Stabilis Solutions, Inc. (SLNG) Q4 FY2025 Earnings Call Transcript & Summary

Welcome to the Stabilis Solutions Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Andy Puhala, Chief Financial Officer. Mr. Puhala, please go ahead.

Good morning, and welcome to Stabilis Solutions Fourth Quarter 2025 Results Conference Call. I'm Andy Puhala, Senior Vice President and CFO of Stabilis. And joining me today is our Executive Chairman and Interim President and CEO, Casey Crenshaw. We issued a press release after the market closed yesterday detailing our fourth quarter and full year operational and financial results. This release is publicly available in the Investor Relations section of our corporate website at stabilis-solutions.com. Before we begin, I'd like to remind everyone that today's conference call will contain forward-looking statements within the meaning of the Private Securities Reform Act of 1995 and other securities laws. These forward-looking statements are based on the company's expectations and beliefs as of today, March 5, 2026. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. The company undertakes no obligation to provide updates or revisions to the forward-looking statements made in today's call. Additional information concerning factors that could cause those differences is contained in our filings with the SEC and in the press release announcing our results. Investors are cautioned not to place undue reliance on any forward-looking statements. Further, please note that we may refer to certain non-GAAP financial information on today's call. You can find reconciliations of the non-GAAP financial measures to the most comparable GAAP measures in our earnings press release. Today's call is being recorded and will be available for replay. With that, I'll hand the call over to Casey Crenshaw for his remarks.

Thank you, Andy, and good morning to everyone joining us on the call. We closed out 2025 with strong execution as we successfully wound down operations on 2 major multiyear contracts, our truck-to-ship marine bunkering contract with Carnival Corporation and our contract with a leading global provider of mobile power generation servicing an electrical cooperative in Louisiana. The completion of these agreements resulted in a year-over-year decline in revenue and adjusted EBITDA for the fourth quarter. The conclusion of the contracts during the quarter reduced fourth quarter revenues by approximately 28%. In both cases, we remain in a strong position to continue supporting these clients as they assess their future needs for our integrated last mile LNG solutions. Their ongoing engagement is a testament to our platform and the strength of our team and our people. As we move into 2026, we continue to see significant and growing demand across our key markets. That said, we expect lower revenues and profitability in the first half of the year as we bridge towards the start-up of several new customer contracts that are expected to begin in mid-2026 and early 2027. As we announced on February 17, we were awarded an estimated $200 million 2-year contract to support behind the meter power generation for a U.S. data center. Upon commencement, it will represent the company's largest ever contract in operation. Deliveries will begin in the first quarter of 2027 and are expected through the first quarter of 2029. As the United States continues its historic investment in data center infrastructure, the rapidly expanded power needs of these facilities create a substantial opportunity for behind-the-meter LNG-based power generation. Over the past several months, we have seen a notable increase in customer interest in our LNG for both commissioning and bridge power for U.S. data centers where pipeline delivered gas or electrical power is not available. Our last mile LNG solutions network is a highly reliable solution in these environments. We are also seeing strong demand in our aerospace market, where commercial launch activity remains robust. Our commercial team continues to pursue opportunities, both new and existing customers in this sector. At the same time, we work toward FID on our Galveston liquefaction project. We're also seeing strong long-term demand trends for the marine bunkering offtake. We continue working toward a final investment decision on the Galveston facility. We are in active discussions and negotiations with potential project equity sponsors and lenders on the financing structure. In parallel, we have secured customer offtake commitments for 56% of the facility's planned capacity and are working to sell the remaining available capacity. We continue to work with our advisers on a special purpose vehicle structure funded with project level debt and equity from third-party investors. This structure is expected to create long-term value for all stakeholders while enabling Stabilis to further expand our core operations amid accelerating end market demand for flexible LNG fuel solutions. As we work toward FID, we're actively engaged in engineering, design and ordering long lead time items to maintain the project schedule. We remain committed to providing periodic updates to our shareholders as key project milestones are achieved. In summary, 2026 represents an important transitional year for Stabilis. Achieving FID on our Galveston liquefaction facility will mark a foundational milestone, positioning the company for meaningful change in long-term value creation. At the same time, our commercial and operational teams remain intensely focused on delivering best-in-class service, reliability and quality across our other growth markets. Contracts we have in hand provide strong visibility into sustainable multiyear growth beginning in 2027 with momentum building as we progress through late 2026. As always, we remain committed to creating sustainable long-term value for our shareholders and look forward to keeping you updated in the quarters ahead. With that, I'll turn the call over to Andy for a detailed review of our financial performance.

Thank you, Casey. I'll begin with a discussion of our fourth quarter performance, followed by an update on our balance sheet and liquidity. Fourth quarter revenue decreased 23% year-over-year, driven by a 22% decrease in LNG gallons sold and lower rental and service revenue. At an end market level, marine bunkering revenues fell 42% year-over-year, while power generation revenues decreased 56% due to the conclusion of the large multiyear contracts in both markets. This was partly offset by a 17% increase in aerospace revenues and a 12% increase in industrial revenues compared to the same quarter last year. Adjusted EBITDA was $1.5 million during the fourth quarter compared to $4 million last year. Adjusted EBITDA margin was 11.5%, down from 23.2% in the fourth quarter of last year. The decrease in our adjusted EBITDA margin primarily relates to the conclusion of the 2 large contracts, a nonrecurring favorable SG&A adjustment and a gain on asset sale, both occurring in the prior year quarter. Cash from operations totaled approximately $670,000 for the quarter. Liquidity at quarter end was $10.2 million, consisting of $7.5 million of cash and approximately $2.7 million of availability under our credit facilities. Capital expenditures totaled $3.1 million during the quarter, primarily related to early engineering and design work and long lead items for the proposed Galveston LNG liquefaction facility and related Jones Act LNG bunker barge. Once project financing is in place and the company has FID-ed the project, we anticipate future project funding requirements to be met through project level financing. In the first quarter of 2026, we anticipate investing $1 million to $2 million of additional capital in the project and for routine maintenance CapEx. Additionally, we expect to invest additional capital into mobile equipment and related assets required for the significant data center contracts set to begin in early 2027. This capital investment will be funded by prepayments made by the customer. That concludes our prepared remarks. Operator, please open the line for the Q&A session.

[Operator Instructions] Our first question comes from Martin Malloy with Johnson Rice.

Congratulations on all the progress you've made on the data center front and Galveston LNG and aerospace. A lot of moving parts here and a lot of positive news. First question is about the -- first question I have is about data centers. And I think there's a growing recognition that behind-the-meter power for these data centers might be utilized over a longer period of time, and then you've got some temporary backup power needs. Can you maybe talk about what you're seeing in terms of customer demand in the data center market. And I know this contract that you've talked about is for 2 years in initial length. Can you talk about opportunities to extend that?

Yes, sure. Happy to. And by the way, thanks for joining today, and I appreciate your feedback and covering the company. So when we think about the last mile LNG solution for the behind the meter data center, high-speed computing area, there's really a couple of different areas that Stabilis can participate really well in. And I'm going to take it kind of the shortest to longest duration. The first is around the commissioning of these facilities where it could be 50 to 100-megawatt volume and could last anywhere from 3 to 9 months where they are working to commissioning blocks of these data centers. And these are one range of activity, and they may be waiting on different gas pipeline or different power electrical hookup during that period of time, but they're trying to commission the facilities in advance to that, whether it be the water or the cooling and all the different things they're commissioning. The second, which is similar to this other project is what we call a bridge solution, where we're providing last mile LNG solution to a power generation company, and they're providing either a 2- to 5-year bridging solution while they're waiting on the natural gas line pipeline or the power lines to be brought into the facility. And so there is a chance that things don't work out on perfect scheduling and there is extensions to those contracts. And the last is there's a growing volume of permanent natural gas power generation for data centers and LNG becomes a backup solution on those. So they have a pipeline connected in, have natural gas there, have natural generators that are running off natural gas, but they bring in LNG as a backup solution in case there is any outage or issues with the pipeline. So I hope that explains the kind of 3 different sectors and kind of where we participate in the space of behind the meter for specifically data centers. And I want to add, Stabilis is actively providing distributed power activities around all different types of applications, not just data centers, but data centers are definitely a growing area right now for the company.

Okay. And I was wondering if you might be able to -- this contract is much larger than what we've seen previously. Could you talk about any factors that we should consider in thinking about EBITDA margins on this kind of contract that would cause it to be above or below or on average with historical averages or maybe not the specific contract, but just in general, these larger contracts that you might be looking at?

Well, there's a couple of different things we've worked on this one. And one is to have the client support us on the additional CapEx that's related to execute on the project and to be able to perform around contracting third-party supply, et cetera. So we've structured the contract to give the most solution around very strong results for the client and protecting the downside for Stabilis if there's any delay or gap in service. And so we've done that through the customer supporting us with credit enhancing features to support us on the CapEx and the OpEx related to locking down the supply to support them. So that's one thing we've done kind of as a risk mitigator. When I think about EBITDA margins and some of that stuff, I feel it's consistent with historical business. And we don't prefer to give any project-based specific details around that out other than to acknowledge that it's not fair for the clients and stakeholders, and it's not anything different than historically would be provided other than they provide a lot of credit enhancement to protect us in case there's any scheduling delays.

Our next question comes from Tate Sullivan with Maxim Group.

A follow-up to that -- to your last comments, too, on the 2-year contract estimated revenue of $200 million. Do you base that on forward prices for your LNG supply? Or can you go a little bit into how you generate that $200 million?

Yes. So that's based on -- thank you for the question, and thank you for being on the call today. And that's a good question. That's based on expectation of the cost of the LNG and all the additional costs associated with delivering it, and that's based on their expected demand that they've given us over that 2-year period, not any extensions or any of that. There's -- so maybe -- I hope that answered the question.

Okay. And then when you talk to customers such as the data center owner or operator, what is the pricing discussion like when they're talking about diesel generators versus backup energy storage systems? Or how do you address any pricing concerns from the customers? With LNG...

Yes, I think that's a great question. And I think when we really think about where -- and I hope we're being clear about this to you guys, these 3 different areas where LNG really can participate. One is the shorter term 3 months to 1 year where we're doing the commissioning and -- sorry, supporting them on the power generation for the commissioning. That's probably the least price-sensitive area. Bridging is more price sensitive. And then that final area is the most price sensitive if you're permanent installed power base, these are competitive projects and they're looking at what their kilowatt per hour and everything is. And so we're always comfortable competing with diesel. But if you look at kind of grid cost power or you're looking at pipeline costs, those are normally cheaper than an LNG turnkey solution.

Our next question comes from Bill Dezellem with Tieton Capital.

I have a group of questions. First of all, discuss with this large contract, how you are going to fulfill a couple of hundred million in revenues. I mean clearly, that's not -- presumably, that's not coming from George West. So walk us through practically how this will unfold, if you would, please?

Bill, thanks for the question. I appreciate that because I think that will add some clarity. This project is not in the region that is going to be supported by our own liquefaction facilities. So we are using our third-party network. We speak a lot about this third-party network of Stabilis through our acquisitions and the buildup of who Stabilis is today through a number of companies that did not have their own liquefaction capacity and always use third parties. So we're using third-party liquefaction offtake agreements, and we're providing the turnkey LNG solution providing the logistics and then the on-site storage and regasification of the molecule back to the gas estate to hit the generator. So that's the way we're doing it, and there is LNG available in these regions in these markets and really provides easy data point of why Stabilis is unique and special on the fact that we do have our own liquefiers and then we have the ability to provide this kind of turnkey solution even if we're not making the LNG ourselves. So I hope that answers it. Yes, it's not in the Gulf Coast region. And -- but due to some confidentiality protections, we don't talk about where it is in the United States or in North America.

So Casey, with that in mind, is there any reason that you couldn't do I mean, hundreds of these type of contracts, and I recognize there's not hundreds out there, but it's really an unlimited number since it's not -- this is not your molecule that is being consumed.

Well, eventually, yes, Bill, that's a great question. So let's break it back down to those 3 kind of options. One is the commissioning. We can do a lot of those. Those are really good 6 months to 1 year projects, really good, lots of that's available working on lots of conversations around that. And then this bridging project is really good as well. Yes, we can do a lot more. It's not limited by our liquefiers, but there is some limit to the total available LNG out in the different regions and how far we can move it via truck. So what happens is it becomes more price sensitive. And then when you then look at the backup solution at longer term, that's where the economics of these facilities, how long they're bridging, what their time line is, all plays into the price that they're willing to pay and how far we have to move it to provide that. So first phase, the commissioning testing, lots of opportunity, lots of availability, just really strong bridging a little bit less 2 to 5 years. There's some projects that will absolutely do that. We do believe we can scale that as well. And then the backup is a really strong longer-term opportunity where they really don't want to do the backup with diesel if they could help it. They want to continue to do their backup with natural gas, and they want to be toggling between grid prices and their own behind the meter power generation is kind of the perfect world for these data centers. And there's still -- to be honest with you, we're still early stages in the development of how to optimize the power for all of these, and they're just trying to get them in. So what we are excited about Stabilis is that we are an active participant in the distributed power market. This is the data center part of it. We're excited that we're working on. We've been talking to you guys about it. We're equally excited about the aerospace business. We're equally excited about the marine bunkering activity and what we're seeing there. But this is an area that we are recently seeing contracting activity, and we're delighted to be able to share with you guys some tangible contracted success around the space. In the data center, distributed power, we've been in and doing and continuing to do.

One additional data center question before we jump to marine bunkering. So is rolling stock a limitation at some point because of production capacity? Or is that really not an issue? I guess I'm trying to understand what other limitations are there besides the ones that you aptly laid out in your response to my question?

Well, I'll go over all 3 of them. One is third-party supply or self-generated supply. And some of these projects are long enough, they may want us to build liquefactation nearer to the facility. So some of them are that bridging where they say, hey, could you consider putting a plant up nearer the facility and truck it in? So it's -- the molecule availability, then it's the logistics equipment and then it's the on-site storage and regasification equipment. All 3 of those are gating items and determine -- and are really determined by the volume needed at the site and the distance. So we go into this process with the largest logistics fleet and regasification fleet in the country due to the fact that Stabilis had consolidated and been in this space in a number of end markets for years. And so we have the largest cryogenic fleet and regasification storage fleet in the United States. So that's an inherent benefit. As we continue to have growth in this space beyond what our logistics and on-site storage equipment and even liquefactation is, these customers are working with us to support and enhance the credit of the contracts to allow this solution, which we saw in this project where they were supportive of that on how they handled the contracting. So in this contract that we've discussed, we're adding logistics equipment. We're adding N+3 kind of protection around on-site storage and regasification. So they're super supportive on making sure they have everything in place that performs for their -- the data center needs.

All right. And then moving to the Galveston facility. Since we're talking about FID by the end of the month, I mean that looks like it's fully on track. But I'll take the negative side of the question is what could derail it at this point since we are 25 or 6 days away from the end of the quarter?

Yes. Well, hopefully, we've laid it out. There's a couple of different things that we're in conjunction working on. One is the additional offtake. So we said we have 56% of the offtake contracted. We're in active discussions with the -- with customers around contracting the balance of the facility. The balance of the facility offtake agreed to optimizes the capital structure in the project. Secondly, the capital structure, we're still in active negotiations and working with our capital partners, both their -- the debt -- term debt part and then the preferred equity kind of sponsor in the SPV. So kind of those work in conjunction with the offtake. And so we're working all that as one group. And then we're working to have the time line be consistent with what our clients that have already contracted need that to be. So long lead items, engineering. So we continue to work on it while we're trying to get that locked up and finalized. One derailer of time line might be a global war, which we happened to start this past weekend or started this past weekend. So that kind of changes the dialogue. We think it enhances the need for stable, low-price, consistent fuel in the United States, specifically in the Houston Ship Channel. We think this enhances the project long term and shows why Stabilis, which means Greek for stable means having a capacity and supply in the Houston Ship Channel, Galveston area is positive for the United States and the customers that call on these ports. So we think it's an enhancer, but it definitely is a new variable that got inserted in the process this week. So I hope I've laid it out, there's commercial side. There's the financing matching with that. And then there's just kind of the lead time and execution for the current clients that have the 56% of the offtake. And then there's kind of third-party things that are in play like the conflict in the Middle East, which is driving up the global cost of LNG, which is making the LNG that we can produce more optimal for our clients to contract.

That is helpful. And let me ask relative to the Carnival contract not being renewed as it was shore to -- or truck to ship. Would you please walk us through the dynamics of why they're not renewing and then what they're going to do for fuel in the intermediate time period before the Galveston plant is up and running?

Sure. I'll give you a little bit of color. I can't always -- we can't speak for our client, but I'll speak to what we understand. And what we are pretty comfortable telling you guys is that they would have liked to have extended that contract. The Jones Act vessel that they had contracted separately to that we delivered to that delivered the fuel to them had -- was no longer going to be -- they made it unavailable starting in 2026. And that availability of a Jones Act bunkering vessel for this project is what made the extension not happen. So they had verbally and letter agreements told us they wanted to extend it, but it was based on them having that availability vessel when that vessel was not available, that changed their ability to extend. In the medium term, short term, they'll have to either have their vessel either rerouted to an area where they make can get LNG, whether that be the Bahamas or do some routing difference or they'll have to use marine gas oil, which is called MGO, which we refer to as MGO, which is their alternative fuel source. Does that answer your question? Or is there any follow-up to that?

Yes. It answers the question, but maybe this is highlighting the lack of equipment for bunkering that maybe that I certainly didn't appreciate or understand. So maybe just as my final question, would you lay out the supply-demand dynamics of the bunkering vessels that exist and how rare or prevalent they are and why this particular bunkering vessel was no longer available to continue the contract.

Absolutely. I think the best way to think about is kind of the maturity of the different bunkering markets. And I would say the most mature bunkering market with Jones Act bunkering vessels is in the Florida or the southern part of the United States in the Florida area. It was the first to start adopting and became the earliest. And I believe my number may be off by one, but I think there's about 5 Jones Act vessels that are bunkering LNG in the United States, and they're all in Savannah or in Georgia down to through Florida. And so that's the availability of Jones Act LNG bunkering vessels in the United States. There's 5, and those are 5 or 6, and those are all in that area. And so that area was developed first. And so one of the reasons we're excited to bring this to the Gulf Coast and over time in other areas is because it's not a new technology. This is adopted, has adopted, is working. It's just a shortage of vessels. And so that vessel was able to be moved back and have plenty of work over in that region.

We will move next to [ Ed Prescovich ] with WP Capital.

I've been involved in Stabilis for some years, probably going back to GTLS Chart Industries initial investment. I have just a quick question, a good follow-up question. I see you have leased or chartered a vessel from Seaspan, the Garibaldi. I'm wondering how that fits into the SLNG picture since it can't bunker the United States, but it could bunker places in the Caribbean or Panama Canal. Hello?

Just a moment. [Technical Difficulty] Speakers are back in conference.

I've been a holder since the GTLS days. I really like the company. Everything is super. I have one question that feeds in well to the previous question. What -- I see we leased a bunkering vessel granted not Jones Act approved. Is there -- can we get any updates on that? What it's going to be used for? Are we not going to use it or...

Well, we're still in process on that. We'd like to circle back with you on the next call. That was a plan to work toward trying to support our clients and customers. But let us circle back with you on the details on that, but we're not prepared to go over that just yet. Thanks for joining, and we appreciate you being a shareholder and being active on the call today.

We do have a follow-up from Martin Malloy with Johnson Price.

Just wanted to ask kind of a bigger picture question relating to aerospace. I guess the potential has been out there for years that we might see something more on the contracting side there with respect to aerospace. Now with more demand for LNG for data centers, manufacturing, bunkering, is there any change in the way that the aerospace companies, space companies are viewing their LNG supply and maybe trying to secure it with a contract, have more visibility on the security of the supply there?

Well, I'll start, and I'll let Andy kind of come back on this. Like we do have contracted work we do with them, and it's done on 1-year and re-extended contracts, et cetera. And we have a number of contracts inside the space. But when we think about contracting, we're talking about multiyear take-or-pay type discussions. And so we are contracted. They're just not multiyear take-or-pay contracts. And it is an exciting time for them. Their commercial consistency on really making money and sending stuff up and how that works with satellites and what their total business is and how that interlocks with the data center AI kind of growth and macro, they're really together. They're actually coming together on activity, not separating. And we do think there's going to be a lot of need for closer supply, both in Florida and in the other areas where they launch and how they go about that. And then there's still quality differences on what their rockets need and how they need it. We continue to work with all of our clients in that area about how we can put specific purpose liquefiers in for them, how we can contract longer term. They are -- as they're continuing to grow their needs and develop more consistent flights, I think that's becoming more and more of a question and an issue. Obviously, some of them like to self-perform everything. Some of them want to do more outsourcing. So I think there's just a blend there. So not trying to not answer it real directly, but I do want to say we are contracted with these. good companies. We do expect to see meaningful growth in overall revenue in '26 versus '25, north of 30-plus percent growth, maybe more than -- more like 40% growth in that space. That's our expectation, and we are seeing it grow. But we haven't -- don't have today as line of sight on putting an asset in for one of them yet as an liquefier fit for purpose, and we are actively having discussions with that being available. We just have not got that contracted yet.

We will move next with Spencer Lehman, a private investor.

I'm very excited about what you guys are doing and what you got lined up, sort of my dream come true after many years. And I just turned 90. So I think maybe I'm going to get a chance to watch all this developed. I wonder if you had considered the possibility of instead of going alone, maybe merging with a larger company with all the financing could be done by their balance sheet. But it looks like the train sort of left the station, right? And is that still a consideration? Or do you think you can handle this whole thing? It seems like it's pretty ambitious for such a small company, but you feel pretty confident?

Yes. Spencer, we do. And first of all, just thanks for being a long-term shareholder, and we're more excited than you because we are just big believers in how this turnkey LNG solutions is just a game changer in all 3 of these growth markets, aerospace and the distributed power and the marine bunkering, and we're just wildly excited about it. I think we laid it out that in the marine bunkering project, where we're doing a lot of infrastructure right now, we're talking about how to finance that through a project financing special purpose vehicle. And we think that's the most optimized capital structure allows us to retain our equity while we believe the equity is not fully priced into the opportunities and growth of Stabilis. And so it allows us to have growth without meaningful dilution. And so we still believe that's the right path. And when we look at distributed power, customers are supportive and credit enhancing to help us meet that growth with them. And when we look at space, we're absolutely -- or aerospace available to put in some assets and do some stuff if they contractually would like us to do that. So we're not against putting debt, enhancing the capital structure or really doing anything that unlocks value for the shareholders. And furthermore, we have a duty to unlock that value for the shareholders. And so you're not going to hear us in the management team say never say never on anything. Our goal is to grow the company profitably with these 3 big end markets that we're discussing and for you, shareholders, to know that we want to grow the company -- and we believe this is a growth space where both infrastructure, just all kinds of growth. And as we need to tap different financial markets to accomplish that, we have a duty to go do that, and we intend to. And so we appreciate the question. Right now, we feel like we've got adequate support with the clients and the contracts right now, but we don't want to pretend there's a negative bent on anything other than profitable growth for our shareholders and for our stakeholders.

I think that's a great answer, and I'm very pleased that you try to keep the dilution at a minimum. So...

We're in alignment there. Thank you, Spencer. Appreciate you joining this morning. Sorry, our phone got disconnected.

[Operator Instructions] We will move next to [ George Berman ] with Cabot Lodge Securities.

I also want to join the previous callers congratulating you to a very, very good job. I think things are looking definitely up, up in a way for us. One particular question I have, I discussed this with your CFO a few times, we are owners of an ownership stake valued at about $10 million on your balance sheet that is thrown off about $1 million a year with a China joint venture. Is there any chance of maybe monetizing that? Because I think that would add some nice firepower for your current projects.

Well, I appreciate the question, and we're really proud of that stake with that partnership with [ BOMCO ] and with our joint venture in China. We're proud of the company. We're proud of the management team, and we're delighted to be partners with [ BOMCO ] in that business. Because we're not the majority shareholder and we're a partner and heavily represented on the Board, we don't control all the perfect timing of how that strategic asset would be monetized. There are specific things in the joint venture agreement that allow to be monetized at certain time periods. And those are specific. But it is a wonderful company. I think it could be -- there's a lot of value. But I think the negative with that is the geopolitical challenges associated with China right now make that a bit of a -- is this the most optimized time to do something there or not? Should we wait until things normalize better? Is that a better step-up value? But it's a great company. BOMAY is a wonderful group over there. And if you know that was part of the existing company that Stabilis reverse merged into and was one of the only assets inside the company as we were first merged into it. But we're delighted to have that. We participate as Board members, both me and Andy, and are actively in that and have an executive that watches it and is in China working on it for us.

And the $1 million-plus a year that you received is nothing to shake a stick at either?

We're proud of their performance and their consistency on providing the shareholders' dividends and cash dividends as it relates to that business.

Right. You are currently -- you have the one big plant in, I believe it's George, Texas, produce the LNG, but you also mentioned last year on the conference call that you had already acquired the necessary equipment to build a second one. Has that gone any further? Is that part of the overall picture right now where to put it?

Yes, that is. We have 2 liquefiers, one in Port Allen, which is run near Baton Rouge, Louisiana; and one in George West, Texas. And then we acquired a complete additional plant to -- we call it a train or a plant or a liquefier to install. The best place to install that is George West. That is where we would like to install it because of the construction cost is lower and we get the benefits of having all the infrastructure already there. However, we have both marine clients and distributed power clients and space clients all looking at maybe they would like it near their offtake agreement. And so we've left it as an uninstalled asset to try to come up with where the most interested customer and client might want it with the longest-term opportunity and offtake being. So it's available to deploy and has not been finalized on where that deployment is because we haven't had the customer finalization of where to put it.

Right. So you would say -- or we could say that you basically right now in the driver seat, fielding offers and whatever is most appropriate for the company, you can take it and proceed?

Yes. I appreciate the comment. We believe our customers are in the driver seat. We're just waiting on which one would like to have that availability and that surety of supply. So we're kind of under their direction, but it is a valuable strategic asset to have and have the ability to deploy it quickly relative to a greenfield application.

Right, right. Well, Mr. Crenshaw, also want to thank you for taking over the leadership there. I think we are definitely going in the right direction, and I'll be looking forward to much higher equity prices once we get the financing for these big opportunities on the ground.

Well, I agree that we have a great team here. I'm looking forward to higher equity pricing for all of us as well. We have an amazing management team here. Andy, you'll get to speak to a lot as CFO, our balance of team here with Matt and Stage and Koby and just I can go on and on with our team here. I mean, it's hard for me to throw out names because we'd have to throw them all out. We have an incredible team, the most skilled turnkey LNG solutions team in the world. And these 3 core markets that we talk about with the best team in the world, period. Now applying that to the most profitable growth and the most profitable projects is something that we need to keep working on and optimizing for the shareholders, but we have a great team, a great set of assets, great set of logistics, plants and customers and end markets, and we're just so lucky to have all of our good clients, and we're working hard to keep them. And even though we had these 2 contracts roll off, the fact that we're still working with both clients and active with both clients is a testament, as we stated earlier, to our company and our team and people. So thank you for calling...

This concludes the Q&A portion of today's call. I would now like to turn the floor over to Andy Puhala for closing remarks.

Well, thank you all for joining the call today and your support of the company, and we look forward to keeping you updated as we have things to share and look forward to speaking with you on next quarter's call as well. Thank you.

Thank you. This concludes today's Stabilis Solutions Fourth Quarter 2025 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful day.