---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-22-003397"
form_type: "8-K"
ticker: "KLNG"
cik: "0001110607"
company_name: "Koil Energy Solutions, Inc."
filed_at: "2022-05-10T23:59:59+00:00"
generated_at: "2026-06-25T21:26:59.285124+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001683168-22-003397
- form_type: 8-K
- ticker: KLNG
- cik: 0001110607
- company_name: Koil Energy Solutions, Inc.
- filed_at: 2022-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1110607/000168316822003397/0001683168-22-003397-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1110607/000168316822003397/deepdown_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-22-003397
- JSON: https://secwatch.observer/filing/0001683168-22-003397.json
- Plain text: https://secwatch.observer/filing/0001683168-22-003397.txt

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