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Stabilis Solutions Inc - Registered SharesManagement Discussion
- The discussions below compare our results of operations in 2023 and 2022. Historical results are not indicative of the results to be expected in the current period or any future period.
- The table below presents, for each period, each line item of our statement of operations as a percentage of our total revenue for the period. The narrative that follows provides a comparative discussion of certain of these line items between periods.
- Product revenue. Product revenue for 2023 decreased by $3.2 million to $369.8 million, representing 87.0% of total revenue, compared to $373.0 million, representing 88.8% of total revenue, for 2022. The decrease was primarily due to (1) a $36.3 million increase in non-cash stock-based sales incentive contra-revenue charges relating to the Amazon Warrant driven by higher customer fuel purchases, (2) a decrease in RIN revenue of $8.8 million primarily resulting from lower average RIN prices and lower share of RIN values in 2023 when compared to those in 2022, (3) a decrease in AFTC revenue of $0.9 million due to increased AFTC revenue sharing with customers, (4) a decrease in LCFS revenue of $2.7 million primarily resulting from lower average LCFS prices in 2023 when compared to those in 2022 and increased LCFS revenue sharing with customers, and (5) a change in fair value of our commodity swap and customer contracts entered into in connection with our Zero Now truck financing program, as we recognized an unrealized loss of $0.2 million in 2023 compared to an unrealized gain of $0.5 million in 2022. The decrease in product revenue between periods was partially offset by (1) an increase in station construction sales of $4.1 million due to increased construction activities and (2) an increase of $42.1 million in product revenue due to higher average prices on fuel sold driven in-part by the significant rise in prices of natural gas in California during January and February 2023 and an increase in total GGEs of fuel sold.