secwatch.observer — SEC 8-K summary
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Issuer:     Koil Energy Solutions, Inc. (KLNG)
CIK:        0001110607
Form:       8-K
Filed at:   2022-05-10T23:59:59+00:00
Accession:  0001683168-22-003397
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1110607/000168316822003397/0001683168-22-003397-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1110607/000168316822003397/deepdown_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-22-003397

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer