---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-21-005457"
form_type: "8-K"
ticker: "KLNG"
cik: "0001110607"
company_name: "Koil Energy Solutions, Inc."
filed_at: "2021-11-12T23:59:59+00:00"
generated_at: "2026-06-28T08:55:37.712451+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001683168-21-005457
- form_type: 8-K
- ticker: KLNG
- cik: 0001110607
- company_name: Koil Energy Solutions, Inc.
- filed_at: 2021-11-12T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1110607/000168316821005457/0001683168-21-005457-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1110607/000168316821005457/deepdown_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-21-005457
- JSON: https://secwatch.observer/filing/0001683168-21-005457.json
- Plain text: https://secwatch.observer/filing/0001683168-21-005457.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.