• The Airgas or Praxair of industrial Liquefied Natural Gas (LNG) fuel and services.
• Like Aggreko, but specializing in providing LNG fuel supply and electrical infrastructure for industrial power needs.
• A specialized Clean Energy Fuels for industrial and remote site LNG power and fuel solutions.

• Small-Scale LNG Services: Provides production, distribution, and fueling services for liquefied natural gas.
• Industrial Fuel Solutions: Offers fuel alternatives to industrial users currently relying on propane, diesel, and other crude-based fuels.
• Cryogenic Equipment Rental & Field Services: Rents specialized cryogenic equipment and provides associated field support and services.
• Electrical & Instrumentation (E&I) Services: Delivers construction, installation, and system building services for electrical and instrumentation infrastructure.

Stabilis Solutions (SLNG) primarily sells its products and services to other companies, operating in various industrial and commercial sectors. Based on the provided description, the company serves a broad range of business customers rather than individuals.

While specific major customer company names are not disclosed in the background information, Stabilis Solutions provides services and fuel solutions to businesses within the following key sectors and markets:

• Industrial Sector: This includes general industrial users requiring LNG, propane, diesel, and other crude-based fuel products, as well as those utilizing cryogenic equipment rental and field services.
• Midstream and Oilfield Sectors: Companies involved in the transportation, storage, and processing of oil and gas, as well as those in oil and gas exploration and production.
• Aerospace Market: Businesses within the aerospace industry.
• Utilities and Pipelines Market: Companies involved in utility services and pipeline infrastructure.
• Mining Market: Businesses operating in the mining industry.
• Energy Market: A broad category encompassing various energy-related companies, potentially overlapping with oilfield and midstream but also including other forms of energy.
• Commercial Market: Various commercial enterprises requiring their services.
• Transportation Market: Companies in the transportation sector utilizing fuel solutions and related services.

J. Casey Crenshaw Executive Chairman and Interim President & Chief Executive Officer

Mr. Crenshaw co-founded Stabilis Solutions in 2013 with his wife, Stacey Crenshaw, and is a majority shareholder of the company. He assumed the role of interim President & CEO in February 2025. Mr. Crenshaw also currently serves as President & CEO of The Modern Group, Ltd., a privately-held conglomerate of diversified manufacturing, parts and distribution, rental, leasing, and finance businesses.

Andrew Lewis Puhala Senior Vice President, Chief Financial Officer, and Secretary

Mr. Puhala provides financial continuity for Stabilis Solutions. His prior experience includes serving as CFO for ERA Group, American Electric Technologies, and AccessESP. He also held other senior finance roles in the energy sector, including a 15-year career at Baker Hughes, a global energy technology company.

Matt Barclay Senior Vice President, Marine

Mr. Barclay possesses over 25 years of experience in the natural gas industry, encompassing LNG production and distribution, renewable natural gas, and business development. He co-founded Prometheus Energy Company in 2003, which was subsequently acquired by Stabilis in 2019.

Koby Knight Senior Vice President of Plants, EPC, and Special Projects

Mr. Knight is an engineering executive with over 25 years of experience, specializing in the development of LNG and CNG production and fueling facilities. His expertise also extends to developing renewable natural gas facilities, high purity methane for the aerospace industry, and marine bunkering. Before joining Stabilis, Mr. Knight served as an executive at Clean Energy Fuels.

Stage Marroquin Senior Vice President, Commercial and Industrial

Mr. Marroquin has over 15 years of experience in energy, logistics, and natural gas markets. Prior to his current role, he served as Vice President of Operations and President of Stabilis' Mexico operations. Before joining Stabilis, Mr. Marroquin was the Director of Business Development at Grupo CLISA, a Mexican-based energy, logistics, and distribution company.

The key risks to Stabilis Solutions' business include the substantial execution and financing risks associated with its transformational Galveston LNG liquefaction facility, the inherent volatility of commodity prices and demand for its products, and risks related to customer concentration and contract renewals.

1. Project Execution and Financing Risk for Galveston LNG Facility: Stabilis Solutions faces significant execution and financing risks related to its proposed Galveston LNG liquefaction facility. This major strategic initiative, aimed at expanding the company's liquefaction capacity, requires substantial upfront capital, with no meaningful cash inflows expected until its scheduled completion in late 2027. Key challenges include securing project financing by Q1 2026, potential construction delays, cost overruns, and obtaining necessary regulatory approvals. A failure to secure the required financing could immediately halt the entire expansion project.
2. Commodity Price and Demand Volatility: As a provider of liquefied natural gas (LNG) and other fuel solutions, Stabilis Solutions' profitability is highly sensitive to fluctuations in natural gas prices, its primary raw material. Extreme volatility in commodity prices can compress profit margins and complicate long-term contracting. Additionally, there is a risk that projected LNG growth may not materialize, or the facility's capacity may not be fully contracted at attractive terms, which could negatively impact revenues and financial performance.
3. Customer Concentration and Contractual Risk: Stabilis Solutions has demonstrated a vulnerability to customer concentration. In 2025, the company experienced a decline in revenue due to the completion of several significant multi-year contracts, including a marine bunkering contract that accounted for approximately 32% of 2025 revenue and a remote power contract representing about 19% of 2025 revenue. While Stabilis is actively securing new long-term agreements, such as those for marine bunkering with cruise operators and a significant data center power contract, the reliance on a relatively small customer base and the continuous need for contract renewals pose ongoing risks to revenue stability and growth.

The rapid advancement and decreasing cost of renewable energy solutions (solar, wind, and battery storage) pose an emerging threat. As these technologies become more competitive and accessible, particularly for industrial, commercial, and remote applications, they could reduce demand for Stabilis Solutions' liquefied natural gas (LNG) based fueling and power generation services, as companies increasingly seek decarbonization and lower-emission energy alternatives.

The addressable markets for Stabilis Solutions' main products and services in North America are as follows:

• Small-scale Liquefied Natural Gas (LNG) Production, Distribution, and Fueling Services: The U.S. small-scale LNG market was valued at approximately USD 10.04 billion in 2024 and is projected to reach USD 31.22 billion by 2032. The North America small-scale LNG market was valued at USD 449.06 million in 2022 and is expected to increase to USD 1,220.49 million by 2030, growing at a CAGR of 13.5% during the forecast period.
• Cryogenic Equipment Rental and Field Services: The North America cryogenic equipment market was estimated at USD 5,117.6 million (USD 5.1176 billion) in 2025 and is projected to reach USD 8,372.5 million (USD 8.3725 billion) by 2033, with a compound annual growth rate of 6.4% from 2026 to 2033. The U.S. alone generated USD 4.2 billion in revenue within the cryogenic equipment market in 2025, holding around 85.7% of the North American market share.
• Electrical and Instrumentation Construction, and Installation Services; and Building Electrical Systems: The North America Electrical Services Market was valued at USD 187.07 billion in 2024 and is expected to reach USD 228.29 billion by 2030, demonstrating a CAGR of 3.37% during this period. Within this, the U.S. electrical services market was valued at USD 163.9 billion in 2024 and is expected to reach USD 294.6 billion by 2034. The electrical construction market, a component of these services in the U.S., was valued at over USD 115 billion in 2024.
• Fuel Solutions to Industrial Users of Propane, Diesel, and other Crude-Based Fuel Products: The specific addressable market size for "fuel solutions to industrial users of propane, diesel, and other crude-based fuel products" in North America is not available in the provided information. While the broader North America Fuel Distribution Market was valued at US$ 4.8 trillion in 2026 and is projected to reach US$ 6.5 trillion by 2033, this market is too general to represent Stabilis Solutions' specific offerings within the industrial segment for these fuel types.

Stabilis Solutions, Inc. (SLNG) is poised for future revenue growth over the next 2-3 years, driven by its strategic expansion into new markets and increased demand in key existing sectors. The anticipated drivers include:

1. Expansion into Data Center Power Generation: Stabilis Solutions has secured a significant multi-year take-or-pay contract to supply liquefied natural gas (LNG) for behind-the-meter power generation to a U.S. data center. This contract is estimated at approximately $200 million over a two-year term, with LNG deliveries projected to begin in the first quarter of 2027, marking a substantial entry into a high-growth market.
2. Growth in Marine Bunkering Operations: The company is actively developing a proposed Galveston LNG liquefaction facility, which is expected to significantly increase its total liquefaction capacity. This expansion is anchored by two 10-year LNG bunkering agreements with cruise vessel operators, with deliveries commencing in 2027. The facility, along with plans for a dedicated Jones Act-compliant bunkering vessel, aims to serve cruise customers and other marine end markets in the Port of Galveston, Port of Houston, and surrounding Gulf Coast areas.
3. Increasing Demand from the Aerospace Sector: Stabilis Solutions anticipates continued strong demand for high-purity LNG from the aerospace industry, driven by robust commercial rocket launch activity. Management expects meaningful year-over-year growth in aerospace revenue, potentially in the range of 30% to 40% in 2026 compared to 2025. The aerospace sector is projected to make up a growing portion of the company's LNG sales volumes.
4. Sustained Growth in the Industrial Sector: The company has also noted an increase in revenues from the industrial sector, indicating ongoing demand for its LNG fuel solutions among industrial users. This segment continues to contribute to Stabilis Solutions' overall revenue.

Capital Allocation Decisions (Last 3-5 Years)

Inbound Investments

• The proposed Galveston LNG liquefaction facility is expected to be funded through a special purpose vehicle with project-level debt and equity from third-party investors.
• A $200 million, two-year contract for behind-the-meter power generation for a U.S. data center, commencing in early 2027, will have its associated capital investment in mobile equipment and related assets funded by customer prepayments.

Capital Expenditures

• Capital expenditures in Q4 2025 totaled $3.1 million, primarily focused on early engineering and long-lead items for the proposed Galveston LNG liquefaction facility and a related Jones Act LNG bunker barge.
• For Q1 2026, Stabilis Solutions anticipates investing an additional $1 million to $2 million in the Galveston project and for routine maintenance capital expenditures.
• The total capital required for the proposed Galveston LNG liquefaction facility is estimated to be between $350 million and $400 million.