Houston-based small-scale LNG firm Stabilis Solutions on Tuesday reported a rise in quarterly revenue as it continued to expand operations.
The preliminary first-quarter revenue range of $17.5 million to $17.8 million marks an increase of up to 30% when compared to $13.7 million in the fourth quarter of 2020, Stabilis said.
Compared to $13.8 million in the first quarter of 2020, revenue would increase for up to 29%, the LNG supplier said.
In addition, Stabilis has delivered 13.4 million gallons of LNG during the quarter, up 29% compared to the fourth quarter of 2020 and a 12% increase compared to the first quarter of 2020, it said.
Growth in power generation projects, coupled with the continued expansion of the company’s Mexico operations, and increased activity with aerospace customers, boosted the “record” results, the firm said.
To remind, Stabilis said last month it had signed three deals to supply LNG from its production plant in Texas. The George West facility produces more than 100,000 gallons of LNG per day.
Under the deal, the firm will supply LNG to unidentified customers in the infrastructure and mining markets.
Stabilis has not confirmed this but one of the firm’s customers is Elon Musk’s Tesla. Several images showed the firm’s tanker trucks located at Tesla’s manufacturing facility near Austin, Texas. The giant factory will produce the Tesla Cybertruck as well as electric cars.
