NASDAQ: SLNG

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.

OUR BUSINESS

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

LNG Production and Sales—Stabilis builds and operates cryogenic natural gas processing facilities, called “liquefiers,” which convert natural gas into LNG through a purification and multiple stage cooling process. We currently own and operate a liquefier that can produce up to 100,000 LNG gallons per day in George West, Texas and a liquefier that can produce up to 30,000 LNG gallons per day in Port Allen, Louisiana. We are developing a proposed waterfront LNG liquefaction facility along the Texas Gulf Coast which is expected to be a 350,000 gallon-per-day facility, increasing the Company's liquefaction capacity to 480,000 gallons per day. This liquefaction facility will be strategically located in Galveston, Texas to serve cruise vessel customers and additional marine end markets such as container ships, car carriers, tankers and bulk carriers in the Port of Galveston, Port of Houston and surrounding Gulf Coast markets.

We also purchase LNG from third-party production sources, which allows us to support customers in markets where we do not own liquefiers. We make the determination of LNG supply sources based on the cost of LNG, the transportation cost to deliver to regional customer locations, and the reliability of the supply source. Revenues earned from the production and sales of LNG are included within LNG Product revenue.

Transportation and Logistics Services—Stabilis offers our customers a “virtual natural gas pipeline” by providing turnkey LNG transportation and logistics services in North America. We deliver LNG to our customers’ work sites from both our own production facilities and our network of 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. 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. We believe this is one of the largest fleets of small-scale LNG equipment in North America. Our fleet consists primarily of trailer-mounted mobile assets, making delivery to and between customer locations more efficient. We deploy these assets on job sites to provide our customers with the equipment required to transport, store, and consume LNG in their operations. Revenues earned from cryogenic equipment rental are included within Rental revenue.

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

Stabilis believes that our extensive operating experience positions us to be a leader in the North American small-scale LNG markets. We plan to leverage this experience to grow our business by investing in new production and distribution assets throughout North America.

Market for Small-Scale LNG in North America

LNG can serve as a partner fuel for renewable energy sources and provides an important balance between environmental sustainability, security and access, and economic viability as a source of fuel. LNG can also be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented and to replace a variety of other carbon-based fuels. We believe that the current and future markets for LNG are significant and will continue to grow for a number of 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. The International Maritime Organization (“IMO”) has imposed a global sulfur cap of 0.5% on ships trading outside of established emission control areas starting in January 2020, a level that could be difficult to achieve using common marine fuels, such as heavy fuel oil, but could be achieved using LNG. Increasingly, more stringent global carbon emission targets are also fueling the adoption of LNG as a marine fuel. Large marine vessels, such as cruise ships and container ships, can take between several hundred thousand gallons up to several million gallons of LNG in a single fuel bunkering event. 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. 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.

During 2025, the Company executed two, ten-year LNG supply bunkering agreements with cruise vessel operators to supply LNG beginning in 2027 to anchor development of a proposed new 350,000 gallon-per-day, waterfront LNG liquefaction facility in Galveston, Texas (the "Galveston LNG liquefaction facility"). Conditions precedent to the LNG supply bunkering agreements include the Company successfully finalizing project financing by the first quarter 2026 and completing construction of the above Galveston LNG liquefaction facility by the second quarter 2028. With the construction of the facility, the Company also plans to commission a dedicated Jones Act-compliant LNG bunkering vessel to serve the Port of Galveston to transport LNG from the facility directly to customer vessels. Together, the proposed Galveston LNG liquefaction facility and new marine bunkering vessel are expected to create a fully integrated, last-mile LNG delivery solution to customers for years to come. The new facility will be strategically located to serve cruise vessel customers as well as additional marine end markets such as container ships, car carriers, tankers, and bulk carriers in the Port of Galveston, Port of Houston, and surrounding Gulf Coast markets. The Company continues to advance its proposed Galveston liquefaction facility along with a Jones Act-compliant LNG bunkering vessel toward an expected Final Investment Decision (“FID”). The Company has secured customer commitments for approximately 56% of the project’s proposed 350,000 gallons-per-day (“gpd”) capacity and is engaged in late-stage discussions with multiple potential customers to secure the remaining available offtake. The total capital required for the project is estimated at $350 million to $400 million. Financing for the project is progressing with counterparties conducting detailed due diligence and active negotiations on definitive documentation and key commercial terms. 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.

Aerospace / Rocket Propulsion: LNG is increasingly becoming the fuel of choice for reusable rocket propulsion systems due to its higher energy density, safety, and ease and cost to produce. The Company continues to service aerospace customers with two new aerospace customers added in 2025. The commercial satellite industry is expected to drive a significant increase in launches and demand for LNG to support this growth.

Remote Power Generation including Data Centers: Data centers require a significant amount of electrical power and redundancy in their power systems including the ability to self generate power when the electrical grid is unable to deliver the power needed in a timely manner. The Company believes that LNG offers speed to market and the ability to store significant volumes of natural gas in the event the data center is unable to access the electrical grid or natural gas delivered by a pipeline. The data center market is expected to drive a significant increase in the demand for multi-year remote power generation. In February 2026, the Company executed a multi-year take-or-pay contract to supply LNG for behind-the-meter power generation for a provider of remote and temporary power generation and energy services at a data center. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. Total revenue under the initial term of the contract is estimated to be approximately $200 million. This contract represents the Company’s first contract in support of data center behind-the-meter power generation, consistent with its strategic focus on growing, high-value vertical markets.

Other Beneficial Attributes that Should Continue to Increase the Market for LNG

Lower Emissions than Alternative Fossil Fuels. Natural gas contains less carbon than most other fossil fuels and, as a result, produces fewer carbon dioxide emissions when burned. The National Energy Technology Laboratory indicates that new natural gas power plants emit between 50% and 60% less carbon dioxide compared with emissions from a typical coal plant. The Argonne National Laboratory indicates that natural gas vehicles produce between 13% and 21% fewer greenhouse gas emissions than comparable gasoline and diesel fueled vehicles. Additional studies indicate that natural gas also produces lower particulate matter and sulfur emissions than other fossil fuels. 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.

LNG Remains Less Expensive than Other Traditional Fuels. The cost of natural gas compared to other energy sources is a significant driver for the future demand for natural gas and LNG. Technological advances in natural gas production have unlocked significant new gas reserves in North America. We believe that these proven, abundant and growing reserves of natural gas have the potential to produce among the highest volumes of natural gas in the world. This abundant supply of natural gas has supported relatively low natural gas prices in North America. The cost of natural gas in the United States and Canada currently is less than the cost of crude oil on an energy equivalent basis. In addition, because the price of the natural gas commodity makes up a smaller portion of the total cost of LNG relative to the commodity portion of competing fuels, the price of LNG is less sensitive to variations in the underlying commodity cost. These factors have made LNG more economical than competing fuel sources, and we believe that LNG will maintain this cost advantage into the foreseeable future.

The following chart illustrates the lower cost and decreased price sensitivity of LNG compared to propane and diesel, by comparing the historical wholesale price of Propane, Ultra-Low No. 2 Diesel, Indicative Liquefied Natural Gas and Natural Gas (Henry Hub).

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. If released, LNG is also less combustible than diesel and propane because it ignites at relatively high temperatures and within a narrow flammability range when mixed with air. In addition, LNG fuel tanks and systems used in natural gas applications are subjected to a number of required federal and state safety tests, such as fire, environmental hazard, burst pressure and crash testing that enhance their safety.

Established LNG Production and Distribution Technology. Small-scale LNG production and distribution technologies have been proven and are now widely available from multiple vendors. Small-scale liquefiers are available in modular formats from several vendors and many of them have established track records of reliable and safe operating performance. LNG transport trailers, storage vessels, and vaporization equipment are also available from multiple vendors, and most of this equipment also comes with an established operating track record. 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.

Our Customers

Stabilis serves customers in a variety of end markets, including aerospace, agriculture, industrial, marine bunkering, mining, oil and gas, pipeline, remote power and utility markets within North America. 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 20 customers. 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 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. 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. 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. LNG often replaces propane, fuel oil, or diesel fuel in these applications. These customers often cannot justify the cost of new pipeline infrastructure and using LNG requires minimal up-front costs, regulatory approvals, and lead times. We believe LNG is optimal for these applications because it is cost-effective with stable pricing, offers consistent supply without curtailments, provides an energy density that minimizes storage requirements, and has a clean and consistent burn that makes heating operations more predictable.

Marine Bunkering of LNG. Vessels such as container ships, tankers and cruise ships increasingly use LNG as a fuel source. Using LNG allows vessel operators to meet strict emission requirements that are better achieved using LNG instead of using common marine fuels, such as heavy fuel oil. Large marine vessels such as container ships can take several hundred thousand gallons of LNG in a single fuel bunkering event. During the fourth quarter of 2025, the Company concluded a multi-year customer LNG supply bunkering contract in accordance with its terms. The completed contract was for truck-to-vessel LNG marine bunkering services in Galveston, Texas. The marine customer did not extend the agreement due to the unavailability of a suitable Jones Act-compliant LNG bunkering vessel during the contemplated extension period. The contract accounted for approximately 32% of 2025 revenues.

The Company is working to replace this contract and has executed two, ten-year LNG supply bunkering agreements with cruise vessel operators to supply LNG beginning in 2027 and to anchor development of a proposed new 350,000 gallon-per-day, waterfront LNG liquefaction facility in Galveston, Texas (the "Galveston LNG liquefaction facility"). Conditions precedent to the LNG supply bunkering agreements include the Company successfully finalizing project financing by the first quarter 2026 and completing construction of the above proposed Galveston LNG liquefaction facility by the second quarter 2028. With the construction of the facility, the Company also plans to commission a dedicated Jones Act-compliant LNG bunkering vessel to serve the Port of Galveston to transport LNG from the facility directly to customer vessels. Together, the proposed Galveston LNG liquefaction facility and new bunkering vessel are expected to create a fully integrated, last-mile LNG delivery solution for customers for years to come. The new facility will be strategically located to serve cruise vessel customers as well as additional marine end markets such as container ships, car carriers, tankers, and bulk carriers in the Port of Galveston, Port of Houston, and surrounding Gulf Coast markets. The Company continues to advance its proposed Galveston liquefaction facility, along with a Jones Act-compliant LNG bunkering vessel, toward an expected FID. The Company has secured customer commitments for approximately 56% of the project’s proposed 350,000 gallons-per-day (“gpd”) capacity and is engaged in late-stage discussions with multiple potential customers to secure the remaining available offtake. The total capital required for the project is estimated at $350 million to $400 million. Financing for the project is progressing with counterparties conducting detailed due diligence and active negotiations on definitive documentation and key commercial terms. 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. 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. LNG usage in utility and pipeline applications varies by project type. North America has an expansive network of pipelines that, based on age and increasingly more stringent regulations, require routine testing and maintenance. During such events LNG fueling solutions can provide flow assurance to address natural gas supply interruptions during pipeline hydrostatic testing, repairs, gas distribution system curtailments, or unplanned outages. Such solutions can also provide a bridge for large industrial or utility customers before permanent pipelines are installed.

Remote Power including for Data Centers. Data centers require a significant amount of electrical power and redundancy including the ability to self generate power when the electrical grid is unable to deliver the power needed in a timely manner. 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. During the fourth quarter of 2025, the Company concluded a multi-year contract for temporary remote power in Louisiana in accordance with its terms. The contract accounted for approximately 19% of 2025 revenues. However, in February 2026 the Company executed a multi-year take-or-pay contract to supply LNG for behind-the-meter power generation for a world-leading provider of remote and temporary power generation and energy services at a data center. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. Total revenue under the initial multi-year term of the contract is estimated to be approximately $200 million. This contract represents the Company’s first contract in support of data center behind-the-meter power generation, consistent with its strategic focus on growing, high-value vertical markets.

China. Through our 40% interest in BOMAY, we provide power and control systems for the energy market in China.

Competitive Strengths

Stabilis believes that we are well positioned to execute our business strategies based on the following competitive strengths:

LNG is an economically and environmentally attractive product. 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. We believe that LNG can be delivered to customers at prices that are lower and more stable than what they would pay for distillate fuels or propane. In addition, LNG as a fuel may decrease operating costs by reducing equipment maintenance requirements and providing more consistent burn characteristics. 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. Our experience includes building and operating LNG production facilities, delivering LNG from third-party sources to our customers, and designing and executing a wide-variety of turnkey LNG fueling solutions for our customers using our cryogenic equipment fleet supported by our engineers and field service teams. 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. 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. 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. We can provide our customers LNG and related services for a wide variety of applications almost anywhere in the United States, Canada and Mexico. We believe that our ability to be a “one stop shop” for all of our customers’ off-pipeline natural gas requirements throughout North America is unique among LNG providers.

Ability to leverage existing LNG production and delivery capabilities into new markets. Stabilis believes that our experience producing and distributing LNG can be leveraged to grow into new geographic and service end markets. Since our founding we have expanded our service area across the United States, northern Mexico, and western Canada. We have also expanded our industry coverage to include multiple new end markets and customers. We accomplished this expansion into new markets by leveraging our LNG production and distribution expertise, in combination with our cryogenic engineering and project development capabilities, to meet new customer needs.

Competition

The market for LNG is highly competitive and we have multiple competitors for fuel. Stabilis believes the biggest competition for LNG in many applications is distillate fuels, such as diesel and marine gas oil, and propane as they power the majority of engines and generators in our target markets. We also compete with other fuel sources including pipeline natural gas and compressed natural gas ("CNG").

Stabilis competes with other natural gas companies, as well as other fossil fuel sources, based on a variety of factors, including, among others, cost, supply, availability, quality, emissions, and safety of the fuel. Location is often a primary competitive factor as transportation costs limit the distance LNG can be transported at competitive prices. We believe we compare favorably with many of our competitors on the basis of these factors. However, some of our competitors have longer operating histories and market-based experience, larger customer bases, more expansive brand recognition, deeper market penetration and substantially greater financial, marketing and other resources than our business. As a result, they may be able to respond more quickly to changes in customer preferences, legal requirements or other industry or regulatory trends, devote greater resources to the development, promotion and sale of their products, adopt more aggressive pricing policies, dedicate more effort to infrastructure and systems development in support of their business or product development activities and exert more influence on the regulatory landscape that impacts the natural gas fuel market. Additionally, utilities and their affiliates typically have unique competitive advantages, including a lower cost of capital, substantial and predictable cash flows, long-standing customer relationships, greater brand awareness, and large sales and marketing organizations.

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). These large LNG production facilities typically are designed and permitted to fill large marine vessels that deliver cargos of 26.5 million gallons (approximately 42,200 tonnes) of LNG or more to large import terminals in foreign markets. We do not believe that any of them currently have or plan to have truck loading facilities that would be required to supply LNG to small-scale LNG customers.

Sales and Marketing

Stabilis markets our products and services primarily through our direct sales force, which includes sales representatives covering all of our major geographic and customer vertical markets, as well as attendance at trade shows and participation in industry conferences and events. Our technical, sales and marketing teams also work closely with federal, state and local government agencies to provide education about the value of natural gas as a fuel and to keep abreast of proposed and newly adopted regulations that affect our industry.

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. 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.

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. Any changes to existing laws or regulations, the adoption of new laws or regulations, or failure by us to comply with applicable laws or regulations could result in significant additional expense to us or our customers or a variety of administrative, civil and criminal enforcement measures, any of which could have a material adverse effect on our business, reputation, financial condition and results of operations. 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. 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.

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 construction of LNG plants must also be approved by local planning boards and fire departments.

Transportation of LNG. 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. Cryogenic containers have to undergo annual USDOT visual inspections and periodic pressure tests. Motor vehicles equipped with an LNG container or other motor vehicles used principally for transporting LNG in portable containers in Texas have to be registered with the Railroad Commission of Texas. The U.S. Coast Guard exercises regulatory authority over waterfront facilities that handle LNG and oversees LNG-related bunkering and vessel fuel transfers.

Transfer of LNG. Transfer of LNG occurs between transport trailers, permanent and temporary facilities as well as marine facilities and vessels. Marine transfers can occur on the shore side to or from a vessel or from vessel to vessel. International, Federal, State and local safety standards and operational regulations require the transfer of LNG to be conducted in accordance with specific written safety standards and operational procedures. These procedures require that trained, qualified personnel be in attendance and manage all transfer operations.

Storage and Vaporization of LNG at Customer Sites. To install and operate both temporary and permanent storage and vaporization equipment, Stabilis may apply for permits or licenses that address many factors, including waste handling and air emissions related to onsite storage and equipment operation or consult with customers so they may apply for needed permits. The operation and siting of storage and vaporization of LNG may also require approval by local planning boards and fire departments.

Import
& Export of LNG. In the third quarter of 2022, Stabilis received authorization from the DOE to export domestically produced LNG to all free trade ("FTA") and non-free trade ("non-FTA") countries, for up to 51.75 billion cubic feet per year (or approximately 1.0 MTPA) of natural gas equivalent. The authorization is for shipments of LNG 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. For exports to FTA countries, the Company has five years from the date it received the authorization with which to initiate exportation of LNG.

The DOE authorization received during the third quarter of 2022 supplements the Company's other existing import and export license from the DOE. Under this license, the Company is authorized to import and export LNG from and to Canada and Mexico, via truck. Additionally, effective September 2024, the Company can import LNG, by vessel, from various international sources to any LNG import terminal in the United States. This authorization extends through September 4, 2026. 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. 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. None of our employees are currently subject to a collective bargaining agreement.

Stabilis seeks to attract and retain its employees by offering competitive compensation packages including base and incentive compensation, attractive benefits and opportunities for advancement and rewarding careers. The Company periodically reviews and adjusts, if needed, its employees’ compensation to ensure that it is competitive within the industry and is consistent with their level of performance. Stabilis considers employee benefits to be an important part of employee total compensation. For this reason, the Company’s benefits include insurance programs for medical, dental, vision, short- and long-term disability, accidental death and disability, and accident, as well as a 401(k) contribution retirement plan. The Company’s ability to attract employees is also significantly influenced by our efforts to create a culture of opportunity, personal growth, respect, collaboration and an appreciation of the diverse backgrounds, skills, and contributions that its employees offer.

Stabilis strives to provide its people with all of the tools and support necessary for them to succeed and safely perform their duties. The safety of its employees, contractors, customers and communities is paramount to the Company’s success. To ensure safe, reliable and efficient operations in a highly regulated environment, the Company supports and utilizes various employee training, educational programs as well as safety programs with detailed safety and health related procedures that all employees are required to follow.

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. The last patent to expire in the U.S. will expire in July 2039, absent any adjustments or extensions. The Company has ten U.S. trademark registrations and one foreign trademark registration (Canada). The Company has no pending trademark applications.

Background and History

The Company was originally incorporated in Florida on October 21, 1996 as American Access Technologies, Inc., a Florida corporation. On May 15, 2007, American Access Technologies, Inc. completed a business combination with M&I Electric Industries, Inc. (“M&I” or “M&I Electric”), a Texas corporation, and changed its name to American Electric Technologies, Inc. On August 12, 2018, all of the U.S. business operations of American Electric Technologies, Inc. based in the United States (“U.S.”) were sold to an affiliate of Myers Power Products, Inc. As a result, 100% of the company’s ongoing business was from international operations conducted through a Brazilian subsidiary, and an interest in a Chinese joint venture.

On July 26, 2019 the Company completed a share exchange (the "Share Exchange") whereby the Company acquired directly 100% of the outstanding limited liability company membership interests of Stabilis Energy, LLC (“Stabilis LLC”) from LNG Investment Company, LLC (“LNG Investment”) and 20% of the outstanding limited liability membership interests of PEG Partners, LLC (“PEG”) from AEGIS NG LLC (“AEGIS”). AEGIS owned a 20% noncontrolling interest of PEG. The remaining 80% of the outstanding limited liability company interests of PEG were owned directly by Stabilis LLC. As a result, Stabilis LLC became a direct 100% owned subsidiary of American Electric and PEG became an indirectly-owned 100% subsidiary of American Electric. Under the Share Exchange Agreement, American Electric issued 13,178,750 post-split shares of common stock to acquire Stabilis LLC, which represented approximately 90% of the total amount of common stock of American Electric, which was issued and outstanding as of July 26, 2019. Immediately following the Share Exchange, the Company declared a reverse stock split of its outstanding common stock at a ratio of one-for-eight, and changed its name to Stabilis Energy, Inc.

Available Information

Stabilis’ principal executive office is located at 11750 Katy Freeway, Suite 900, Houston, Texas 77079. Our telephone number is 832-456-6500 and our website address is www.stabilis-solutions.com. We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, amendments to those reports and other information filed with or furnished to the SEC available, free of charge, through our website, as soon as reasonably practicable after those reports and other information are electronically filed with or furnished to the SEC. The reference to Stabilis’ website is not intended to incorporate the information on the website into this report or any of our filings with the SEC. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. This annual report on Form 10-K, including all exhibits and amendments, has been filed electronically with the SEC.