Significant Increase in LNG Volume and Revenue
Third quarter volume increased by more than 20% year-over-year, driven by strong demand across marine, aerospace, and power generation customers. Revenue increased 15% year-over-year.
Largest Customer Contract in History
Secured the largest customer contract in company history with a 10-year marine bunkering contract for LNG at the proposed Galveston facility.
Strong Growth in Target Markets
Aerospace revenues increased by more than 88%, and power generation and marine revenues increased by 31% and 32%, respectively.
Diverse Revenue Streams
73% of total revenue derived from aerospace, marine, and power generation customers, up from 60% in the prior year quarter, showcasing diversification.
Positive Cash Position
Ended the quarter with $9.5 million of total debt and lease obligations, resulting in a net positive cash position.