40%, compared to the Prior Year Quarter. The change in revenue primarily related to:

● Decreased gallons of LNG delivered in the Current Quarter due to the conclusion of two contracts, compared to the Prior Year Quarter resulting in a decrease in revenues of $5.7 million; and

● Decreased rental, service and other revenues in the Current Quarter compared to the Prior Year Quarter, resulting in decreased revenues of $1.7 million.

These decreases were partially offset by increased revenues of $0.4 million related to:

● Increased average natural gas prices in the Current Quarter compared to the Prior Year Quarter resulting in an increase in revenues of $0.3 million; and

● Higher average pricing from a favorable customer mix in the Current Quarter compared to the Prior Year Quarter.

***Operating Expenses***

*Cost of revenues.* Cost of revenues decreased $2.8 million, or 22%, compared to the Prior Year Quarter. As a percentage of revenue, these costs were 96% and 74% in the Current Quarter and the Prior Year Quarter, respectively. The change in cost of revenues was primarily attributable to:

● Decreased gallons of LNG delivered in the Current Quarter compared to the Prior Year Quarter resulting in a decrease in cost of revenues of $4.0 million

The decrease was partially offset by increased cost of revenues of $1.2 million related to:

● Increased rental, service and other costs in the Current Quarter compared to the Prior Year Quarter resulting from the Company's time charter of a marine bunkering vessel in the Current Quarter; and

● Increase in net transportation and liquefaction costs in the Current Quarter compared to the Prior Year Quarter resulting in increased cost of revenues of $0.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17

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*Change in unrealized loss on natural gas derivatives.* In the Prior Year Quarter, the Company had an unrealized gain of $0.1 million on change in unrealized gain on natural gas derivatives. The Company had no unrealized gain or loss in the Current Quarter, and did not hold any natural gas derivatives during the Current Quarter.

*Selling, general and administrative expenses.* Selling, general and administrative expenses decreased $2.1 million in the Current Quarter compared to the Prior Year Quarter. Mr. Ballard's severance related expenses accounted for $2.1 million in the Prior Year Quarter as well as higher compensation expense in the Prior Year Quarter related to incentive compensations and bonus.

*Depreciation.* Depreciation expense decreased $0.1 million during the Current Quarter as compared to the Prior Year Quarter primarily due to assets reaching the end of their depreciable lives.

*Gain on disposal of assets.* The Company recognized a gain on disposal of assets of $0.1 million in the Prior Year Quarter related to the sale of certain assets in which proceeds of $0.1 million were received. The Company did not have a gain or loss in the Current Year Quarter.

*Impairment.* The Company recognized impairment charges of $0.1 million in the Current Quarter related to contract costs from a cancelled contract.

*Net equity income from foreign joint venture operations.* Equity income from the Company's foreign joint venture decreased by $0.1 million in the Current Quarter compared to the Prior Year Quarter due to decreased net profits by the joint venture.

*Interest income.* Interest income, net was $25 thousand in the Current Quarter compared to $21 thousand in the Prior Year Quarter. In both periods, interest income, net related to interest earned on the Company's cash balances during the quarter.

*Other income (expense).* Other expense was $37 thousand during the Current Quarter compared to other income of $12 thousand in the Prior Year Quarter related to, in both periods, transactional foreign exchange gains (losses).

*Income tax expense (benefit)*. The Company incurred state and foreign income tax expense of $6 thousand during the Current Quarter compared to income tax benefit of $0.1 million during the Prior Year Quarter. Income tax expense (benefit) for the Current Quarter and Prior Year Quarter primarily related to state income taxes. No U.S. federal income taxes were recorded for the Current Quarter or Prior Year Quarter as any net U.S. deferred tax assets generated from operating losses or used from operating income were offset by a change in the Company's valuation allowance on net deferred tax assets. 

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**Liquidity and Capital Resources** 

The Company's principal sources of liquidity in the Current Quarter consisted of cash provided by our operations, cash on hand, and customer advance payments. The Company used its liquidity to invest in fixed assets to support growth, as well as to pay interest and principal amounts outstanding under our debt agreements.

As of March 31, 2026, we had $3.1 million in cash and cash equivalents on hand and $10.6 million in restricted cash, $29.3 million in outstanding debt (net of debt issuance costs) and operating lease obligations (of which $12.8 million is due in the next twelve months). The Company has availability under its debt agreements $3.5 million. The Company had no draw downs on its Revolving Credit Facility or its Secured Term Loan Facility during the three months ended March 31, 2026.

The Company is subject to substantial business risks and uncertainties inherent in the LNG industry and there is no assurance that the Company will be able to generate sufficient cash flows in the future to sustain itself or to support future growth. Management believes the business will generate sufficient cash flows from its operations along with availability under the Company's debt agreements to fund its ongoing business for the next twelve months. While we believe we have sufficient liquidity and capital resources to fund our ongoing operations and repay our debt, we will require additional capital to fund business expansion. Our current expansion efforts include the construction of the proposed Galveston LNG liquefaction facility and commencement of operations to service our multi-year data center power generation contract beginning in 2027 which will require engineering expenditures, additional equipment, rolling stock, commissioning and near-term working capital as the Company commissions operations.

As of March 31, 2026, the Company was in compliance with all financial covenants under its debt agreements. The Company's efforts to expand its business include anticipated significant capital expenditures, the successful deployment of a marine bunkering vessel with a time charter, and a successful financing transaction associated with the proposed Galveston LNG liquefaction facility, all of which are yet to occur. The Company believes it is probable that it will continue to maintain compliance with its covenants, however, in the event the Company is unable to maintain minimum profitability in accordance with its forecast and historical trends, it is reasonably possible that the Company could fail to maintain compliance with its consolidated debt service ratio which, if not cured or waived, would give AmeriState Bank the right to accelerate repayment of outstanding borrowings under the AmeriState Secured Term Loan Facility, which totaled $6.9 million as of March 31, 2026. Such acceleration could adversely affect our liquidity, our ability to continue expansion efforts and continue normal operations.

We will continue to monitor covenant compliance closely and evaluate additional actions which may include reducing discretionary capital expenditures, delaying certain growth initiatives, or seeking alternative sources of financing if needed. The Company believes that its relations with its lenders are good and that a waiver could be obtained in the event a violation occurred; however, there can be no assurance that additional actions taken by the Company, if required, could prevent a possible covenant violation or that the Company would be successful in obtaining a covenant waiver in the event a covenant violation occurred.

**Cash Flows** 

Cash flows provided by (used in) our operating, investing and financing activities are summarized below (unaudited, in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Net cash provided by (used in):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $12417 | $1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | (5268) | (276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities | (889) | (730) |
| **Effect of exchange rate changes on cash** | (1) | (3) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents** | 6259 | 16 |
| **Cash, cash equivalents and restricted cash and cash equivalents, beginning of period** | 7459 | 8987 |
| **Cash, cash equivalents and restricted cash and cash equivalents, end of period** | $13718 | $9003 |

---

*Operating Activities* 

Net cash provided by operating activities totaled $12.4 million for the three months ended March 31, 2026 compared to $1.0 million for the same period in 2025. The increase in net cash provided by operating activities of $11.4 million as compared to the Prior Year Quarter was attributable to a $15.0 million advance payment received on the multi-year data center power generation contract to begin in the first quarter of 2027. The prepayment represents deferred revenue and is classified in restricted cash. The $15.0 million cash prepayment was partially offset by the higher net loss for the three months ended March 31, 2026 compared to the same period in 2025.

*Investing Activities* 

Net cash used in investing activities totaled $5.3 million for the three months ended March 31, 2026 compared to $0.3 million for the three months ended March 31, 2025. The increase in net cash used in investing activities in the Current Quarter of $5.0 million was primarily due to cash paid for capital expenditures to support growth.

*Financing Activities* 

Net cash used in financing activities totaled $0.9 million for the three months ended March 31, 2026, compared to $0.7 million for the three months ended March 31, 2025. The increase in cash used in financing activities in the Current Quarter compared to the Prior Year Quarter is due to additional debt payments on the AmeriState Loan, payment of a lease purchase option related to asset finance leases, and payment of additional debt issuance cost.

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**Future Cash Requirements** 

We require cash to fund our operating expenses and working capital requirements, including costs associated with gas purchases, capital expenditures, debt repayments, equipment purchases, maintenance of LNG production facilities, mergers and acquisitions (if any), pursuing market expansion, supporting sales and marketing activities and other general corporate purposes. We believe we have sufficient liquidity and capital resources to fund our operations and repay our debt.

Our current expansion efforts include the construction of the proposed new Galveston LNG liquefaction facility and Jones Act-compliant marine bunkering vessel and the commencement of operations for the multi-year data center power generation contract beginning in 2027 (discussed below). We may elect to pursue additional financing activities such as refinancing existing debt, obtaining new debt, or debt or equity offerings to provide flexibility with our cash management. Certain of these alternatives may require the consent of current lenders or stockholders, and there is no assurance that we will be able to execute any of these alternatives on acceptable terms or at all.

Capital expenditures for the three months ended March 31, 2026 were $5.3 million and primarily related to the preliminary work and ordering long lead time items, related to the Company's proposed new Galveston LNG liquefaction facility and Jones Act-compliant marine bunkering vessel, and its multi-year data center power generation contract. Capital expenditures also related to refurbishments and upgrades to existing assets and rolling stock. Other future capital expenditures will be dependent upon business needs, value-adding investment opportunities, as well as the availability of additional capital at favorable terms which is difficult to predict. At March 31, 2026, the Company had open purchase orders and commitments related to capital expenditures of approximately $3.7 million and the Company continues to advance the proposed new Galveston LNG liquefaction facility and Jones Act-compliant marine bunkering vessel, and scale for its multi-year data center power generation contract. See additional discussion regarding the Company's potential expansion efforts below.

***Expansion Efforts***

*Multi-year, On-site Power Generation for a Data Center*

In February 2026, the Company executed a multi-year take-or-pay data center power generation contract. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. The supply agreement will require investment of approximately $25.0 million in capital additions and working capital needed to secure LNG supply and fund the commissioning of the project. The Company received an advance payment of $15.0 million during February 2026, and expects an additional $10.0 million during the next six months.

*Proposed New Galveston LNG Liquefaction Facility and Jones Act-compliant Bunkering Vessel*

The Company continues to advance its proposed Galveston liquefaction facility along with a Jones Act-compliant LNG bunkering vessel toward an expected FID later in 2026. The Company has secured customer commitments for approximately 16% of the project's proposed 350,000 gallons-per-day capacity and remains engaged in discussions with multiple potential customers to secure the remaining offtake. Total investment in the Company's proposed Galveston liquefaction facility is estimated at $350 million to $400 million. The financing and structure of the proposed Galveston liquefaction facility is anticipated to be in the form of a separate entity with a combination of third-party equity and debt that would be nonrecourse to the Company. The Company does not intend to commit to the use of significant additional funds related to the proposed Galveston LNG liquefaction facility without first securing the financing. There is no guarantee that additional financing will be available or available at terms that would be beneficial to the Company.

 *Leased Bunkering Vessel*

The Company entered into a time charter agreement for the lease of a liquefied natural gas bunkering vessel, the Seaspan Garibaldi, for a period of two years commencing in 2026. The time charter is classified as an operating lease and includes an option to lease the vessel for an additional year. The Company is pursuing plans to maximize utilization of the Garibaldi including subchartering the vessel.

**Shelf Registration Statement**

The Company filed a registration statement on Form S-3 (the "Shelf Registration"), which was declared effective on March 26, 2026. The Shelf Registration is for a period of three years, expiring on March 25, 2029, and permits the Company to issue up to $100.0 million (subject the limitations described below) in either common stock, preferred stock, warrants or a combination of the above. On April 17, the Company filed a prospectus supplement to the Shelf Registration pursuant to which the Company may offer and sell shares of common stock directly to the public "at the market" (the "ATM") as permitted in Rule 415 under the Securities Act pursuant to an Equity Distribution Agreement entered into between the Company and Johnson Rice & Company L.L.C., as sales agent. The Company is subject to General Instruction I.B.6. of Form S-3 that limits the amount of securities that the Company may sell under the Shelf Registration to no more than one-third of the Company's public float (currently $10.2 million) in any twelve-month period. The Company has made no issuances under the Shelf Registration and related ATM at March 31, 2026.

**Off-Balance Sheet Arrangements**

As of March 31, 2026, we had no transactions that met the definition of off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our consolidated financial position, operating results, liquidity, cash requirements or capital resources.

**Critical Accounting Policies and Estimates**

The discussion and analysis of our financial condition and results of operations are based on our Condensed Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities known to exist at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We evaluate our estimates on an ongoing basis, based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates. There have been no significant changes in the Company's "Critical Accounting Policies and Estimates" during the three months ended March 31, 2026 from those disclosed within the Company's Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 5, 2026.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

As a "smaller reporting company," the Company is not required to provide this information.

**ITEM 4. CONTROLS AND PROCEDURES.** 

**Evaluation of Disclosure Controls and Procedures** 

As required by Rule 13a-15(b) of the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at March 31, 2026.

**Changes in Internal Control over Financial Reporting** 

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during our last fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS.** 

The Company becomes involved in various legal proceedings and claims in the normal course of business. In management's opinion, the ultimate resolution of these matters will not have a material effect on our financial position or results of operations.

**ITEM 1A. RISK FACTORS.** 

Our operations and financial results are subject to various risks and uncertainties, including those described in the Part I. "Item 1A. Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 5, 2026 ("Form 10-K"), which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. During the three months ended March 31, 2026, there have been no material changes in our risk factors disclosed in our 2025 Form 10-K; except for the addition of the following risk factors.

**Geopolitical events in the Middle East with the U.S. and Iran conflict could have some adverse impact on our business and results of operations**

Recent geopolitical developments in the Middle East, including the U.S. conflict with Iran, may contribute to an increase in energy related costs and related market uncertainties. The Company's pricing structure related to LNG product revenues may absorb most, if not all, of potential volatilities associated with the price of natural gas. However, failure to absorb the full impact of any price increases could adversely impact the Company's business and results of operations. The Company continues to monitor the risk associated with the Middle East conflicts.

**Failure to secure additional off-take from the proposed Galveston LNG liquefaction facility, could adversely affect the Company's ability to secure financing for the project**

Financing for the proposed new Galveston LNG liquefaction facility may be based on having firm contractual LNG off-take from the facility prior to closing on the financing. Failure to obtain additional contractual off-take could prevent the Company from being able to finance the project, adversely impacting potential profits, results of operations, cash flows and financial condition.

**ITEM *5.* OTHER INFORMATION.**

None of the Company's officers or directors adopted, modified or terminated a Rule *10b5*-*1* trading arrangement or a non-Rule *10b5*-*1* trading arrangement during the Company's fiscal quarter ended *March 31, 2026*, as such terms are defined under Item *408*(a) of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21

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**ITEM 6. EXHIBITS.**

(a) Index to Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| 3.1 | [<u>Amended and Restated Articles of Incorporation of the Registrant (Incorporated by Reference to Exhibit 3.1 to Registrant</u><u>'</u><u>s Current Report on Form</u> <u>8-K</u> <u>filed October 15, 2020)</u>](http://www.sec.gov/Archives/edgar/data/1043186/000104318620000061/ex31-amendedandrestate.htm) |
| 3.2 | [<u>Amended and Restated Bylaws of the Registrant (Incorporated by Reference to Exhibit 3.2 to Registrant</u><u>'</u><u>s Current Report on Form</u> <u>8-K</u> <u>filed September 18, 2020)</u>](http://www.sec.gov/Archives/edgar/data/1043186/000104318620000056/ex32-amendedbyxlaws.htm) |
| 4.1 | [<u>Registration Rights Agreement dated July</u> <u>26, 2019, by and among Registrant, LNG Investment Company, LLC, and AEGIS NG LLC (Incorporated by Reference to Exhibit 10.1 to Registrant</u><u>'</u><u>s Current Report on</u> <u>Form</u> <u>8-K</u> <u>filed August</u> <u>1, 2019)</u>](http://www.sec.gov/Archives/edgar/data/1043186/000156459019027937/aeti-ex101_109.htm) |
| 4.2 | [<u>Registration Rights Agreement dated as of August</u> <u>20, 2019, by and among Registrant and the Investors named therein (Incorporated by Reference to Exhibit 4.9 to Registrant's Registration Statement on Form S-1 filed September 11, 2019)</u>](http://www.sec.gov/Archives/edgar/data/1043186/000119312519242344/d732686dex49.htm) |
| 4.3 | [<u>Registration Rights Agreement, dated June 1, 2021, among TGB Equipment Leasing, LLC and Stabilis (Incorporated by reference to Exhibit 10.5 to Registrant's Quarterly Report on Form 10-Q filed on August 5, 2021)</u>](http://www.sec.gov/Archives/edgar/data/1043186/000162828021015937/a09mardigras-registrationr.htm) |
| 4.5 | [<u>Description of Securities (incorporated by reference to Exhibit 4.5 to Registrant's Annual Report on Form 10-K filed February 25, 2025)</u>](http://www.sec.gov/Archives/edgar/data/1043186/000143774925005086/ex_728460.htm) |
| 10.1 | [\*First Amending Agreement (dated February 6, 2026) to Time Charter Agreement, dated December 12, 2025, by and between the Registrant with Seaspan Energy Ltd.](ex_956888.htm) |
| 10.2 | [\*Second Amending Agreement (dated March 19, 2026) to Time Charter Agreement, dated December 12, 2025, by and between the Registrant with Seaspan Energy Ltd.](ex_956889.htm) |
| 10.3 | [\*Third Amending Agreement (dated March 24, 2026) to Time Charter Agreement, dated December 12, 2025, by and between the Registrant with Seaspan Energy Ltd.](ex_956890.htm) |
| 31.1 | [<u>\*Rule 13a-14(a) / 15d-14(a) Certification of Principal Executive Officer.</u>](ex_933798.htm) |
| 31.2 | [<u>\*Rule 13a-14(a) / 15d-14(a) Certification of Principal Financial Officer.</u>](ex_933799.htm) |
| 32.1 | [<u>\*Section 1350 Certifications of Principal Executive Officer and Principal Financial Officer.</u>](ex_933800.htm) |
| 101.INS | \*Interactive XBRL Instance Document (XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH | \*Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | \*Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | \*Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | \*Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | \*Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | \* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

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\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed herewith

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| Date: May 6, 2026 | Date: May 6, 2026 |
| STABILIS SOLUTIONS, INC. | STABILIS SOLUTIONS, INC. |
| By: | /s/ J. Casey Crenshaw |
|  | J. Casey Crenshaw |
|  | Interim President, Chief Executive Officer and Director<br> (Principal Executive Officer) |
| By: | /s/ Andrew L. Puhala |
|  | Andrew L. Puhala |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

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## Exhibit 10.1

**Exhibit 10.1**

**FIRST AMENDING AGREEMENT** 

THIS AGREEMENT (the "**First Amending Agreement**") is made effective February 6, 2026 (the "**Effective Date**"), between SEASPAN ENERGY LTD. ("**Owners**") and STABILIS GDS, INC. ("**Charterers**").

WHEREAS:

&nbsp;&nbsp;&nbsp;&nbsp;A. Owners and Charterers entered into a Time Charter Party dated December 12, 2025 (the "**Charter**") pertaining to the charter of the LNG bunker vessel SEASPAN GARIBALDI (the "**Vessel** ");

&nbsp;&nbsp;&nbsp;&nbsp;B. Pursuant to the Charter, by way of notice given by Charterers to Owners on January 26, 2026, Charterers instructed Owners to deliver the Vessel to Charterers at Galveston Bay, TX, USA, on March 1, 2026 (the "**Positioning Trip** ");

&nbsp;&nbsp;&nbsp;&nbsp;C. On January 31, 2026, the Vessel departed Vancouver, BC, Canada to commence the Positioning Trip;

&nbsp;&nbsp;&nbsp;&nbsp;D. On February 2, 2026, Charterers paid Owners a lump sum positioning fee in the aggregate amount of $US 896,516.09 (the "**Positioning Fee** "), comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) hire payable for a notional voyage from Vancouver, BC, Canada to Galveston Bay, TX, USA, totaling $US 655,776.00 (the "**Hire Component** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) fuel costs payable for that notional voyage totaling $US 112,007.05 (the "**Fuel Component** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Panama Canal fees totalling $US 128,733.05 (the "**Canal Fee Component** "), each as calculated per the applicable terms of the Charter;

&nbsp;&nbsp;&nbsp;&nbsp;E. By way of notice given by Charterers to Owners on February 6, 2026, Charterers requested that

Owners pause the Positioning Trip and hold the Vessel in Long Beach, CA, USA;

&nbsp;&nbsp;&nbsp;&nbsp;F. Pursuant to the Charter, Owners agreed to deliver and sell to Charterers, and Charterers agreed to accept and pay for, 6,600 m3 (+ or – 10%) of LNG on board at the time of delivery of the Vessel (the "**Delivery Cargo** ");

&nbsp;&nbsp;&nbsp;&nbsp;G. Charterers have asked Owners to reduce the volume of the Delivery Cargo to 3,300 m3 (+ or – 10%) of LNG; and

&nbsp;&nbsp;&nbsp;&nbsp;H. The Parties have agreed to amend the terms of the Charter to address the changes to the Positioning Trip and the Delivery Cargo requested by Charterers, on the terms and conditions set out in this this First Amending Agreement.

THEREFORE, in consideration of the covenants set out herein and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by each of the Parties, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SUSPENSION OF POSITIONING TRIP** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Owners have suspended the Positioning Trip at Charterers' request and are no longer obligated to deliver the Vessel to Charterers at Galveston Bay, TX, USA on March 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Subject Section 1.3, the Vessel will remain anchored in the Port of Long Beach, California, while Owners await further instructions from Charterers as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and when the Vessel is to resume the Positioning Trip to Galveston Bay; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if Charterers would like the Owners to position the Vessel to a different location (an "**Alternate Location** "), and any such request will be subject to Owners' written agreement, not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 If Owners are required by the Port of Long Beach to vacate the anchorage or are otherwise unable to keep the Vessel anchored in Long Beach before a resolution is reached pursuant to Section 1.2, then the Vessel will return to British Columbia and be placed at anchor or another suitable moorage location in the Port of Vancouver or the Port of Nanaimo (at Owners' election and subject availability of suitable anchorages or dock space). Charterers will reimburse Owners for any port fees, moorage charges, agency fees or similar expenses incurred by Owners to anchor or moor the Vessel while awaiting a resolution pursuant to Section 1.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The charter period will commence at 00:01hrs on March 1, 2026, and the Vessel will be on hire to Charterers pursuant to the terms of the Charter, regardless of the location of the Vessel at that time (including if it is en route to Galveston Bay or an Alternate Location), and the Vessel will be deemed to have been delivered to Charterers at such time at the nearest port to its then current location. Without limiting the foregoing, hire, Fuel costs, port charges and all other fees and expenses payable by Charterers under the terms of the Charter will be payable in accordance with the terms of the Charter as of and from 00:01hrs on March 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 With respect to the Positioning Fee that has already been paid by Charterers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Hire Component of the Positioning Fee will continue to be retained by Owners for their use absolutely, and no further notional hire will be payable by Charterers for the period leading up to 00:01hrs on March 1, 2026, when the Vessel goes on-hire pursuant to the terms of the Charter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Owners will track the actual Fuel consumed by the Vessel (including LNG and pilot fuel) between the commencement of the Positioning Trip from Vancouver on January 31, 2026, and the end of day on February 28, 2026. Owners will calculate the cost of such Fuel consumed based on, for LNG consumed, an LNG Price of $US10.75/mmbtu, and for any Liquid Fuels consumed, the applicable Fuel Price (as defined in the Charter), the result being the "**Actual Fuel Cost** ". The Actual Fuel Cost will be for Charterers' account, but Charterers will receive a credit against the Actual Fuel Cost for the Fuel Component of the Position Fee already paid. If the Actual Fuel Cost exceeds the Fuel Component of the Position Fee, Charterers will pay the difference to Owners within 30 days of receiving Owners' invoice for the same. If the Fuel Component of the Position Fee exceeds the

Actual Fuel Cost, the difference will be credited to Charterers and will be applied against future hire payable by Charterers. For clarity, as of and from 00:01hrs on March 1, 2026, the supply of Fuel for the Vessel will be governed by the terms of the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Canal Fee Component of the Positioning Fee will be applied in accordance with Section 2.2 below. Any canal fees subsequently incurred to position the Vessel to Galveston Bay or an Alternate Location (based on the resolution reached pursuant to Section 1.2) will be for Charterers' account.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **REDUCTION OF DELIVERY CARGO VOLUME** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Under Part I of the Charter, within the sections (rows) titled "Delivery Condition" and "Bunkers and Heel Bought and Sold", the number "6,600 m3 (+ or – 10%)" is hereby changed to "3,300 m3 (+ or – 10%)".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 In consideration of Owners agreeing to reduce the Delivery Cargo volume as set out in Section 2.1, Charterers will pay Owners a cancellation fee of $US 183,500 (the "**Cancellation Fee**") plus any applicable sales taxes, which will be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the funds already received by Owners representing the Canal Fee Component of the Positioning Fee will be applied in partial satisfaction of the Cancellation Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Charterers will pay Owners the remaining balance of $US 54,766.95 on or before March 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>GENERAL</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Parties agree that the facts set out in the recitals to this First Amending Agreement are true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Charter will be deemed to be amended in all respects necessary to give effect to the matters agreed to under this First Amendment Agreement. All terms and conditions of the Charter will remain in full force and unamended except as amended by this First Amending Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Any capitalized terms used in this First Amending Agreement which are defined in the Charter, and are not defined herein, will have the meanings given to them in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 This First Amending Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this First Amending Agreement delivered by email is deemed to have the same legal effect as delivery of an original signed copy of this First Amending Agreement.

IN WITNESS WHEREOF, the Parties have caused this First Amending Agreement to be executed with

effect as of the date first written above.

**SEASPAN ENERGY LTD.**

---

| | |
|:---|:---|
| /s/ Harly Penner | Authorized Signatory |

---

Name: Harly Penner

Title: President

**STABILIS GDS, INC.**

---

| | |
|:---|:---|
| /s/ Andrew L. Puhala | Authorized Signatory |

---

Name: Andrew L Puhala

Title: SVP & CFO

## Exhibit 10.2

**Exhibit 10.2**

**SECOND AMENDING AGREEMENT** 

THIS AGREEMENT (the "**Second Amending Agreement**") is made effective March 19, 2026 (the "**Effective Date**"), between SEASPAN ENERGY LTD. ("**Owners**") and STABILIS GDS, INC.

("**Charterers**").

WHEREAS:

&nbsp;&nbsp;&nbsp;&nbsp;A. Owners and Charterers entered into a Time Charter Party dated December 12, 2025, which was amended by a First Amending Agreement dated February 6, 2026 (the "**First Amending Agreement** ", and together with the original Time Charter Party, the "**Charter**") pertaining to the charter of the LNG bunker vessel SEASPAN GARIBALDI (the "**Vessel** ").

&nbsp;&nbsp;&nbsp;&nbsp;B. The following amounts payable by Charterers to Owners under the Charter are currently overdue or will soon become due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Charter hire for the month of March 2026 in the amount of $US 1,004,400, less a partial payment of $US 500,000 made by Charterers on the Effective Date, resulting in a balance owing of $US 504,400, which was due on February 28, 2026, pursuant to Owners' invoice number 8880072 (the "**March Hire Balance** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the purchase price for the revised Delivery Cargo volume agreed to under the First Amending Agreement, being $US 1,016,744.35, which was due on March 12, 2026, pursuant to Owners' invoice number 8880087 (the "**Delivery Cargo Balance** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the balance of the Cancellation Fee and fuel costs payable pursuant to the First Amending Agreement, which after the application of certain credits in accordance with the First Amending Agreement, amounts to $US 12,229.50, payable on or before March 31, 2026, pursuant to Owners' invoice number 8880088 (the "**Pre-Charter Adjustment Balance** ").

&nbsp;&nbsp;&nbsp;&nbsp;C. Charterers have requested that Owners agree to accept late payment of the invoiced and outstanding accounts listed above, and to defer payment of certain other amounts that will become payable under the Charter, and Owners are willing to agree to such request, subject to the terms and conditions of this Second Amending Agreement.

THEREFORE, in consideration of the covenants set out herein and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by each of the Parties, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DEFERRED PAYMENT CONDITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 On or before April 1, 2026, Charterers will pay Owners $US 500,000, which will be applied as a partial payment towards charter hire for the month of April 2026 (the remaining balance for April hire is referred to herein as the "**April Hire Balance** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Subject to Owners receiving the payment specified in Section 1.1 and the other terms and conditions of this Second Amending Agreement, Owners agree to the following deferred payment schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before May 1, 2026, Charterers will pay Owners the Delivery Cargo Balance and the Pre-Charter Adjustment Balance, plus interest accrued on such amounts at the rate set out in clause 37(f)(ii) of the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the charter period leading up to May 1, 2026, Charterers will continue to provide and pay for all Fuel and other costs for which Charterers are responsible for pursuant to clause 42 of the Charter, except that, on a case-by-case basis, Owners may agree to pay such costs on Charterers' behalf, in which case Charterers will reimburse Owners on May 1, 2026 for all such costs incurred up to such date, subject to Owners providing invoices, receipts or other reasonable evidence of payment by Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Charterers will pay the March Hire Balance and the April Hire Balance in equally monthly installments over the remainder of 2026 together with the regular monthly hire payments under the Charter. Interest will accrue and be payable on such amount at the rate set out in clause 37(f)(ii) of the Charter. During this repayment period, Charterers may elect at any time to pay the balance owed plus accrued interest in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 For certainty, hire for the month of May 2026 and going forward, and all other amounts payable pursuant to the Charter that are not expressly addressed under this Second Amending Agreement, will continue to be payable as and when required under the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Notwithstanding clause 64 (Law and Litigation) of the Charter, if Charterers are in default of any payment obligations under the Charter (as amended by this Second Amending Agreement), Owners may elect to initiate any claims, actions or legal proceedings (collectively, a "**Payment Dispute**") against Charterers, and/or against Stabilis Solutions, Inc. under the Parent Guarantee, in the United States District Court for the Southern District of Texas, or, if such court lacks subject matter jurisdiction over the Payment Dispute, then in either the Business Court or a District Court of the State of Texas situated in Harris County, Texas (each, an "**Alternative Forum** "). If Owners choose to have a Payment Dispute resolved in an Alternative Forum, Charterers and Stabilis Solutions, Inc. each agree to submit to the exclusive jurisdiction of the Alternative Forum and agree that, for the purposes of the Payment Dispute, the Charter and the Payment Dispute will be governed by and construed in accordance with the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 The Charter will be deemed to be amended in all respects necessary to give effect to the matters agreed to under Section 1 of this Second Amending Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **REMOVAL OF VESSEL PURCHASE OPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Part I of the Charter is amended by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deleting the provision titled "Purchase Option" the under the heading "Other Terms";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deleting Exhibit B (Purchase Option Terms); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deleting Exhibit C (Form of Agreement for Sale and Purchase of Vessel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 For greater certainty, the sale of the Vessel by Owners to Charterers may only be effected by mutual written agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>GENERAL</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Parties agree that the facts set out in the recitals to this Second Amending Agreement are true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 All terms and conditions of the Charter will remain in full force and unamended except as amended by the First Amending Agreement and this Second Amending Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Any capitalized terms used in this Second Amending Agreement which are defined in the Charter, and are not defined herein, will have the meanings given to them in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 This Second Amending Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Second Amending Agreement delivered by email is deemed to have the same legal effect as delivery of an original signed copy of this Second Amending Agreement.

IN WITNESS WHEREOF, the Parties have caused this Second Amending Agreement to be executed with effect as of the date first written above.

**SEASPAN ENERGY LTD.**

---

| | |
|:---|:---|
| /s/ Harly Penner | Authorized Signatory |

---

Name: Harly Penner

Title: President

**STABILIS GDS, INC.**

---

| | |
|:---|:---|
| /s/ Andrew L. Puhala | Authorized Signatory |

---

Name: Andrew L. Puhala

Title: SVP & CFO

For good and valuable consideration, the receipt and sufficiency of which is acknowledged, STABILIS SOLUTIONS, INC. agrees to be bound by Section 1.4 of this Second Amending Agreement:

**STABILIS SOLUTIONS, INC.**

---

| | |
|:---|:---|
| /s/ Casey Crenshaw | Authorized Signatory |

---

Name: Casey Crenshaw

Title: CEO

## Exhibit 10.3

**Exhibit 10.3**

**AMENDED AND RESTATED THIRD AMENDING AGREEMENT**

THIS AGREEMENT (the "Restated Third Amending Agreement") is made on April 17, 2026, between SEASPAN ENERGY LTD. ("Owners") and STABILIS GDS, INC. ("Charterers").

WHEREAS:

&nbsp;&nbsp;&nbsp;&nbsp;A. Owners and Charterers entered into a Time Charter Party dated December 12, 2025, which was amended by a First Amending Agreement dated February 6, 2026 (the "First Amending Agreement") and a Second Amending Agreement dated March 19, 2026 (the "Second Amending Agreement", and together with the original Time Charter Party and the First Amending Agreement, the "Charted') pertaining to the charter of the LNG bunker vessel SEASPAN GARIBALDI (the "Vessel");

&nbsp;&nbsp;&nbsp;&nbsp;B. On March 24, 2026, the Owners and Charterers entered into a Third Amending Agreement pursuant to which the Parties agreed to suspend the Charter until May 1 , 2026 (the "Original Third Amending Agreement"); and

&nbsp;&nbsp;&nbsp;&nbsp;C. The Parties now wish to extend the suspension of the Charter until June 1, 2026, and in order to give effect to that extension and record agreements made on related matters, the Parties wish to amend the Original Third Amending Agreement by replacing it in its entirety with this Restated Third Amending Agreement.

THEREFORE, in consideration of the covenants set out herein and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by each of the Parties, the Parties agree that the Original Third Amending Agreement is amended and is restated in its entirety to provide as follows, with effect retroactively as of and from March 24, 2026:

1 . TEMPORARY SUSPENSION OF CHARTER

1 .1 The Charter will be suspended between 00:01 hours Pacific Standard Time on April 1, 2026, and 00:01 hours Pacific Standard Time on June 1, 2026 (the "Suspension Period").

1 .2 During the Suspension Period, all terms and conditions of the Charter will be temporarily suspended, and Owners will have sole use and control of the Vessel for all purposes, including without limitation the right to use the Vessel for commercial trading on behalf of Owners.

1 .3 In consideration of Owners' agreement to the Suspension Period, Charterers will pay Owners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) $US 500,000 on or before April 1, 2026, as per section 1.1 of the Second Amending Agreement (and Owners agree to waive Charterers' obligation to pay the remaining April Hire Balance that would otherwise be payable pursuant to the Second Amending Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a suspension fee for the month of May 2026 in the amount of $US 500,000, of which $US 300,000 will be paid by Charterers on or before May 1, 2026. The balance of $US 200,000 will be paid by Charterers in six equal monthly installments, with the first installment to be paid together with the monthly hire for July 2026 on or before June 30, 2026, and each

subsequent installment to be paid together with the monthly hire payments over the remainder of 2026. Interest will accrue on the balance of $US 200,000 (as reduced by the installment payments) starting from May 1 , 2026, at the rate set out in clause 37(f)(ii) of the Charter and will be paid as a lump sum together with the final installment payment, except that Charterers may elect at any time to pay the balance owed plus accrued interest in full.

1 .4 For clarity, the Suspension Period constitutes an agreed temporary suspension of the Charter and is not an off-hire period under the Charter. Without limiting the foregoing, the Suspension Period will not give rise to Off-Hire Extensions or Off-Hire Termination Rights under the Charter.

1.5 The Charter will automatically resume at 00:01 hours Pacific Standard Time on June 1, 2026, and the Vessel will go back on hire to Charterers pursuant to the terms of the Charter, regardless of the location of the Vessel at that time. Charterers will pay Owners hire for the month of June 2026 in advance no later than May 31, 2026. The Vessel will be deemed to have been delivered once again to Charterers at such time at the nearest port to its then current location. Without limiting the foregoing, hire (except as aforesaid for June 2026 hire), Fuel costs, port charges and all other fees and expenses payable by Charterers under the terms of the Charter will become payable again in accordance with the terms of the Charter as of and from 00:01 hours Pacific Standard Time on June 1, 2026.

1 .6 The "Firm Period" portion of the charter period (as defined in the Charter) will remain unchanged at 730 days from March 1, 2026, notwithstanding the Suspension Period.

2. ADJUSTMENT TO DELIVERY CARGO AND HEEL

2.1 The sale of 3,630 m3 of Delivery Cargo and an additional 121.16 m3 of Heel on board the Vessel at delivery to Charterers pursuant to the Charter (as amended by the First Amending Agreement), for a total price of $US 928,822.53 as shown on Owners' invoice number 8880087, is hereby rescinded and cancelled. Charterers agree that they have no title, right or interest in or to such Delivery Cargo or Heel, and that Owners may utilize and/or sell the Delivery Cargo and Heel to a third party and retain the proceeds of sale for their own use absolutely.

2.2 In consideration of Owners agreeing to rescind the Delivery Cargo sale, Charterers will pay Owners a cancellation fee of $US 168,000 (the "Additional Cancellation Fee"), which for clarity is in addition to and not in substitution for the Cancellation Fee payable pursuant to the First Amending Agreement. Charterers will pay Owners the Additional Cancellation Fee on or before July 1, 2026, together with interest accrued on that amount starting from May 1 , 2026, at the rate set out in clause 37(f)(ii) of the Charter.

2.3 When the Charter resumes on June 1, 2026, Owners will ensure that the Vessel has 500 m3 (+ or — 25%) of Heel on board, which Charterers will purchase at a price of $US 10.75/mmbtu, with payment due on or before June 10, 2026.

------

3. ADJUSTMENT TO BUNKERS ON BOARD AT DELIVERY

3.1 The sale of 86.44 metric tonnes (mt) of MGO on board the Vessel at delivery to Charterers, for a total price of $87,921.83 as shown on Owners' invoice number 8880087, is hereby rescinded and cancelled. Charterers agree that they have no title, right or interest in or to such MGO.

3.2 When the Charter resumes on June 1 , 2026, Owners will ensure that the Vessel has at least 50 mt of MGO on board, which Charterers will purchase at the Fuel Price (as defined in the Charter) as of June 1, 2026, with payment due on or before June 10, 2026.

3.3 Notwithstanding Section 2 and Section 3 of this Restated Third Amending Agreement, Charterers will remain responsible to reimburse Owners for the cost of Fuel consumed by the Vessel between March 1, 2026 and the start of the Suspension Period, valued at the "Actual Fuel Cost" as defined in the First Amending Agreement. For clarity, Fuel consumed by the Vessel during the Suspension Period will be for Owners' account.

4. ADJUSTMENTS TO PREVIOUS DEFERRED PAYMENT OBLIGATIONS

4.1 Notwithstanding Section 1.2(a) of the Second Amending Agreement, the Parties agree that Charterers will pay Owners the Pre-Charter Adjustment Balance of $US 12,229.50 on or before July 1, 2026, together with interest accrued on that amount starting from April 1, 2026, at the rate set out in clause 37(f)(ii) of the Charter.

4.2 Notwithstanding Section 1.2(c) of the Second Amending Agreement, the Parties agree that Charterers will pay Owners the March Hire Balance of $US 504,400 in six equal monthly installments, with the first installment to be paid together with the monthly hire for July 2026 on or before June 30, 2026, and each subsequent installment to be paid together with the monthly hire payments over the remainder of 2026. Interest will accrue on the March Hire Balance (as reduced by the installment payments) starting from March 1, 2026, at the rate set out in clause 37(f)(ii) of the Charter and will be paid as a lump sum together with the final installment payment, except that Charterers may elect at any time to pay the balance owed plus accrued interest in full.

&nbsp;&nbsp;&nbsp;&nbsp;5. GENERAL

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Section 1.4 of the Second Amending Agreement is amended by changing the words "(as amended by this Second Amending Agreement)" in the first sentence of that provision to "(as amended by this Second Amending Agreement or any subsequent amendments to the Charter)".

&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Charter will be deemed to be amended in all respects necessary to give effect to the matters agreed to under this Restated Third Amending Agreement. All terms and conditions of the Charter (as previously amended) will remain in full force and unamended except as amended by this Restated Third Amending Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Any capitalized terms used in this Restated Third Amending Agreement which are defined in the Charter, and are not defined herein, will have the meanings given to them in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 This Restated Third Amending Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Restated Third Amending Agreement delivered by email is deemed to have the same legal effect as delivery of an original signed copy of this Restated Third Amending Agreement.

IN WITNESS WHEREOF, the Parties have caused this Restated Third Amending Agreement to be executed on the date first set out above but agreed that it will take effect retroactively as of March 24, 2026.

**SEASPAN ENERGY LTD.**

---

| | |
|:---|:---|
| /s/ Harly Penner | Authorized Signatory |

---

Name: Harly Penner

Title: President

**STABILIS GDS, INC.**

---

| | |
|:---|:---|
| /s/ Andrew L. Puhala | Authorized Signatory |

---

Name: Andrew L. Puhala

Title: SVP & CFO

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, J. Casey Crenshaw, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Stabilis Solutions, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and l5d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | May 6, 2026 |
| By: | /s/ J. Casey Crenshaw |
|  | J. Casey Crenshaw<br> Principal Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Andrew L. Puhala, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Stabilis Solutions, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and l5d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | May 6, 2026 |
| By: | /s/ Andrew L. Puhala |
|  | Andrew L. Puhala<br> Principal Financial Officer |

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, J. Casey Crenshaw, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Stabilis Solutions, Inc. on Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Stabilis Solutions, Inc.

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| | |
|:---|:---|
| Date: | May 6, 2026 |
| By: | /s/ J. Casey Crenshaw |
|  | J. Casey Crenshaw<br> Principal Executive Officer |

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I, Andrew L. Puhala, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Stabilis Solutions, Inc. on Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Form l0-Q fairly presents in all material respects the financial condition and results of operations of Stabilis Solutions, Inc.

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| | |
|:---|:---|
| Date: | May 6, 2026 |
| By: | /s/ Andrew L. Puhala |
|  | Andrew L. Puhala<br> Principal Financial Officer |

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