Deep Down 2021 revenues up 33% to $17.2M; net profit $2.3M vs loss $6.1M

Koil Energy Solutions, Inc.

Q4 2021 revenue $5.2M (+49% YoY); net profit $1.1M ($0.09 diluted EPS).
Full-year gross margin 34% (down from 38%) due to labor cost inflation and low-margin pass-through services.
Modified EBITDA improved to $0.7M in 2021 from negative $0.1M in 2020.
Cash $3.7M, working capital $7.1M, shareholders' equity $10.3M ($0.83 per share).
Includes $2.2M PPP loan forgiveness and $0.7M employee retention credits.

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