Stabilis Solutions is a small-scale LNG producer and distributor that serves customers across North America who lack pipeline access or need a flexible alternative to diesel, propane, or marine gas oil — positioning itself as a "virtual natural gas pipeline." Stabilis produces LNG from its own liquefaction facilities and supplements supply through a network of roughly 31 third-party sources, then delivers via truck using what it describes as one of the largest cryogenic equipment fleets in North America. Revenue comes from three streams: selling LNG gallons, renting cryogenic equipment, and providing engineering and field services. Stabilis focuses on three core growth verticals: marine bunkering (fueling LNG-powered ships at port), aerospace (supplying LNG as rocket propellant, with SpaceX as a key customer), and distributed power generation (supplying LNG to data centers and off-grid industrial sites). Customer concentration is high, with Carnival, Aggreko, and SpaceX each recently representing over 10% of revenues. Stabilis' central growth initiative is a proposed 350,000 gallon-per-day LNG liquefaction facility in Galveston, Texas, targeting Gulf Coast marine bunkering, with an estimated cost of $350M–$400M and roughly 56–60% of capacity already under 10-year contracts. In distributed power, Stabilis signed a ~$200M two-year take-or-pay contract to supply LNG to a data center. Stabilis also holds a 40% stake in BOMAY Electric Industries, a Chinese joint venture that contributes modest equity earnings but is non-core.