Koil Energy Q1 revenue rises 3% to $3.7M; net loss narrows to $97k

Koil Energy Solutions, Inc.

2023-Q1 EPS reported -$0.01 revenue$3,724,000

Revenue $3.7M (+3% YoY) on higher offshore support services and rental demand.
Gross margin improved to 44% from 39% YoY; net loss $97k ($0.01/diluted share) vs. $264k loss a year ago.
Modified EBITDA turned positive at $90k from negative $57k in Q1 2022.
Backlog increased ~10% YoY; cash $1.5M, working capital $3.9M, equity $7.0M ($0.59/share).
No earnings call scheduled; CEO cites ramp in offshore investment and increased bidding activity.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Koil Energy Solutions, Inc. reported the quarter ended March 31, 2023 results: revenue $3.7 million, net income $97 thousand, EPS $0.01 loss per diluted share.

Period: the quarter ended March 31, 2023
Revenue: $3.7 million
Net income: $97 thousand
EPS: $0.01 loss per diluted share
Result: reported results

Exact text from the filing

energy segments as the opportunities continue to build.” Operating Results Koil Energy’s revenues for the three months ended March 31, 2023 (“Q1 2023”) increased 3 percent to $3.7 million compared to $3.6 million for the three months ended March 31, 2022 (“Q1 2022”), primarily due to heightened offshore project activity led by customer demand for our support

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Source: SEC EDGAR

accession 0001683168-23-003204

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