Koil Energy reports FY2022 net loss of $2.9M; revenue down 25% to $13.0M

Koil Energy Solutions, Inc.

Full-year 2022 revenue $13.0M, down 25% from $17.2M in 2021; Q4 revenue $3.6M, down 31% YoY.
FY2022 net loss $2.9M ($0.24 diluted loss per share) vs FY2021 net income $2.3M ($0.19 diluted EPS).
FY2022 modified EBITDA negative $1.0M vs positive $0.7M in 2021; Q4 modified EBITDA negative $0.1M.
Operating expenses included $0.8M lease impairment, $0.5M relocation costs, and $0.2M rebranding costs.
Repurchased 500,663 shares for $0.15M cash and $0.08M in assets; working capital $3.9M, cash $2.4M at Dec 31, 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Koil Energy Solutions, Inc. reported three months ended December 31, 2022 results: revenue $3.6 million, net income $1.3 million, EPS $0.11 loss per diluted share.

Period: three months ended December 31, 2022
Revenue: $3.6 million
Net income: $1.3 million
EPS: $0.11 loss per diluted share
Result: reported results

Exact text from the filing

Koil Energy’s revenues for the three months ended December 31, 2022 (“Q4 2022”) decreased 31 percent to $3.6 million compared to $5.2 million for the three months ended December 31, 2021 (“Q4 2021”).

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Koil Energy Solutions, Inc. reported year ended December 31, 2022 results: revenue $13.0 million, net income $2.9 million, EPS $0.24 loss per diluted share.

Period: year ended December 31, 2022
Revenue: $13.0 million
Net income: $2.9 million
EPS: $0.24 loss per diluted share
Result: reported results

Exact text from the filing

decreased 31 percent to $3.6 million compared to $5.2 million for the three months ended December 31, 2021 (“Q4 2021”). Our full-year 2022 revenues decreased 25 percent to $13.0 million, compared with $17.2 million for full-year 2021, primarily due to an overall decline in project activity characterized by a shift from product-oriented, fixed price contracts to

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Koil Energy Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-001977

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