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Stabilis Solutions, Inc.(SLNG) and its subsidiaries released their unaudited financial results for the second quarter of 2023, revealing a net loss of $2.2 million. The company's revenue for the same period stood at $12.9 million, reflecting a challenging business environment that has impacted its financial performance.
Stabilis Solutions faced a net loss of $2.2 million in the second quarter of 2023, indicating a challenging period for the company. This loss is in contrast to the previous year's net loss of $2.2 million during the same quarter.
Revenue
The company reported revenues of $12.9 million for the second quarter of 2023, showcasing a significant decline compared to the previous year's revenue of $23.2 million for the same period. This decrease in revenue is a reflection of the ongoing challenges faced by Stabilis Solutions in the current market landscape.
Financial Overview
Stabilis Solutions, Inc. and its subsidiaries reported their condensed consolidated balance sheets and financial statements for the second quarter of 2023. The company's assets stood at $81.7 million as of June 30, 2023, down from $96.6 million at the end of 2022. Current assets, including cash and cash equivalents, accounts receivable, inventories, and prepaid expenses, totaled $14 million.
On the liabilities side, the company's total liabilities were reported at $22.1 million, indicating a decrease from $36.7 million at the end of 2022. This decrease in liabilities is partially attributed to changes in accounts payable, accrued liabilities, and long-term notes payable.
Operating Performance
Stabilis Solutions' operating expenses for the second quarter of 2023 were $15.4 million, compared to $25.7 million during the same period in 2022. The decrease in operating expenses is a result of cost-saving measures and adjustments in various business operations.
The company's income (loss) from operations before equity income stood at ($2.5 million) for the second quarter of 2023, compared to ($2.5 million) in the previous year. Despite the ongoing challenges, Stabilis Solutions continues to work on improving its operational efficiency.
Equity and Stockholders' Position
Stabilis Solutions' stockholders' equity as of June 30, 2023, was $59.5 million, showing a slight decrease from $59.9 million at the end of 2022. The company's balance of common stock, additional paid-in capital, accumulated other comprehensive income, and accumulated deficit contribute to its overall stockholders' equity.
Stabilis Solutions, Inc. continues to navigate a challenging business environment, as indicated by its Q2 2023 financial results. The company's net loss of $2.2 million and reduced revenue of $12.9 million highlight the difficulties it faces in the current market landscape. Stabilis Solutions is actively working on optimizing its operations and exploring strategies to improve its financial performance in the coming quarters.