Stabilis Solutions, Inc.

Welcome to the Stabiliz Solutions fourth quarter 2025 earnings conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. So others can hear your questions clearly, we ask that you pick up your handset for best sound quality. Lastly, if you should require operator assistance, please press star 0. I would now like to turn the call over to Andy Pujala, Chief Financial Officer. Mr. Pujala, please go ahead.

Good morning, and welcome to Stabilis Solutions' fourth quarter 2025 results conference call. I'm Andy Pujala, 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.

Casey Crenshaw 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 two major multi-year 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 toward the startup of several new customer contracts that are expected to begin in mid-2026 and early 2027. As we announced on February 17th, we were awarded an estimated $200 million two-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've 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're 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 advisors 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 in-market demand for flexible LNG fuel solutions. As we work toward FID, we're actively engaged 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 multi-year 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.