Stabilis Solutions, Inc.

STABILIS SOLUTIONS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business

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.

The Company serves 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 deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. Additionally, LNG can be used as a partner fuel for renewable energy, and as an alternative to traditional fuel sources, such as distillate fuel oil (including diesel fuel and other fuel oils) and propane, among others to provide both environmental and economic benefits.

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 under the equity method.

Basis of Presentation and Consolidation

The accompanying unaudited, interim condensed consolidated financial statements (the “Condensed Consolidated Financial Statements”) include our accounts and those of our subsidiaries and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. We believe that the presentation and disclosures within this report are adequate to prevent the information presented herein from being misleading. The Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The Condensed Consolidated Balance Sheet as of* December 31, 2025* has been derived from the audited consolidated financial statements included in the2025 Form10-K. The results of operations for the interim periods presented arenot necessarily indicative of the results of operations to be expected for the full year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended* December 31, 2025* included in the Company's Annual Report on Form10-K, as filed on* March 5,*2026. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated.

Use of Estimates in the Preparation of the Consolidated Financial Statements.

The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the determination of fair value of equity-based awards, fair value of natural gas derivatives, carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the Condensed Consolidated Financial Statements.

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Segment Reporting

In accordance with ASC Topic280 - "Segment Reporting (ASC280)" the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company doesnot have any material intra-segment sales and transfers of assets. The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer (the "CEO"). The CEO, with the Chief Financial Officer, assesses the performance and makes operating decisions of the Company on a consolidated basis, based on the Company's net increase in shareholder's equity resulting from operations ("net income (loss)"). Company assets arenot reviewed by the CODM at a different asset level or category, but at the consolidated level. As the Company's operations are comprised of a single operating segment, the segment assets are reflected on the accompanying Condensed Consolidated Balance Sheets as "total assets" and the significant segment expenses are listed on the accompanying Condensed Consolidated Statements of Operations.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents consist of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Condensed Consolidated Balance Sheets. Our restricted cash relates to $25.0 million of advance payments, received from a customer, related to a customer project scheduled to commence during thefirst quarter of2027 and continuing through thefirst quarter of2029. The use of the advance payments is restricted to the purchase of equipment, securing LNG supply and commissioning expenses incurred by the Company specific to the customer project. The advance payments will offset a percentage of each future invoice over the term of the contract until fully offset at which time the credit will cease. The Company believes the advance payments constitute deferred revenue, as presented on the Condensed Consolidated Balance Sheets as of* September 30, 2026*. See Note6 - Deferred Revenue for additional information.

Other noncurrent assets

Other noncurrent assets consist of legal costs incurred to obtain customer contracts and legal costs associated with obtaining financing for the Company’s proposed Galveston LNG liquefaction facility that have been capitalized and will be expensed over the term of the contract or financing term. During thefirst quarter of2026, the Company impaired contract costs of $0.1 million associated with a customer contract that was cancelled by the Company.

Recent Accounting Pronouncements

In* July 2025,the FASB issued ASUNo.* 2025-05, Financial Instruments — Credit Losses (Topic326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. We adopted this ASU on a prospective basis effective* January 1, 2026.The adoption hadno* impact to our consolidated financial statements.

In* November 2024,the FASB issued ASU2024*-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic220-40): Disaggregation of Income Statement Expenses" which requires companies to disclose disaggregated information about certain costs and expenses in the notes to the financial statements. ASU2024-03 is effective for companies for annual reporting periods beginning after* December 15, 2026.The requirements can be applied either prospectively or retrospectively. Although early adoption is permitted, the Company intends to adopt the pronouncement when the pronouncement becomes effective on January 1, 2027.The Company doesnot* expect the adoption of ASU2024-03 to have a significant impact on its consolidated financial statements.

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2. REVENUE RECOGNITION

We recognize revenues when the transfer of promised goods or services are delivered to our customers in accordance with the applicable customer contract and we are entitled to be paid by the customer. Revenues are measured as consideration specified in the contract and exclude any sales incentives and amounts collected on behalf ofthird parties. Revenues from contracts with customers are disaggregated into (1) LNG Product (2) rental (3) service and (4) other. Certain contracts* may*include multiple goods or services such as the usage of equipment and delivery of field support services that are bundled into an all-in price to the customer for each gallon of LNG delivered. Revenue recognition under these contracts requires significant judgment by the Company in order to determine the appropriate accounting for these transactions, including whether performance obligations should be accounted for separately versus together, how the price should be allocated among the performance obligations, and when to recognize revenue for each performance obligation. The Company has determined that these contracts have multiple performance obligations and the Company allocates the contract price to each performance obligation using its best estimates of the respective standalone selling price of each distinct good or service at the time the contract was negotiated.

LNG product revenues

LNG product revenues represent the sale of LNG from both produced and purchased sources as well as the transportation performed to deliver the LNG to our customer location. LNG product revenues are recognized upon delivery of the LNG to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. The Company acts as a principal when using* third-party transportation companies and therefore recognizes the gross revenue for the supply of LNG. The Company doesnot differentiate between the revenue from the sale of LNG production and purchased LNG as the criteria for revenue recognition are identical. Some of our contracts contain minimum take-or-pay amounts where a customer has agreed to source a minimum volume of LNG under the contract. Take or pay revenues are only recognized when the customer has failed to take the minimum contracted volumes upon completion of the time period specified within the contract, and the Company has the unconditional right to receive payment for the take or pay amount. Certain of our sales contracts contain provisions that maymeet the criteria of a derivative in the event delivery isnot* made. These contracts are accounted for under the normal purchase normal sales exclusion under U.S. GAAP and arenot measured at fair value each reporting period. Our LNG contracts are generallyone to24 months in duration.

Rental revenues

Rental revenues are generated from the rental of cryogenic equipment to our customers. Rental revenues arenot dependent upon the gallons delivered but based upon day rates or monthly rates for the use of equipment as specifically established within the contract and are disaggregated from LNG product revenues. Revenues related to rental of equipment are recognized under Topic606 andnot ASC842: Leases, as the Company maintains control of the equipment that the customer uses and can replace the rented equipment with similar equipment should the rented equipment become inoperable or the Company chooses to replace the equipment for maintenance purposes. Revenue is recognized as the rental period is completed and for periods that cross month end, revenue is recognized for the portion of the rental period that has been completed to date. Performance obligations for rental revenue are considered to be satisfied as the rental period is completed based upon the terms of the related contract. The stated rental rates within each contract are representative of the stand-alone rental rates at the time the contract was negotiated.

Service revenues

Service revenues are generated from engineering and field support services and represent the human resources provided to the customer to support the use of LNG at the customer’s job site. These include support and costs for mobilization and demobilization of equipment at customer sites as well as onsite technical support while customers are consuming LNG. Service revenues arenot dependent upon the gallons delivered or rental period but based upon the specific contractual terms and can be based on an event (i.e. mobilization or demobilization) or an hourly rate as specifically established within the contract and are disaggregated from LNG product revenues and rental revenues. Service revenue is recognized as the event is completed or work is done. The stated hourly labor rates in each contract are representative of the stand-alone hourly rates at the time the contract was negotiated.

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Other revenues

Other revenues* *are items that, due to their nature, are disaggregated from the categories mentioned above such as expenses incurred by the Company on behalf of the customer that we contractually rebill to our customers on a cost-plus basis.

Disaggregated Revenues

The table below presents revenue disaggregated by source, for thethree andnine months ended* September 30, 2026and2025* (in thousands):

The table below presents revenue disaggregated by geographic location, for thethree andnine months ended* September 30, 2026and2025* (in thousands):

Variable and Other Revenue Components

Certain of our contracts* mayinclude rental or services revenue that mayvary based on customer demand at stated rates within the contract and are satisfied as the work is authorized by the customer and performed by the Company. LNG product sales agreements may*include both fixed and variable fees per gallon of LNG but are representative of the stand-alone selling price for LNG at the time the contract is negotiated. We have concluded that the variable LNG fees meet the exception for allocating variable consideration to specific parts of the contract. 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.

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.

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3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

The Company’s prepaid expenses and other current assets at* September 30, 2026* and* December 31, 2025* consisted of the following (in thousands):

4. PROPERTY, PLANT AND EQUIPMENT

The Company’s property, plant and equipment at* September 30, 2026* and* December 31, 2025* consisted of the following (in thousands):

Depreciation and amortization totaled $1.7 million and $1.8 million for thethree months ended* September 30, 2026and2025*, respectively, and $5.3 million and $5.6 million for thenine months ended* September 30, 2026and2025*, respectively, all of which is included in the Condensed Consolidated Statements of Operations as a separate line item.

Construction in progress of $24.0 million and $14.9 million at* September 30, 2026* and* December 31, 2025,respectively, primarily relate to the deployment and build-out of liquefaction assets, the purchase of additional liquefaction assets for the Company’s contracts for power generation at data centers to beginfirst* quarter of2027, and its proposed Galveston LNG liquefaction facility and related LNG bunkering vessel.

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5. ACCRUED LIABILITIES

The Company’s accrued liabilities at* September 30, 2026* and* December 31, 2025* consisted of the following (in thousands):

6. DEFERRED REVENUE

The Company records deferred revenue if we receive consideration, prior to transferring the goods or services, required under the terms of the sales contract, to the customer.

Multi-year, On-site Power Generation for a Data Center

In* February 2026,the Company was awarded a multi-year contract to supply LNG for power generation at a data center. During thethree* andnine months ended* September 30, 2026*, the Company received advance payments of $5.0 million and $25.0 million, respectively. LNG deliveries are expected to commence during thefirst quarter of2027 and continue through thefirst quarter of2029. The advance payments will offset a percentage of each future invoice over the term of the contract, or until fully offset, at which time credit will cease. Under the contract, the Company will utilize the advance payments for the purchase of equipment, securing LNG supply and commissioning expenses incurred by the Company specific to the customer project. The portion of the $25.0 million the Company received that hasnot been utilized related to the customer project has been classified as restricted cash and cash equivalents and the full amount of the advance payment has been presented as deferred revenue on the Company's Condensed Consolidated Balance Sheet at* September 30, 2026*.

The Company's deferred revenue at* September 30, 2026* and* December 31, 2025was $25.0 million and $0.0 million, respectively, with $3.8 million classified as current and $21.2 million classified as non-current at September 30, 2026*.

7. LEASES

Our current leases primarily consist of operating leases for certain facilities and office spaces in Houston, Texas and Monterrey, Mexico. The Company also leases a marine bunkering site in Galveston, Texas, along with certain equipment on a short-term basis. Leases which are less thantwelve months or haveno cancellation penalties arenot recorded on the Condensed Consolidated Balance Sheets.

For thethree months ended* September 30, 2026and2025*, lease expense that relates to the Company's capitalized operating was approximately $0.1 million and $0.1 million, respectively. For thenine months ended* September 30, 2026and2025*, lease expense was approximately $4.6 million and $0.2 million, respectively. The $4.6 million in2026, consists primarily of $4.3 million non-recurring time charter expense, as reflected on the Condensed Consolidated Statements of Operations, which relates to a canceled lease (see “Termination of Time Charter Agreement - Marine Bunkering Vessel” below).

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Termination of Time Charter Agreement - Marine Bunkering Vessel

On* December 12, 2025,the Company entered into a time charter agreement for a marine bunkering vessel (the "Garibaldi") commencing March 1,2026 (the "time charter"). The Company determined that the time charter represented an operating lease and the Company recorded a right-of-use ("ROU") asset and lease liability of $22.4 million and $21.8 million, respectively, on March 1, 2026.On June 11, 2026,the Company and the owners of the Garibaldi entered into a termination option granting the owners an option to terminate the time charter. On June 24, 2026,the owners exercised that option, and the time charter was terminated. In connection with the termination, the Company incurred a loss on lease cancellation of $1.3 million which is included in "Time charter expense" on the Condensed Consolidated Statements of Operations for thenine* months ended* September 30, 2026*. The loss on lease cancellation consisted of an early termination fee of $0.8 million payable* January 1, 2027and the write-off of the remaining balance of the ROU asset of $0.6 million after derecognizing the Company's ROU asset at the amount equal to the cancellation of $18.4 million of lease obligations. The Companyno longer has any ROU asset related to the Garibaldi. At September 30, 2026*, the only remaining obligation is the $0.8 million early termination fee that is payable on* January 1, 2027which is included in accounts payable on the Company's Condensed Consolidated Balance Sheet at September 30, 2026*.

Statement of cash flow impacts resulting from differences between operating lease payments and operating lease expense are included within “Other” on the Company's Statement of Cash Flows within Cash Flows from Operating Activities for thenine months ended* September 30, 2026and2025.* The following table summarizes cash flow items related to both operating and finance leases for thenine months ended* September 30, 2026and2025* (in thousands):

8. DEBT

During thethree months ended* September 30, 2026and2025*, interest expense was $0.1 million and $0.1 million, respectively, and the Company capitalized interest of $0.2 million and $0.1 million, respectively. During thenine months ended* September 30, 2026and2025*, interest expense was $0.1 million and $0.2 million, respectively, and the Company capitalized interest of $0.5 million and $0.3 million, respectively, which is included in property, plant and equipment (see Note4).

Revolving Credit Facility

On* June 29, 2026,the Company, along with its subsidiaries, Stabilis LNG Eagle Ford LLC, Stabilis GDS, Inc. and Stabilis LNG Port Allen, LLC (collectively, the "Borrower") entered into a Second Modification Agreement and Amendment to Other Loan Documents (the “Second Modification Agreement”) with The Huntington National Bank, as successor by merger to Cadence Bank (the “Bank”), amending that certain Loan Agreement dated as of June 9, 2023,*by and among the Borrowers and the Bank (the “Loan Agreement”).

The Second Modification Agreement amends the Loan Agreement to, among other things: (i) revise the financial covenant under the Loan Agreement to require the Borrowers to maintain a minimum Fixed Charge Coverage Ratio of 1.20 to1.00, tested as of the last day of each fiscal quarter on a trailingtwelve-month basis, commencing with the fiscal quarter ending* March 31, 2027;and (ii) establish a segregated, blocked deposit account maintained with and under the control of the Bank (the “Cash Collateral Account”), funded with at least $5,000,000, as collateral security for the obligations under the Loan Agreement. Until the Borrowers demonstrate compliance with the minimum Fixed Charge Coverage Ratio fortwo* consecutive fiscal quarters, commencing with the fiscal quarter ending* March 31, 2027,*availability under the revolving credit facility is limited to the amount on deposit in the Cash Collateral Account (subject to a cap of $10.0 million), after which availability will be determined by the borrowing base, up to a maximum of $10.0 million, and the Cash Collateral Account will be terminated and released to the Borrowers. In connection with the Second Modification Agreement, the Borrowers paid the Bank an upfront fee of $15 thousand.

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Secured Term Note

On* April 8, 2021,the Company entered into a loan agreement (the “AmeriState Loan Agreement”) with AmeriState Bank (“Lender”) to provide for an advancing loan facility in the aggregate principal amount of up to $10.0 million (the “AmeriState Loan”). The AmeriState Loan Agreement is secured by specific equipment owned by the Company. On September 19, 2023,the AmeriState Loan Agreement was amended (the "First Amendment") for the purpose of substituting certain items of collateral under the AmeriState Loan Agreement. The AmeriState Loan is a term loan facility, matures on April 8, 2031and bears interest at the U.S. prime lending rate plus 2.5% per annum,9.5% at September 30, 2026*. The AmeriState Loan provides that proceeds from borrowings* maybe used for working capital purposes at the Company’s liquefaction plant in George West, Texas and related fees and costs associated with the AmeriState Loan. As of September 30, 2026*, all available amounts had been drawn under the AmeriState loan with $7.3 million remaining outstanding.

The AmeriState Loan Agreement requires the Company to meet certain financial covenants which include a debt-to-net-worth ratio ofnot more than 9.1 to1.0 and a debt service coverage ratio ofnot less than 1.2 to1.0 as of the last day of each calendar year. During thethree months ended* June 30, 2026,the Company amended its AmeriState Loan Agreement to clarify that compliance with its financial covenants is measured and calculated only on an annual basis at December 31,*of each year.

Insurance Notes Payable

The Company finances its annual commercial insurance premiums for its business operations. For the2026-2027 policies, the amount financed was $1.1 million. The Company makes equal monthly payments of principal and interest over the term, with an interest rate of 7.26%. The renewal occurs each* September.The outstanding principal on the note at September 30, 2026*, was $1.0 million.

9. RELATED PARTY TRANSACTIONS

Casey Crenshaw (our Executive Chairman of the Board and Interim President and Chief Executive Officer) is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with a family member. From time to time, the Company purchases supplies and services from subsidiaries of The Modern Group.

For thethree months ended* September 30, 2026and2025*, the Company had purchases of $2 thousand and $0.1 million with The Modern Group, respectively. For thenine months ended* September 30, 2026and2025*, the Company had purchases of $3 thousand and $0.2 million, respectively. The Company had sales to The Modern Group during thethree andnine months ended* September 30, 2026* of $31 thousand, withno sales during thethree andnine months ended* September 30, 2025*. As of* September 30, 2026* and* December 31, 2025*, the Company had accounts receivable due from The Modern Group of $31 thousand and $0, respectively, andno accounts payable due to The Modern Group as of* September 30, 2026* and* December 31, 2025*.

Chart Energy and Chemicals, Inc. ("Chart"), acquired by Baker Hughes Company in thethird quarter2026 and now a subsidiary of Baker Hughes Company, beneficially owns 7.9% of our outstanding common stock at* September 30, 2026*. For thethree months ended* September 30, 2026and2025*, the Company hadno purchases from Chart. For thenine months ended* September 30, 2026and2025*, the Company had purchases of $2.0 million and $0.1 million, respectively, from Chart. The Company hadno sales to Chart during thethree andnine months ended* September 30, 2026and2025*. The Company hadno accounts receivable due from Chart at* September 30, 2026* and* December 31, 2025*. The Company had accounts payable due to Chart at* September 30, 2026* and* December 31, 2025*, of $0 and $9 thousand, respectively.

10. COMMITMENTS AND CONTINGENCIES

Environmental Matters

The Company is subject to federal, state and local environmental laws and regulations. The Company doesnot anticipate any expenditures to comply with such laws and regulations that would have a material impact on the Company’s condensed consolidated financial position, results of operations or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state and local environmental laws and regulations.

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Litigation, Claims and Contingencies

The Company* maybecome party to various legal actions that arise in the ordinary course of its business. The Company is also subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes mayarise during the course of these audits. It is impossible to determine the ultimate liabilities that the Company mayincur resulting from any of these lawsuits, claims, proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If these matters were to ultimately be resolved unfavorably, it is possible that such an outcome could have a material adverse effect upon the Company’s condensed consolidated financial position, results of operations, or liquidity. The Company doesnot,* however, anticipate such an outcome and it believes the ultimate resolution of these matters willnot have a material adverse effect on the Company’s condensed consolidated financial position, results of operations, or liquidity.

11. SUPPLEMENTAL CASH FLOW INFORMATION

The Company's supplemental disclosure of cash flow information for thenine months ended* September 30, 2026and2025* is as follows (in thousands):

12. NET INCOME (LOSS) PER SHARE

The calculation of net income (loss) per common share for thethree months andnine months ended* September 30, 2026and2025* are presented below. For all periods presented, there wereno dilutive securities outstanding. Outstanding stock options of 331,931 that were vested and unexercised were excluded for all periods, as the exercise price exceeded the market price at the end of each period, in addition to where it would be anti-dilutive in periods with net losses.