Stabilis Solutions, Inc., a provider of hydrogen and liquefied natural gas (LNG) fuelling solutions, has announced record preliminary first quarter 2021 revenues in the range of $17.5m to $17.8m.
The revenue range is a 29% to 30% increase compared to $13.7 million in the fourth quarter of 2020 and a 26% to 29% increase compared to $13.8 million in the first quarter of 2020.
Stabilis delivered 13.4 million gallons of LNG during the quarter, a 29% increase compared to the fourth quarter of 2020 and a 12% increase compared to the first quarter of 2020.
“Stabilis is proud to report record revenues for the quarter, beating our prior record quarter, the first quarter of 2020, by well over 25%,” said Jim Reddinger, Stabilis Solutions’ President and Chief Executive Officer.
“The energy transition is underway and Stabilis’ position as a premier supplier of clean LNG and hydrogen fuelling solutions is driving significant growth. We believe that this trend will continue into the remainder of 2021 and beyond.”
The year-over-year revenue increase was largely driven by broad-based growth including growth in power generation projects, continued expansion of the Houston-based company’s Mexico operations, and increased activity with aerospace customers.
Stabilis’ solutions include small-scale LNG production, distribution and fuelling services to multiple end markets in North America. Stabilis also provides hydrogen fueling services to its customers. The company’s customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis’ customers also use LNG as a virtual pipeline solution when natural gas pipelines are not available or volumes are curtailed.