Deep Down reports Q3 2021 net profit of $0.3M driven by PPP loan forgiveness

Koil Energy Solutions, Inc.

2021-Q3 EPS reported $0.10 revenue$12,000,000

Revenue $3.6M (+13% YoY); gross profit margin fell to 24% from 37% due to higher labor and pricing pressure.
Net income $0.3M ($0.03 diluted EPS) vs loss of $0.3M in Q3 2020; included $0.9M PPP loan forgiveness.
Modified EBITDA negative $0.4M compared to positive $0.03M a year earlier, reflecting lower gross margins.
Cash $3.7M, working capital $5.8M, shareholders' equity $9.1M ($0.74 per share).
CEO notes increased bidding activity but pricing pressures; COVID uncertainty remains.

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