Deep Down Q1 net loss $0.3M on revenue drop; rebranding to Koil Energy

Koil Energy Solutions, Inc.

2022-Q1 EPS reported -$0.02 revenue$3,601,000

Revenue $3.6M, down 8% YoY; net loss $0.3M ($0.02 diluted loss) vs net profit $0.1M ($0.01 EPS) in Q1 2021.
Gross margin fell to 39% from 44% due to labor inflation and low-margin pass-through costs.
Modified EBITDA negative $0.1M vs positive $0.4M in prior-year quarter.
Repurchased 353,604 shares from former CEO at avg $0.64 using cash and non-strategic assets.
Awaiting FINRA approval for name/ticker change to Koil Energy Solutions; new HQ move planned.

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