What changed in Stabilis Solutions, Inc.'s 2025 10-K compared to 2024?

Across the narrative sections we track, Stabilis Solutions, Inc. (SLNG) added 276 paragraphs, removed 210, and edited 165 between the 2024 and 2025 10-K filings. The biggest movers are Item 1. Business (+156/−112), Item 6. [Reserved] (+116/−93), Item 2. Properties (+2/−3).

Where does this SLNG 10-K diff come from?

The source filings are Stabilis Solutions, Inc.'s official 2024 and 2025 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in Stabilis Solutions, Inc.'s 10-K — 2024 vs 2025

Paragraph-level year-over-year comparison of Stabilis Solutions, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+276 added−210 removedSource: 10-K (2026-03-05) vs 10-K (2025-02-25)

Item 1. Business

Business — how the company describes what it does

93 edited+63 added−19 removed223 unchanged

2024 filing

2025 filing

Biggest changeThe loss of which could disrupt our operations, adversely impact the achievement of our objectives and increase our exposure to the other risks described herein; • failure of investments in technology and machinery, such as liquefaction technology or LNG tank truck technology, to perform as expected; • failure to maintain important pre-existing third-party relationships; • increases in competition which could increase costs and undermine profits; • inability to source LNG in sufficient quantities and/or at economically attractive prices; • failure to anticipate and adapt to new trends in the energy sector in North America and elsewhere; • increases in operating costs, including the need for capital improvements, insurance premiums, general taxes, real estate taxes and utilities, affecting our profit margins; • inability to raise significant additional debt and equity capital in the future to implement our business strategy as well as to operate and expand our business; • inflation, depreciation of the currencies of the countries in which we operate and fluctuations in interest rates; • failure to obtain approvals from governmental regulators and relevant local authorities for the construction and operation of potential future projects and other relevant approvals; • existing and future governmental laws and regulations as well as potential changes in regulatory, geopolitical, social, economic, tax or monetary policies and other factors within the areas we operate or intend to operate; or • inability, or failure, of a significant customer to perform its contractual obligations for any reason, including nonpayment and nonperformance. 11 Table of Contents Any failure to perform by our counterparties under agreements may adversely affect our operating results, liquidity and access to financing.

Biggest changeOur future ability to execute our business strategy is uncertain, and it can be expected that one or more of the following factors will prove to be incorrect or that we will face unanticipated events and circumstances that may adversely affect our business which may adversely affect our financial condition, results of operations and ability to execute our business strategy: • failure to win new bids or contracts; • failure to obtain project financing, or delays in the construction of our proposed new Galveston LNG liquefaction facility or commissioning of our Jones Act-compliant LNG marine bunkering vessel could prevent the Company from meeting conditions precedent to contracts with certain customers; • failure to manage expanding operations in the projected time frame, including the construction of our proposed new Galveston LNG liquefaction facility and the expansion of our operations for our new contract with a customer for remote power generation at a data center commencing in 2027; • failure to maintain compliance with covenants related to our debt, which, if not cured or waived, would give our lenders the right to accelerate payment of the Company’s debt which could adversely affect our liquidity, our ability to continue expansion efforts and continue normal operations. • inability to structure innovative and profitable energy-related transactions, maintain cost-effective logistics solutions and to optimally manage performance and counterparty risks; • inability to attract and retain personnel in a timely and cost-effective manner as we are highly dependent on principal members of our management team and certain of our other employees, the loss of which could disrupt our operations, adversely impact the achievement of our objectives and increase our exposure to the other risks described herein; • failure of investments in technology and machinery, such as liquefaction technology or LNG tank truck technology, to perform as expected; • failure to maintain important pre-existing third-party relationships; • increases in competition and/or failure to anticipate and adapt to new trends in the energy sector in North America and elsewhere; which could undermine profits; • inability to source LNG in sufficient quantities and/or at economically attractive prices; • increases in operating costs, including the need for capital improvements, insurance premiums, general taxes, real estate taxes and utilities, affecting our profit margins; • inflation, depreciation of the currencies of the countries in which we operate and fluctuations in interest rates; • failure to obtain approvals from governmental regulators and relevant local authorities for the construction and operation of potential future projects and other relevant approvals; • existing and future governmental laws and regulations as well as potential changes in regulatory, geopolitical, social, economic, tax or monetary policies and other factors within the areas we operate or intend to operate; or • inability, or failure, of a significant customer to perform its contractual obligations for any reason, including nonpayment and nonperformance. 10 Table of Contents Any failure to perform by our counterparties under agreements may adversely affect our operating results, liquidity and access to financing.

Within Stabilis' predominately land-based commercial and industrial (C&I) markets, Stabilis does not believe that we compete with mid-scale and world-scale LNG liquefiers that produce more than 1,700,000 LNG gallons per day (approximately 2,700 tonnes per day or 1.0 MTPA).

Within Stabilis' predominately land-based commercial and industrial (C&I) markets, Stabilis does not believe that we compete with mid-scale and world-scale LNG liquefiers that produce more than 1,700,000 gallons per day (approximately 2,700 tonnes per day or 1.0 MTPA).

Among other things, these provisions: • allow the authorized number of our directors to be fixed only by resolution of our Board of Directors; • establish advance notice requirements for stockholder proposals that can be acted on at stockholder meetings and nominations to our Board of Directors; • require that stockholder actions must be effected at a duly called stockholder meeting or by our stockholders by written consent of the holders of over 50% of the votes that all our stockholders would be entitled to cast; • authorize our Board of Directors to issue preferred stock without stockholder approval, which could be used to institute a shareholder rights plan, or so-called “poison pill,” that would work to dilute the stock ownership of a potential hostile acquirer, effectively preventing acquisitions that have not been approved by our Board of Directors; • require the proposal of our Board of Directors and the approval of the holders of over 50% of the votes that all our stockholders would be entitled to cast to amend our charter; and • require the approval of the holders of over 50% of the votes that all our stockholders would be entitled to cast to amend our bylaws.

Among other things, these provisions: • allow the authorized number of our directors to be fixed only by resolution of our Board of Directors; • establish advance notice requirements for stockholder proposals that can be acted on at stockholder meetings and nominations to our Board of Directors; • require that stockholder actions must be effected at a duly called stockholder meeting or by our stockholders by written consent of the holders of over 50% of the votes that all our stockholders would be entitled to cast; • authorize our Board of Directors to issue preferred stock without stockholder approval, which could be used to institute a shareholder rights plan, or so-called “poison pill,” that would work to dilute the stock ownership of a potential hostile acquirer, effectively preventing acquisitions that have not been approved by our Board of Directors; and • require the proposal of our Board of Directors and the approval of the holders of over 50% of the votes that all our stockholders would be entitled to cast to amend our charter.

Stabilis offers our customers a comprehensive off-pipeline natural gas solution by providing the supply infrastructure, transportation and logistics, and field service support necessary to deliver LNG to them in a program that is tailored to their consumption needs. We believe we own one of the largest fleets of small-scale cryogenic transportation, storage, and vaporization equipment in North America.

Stabilis offers our customers a comprehensive off-pipeline natural gas solution by providing the supply infrastructure, transportation and logistics, and field service support necessary to deliver LNG in a program that is tailored to their consumption needs. We believe we own one of the largest fleets of small-scale cryogenic transportation, storage, and vaporization equipment in North America.

Our business involves our entering into various purchase and sale, hedging and other transactions with numerous third parties (commonly referred to as “counterparties”). In such arrangements, we are exposed to the performance and credit risks of our counterparties, including the risk that one or more counterparties fails to perform its obligation to make deliveries of commodities and/or to make payments.

Our business involves our entering into various purchase and sale and other transactions with numerous third parties (commonly referred to as “counterparties”). In such arrangements, we are exposed to the performance and credit risks of our counterparties, including the risk that one or more counterparties fails to perform its obligation to make deliveries of commodities and/or to make payments.

This annual report on Form 10-K, including all exhibits and amendments, has been filed electronically with the SEC. 10 Table of Contents ITEM 1A. RISK FACTORS Investing in shares of our common stock involves a high degree of risk.

This annual report on Form 10-K, including all exhibits and amendments, has been filed electronically with the SEC. 9 Table of Contents ITEM 1A. RISK FACTORS Investing in shares of our common stock involves a high degree of risk.

In addition, investors’ perceptions that our internal controls are inadequate or that we are unable to produce accurate financial statements on a timely basis may harm our stock price. 22 Table of Contents ITEM 1B. UNRESOLVED STAFF COMMENTS None.

The Company expects that additional marine bunkering opportunities will become available as newly constructed marine vessels that use LNG as the primary fuel of choice are delivered to vessel fleets and commence routine operations in North America. Mining .

Environmental, social, and governance ( “ ESG ” ) goals, programs, and reporting are increasingly being identified by capital providers and investors as a priority for the energy industry, and access to capital and investors for companies not prioritizing ESG may become increasingly limited.

Environmental, social, and governance ( “ ESG ” ) goals, programs, and reporting are being identified by capital providers and investors as a priority for the energy industry, and access to capital and investors for companies not prioritizing ESG may become limited.

We cannot predict whether or to what extent damage that may be caused by natural events, such as severe tropical storms and hurricanes, will affect our operations or the economies in our current or future market areas, but the increased frequency and severity of such weather events could increase the negative impacts to economic conditions in these regions and result in a decline in the value or the destruction of our liquefiers and downstream facilities or affect our ability to transport LNG.

We cannot predict whether or to what extent damage that may be caused by natural events, such as severe tropical storms and hurricanes, will affect our operations or the economies in our current or future market areas, but the increased frequency and severity of such weather events could increase the negative impacts to economic conditions in these regions and result in a decline in the value or the destruction of our liquefiers, construction in progress and downstream facilities or affect our ability to transport LNG.

We believe these customer markets are well suited to use LNG because they consume relatively high volumes of fuel, operate in mobile, temporary or off-pipeline locations, have limited access to alternative fuel sources, and/or are facing increasingly stringent emissions or other environmental requirements. We currently serve approximately 35 customers.

Spurred by increasing concerns regarding climate change, the energy industry faces growing demand for corporate transparency and a demonstrated commitment to sustainability goals. ESG goals and programs, which typically include extralegal targets related to environmental stewardship, social responsibility and corporate governance, have become an increasing focus of investors and shareholders across the industry.

Spurred by increasing concerns regarding climate change, the energy industry faces growing demand for corporate transparency and a demonstrated commitment to sustainability goals. ESG goals and programs, which typically include extralegal targets related to environmental stewardship, social responsibility and corporate governance, have become a focus of some investors and shareholders across the industry.

Casey Crenshaw has beneficial ownership of 71.3% of the outstanding shares of our common stock. As a result, Mr. Crenshaw may control all matters that require stockholder approval, as well as our management and affairs. For example, Mr. Crenshaw may unilaterally approve the election of directors and any merger, consolidation or sale of all or substantially all of our assets.

Casey Crenshaw has beneficial ownership of 71.2% of the outstanding shares of our common stock. As a result, Mr. Crenshaw may control all matters that require stockholder approval, as well as our management and affairs. For example, Mr. Crenshaw may unilaterally approve the election of directors and any merger, consolidation or sale of all or substantially all of our assets.

Moreover, because we are incorporated in Florida, we are governed by the provisions of Section 607.0901 and 607.0902 of the Florida Business Corporation Act. In general, Section 607.0901 regulates certain transactions between a corporation and an “interested shareholder,” one who beneficially owns more than ten percent of the corporation’s outstanding voting shares.

Moreover, because we are incorporated in Florida, we are governed by the provisions of Section 607.0901 and 607.0902 of the Florida Business Corporation Act. In general, Section 607.0901 regulates certain transactions between a corporation and an “interested shareholder,” one who beneficially owns more than fifteen percent of the corporation’s outstanding voting shares.

If we are unable to raise additional funds when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts. Our common stock is thinly traded with a limited market and volatile. There is currently a limited public market for our common stock.

If we are unable to raise additional funds when needed, we may be required to delay, limit, reduce or terminate our facility development projects, product development or future commercialization efforts. Our common stock is thinly traded with a limited market and volatile. There is currently a limited public market for our common stock.

We believe the relative environmental benefits of natural gas as a fuel are becoming increasingly important as our customers expand their corporate sustainability mandates to lower greenhouse gas emissions and increase decarbonization initiatives. Less Expensive than Other Traditional Fuels.

If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock, and our stock price may be more volatile. 19 Table of Contents J. Casey Crenshaw has voting control over our Company. As of December 31, 2024, J.

Seasonality We did not experience significant seasonal variations in volume of LNG delivered to our customers during 2024, and we do not expect future volumes to be significantly impacted by seasonal variations. However, our revenues are susceptible to variations due to changes in the price of natural gas.

Seasonality We did not experience significant seasonal variations in volume of LNG delivered to our customers during 2025, and we do not expect future volumes to be significantly impacted by seasonal variations. However, our revenues are susceptible to variations due to changes in the price of natural gas.

Intellectual Property The intellectual property portfolio of Stabilis and its subsidiaries includes patents and trademarks. The Company has a patent in the US, Canada and Mexico for the use of natural gas for well enhancement. The Company has two patents for rotary fluid processing systems and a US patent for a gas processing system.

Intellectual Property The intellectual property portfolio of Stabilis and its subsidiaries includes patents and trademarks. The Company has a patent in the US, Canada and Mexico for the use of natural gas for well enhancement. The Company has one patent for rotary fluid processing systems and a US patent for a gas processing system.

LNG displaces some of the total diesel fuel consumption in these applications using dual-fuel engine technology. We believe that energy producers can use LNG to reduce fuel costs and to meet environmental emissions requirements. Industrial. Industrial applications for LNG include sand and aggregate producers, asphalt plants, food processers, paper mills, and general manufacturing facilities.

LNG displaces some of the total diesel fuel consumption in these applications using dual-fuel engine technology. We believe that oil and gas producers can use LNG to reduce fuel costs and to meet environmental emissions requirements. Industrial. Industrial applications for LNG include sand and aggregate producers, asphalt plants, food processers, paper mills, and general manufacturing facilities.

We also must comply with foreign regulations regarding to the extent we transport LNG within Canada and Mexico. Greenhouse Gases/Climate Change. From time to time, there may be federal and state regulatory and policy initiatives to reduce green house ("GHG") emissions in the United States from a variety of sources.

We also must comply with foreign regulations regarding to the extent we transport LNG within Canada and Mexico. 13 Table of Contents Greenhouse Gases/Climate Change. From time to time, there may be federal and state regulatory and policy initiatives to reduce green house ("GHG") emissions in the United States from a variety of sources.

We anticipate that our expenses will increase substantially if and as we: • seek to identify additional expansion of business operation opportunities; • establish a sales, marketing and distribution infrastructure to commercialize our business and products; and • add operational, financial and management information systems and personnel, including personnel to support our business development and planned future commercialization efforts.

We anticipate that our expenses will increase substantially if and as we: • seek to identify additional expansion of business operation opportunities; • establish a sales, marketing and distribution infrastructure to commercialize our business and products; and 17 Table of Contents • add operational, financial and management information systems and personnel, including personnel to support our business development and planned future commercialization efforts.

We have experience serving customers in multiple end markets including aerospace, agriculture, energy, industrial, marine bunkering, mining, pipeline, remote power and utilities. We also have experience exporting LNG to Mexico, Canada and Europe. Finally, we believe our team is among the most experienced in the small-scale LNG industry.

We have experience serving customers in multiple end markets including aerospace, agriculture, industrial, marine bunkering, mining, oil and gas, pipeline, remote power and utilities. We also have experience exporting LNG to Mexico, Canada and Europe. Finally, we believe our team is among the most experienced in the small-scale LNG industry.

There is a growing consensus today that climate change increases the frequency and severity of extreme weather events and, in recent years, the frequency of major weather events appears to have increased.

There is a growing concern today that climate change increases the frequency and severity of extreme weather events and, in recent years, the frequency of major weather events appears to have increased.

The Agriculture industry utilizes LNG to power high horsepower engines, greenhouses and also for agricultural dryers for generating heat as LNG has a clean and consistent burn that makes heating operations more predictable. Energy. Energy producers use high horsepower engines and turbines to power their drilling and pressure pumping operations.

The Agriculture industry utilizes LNG to power high horsepower engines, greenhouses and also for agricultural dryers for generating heat as LNG has a clean and consistent burn that makes heating operations more predictable. Oil and Gas. Oil and Gas producers use high horsepower engines and turbines to power their drilling and pressure pumping operations.

We believe that we can leverage this proven LNG execution experience to grow our business in existing markets and expand our business into new markets. Comprehensive provider of “ virtual natural gas pipeline ” solutions throughout North America.

We believe that we can leverage this proven LNG execution experience to grow our business in existing markets and expand our business into new markets. 7 Table of Contents Comprehensive provider of “ virtual natural gas pipeline ” solutions throughout North America.

ULSD, Propane & LNG pricing- December 31, 2014 to December 31, 2024 Better Safety than Alternative Fuels. The physical characteristics of LNG make it a safer and more environmentally friendly fuel when compared to diesel and propane because it boils and dissipates rapidly into the air when spilled instead of pooling on or near the ground.

ULSD, Propane & LNG pricing- December 31, 2015 to December 31, 2025 Better Safety than Alternative Fuels. The physical characteristics of LNG make it a safer and more environmentally friendly fuel when compared to diesel and propane because it boils and dissipates rapidly into the air when spilled instead of pooling on or near the ground.

The Company depends on all of its employees, including its executive officers and senior management, to successfully operate its businesses and to successfully execute its strategy going forward. As of December 31, 2024, Stabilis had 104 employees, all of whom were full-time employees. We believe our relations with employees are satisfactory.

The Company depends on all of its employees, including its executive officers and senior management, to successfully operate its businesses and to successfully execute its strategy going forward. As of December 31, 2025, Stabilis had 85 employees, all of whom were full-time employees. We believe our relations with employees are satisfactory.

Timely and cost-effective completion of energy-related infrastructure, including liquefaction facilities, as well as future projects, in compliance with agreed specifications is central to our business strategy and is highly dependent on the performance of our contractors.

Timely and cost-effective completion of energy-related infrastructure, including maintenance and expansion of existing liquefaction facilities, as well as construction of future projects, in compliance with agreed specifications is central to our business strategy and is highly dependent on the performance of our contractors.

The Aerospace industry utilizes LNG as a propellant for rocket propulsion systems and LNG provides an economical, clean burning, and easily stored fuel for rocket engines. Aerospace firms may also utilize LNG for power generation at remote facilities. Agriculture.

We have operations and investment in foreign countries and we could experience losses from weakening foreign economies as well as unforeseen or unexpected operating, financial, political or cultural factors in these countries. We currently have operations in Mexico and in China.

We currently have operations in Mexico and in China. We could experience losses resulting from weakening foreign economies (including foreign exchange losses), as well as unforeseen or unexpected operating, financial, political or cultural factors in these countries.

For the year ended December 31, 2024, Carnival Corporation and Aggreko Plc each accounted for more than 10% of our revenues. Any material nonpayment or nonperformance by our customers could have a materially adverse effect on our financial condition and results of operations.

For the year ended December 31, 2025, Carnival Corporation, Aggreko Plc and Space Exploration Technologies Corp each accounted for more than 10% of our revenues. Any material nonpayment or nonperformance by our customers could have a materially adverse effect on our financial condition and results of operations.

We have safely delivered over 530 million gallons of LNG through more than 55,000 truck deliveries during our 21 year operating history, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America.

We have safely delivered over 580 million gallons of LNG through more than 60,000 truck deliveries during our 22 year operating history, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America.

Operation and/or construction of our LNG infrastructure, liquefaction and other facilities involves significant risks.

Operation of our LNG infrastructure, liquefaction and other facilities involves significant risks.

ITEM 1. BUSINESS OVERVIEW Our Company Stabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) is an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions using liquefied natural gas (“LNG”) to multiple end markets.

ITEM 1. BUSINESS OVERVIEW Our Company 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.

In 2024, we delivered LNG to Mexico under this authorization. 9 Table of Contents Human Capital Resources Stabilis believes that one of its key assets is the collective expertise, experience and diversity of its workforce.

In 2024, we delivered LNG, via truck, to Mexico under this authorization. Human Capital Resources Stabilis believes that one of its key assets is the collective expertise, experience and diversity of its workforce.

U.S. natural gas supplies are price advantaged and face less price volatility versus natural gas from outside the U.S. 7 Table of Contents Demonstrated ability to execute LNG projects safely and cost effectively. Stabilis has produced and delivered over 530 million gallons of LNG to our customers throughout our 21-year operating history.

U.S. natural gas supplies are price advantaged and face less price volatility versus natural gas from outside the U.S. Demonstrated ability to execute LNG projects safely and cost effectively. Stabilis has produced and delivered over 580 million gallons of LNG to our customers throughout our 22-year operating history.

The Company provides LNG solutions to customers in diverse end markets, including aerospace, agriculture, energy, industrial, marine bunkering, mining, pipeline, remote power and utility markets. 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 as an equity investment.

The Company provides LNG solutions to customers in diverse end markets, including aerospace, agriculture, industrial, marine bunkering, mining, oil and gas, pipeline, remote power and utility markets. 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”).

The balance of our investment in BOMAY at December 31, 2024 was $11.7 million accounted for using the equity method of accounting and is subject to risk. See Note 7 of the Notes to Consolidated Financial Statements for further discussion or our investment in BOMAY.

The balance of our investment in BOMAY at December 31, 2025 was $11.9 million accounted for using the equity method of accounting and is subject to risk. See Note 6 of the Notes to Consolidated Financial Statements for further discussion of our investment in BOMAY.

Decreased demand for natural gas may result in significant price competition and decrease the prices we are able to charge, which would have a material adverse effect on our results of operations, financial condition and ability to execute our strategy. 15 Table of Contents Technological innovation may render our processes obsolete.

The authorization is for shipments of LNG for a term of 28 years with approximately 26 years remaining under this authorization. As of December 31, 2024, the Company has met the initial time requirement to initiate exports to non-FTA countries. In 2024, we delivered LNG to Europe under this authorization.

The authorization is for shipments of LNG for a term of 28 years with approximately 25 years remaining under this authorization. In the third quarter of 2024, the Company met the initial time requirement to initiate exports to non-FTA countries. In 2024, we delivered LNG to Europe under this authorization.

Finally, our customer contracts contain various termination rights, including, without limitation: • for no cause by giving notice as agreed in the contract; • upon the occurrence of certain events of force majeure; • if we fail to make available specified scheduled cargo quantities; • upon the occurrence of certain uncured payment defaults; • upon the occurrence of an insolvency event; • upon the occurrence of certain uncured, material breaches; and • if we fail to commence commercial operations within the agreed timeframes.

Finally, our customer contracts may contain various termination rights, including, without limitation: • for no cause by giving notice as agreed in the contract; • if we fail to secure financing for the construction of our proposed Galveston LNG liquefaction facility. • if we fail to commence commercial operations within the agreed timeframes. • upon the occurrence of certain events of force majeure; • if we fail to make available specified scheduled cargo quantities; • upon the occurrence of certain uncured payment defaults; • upon the occurrence of an insolvency event; and • upon the occurrence of certain uncured, material breaches; Contracts that we enter into in the future may contain similar provisions.

For the year ended December 31, 2024, Carnival Corporation and Aggreko Plc each accounted for more than 10% of our revenues. During such period, no other purchaser accounted for 10% or more of our revenue. Aerospace.

For the year ended December 31, 2025, Carnival Corporation, Aggreko Plc and Space Exploration Technologies Corp each accounted for more than 10% of our revenues. During such period, no other purchaser accounted for 10% or more of our revenue. Aerospace / Rocket Propulsion.

The Company sources all of its natural gas used as feedstock in its liquefaction facilities and purchases most of its LNG acquired from third parties from U.S. sources.

The Company sources all of its natural gas used as feedstock in its liquefaction facilities and purchases most of its LNG acquired from third parties from U.S. sources. Deliveries of LNG within Mexico can be sourced from both U.S. and from third parties within Mexico.

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.

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.

To build and operate LNG liquefaction plants, Stabilis must apply for facility permits or licenses that address many factors, including building codes, storm water and wastewater discharges, waste handling, and air emissions related to production activities and equipment operation. The construction of LNG plants must also be approved by local planning boards and fire departments. Transportation of LNG.

Construction and Operation of LNG Liquefaction Plants. To build and operate LNG liquefaction plants, Stabilis must apply for facility permits or licenses that address many factors, including building codes, storm water and wastewater discharges, waste handling, and air emissions related to production activities and equipment operation.

The loss of a significant customer or inability of a significant customer to perform under contract could adversely affect our operating results and ability to generate cash flows. We currently depend upon a limited number of customers.

Such acceleration could adversely effect our liquidity, our ability to continue expansion efforts and continue normal operations. The loss of a significant customer or inability of a significant customer to perform under contract could adversely affect our operating results and ability to generate cash flows. We currently depend upon a limited number of customers.

These potential risks include, among other things, the following: • we may be unable to complete construction projects on schedule or at the budgeted cost due to the unavailability of required construction personnel or materials, inability obtain key permits or land use approvals including those required under environmental laws, occurrence of accidents or weather conditions, changes in regulatory requirements or challenges by citizens groups or non-governmental organizations, including those opposed to fossil fuel energy sources; • we will not receive any material increase in operating cash flows until a project is completed, even though we may have expended considerable funds during the construction phase, which may be prolonged; • we may construct facilities to capture anticipated future energy consumption growth in a region in which such growth does not materialize; and • the completion or success of our construction project may depend on the completion of a third-party construction project that we do not control and that may be subject to numerous additional potential risks, delays and complexities.

These potential risks include, among other things, the following: • we may be unable to complete construction projects on schedule or at the budgeted cost due to the unavailability of required construction personnel or materials, inability obtain key permits or land use approvals including those required under environmental laws, occurrence of accidents or weather conditions, changes in regulatory requirements or challenges by citizens groups or non-governmental organizations, including those opposed to fossil fuel energy sources; • we will not receive any material increase in operating cash flows until a project is completed, even though we may have expended considerable funds during the construction phase, which may be prolonged; • we may construct facilities to capture anticipated future energy consumption growth in a region in which such growth does not materialize; • we may experience material cost overruns due to unforeseen additional costs incurred or material cost increases incurred, with no alternative avenues for remedy; and • we may be unable to secure financing sufficient to commence or complete construction, or the financing terms may be uneconomic.

We are dependent upon the available labor pool of skilled employees. We compete with other energy companies and other employers to attract and retain qualified personnel with the technical skills and experience required to construct and operate energy-related infrastructure and to provide our customers with the highest quality service.

We compete with other energy companies and other employers to attract and retain qualified personnel with the technical skills and experience required to construct and operate energy-related infrastructure and to provide our customers with the highest quality service.

Regulations that significantly affect our operating activities are described below. Compliance with these regulations has not had a material effect on our capital expenditures, earnings or competitive position to date, but new laws or regulations or amendments to existing laws or regulations to make them more stringent could have such an effect in the future.

We believe that we are in compliance with all environmental and other governmental regulations. Compliance with these regulations has not had a material effect on our capital expenditures, earnings or competitive position to date, but new laws or regulations or amendments to existing laws or regulations to make them more stringent could have such an effect in the future.

Failure to keep up with the pace of technological innovation could materially and adversely affect our business, ability to realize benefits from future projects, results of operations, financial condition, liquidity and ability to execute our strategy. S ome of our competitors have greater financial, technological and other resources than we currently possess.

Any changes in trucking operations due to changes in regulations or loss of a LNG transportation provider could have an adverse effect on our business, results of operations, financial condition, liquidity and execution of our strategy. S ome of our competitors have greater financial, technological and other resources than we currently possess.

Any event that interrupts the revenues generated by our operations, or that causes us to make significant expenditures not covered by insurance, could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and ability to execute our strategy. 14 Table of Contents We expect to be dependent on contractors for the successful completion of our energy-related infrastructure.

We cannot estimate the costs that may be required for us to comply with potential new laws or changes to existing laws, and these unknown costs are not contemplated by our existing customer agreements or our budgets and cost estimates. We believe that we are in compliance with all environmental and other governmental regulations.

Regulations that significantly affect our operating activities are described below. We cannot estimate the costs that may be required for us to comply with potential new laws or changes to existing laws, and these unknown costs are not contemplated by our existing customer agreements or our budgets and cost estimates.

In addition, utilities and other power providers can also utilize LNG to provide clean distributed power when access to an electrical grid is limited, additional power is needed during times of peak load, or power infrastructure is damaged due to storms such as hurricanes or wildfires. China.

LNG can provide rapid deployable clean distributed power when access to an electrical grid is limited, additional power is needed during times of peak load, delays in construction of infrastructure, or power infrastructure is damaged due to storms such as hurricanes or wildfires.

Failure of LNG to be a competitive source of energy in the markets in which we operate, and seek to operate, could adversely affect our expansion strategy. Natural gas competes with other sources of energy, including coal, oil, nuclear, hydroelectric, wind and solar energy, which may become available at a lower cost in certain markets.

Natural gas competes with other sources of energy, including coal, oil, nuclear, hydroelectric, wind and solar energy, which may become available at a lower cost in certain markets. Our operations are, and will be, dependent upon LNG being a competitive source of energy in the markets in which we operate.

The superior resources that some of these competitors have available for deployment could allow them to compete successfully against us, which could have a material adverse effect on our business, ability to realize benefits from future projects, results of operations, financial condition, liquidity and ability to execute our strategy. 15 Table of Contents Failure of LNG to be a competitive source of energy in the markets in which we operate, and seek to operate, could adversely affect our expansion strategy.

Other natural or man-made disasters could result in an interruption of our operations, a delay in the completion of future facilities, higher construction costs or the deferral of the dates on which payments are due under our customer contracts, all of which could adversely affect us.

Even the threat of a severe weather event could impact our business, financial condition or the price of our common stock. 14 Table of Contents Other natural or man-made disasters could result in an interruption of our operations, a delay in the completion of future facilities, higher construction costs or the deferral of the dates on which payments are due under our customer contracts, all of which could adversely affect us.

Mines also use LNG as a fuel for their mine trucks and other high horsepower engine equipment. In addition to fuel cost benefits, LNG can help reduce emissions at mines that are often located in environmentally sensitive areas. Pipeline, Remote Power and Utilities . LNG usage in utility and pipeline applications varies by project type.

Mines use LNG to fuel electrical generators and to produce heat for their processing activities. Mines also use LNG as a fuel for their mine trucks and other high horsepower engine equipment. In addition to fuel cost benefits, LNG can help reduce emissions at mines that are often located in environmentally sensitive areas. Pipeline and Utilities .

At December 31, 2024, there were 657 LNG fueled marine vessels in the global fleet with 627 more new build vessels on order for delivery by 2033, practically doubling the number of LNG fueled vessels by 2033. New build container ships represent the largest sector with 314 vessels on order by 2033.

At December 31, 2025, there were 851 LNG fueled marine vessels in the global fleet with 670 more new build vessels on order for delivery by 2033, a 79% increase in the number of LNG fueled vessels by 2033. New build container ships represent the largest sector with 411 vessels on order by 2033.

In the future, we may pursue offerings of debt or equity securities or rely on future borrowings of debt to provide additional working capital. 17 Table of Contents If we are unable to secure additional funding, or if it is only available on terms that we determine are not acceptable, we may be forced to delay, reduce or eliminate parts of our business development efforts, or we may otherwise be unable to fully execute our business plan, and our business, financial condition or results of operations may be adversely affected.

If we are unable to secure additional funding, or if it is only available on terms that we determine are not acceptable, we may be forced to delay, reduce or eliminate parts of our expansion efforts, or we may otherwise be unable to fully execute our business plan, and our business, financial condition or results of operations may be adversely affected.

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.

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.

Stabilis believes that many of our customers use LNG because it can significantly reduce harmful carbon dioxide, nitrogen oxide, sulfur, particulate matter, and other emissions as compared to other hydrocarbon-based fuels. We also believe that the combination of cost and environmental benefits makes LNG a compelling fuel source for many energy consumers.

Increased inflation or periods of prolonged inflation may adversely impact the economy, our industry and results of operations. While we pass a significant portion of the cost of natural gas and transportation on to our customers, we are not able to pass through all costs.

While we pass a significant portion of the cost of natural gas and transportation on to our customers, we are not able to pass through all costs.

In addition, if ESG metrics and/or reporting become mandatory, our costs of planning, measuring, monitoring, and reporting on our operations could increase and could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and ability to execute our strategy. 16 Table of Contents We have operations and investment in foreign countries and we could experience losses from weakening foreign economies as well as unforeseen or unexpected operating, financial, political or cultural factors in these countries.

See Note 7 of the Notes to Consolidated Financial Statements for additional information on our investment in the foreign joint venture. Risks Inherent in an Investment in Us Investment in us is speculative. We will continue to incur significant capital and operating expenditures while we develop infrastructure for our supply chain and other future projects.

Risks Inherent in an Investment in Us Investment in us is speculative. We will continue to incur significant capital and operating expenditures while we develop infrastructure for our supply chain and other future projects. We will need to invest significant amounts of additional capital to implement our strategy.

If we were to incur a material loss related to commodity price risks, including non-compliance with our risk management strategies, it could have a material adverse effect on our financial position, results of operations and cash flows. 16 Table of Contents We may experience increased labor costs, and the unavailability of skilled workers or failure to attract and retain qualified personnel could adversely affect us.

For exports to FTA countries, the Company has five years from the date it received the authorization with which to initiate exportation of LNG.

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.

The success of our current operations and future projects will depend in part on our ability to create and maintain a competitive position in the natural gas liquefaction industry.

Technological innovation may render our liquefaction processes obsolete or significantly decrease the demand of LNG as a fuel source for our customers. The success of our current operations and future projects will depend in part on our ability to create and maintain a competitive position in the natural gas liquefaction industry.

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. We also purchase LNG from third-party production sources, which allows us to support customers in markets where we do not own liquefiers.

We will need to invest significant amounts of additional capital to implement our strategy. We could experience delays beyond the expected development period, which could create operating losses and negative operating cash flows.

We could experience delays beyond the expected development period, which could create operating losses and negative operating cash flows.

Individually or collectively, these developments could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and ability to execute our strategy. 12 Table of Contents The construction and expansion of energy-related infrastructure, including liquefaction facilities, as well as other future projects, involves numerous operational, regulatory, environmental, political, legal and economic risks beyond our control and may require the expenditure of significant amounts of capital during construction and thereafter.

We believe that the availability of proven small-scale LNG production and distribution technologies reduces the technology risk in growing the industry, but it also places a premium on the owner’s or operator’s construction and operating capabilities. 6 Table of Contents Our Customers Stabilis serves customers in a variety of end markets, including aerospace, agriculture, energy, industrial, marine bunkering, mining, pipeline, remote power and utility markets within 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.

We deliver LNG to our customers’ work sites from both our own production facilities and our network of approximately 31 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.

International, federal and state safety standards require that LNG is moved by qualified drivers in cryogenic containers designed for LNG transportation. Drivers are subject to U.S. Department of Transportation (“USDOT”) regulations, such as Federal Motor Carrier Safety Administration (“FMCSA”), Hazardous Materials Regulations, and state certification requirements, such as certifications by the Alternative Energy Division of the Railroad Commission of Texas.

Department of Transportation (“USDOT”) regulations, such as Federal Motor Carrier Safety Administration (“FMCSA”), Hazardous Materials Regulations, and state certification requirements, such as certifications by the Alternative Energy Division of the Railroad Commission of Texas. Cryogenic containers have to undergo annual USDOT visual inspections and periodic pressure tests.

Cryogenic Equipment Rental —Stabilis operates a fleet in excess of 160 mobile LNG storage and vaporization assets, including: transportation trailers, 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.

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 over 170 mobile LNG storage and vaporization assets, including: transportation trailers, electric and gas-fired vaporizers, ambient vaporizers, storage tanks, and mobile vehicle fuelers. We also own several stationary storage and regasification assets.

Our Industry LNG can be used to replace a variety of alternative fuels, including distillate fuel oil and propane, among others, to provide environmental and economic benefits. LNG can also be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented.

BOMAY is accounted for under the equity method of accounting. Our Industry LNG can be used to replace a variety of alternative fuels, including distillate fuel oil and propane, among others, to provide environmental and economic benefits.

The price of natural gas can fluctuate at any time during the year due to isolated factors, but on average, natural gas prices tend to be higher in peak winter and peak summer months when heating and cooling demand is seasonally higher. 8 Table of Contents Government Regulation and Environmental Matters Stabilis is subject to a variety of federal, international, state, provincial and local laws and regulations relating to the environment, health and safety, labor and employment, building codes and construction, zoning and land use, public reporting and taxation, among others.

Government Regulation and Environmental Matters Stabilis is subject to a variety of federal, international, state, provincial and local laws and regulations relating to the environment, health and safety, labor and employment, building codes and construction, zoning and land use, public reporting and taxation, among others.

While LNG bunkering infrastructure is more developed in other regions such as Europe, there is limited LNG bunkering infrastructure currently available in North America. The marine industry is expected to drive additional demand for domestically produced LNG in the coming years.

We believe the following expanding markets could drive significant small-scale LNG market growth in North America over the next decade: Marine Bunkering: There is limited LNG bunkering infrastructure currently available in North America. The marine industry is expected to drive additional demand for domestically produced LNG in the coming years.

Mines, including those producing metals, rare earth materials, and coal, are often located in remote locations that are off the electrical grid and do not have natural gas pipeline access. Mines use LNG to fuel electrical generators and to produce heat for their processing activities.

Upon completion, the proposed Galveston LNG liquefaction facility is anticipated to increase Stabilis' liquefaction capacity from 130,000 gallons per day to 480,000 gallons per day. Mining . Mines, including those producing metals, rare earth materials, and coal, are often located in remote locations that are off the electrical grid and do not have natural gas pipeline access.

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Item 2. Properties

Properties — owned and leased real estate

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Biggest changeStabilis or its subsidiaries currently own or lease the following principal properties: Facility Location Use Size Leased or Owned Expiration of Lease Houston, TX Office 8,583 sq. ft. Leased Month to month Monterrey, Mexico Office 1,888 sq. ft.

Biggest changeITEM 2. PROPERTIES The corporate headquarters of Stabilis are located at 11750 Katy Freeway, Suite 900, Houston, TX 77079. Stabilis or its subsidiaries currently own or lease the following principal properties: Facility Location Use Size Leased or Owned Expiration of Lease Houston, TX Office 8,583 sq. ft. Leased January 3, 2029 Monterrey, Mexico Office 1,888 sq. ft.

In management’s opinion, the ultimate resolution of these matters will not have a material effect on our financial position or results of operations. See Note 13 of the Notes to Consolidated Financial Statements for a discussion of our commitments and contingencies and any outstanding legal matters.

In management’s opinion, the ultimate resolution of these matters will not have a material effect on our financial position or results of operations. See Note 12 of the Notes to Consolidated Financial Statements for a discussion of our commitments and contingencies and any outstanding legal matters.

Removed

ITEM 2. PROPERTIES The corporate headquarters of Stabilis are located at 11750 Katy Freeway, Suite 900, Houston, TX 77079. Stabilis leases its general office space at its corporate headquarters from a related party, on a month-to-month basis.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market Information Our common stock trades under the symbol “SLNG” on The Nasdaq Stock Market LLC. The Company did not declare or pay cash dividends on common shares in either fiscal year 2024 and 2023.

The Company anticipates that, for the foreseeable future, it will retain any earnings for use in the operations of its business. Holders As of February 25, 2025, we had 26 holders of record of our common stock and 18,596,301 shares of common stock outstanding, based on information provided by our transfer agent.

The Company anticipates that, for the foreseeable future, it will retain any earnings for use in the operations of its business. Holders As of February 25, 2026, we had 20 holders of record of our common stock and 18,596,301 shares of common stock outstanding, based on information provided by our transfer agent.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeConsolidated Results Year Ended December 31, 2024 2023 $ Change % Change Revenues: LNG Product $ 57,351 $ 58,517 $ (1,166 ) (2.0 )% Increase / (decrease) in gallons delivered 8,165 Rental 7,273 6,210 1,063 17.1 Service 7,436 6,886 550 8.0 Other 1,233 1,501 (268 ) (17.9 ) Total revenues 73,293 73,114 179 0.2 Operating expenses: Costs of revenues 52,069 54,919 (2,850 ) (5.2 ) Change in unrealized loss (gain) on natural gas derivatives (310 ) (541 ) 231 (42.7 ) Selling, general and administrative expenses 11,763 12,893 (1,130 ) (8.8 ) Gain from disposal of fixed assets (761 ) (1,223 ) 462 (37.8 ) Depreciation expense 7,146 7,878 (732 ) (9.3 ) Total operating expenses 69,907 73,926 (4,019 ) (5.4 ) Income (loss) from operations before equity income 3,386 (812 ) 4,198 (517.0 ) Net equity income from foreign joint venture operations 1,564 1,691 (127 ) (7.5 ) Income from operations 4,950 879 4,071 463.1 Other income (expense): Interest income (expense), net 112 (256 ) 368 (143.8 ) Interest expense, net - related parties — (78 ) 78 (100.0 ) Other income (expense) 22 (176 ) 198 (112.5 ) Total other income (expense) 134 (510 ) 644 (126.3 ) Net income before income tax expense 5,084 369 4,715 1,277.8 Income tax expense 485 244 241 98.8 Net income $ 4,599 $ 125 $ 4,474 3579.2 % Revenue During the Current Year revenues increased $0.2 million, or 0.2%, compared to the Prior Year.

Biggest changeConsolidated Results Year Ended December 31, 2025 2024 $ Change % Change Revenues: LNG Product $ 57,213 $ 57,351 $ (138 ) (0.2 )% Increase / (decrease) in gallons delivered (6,164 ) Rental 5,349 7,273 (1,924 ) (26.5 ) Service 5,016 7,436 (2,420 ) (32.5 ) Other 667 1,233 (566 ) (45.9 ) Total revenues 68,245 73,293 (5,048 ) (6.9 ) Operating expenses: Cost of revenues 50,229 52,069 (1,840 ) (3.5 ) Change in unrealized gain on natural gas derivatives (24 ) (310 ) 286 (92.3 ) Selling, general and administrative expenses 13,189 11,763 1,426 12.1 Loss (gain) from disposal of fixed assets 24 (761 ) 785 N/A Depreciation expense 7,345 7,146 199 2.8 Total operating expenses 70,763 69,907 856 1.2 Income (loss) from operations before equity income (2,518 ) 3,386 (5,904 ) N/A Net equity income from foreign joint venture operations 1,242 1,564 (322 ) (20.6 ) Income (loss) from operations (1,276 ) 4,950 (6,226 ) (125.8 ) Other income (expense): Interest income, net 42 112 (70 ) (62.5 ) Other income (expense), net (66 ) 22 (88 ) N/A Total other income (expense) (24 ) 134 (158 ) (117.9 ) Net income (loss) before income tax expense (1,300 ) 5,084 (6,384 ) N/A Income tax expense 54 485 (431 ) (88.9 ) Net income (loss) $ (1,354 ) $ 4,599 $ (5,953 ) N/A Revenue During the Current Year revenues decreased $5.0 million, or 6.9%, compared to the Prior Year.

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. 31 Table of Contents 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.

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. 32 Table of Contents 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.

It is possible that a change in estimate related to these exposures could occur, but we do not expect such changes in the estimated costs would have a material effect on our business, consolidated financial position or results of operations. See Note 13 to the Notes to Consolidated Financial Statements for further discussion of our contingencies.

It is possible that a change in estimate related to these exposures could occur, but we do not expect such changes in the estimated costs would have a material effect on our business, consolidated financial position or results of operations. See Note 12 to the Notes to Consolidated Financial Statements for further discussion of our contingencies.

Off-Balance Sheet Arrangements As of December 31, 2024, we had no transactions that met the definition of off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources.

Off-Balance Sheet Arrangements As of December 31, 2025, we had no transactions that met the definition of off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources.

The Company had certain natural gas derivative instruments as of December 31, 2024 to manage commodity price risk. The Company has not designated its derivative instruments as hedges under U.S. GAAP and all resulting gains and losses from changes in the fair value of its derivative instruments are included within the Consolidated Statements of Operations.

The Company had certain natural gas derivative instruments as of December 31, 2025 to manage commodity price risk. The Company has not designated its derivative instruments as hedges under U.S. GAAP and all resulting gains and losses from changes in the fair value of its derivative instruments are included within the Consolidated Statements of Operations.

The Company has identified the following critical accounting policies as they require significant judgments, estimates or are inherently complex. 30 Table of Contents Revenue Recognition The Company recognizes revenue from our contracts in accordance with Accounting Standards Codification (“ASC”), Topic 606 “Revenue from Contracts with Customers” (“Topic 606”).

The Company has identified the following critical accounting policies as they require significant judgments, estimates or are inherently complex. 31 Table of Contents Revenue Recognition The Company recognizes revenue from our contracts in accordance with Accounting Standards Codification (“ASC”), Topic 606 “Revenue from Contracts with Customers” (“Topic 606”).

As such, the variable consideration for these contracts is allocated to each distinct molecule of LNG and recognized when that distinct molecule of LNG is delivered to the customer. Certain of our sales contracts contain provisions that may meet the criteria of a derivative in the event delivery is not made.

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. Certain of our sales contracts contain provisions that may meet the criteria of a derivative in the event delivery is not made.

Inflation The Company continued to experience inflationary pressure during 2024. Specifically, costs for fuel, repairs, maintenance, electricity, wages for skilled labor and insurance continue to increase. We have responded with increasing our pricing to our customers.

Inflation The Company continued to experience inflationary pressure during 2025. Specifically, costs for fuel, repairs, maintenance, electricity, wages for skilled labor and insurance continue to increase. We have responded with increasing our pricing to our customers.

No U.S. federal income tax expense was recorded for the Current Year or Prior Year as the Company had sufficient deferred tax assets to offset any U.S. federal taxes which were fully offset by a change in the Company's valuation allowance on utilized deferred tax assets. 27 Table of Contents SEASONALITY AND INFLATION Seasonality We did not experience significant variations in volume of LNG delivered to our customers resulting from seasonal variations during 2024.

No U.S. federal income tax expense was recorded for the Current Year or Prior Year as the Company had sufficient deferred tax assets to offset any U.S. federal taxes which were fully offset by a change in the Company's valuation allowance on utilized deferred tax assets. 28 Table of Contents SEASONALITY AND INFLATION Seasonality We did not experience significant variations in volume of LNG delivered to our customers resulting from seasonal variations during 2025.

We currently test goodwill for impairment annually in the third quarter unless we determine that a triggering event has occurred requiring an earlier test. We completed our annual assessment of goodwill during 2024 and 2023, and determined no additional impairment of goodwill was warranted. Income Taxes The calculation of income taxes is inherently complex.

We currently test goodwill for impairment annually in the third quarter unless we determine that a triggering event has occurred requiring an earlier test. We completed our annual assessment of goodwill during 2025 and 2024, and determined no impairment of goodwill was warranted. Income Taxes The calculation of income taxes is inherently complex.

Item 6. RESERVED Not applicable. ITEM 7. MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8. Financial Statements and Supplementary Data of this Form 10-K.

Item 6. RESERVED Not applicable. 24 Table of Contents ITEM 7. MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8. Financial Statements and Supplementary Data of this Form 10-K.

The resulting cumulative translation adjustment totaling $0.6 million has been recorded as Accumulated Other Comprehensive Income (Loss), net of taxes, in our Consolidated Balance Sheet at December 31, 2024. As of December 31, 2024, we had a non-U.S. dollar denominated negative working capital balance of approximately $0.3 million.

The resulting cumulative translation adjustment totaling $10 thousand has been recorded as Accumulated Other Comprehensive Income (Loss), net of taxes, in our Consolidated Balance Sheet at December 31, 2025. As of December 31, 2025, we had a non-U.S. dollar denominated negative working capital balance of approximately $0.3 million.

Financing Activities Net cash used in financing activities totaled $1.9 million for the twelve months ended December 31, 2024 compared to $3.9 million for 2023. Cash used in financing activities in both years was primarily attributable to the repayment of debt.

Financing Activities Net cash used in financing activities totaled $2.4 million for the twelve months ended December 31, 2025 compared to $1.9 million for 2024. Cash used in financing activities in both years was primarily attributable to the repayment of debt.

The Revolving Credit Facility provides for a maximum aggregate amount of $10.0 million, subject to a borrowing base of 80% of eligible accounts receivable. The Company may request an increase in the maximum aggregate amount under the Revolving Credit Facility by up to $5.0 million, subject to the approval of Cadence Bank.

The three-year Revolving Credit Facility, as amended, contains a maximum aggregate amount of $10.0 million, subject to a borrowing base of 80% of eligible accounts receivable. The Company may request an increase in the maximum aggregate amount under the Revolving Credit Facility by up to $5.0 million, subject to the approval of Cadence Bank.

The authorization is for shipments of LNG and is for a term of 28 years with a remaining term of approximately 26 years under this authorization. As of December 31, 2024, the Company has met the initial time requirement to initiate exports to non-FTA countries. In 2024, we delivered LNG to Europe under this authorization.

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. In 2024, we delivered LNG to Europe under this authorization.

As of December 31, 2024, no amounts have been drawn under the Revolving Credit Facility. The Revolving Credit Facility matures on June 9, 2026. The Revolving Credit Facility contains various restrictions and covenants. As of December 31, 2024, the Company was in compliance with all its covenants related to the Revolving Credit Facility.

As of December 31, 2025, no amounts have been drawn under the Revolving Credit Facility. The Revolving Credit Facility contains various restrictions and covenants. As of December 31, 2025, the Company was in compliance with all its covenants related to the Revolving Credit Facility.

Cash Flows Cash flows provided by (used in) our operating, investing and financing activities are summarized below (in thousands): Year Ended December 31, 2024 2023 Net cash provided by (used in): Operating activities $ 13,693 $ 6,712 Investing activities (8,120 ) (8,910 ) Financing activities (1,914 ) (3,884 ) Effect of exchange rate changes on cash (46 ) 5 Net increase (decrease) in cash and cash equivalents 3,613 (6,077 ) Cash and cash equivalents, beginning of year 5,374 11,451 Cash and cash equivalents, end of year $ 8,987 $ 5,374 Operating Activities Net cash provided by operating activities totaled $13.7 million and $6.7 million for the twelve months ended December 31, 2024 and 2023, respectively.

Cash Flows Cash flows provided by (used in) our operating, investing and financing activities are summarized below (in thousands): Year Ended December 31, 2025 2024 Net cash provided by (used in): Operating activities $ 8,603 $ 13,693 Investing activities (7,704 ) (8,120 ) Financing activities (2,446 ) (1,914 ) Effect of exchange rate changes on cash 19 (46 ) Net increase (decrease) in cash and cash equivalents (1,528 ) 3,613 Cash and cash equivalents, beginning of year 8,987 5,374 Cash and cash equivalents, end of year $ 7,459 $ 8,987 Operating Activities Net cash provided by operating activities totaled $8.6 million and $13.7 million for the twelve months ended December 31, 2025 and 2024, respectively.

As of December 31, 2024, we had $9.0 million in cash and cash equivalents on hand and $9.3 million in outstanding debt (net of debt issuance costs) and lease obligations (of which $2.4 million is due in 2025).

As of December 31, 2025, we had $7.5 million in cash and cash equivalents on hand and $8.8 million in outstanding debt (net of debt issuance costs) and lease obligations (of which $2.3 million is due in 2026).

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. Additionally, the Company may pursue additional expansion activities to increase its liquefaction capabilities.

Cost of revenues decreased $2.9 million, or 5.2%, in the Current Year compared to the Prior Year. As a percentage of revenue, these costs were 71.0% and 75.1% in the Current Year and the Prior Year, respectively.

Operating Expenses Costs of revenues. Cost of revenues decreased $1.8 million, or 3.5%, in the Current Year compared to the Prior Year. As a percentage of revenue, these costs were 73.6% and 71.0% in the Current Year and the Prior Year, respectively.

Expected maturities excluding debt issuance costs at December 31, 2024 are as follows (in thousands). 2025 $ 2,010 2026 1,188 2027 1,258 2028 1,332 2029 1,411 Thereafter 1,969 Total long-term debt, including current maturities and excluding debt issuance costs $ 9,168 We expect our total interest payment obligations relating to the above indebtedness to be approximately $0.5 million for the year ending December 31, 2025.

Expected maturities excluding debt issuance costs at December 31, 2025 are as follows (in thousands). 2026 1,847 2027 1,188 2028 1,303 2029 1,429 2030 1,567 Thereafter 555 Total long-term debt, including current maturities and excluding debt issuance costs $ 7,889 We expect our total interest payment obligations relating to the above indebtedness to be approximately $0.5 million for the year ending December 31, 2026.

The Company has total availability under the Revolving Credit Facility and the AmeriState Secured Term Loan Facility of $4.3 million at December 31, 2024. The Company had no draw downs on the Revolving Credit Facility during the year ended December 31, 2024.

The Company has total availability under the Revolving Credit Facility and the AmeriState Secured Term Loan Facility of $2.7 million at December 31, 2025. Further, the Company had made no draw downs on its Revolving Credit Facility or Secured Term Loan facility during the year ended December 31, 2025.

The Company incurred state and foreign income tax expense of $0.5 million during the Current Year primarily related to state income taxes owed from operating income and foreign taxes paid in connection with the cash dividend received from our BOMAY joint venture. The Company incurred state income and foreign tax expense of $0.2 million in the Prior Year.

Change in other expense was primarily related to miscellaneous and foreign exchange transactions. Income tax expense. The Company incurred state and foreign income tax expense of $0.1 million during the Current Year primarily related to state income taxes and foreign taxes paid in connection with the cash dividend received from our BOMAY joint venture.

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.

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.

While we believe we have sufficient liquidity and capital resources to fund our operations and repay our debt, 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.

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.

An adverse change of 10% in the underlying foreign currency exchange rate would reduce our working capital balance by approximately $28 thousand. We do not currently have or intend to enter into any derivative arrangements to protect against such fluctuations. Market Risk The volatility in customer demand is greatly driven by the change in the price of oil and gas.

An adverse change of 10% in the underlying foreign currency exchange rate would increase our negative working capital balance by approximately $30 thousand. We do not currently have or intend to enter into any derivative arrangements to protect against such fluctuations.

Level 3 Inputs—Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby, allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. 32 Table of Contents Derivatives The Company had certain natural gas derivative instruments as of December 31, 2024.

Level 3 Inputs—Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby, allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. 33 Table of Contents Derivatives The Company recognizes all of its derivative instruments as either assets or liabilities which are recorded at fair value on its Consolidated Balance Sheet.

Income from investments in foreign joint ventures decreased by $0.1 million, or 7.5%, in the Current Year compared to the Prior Year primarily due to lower earnings in China. Other Income (Expense) Interest income (expense), net.

Income from investments in foreign joint ventures decreased by $0.3 million, or 20.6%, in the Current Year compared to the Prior Year due to lower net profits from our China joint venture. Other Income (Expense) Interest income (expense), net. Interest income, net was $42 thousand in the Current Year compared to $0.1 million the Prior Year.

In both the Current Year and the Prior Year, cash used in investing was primarily for the acquisition of liquefaction assets and their subsequent deployment. During the years ended December 31, 2024 and 2023, proceeds received from the disposal of assets were $0.8 million and $1.3 million, respectively.

In the Prior Year, investments were made for the acquisition of liquefaction assets and their subsequent deployment. During the years ended December 31, 2025 and 2024, proceeds received from the disposal of assets were $0.2 million and $0.8 million, respectively.

See additional discussion in Note 4 of the Notes to Consolidated Financial Statements regarding the Company's use of derivatives. The Company did not enter into any derivative transactions for speculative purposes. Foreign Currency Exchange Rate Risk We operate a subsidiary in Mexico and maintain an equity method investment in our Chinese joint venture, BOMAY.

The Company did not enter into any derivative transactions for speculative purposes. Foreign Currency Exchange Rate Risk We operate a subsidiary in Mexico and maintain an equity method investment in our Chinese joint venture, BOMAY. The functional currency of the Mexican subsidiary is the Mexican Peso. The functional currency of the Chinese joint venture is the Chinese Yuan.

The decrease in cost of revenues was attributable to: • Decreased natural gas prices during the Current Year compared to the Prior Year, resulting in decreased costs of revenues of $8.5 million; • Decreased minimum take-or-pay costs of $1.4 million; • A decrease in service and rental costs of $0.9 million during the Current Year compared to the Prior Year related to reduced travel and labor costs; • The above decreases were partially offset by increased LNG delivered to customers of 8.2 million gallons during the Current Year compared to the Prior Year, resulting in increased costs of revenues of $6.5 million; and • Increased liquefaction and transportation costs from increased third party purchases, resulting in higher costs and further transport distances during the Current Year compared to the Prior Year, resulting in increased costs of revenues of $1.4 million.

The decrease in cost of revenues was attributable to: • Decreased LNG delivered to customers of 6.1 million gallons during the Current Year compared to the Prior Year, resulting in decreased costs of revenues of $2.4 million; • Decrease in rental, service and other costs of $2.2 million during the Current Year compared to the Prior Year primarily related to reduced travel and labor costs; • Decreased net liquefaction and transportation costs of $0.6 million during the Current Year compared to the Prior Year; and • Lower take-or-pay costs in the Current Year compared to the Prior Year, resulting in decreased cost of revenues of $0.1 million. • The above decreases were partially offset by higher average natural gas pricing in the Current Year compared to the Prior Year, resulting in increased costs of revenues of $3.5 million. 27 Table of Contents Change in unrealized loss (gain) on natural gas derivatives.

Management believes the business will generate sufficient cash flows from its operations along with availability under the Company's debt agreements to fund the business for the next twelve months.

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 our expansion.

The increase in net cash provided by operating activities of $7.0 million as compared to the Prior Year was primarily attributable to the increase in net income, improved collections and reduced payments of accounts payable and accrued liabilities compared to the Prior Year. 28 Table of Contents Investing Activities Net cash used in investing activities totaled $8.1 million and $8.9 million for the twelve months ended December 31, 2024 and 2023, respectively.

The decrease in net cash provided by operating activities of $5.1 million as compared to the Prior Year was primarily attributable to the net loss incurred in the Current Year compared to net income recognized in the Prior Year. 29 Table of Contents Investing Activities Net cash used in investing activities totaled $7.7 million and $8.1 million for the twelve months ended December 31, 2025 and 2024, respectively.

Depreciation expense in the Current Year decreased $0.7 million compared to the Prior Year due to assets reaching the end of their depreciable lives. Net Equity Income From Foreign Joint Ventures' Operations.

Depreciation expense in the Current Year increased $0.2 million compared to the Prior Year primarily due to new mobile assets and other capital expenditures in the Current Year. The increase was partially offset by other assets reaching the end of their depreciable lives. Net Equity Income From Foreign Joint Ventures' Operations.

For exports to FTA countries, the Company has five years from the date it received the authorization with which to initiate exportation of LNG.

As of December 31, 2024, we were in compliance with all of these covenants. 29 Table of Contents CONTRACTUAL OBLIGATIONS We are committed to make cash payments in the future pursuant to certain of our contracts.

Certain of the agreements governing our outstanding debt, which are discussed in Note 8 of our Consolidated Financial Statements, require compliance with certain financial covenants. As of December 31, 2025, we were in compliance with all of these covenants. CONTRACTUAL OBLIGATIONS We are committed to make cash payments in the future pursuant to certain of our contracts.

These factors influence the release of new capital projects by our customers, which are traditionally awarded in competitive bid situations. Coordination of project start dates is matched to the customer requirements and projects may take a number of months to complete; schedules also may change during the course of any particular project. 33 Table of Contents

Coordination of project start dates is matched to the customer requirements and projects may take a number of months to complete; schedules also may change during the course of any particular project. 35 Table of Contents

The decrease in cash used by financing activities compared to the Prior Year is due to a secured promissory note to MG Finance that was paid in full in the Prior Year. No draws on the AmeriState Bank or Revolving Credit Facility were made in the Current Year.

The increase in cash used by financing activities compared to the Prior Year is primarily due to increased principal payments on the AmeriState loan in the Current Year compared to Prior Year. No draws on the AmeriState Bank or Revolving Credit Facility were made in the Current Year.

The Company recognizes all of its derivative instruments as either assets or liabilities which are recorded at fair value on its Consolidated Balance Sheet. The accounting for changes in the fair value of a derivative instrument depends on whether it qualifies for and has been designated as a hedge and the type of hedge.

The accounting for changes in the fair value of a derivative instrument depends on whether it qualifies for and has been designated as a hedge and the type of hedge.

The increase in revenues primarily related to: • Increased LNG delivered to customers of 8.2 million gallons during the Current Year compared to the Prior Year, resulting in an increase in revenue of $8.7 million; • Increased customer pricing during the Current Year compared to the Prior Year, resulting in an increase in revenue of $2.3 million; • Increased rental and service revenues during the Current Year compared to the Prior Year, resulting in an increase in revenue of $1.6 million; • The above increases were offset by a decrease in natural gas prices during the Current Year compared to the Prior Year, resulting in a reduction in revenue of $7.2 million; and • Decreased revenues from minimum take-or-pay contracts of $5.0 million and a decrease in other revenues of $0.2 million. 26 Table of Contents Operating Expenses Costs of revenues.

The decrease in revenues primarily related to: • Decreased rental, service and other revenues during the Current Year compared to the Prior Year due to customers requiring less rental equipment within existing contracts as well as other contracts concluding in accordance with their terms within the Current Year, resulting in a decrease in revenue of $4.9 million; • Decreased LNG delivered to customers of 6.1 million gallons during the Current Year compared to the Prior Year, resulting in a decrease in revenue of $3.5 million; and • Unfavorable customer mix during the Current Year compared to the Prior Year resulted in a decrease in revenue of $0.9 million; • The above decreases were partially offset by an increase in natural gas prices during the Current Year compared to the Prior Year, resulting in an increase in revenue of $3.9 million; and • Increase in revenues from minimum take-or-pay contracts of $0.4 million.

Change in unrealized loss (gain) on natural gas derivatives. The Company incurred a gain of $0.3 million on the change in unrealized losses associated with the Company's natural gas derivatives in the Current Year compared to a gain of $0.5 million in the Prior Year.

The Company incurred a gain of $24 thousand on the change in unrealized gain associated with the Company's natural gas derivatives in the Current Year compared to a gain of $0.3 million in the Prior Year. The gains in both periods were due to offsetting amortization and the maturity of natural gas derivatives. Selling, general and administrative .

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. 24 Table of Contents U.S.

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.

Cryogenic Equipment Rental —Stabilis operates a fleet of mobile LNG storage and vaporization assets, including: transportation trailers, 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.

The 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. See additional discussion of our debt and lease obligations in Notes 9 and 10 of the Notes to Consolidated Financial Statements.

The term loan facility matures on April 8, 2031 and bears interest at 5.75% per annum through April 8, 2026, and changes to a variable interest rate of the U.S. prime lending rate plus 2.5% per annum thereafter. The above table estimates interest based on the most recent U.S. prime lending rate of 6.75%.

The Company used cash flows generated from operations to invest in fixed assets and increased working capital to support growth as well as to pay interest and principal amounts outstanding under our debt agreements.

LIQUIDITY AND CAPITAL RESOURCES The Company's principal sources of liquidity in the Current Year have consisted of cash provided by our operations, cash on hand, and distributions from our BOMAY joint venture. 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.

Contingencies In the normal course of our business, we become involved in various litigation matters. In addition, from time to time we are involved in tax and other disputes with various government agencies. Management has used estimates in determining our potential exposure to these matters and has recorded reserves in our financial statements related thereto as appropriate.

See additional discussion of our debt and lease obligations in Notes 8 and 9 of the Notes to Consolidated Financial Statements. Contingencies In the normal course of our business, we become involved in various litigation matters. In addition, from time to time we are involved in tax and other disputes with various government agencies.

We own a fleet of cryogenic trailers to transport and deliver LNG. We also outsource similar equipment and transportation services 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.

The following table summarizes certain contractual obligations in place as of December 31, 2024 (in thousands): Payments Due By Period Total 2025 2026 2027 2028 2029 Thereafter Term Loan to AmeriState Bank (1) $ 8,285 $ 1,127 $ 1,188 $ 1,258 $ 1,332 $ 1,411 $ 1,969 Interest - AmeriState Bank (1) 1,614 447 381 311 237 158 80 Finance Lease Obligations 314 314 — — — — — Operating Lease Obligations 171 70 61 40 — — — Insurance note payable 883 883 — — — — — Total $ 11,267 $ 2,841 $ 1,630 $ 1,609 $ 1,569 $ 1,569 $ 2,049 (1) Obligation with AmeriState Bank to provide for an advancing term loan facility for working capital needs for our LNG liquefaction plant in Texas in the aggregate principal amount of up to $10.0 million.

The following table summarizes certain contractual obligations in place as of December 31, 2025 (in thousands): Payments Due By Period Total 2026 2027 2028 2029 2030 Thereafter Term Loan to AmeriState Bank (1) $ 7,164 $ 1,122 $ 1,188 $ 1,303 $ 1,429 $ 1,567 $ 555 Interest - AmeriState Bank (1) 1,848 533 509 395 269 131 11 Finance Lease Obligations 220 220 — — — — — Operating Lease Obligations 922 197 368 354 3 — — Insurance note payable 725 725 — — — — — Total $ 10,879 $ 2,797 $ 2,065 $ 2,052 $ 1,701 $ 1,698 $ 566 (1) Obligation with AmeriState Bank to provide for an advancing term loan facility for working capital needs for our LNG liquefaction plant in Texas in the aggregate principal amount of up to $10.0 million.

Historical results and percentage relationships set forth in the 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.

Ballard's departure and Mr. Crenshaw's expanded role. 25 Table of Contents RESULTS OF OPERATIONS The comparative tables below reflect our consolidated operating results for the year ended December 31, 2024 (the “Current Year”) as compared to the year ended December 31, 2023 (the “Prior Year”) (amounts in thousands, except for percentages).

Additionally, effective September 2024, the Company can import LNG, by vessel, from various international sources to any LNG import terminal in the United States. 26 Table of Contents RESULTS OF OPERATIONS The comparative tables below reflect our consolidated operating results for the year ended December 31, 2025 (the “Current Year”) as compared to the year ended December 31, 2024 (the “Prior Year”) (amounts in thousands, except for percentages).

The Company recorded a gain on the disposal of fixed assets of $0.8 million in the Current Year from the sale of various assets which included vaporizers and storage tanks primarily to customers on their sites.

In the Prior Year, a gain of $0.8 million on the disposal of assets was recorded, in which proceeds of $0.8 million were received on the sale of certain assets, consisting of vaporizers and storage tanks. Depreciation .

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.

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 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.

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.

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.

The Company has not designated its derivative instruments as hedges under U.S. GAAP and all resulting gains and losses from changes in the fair value of its derivative instruments are included within the Consolidated Statements of Operations.

GAAP and all resulting gains and losses from changes in the fair value of its derivative instruments are included within the Consolidated Statements of Operations. The Company determined the fair value of its natural gas derivatives at December 31, 2024 predominantly from broker quotes and are considered a level 2 fair value measurement.

We make the determination of LNG and transportation 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.

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.

Selling, general and administrative expense decreased $1.1 million, or 8.8%, during the Current Year as compared to the Prior Year primarily due to decreased incentive compensation and personnel costs, including lower stock-based compensation expense. Gain on the disposal of fixed assets .

Selling, general and administrative expense increased $1.4 million, or 12.1%, during the Current Year as compared to the Prior Year. The increase is primarily attributable to Mr. Ballard's severance related expenses of $2.1 million and higher office lease cost in the Current Year, partially offset by lower compensation expense. Loss (gain) on the disposal of fixed assets .

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. We also purchase LNG from third-party production sources which allows us to support customers in markets where we do not own liquefiers.

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 " Current Events and Expansion Efforts" below.

Certain of these 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. ITEM 7A.

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. Fixed Assets and Capitalization of Costs Fixed assets are recorded at historical cost and depreciated over their useful lives on a straight-line basis.

In the event, the Company does pursue expansion in the near term, there is no assurance that the Company will be able to secure additional liquidity on favorable terms or at all. Capital Expenditures Future capital expenditures will be dependent upon value-adding investment opportunities as well as the availability of additional capital at favorable terms which is difficult to predict.

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 December 31, 2025, the Company had open purchase orders and commitments related to capital expenditures of approximately $3.8 million.

The DOE authorization received during the third quarter of 2022 supplements the Company's other existing export license from the DOE, which authorizes the Company to import and export LNG from and to Canada and Mexico, via truck. In 2024, we delivered LNG to Mexico under this authorization.

Under this license, the Company is authorized to import and export LNG from and to Canada and Mexico, via truck.

The Company determined the fair value of its natural gas derivatives at December 31, 2024 predominantly from broker quotes and are considered a level 2 fair value measurement. The Company did not enter into any derivative transactions for speculative purposes. The Company enters into forward sales contracts for the delivery of LNG to its customers.

The Company did not enter into any derivative transactions for speculative purposes. The Company enters into forward sales contracts for the delivery of LNG to its customers. Certain of these sales contracts contain provisions that may meet the criteria of a derivative in the event delivery is not made.

Gain on the disposal of fixed assets of $1.2 million was recognized in the Prior Year related to proceeds received on an insurance settlement pertaining to certain assets damaged in a fire in June of 2023 and from a settlement received for a damaged trailer. Depreciation .

The Company recorded a loss on the disposal of fixed assets of $24 thousand in the Current Year primarily related to an asset disposition, partially offset by a gain from the disposition of a damaged trailer. Proceeds of $0.2 million were received on the disposition of the damaged trailer.

Interest expense, net decreased by $0.4 million in the Current Year primarily due to the Company's interest income on its cash balances and capitalized interest in the Current Year compared to the Prior Year. Additionally, lower debt service was incurred on lower debt balances in the Current Year. Interest expense, net - related parties.

In both periods, interest income related to interest earned on the Company's cash balance. Interest income was slightly lower in the Current Year due to lower cash balances in the Current Year and a lower average interest rate on cash balances in the Current Year. Other income (expense).

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.

BOMAY is accounted for under the equity method of accounting. 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.

At December 31, 2024, we had open purchase orders with approximately $1.0 million related to capital expenditures. Debt Level and Debt Compliance We had total indebtedness, excluding leases, of $9.2 million ($8.9 million, net of debt issuance costs of $0.3 million) as of December 31, 2024.

The prepayment received is restricted as to use for equipment, commissioning and working capital requirements for this project; however the Company will not be required to repay any of the prepayment at conclusion of the contract. 30 Table of Contents Debt Level and Debt Compliance We had total indebtedness, excluding leases, of $7.9 million ($7.9 million, net of debt issuance costs of $0.2 million) as of December 31, 2025.

As we continue to grow, management continues to evaluate additional financing alternatives, however, there is no guarantee that additional financing will be available or available at terms that would be beneficial to shareholders.

However, there is no guarantee that additional financing will be available or available at terms that would be beneficial to the Company. The Company entered into a time charter agreement for the time charter of a liquefied natural gas bunkering vessel, the Garibaldi, for a period of two years commencing in 2026.

Removed

OVERVIEW Stabilis Solutions, Inc. and its subsidiaries is an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas (“LNG”) to multiple end markets. We provide LNG solutions to customers in diverse end markets, including aerospace, agriculture, energy, industrial, marine bunkering, mining, pipeline, remote power and utility markets.

Added

Removed

Revolving Credit Facility The Company maintains a three-year revolving credit facility with Cadence Bank for a maximum aggregate amount of $10 million, which expires in June 2026. The Company may request an increase in the maximum aggregate amount by up to $5 million, subject to the approval by Cadence Bank.

Added

LNG can also be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. Increasingly, LNG is being utilized as a transportation fuel in the marine industry and as a propellant in the private rocket launch sector.

Removed

All borrowings under the Revolving Credit Facility are secured by the Company's accounts receivable and deposit accounts, subject to a borrowing base of 80% of eligible accounts receivable. The revolving credit facility provides additional sources of liquidity, if needed, to fund additional capital expenditures and/or bridge short-term liquidity needs for new contracts.

Added

Additionally, LNG can be used to generate electrical power for data centers where the data center either does not have adequate access to the electrical grid, a gas pipeline, or as a redundant source of power. We believe that these fuel markets are large and provide significant opportunities for LNG usage.

Removed

See also Note 9 in the Notes to Consolidated Financial Statements for further discussion of our revolving credit facility. Acquisition of Additional Liquefaction Assets During the second quarter of 2023, the Company acquired the key components of a 100,000 LNG gallon per day liquefaction train for $6.0 million.

Added

We believe that LNG provides an important balance between environmental sustainability, security and accessibility, and economic viability when compared to both renewables and other traditional hydrocarbon-based fuels and will play a key role in the energy transition. The Company also builds power and control systems for the energy industry in China through its 40% owned Chinese joint venture, BOMAY.

Removed

During 2024, the Company installed four storage tanks acquired in this transaction at its liquefaction facility in George West, Texas. The Company is currently evaluating the best alternatives for installation of the remaining assets into its operations.

Added

Revenues earned from engineering and field support services are included within Service revenue. 25 Table of Contents Current Events and Expansion Efforts Conclusion of Two, Multi-year LNG Supply Contracts During the fourth quarter of 2025, two multi-year customer contracts concluded in accordance with their terms.

Removed

Customer Contracts within our New and Expanding Markets for LNG The Company expects that LNG demand for marine fuel will increase as marine vessels that use LNG as the primary fuel of choice are delivered to vessel fleets and commence routine operations.

Added

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 marine customer elected not to extend the agreement due to the unavailability of suitable Jones Act-compliant LNG bunker vessels during the contemplated extension period. The two contracts accounted for approximately 19% and 32% of 2025 revenues, respectively.

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What changed in Stabilis Solutions, Inc.'s 10-K — 2024 vs 2025

Top changes in Stabilis Solutions, Inc.'s 2025 10-K

Item 1. Business

Item 2. Properties

Item 5. Market for Registrant's Common Equity

Item 6. [Reserved]

Other SLNG 10-K year-over-year comparisons