Koil Energy reports 2023 revenue up 18% to $15.3M but net loss of $1.6M; Q4 margins compress

Koil Energy Solutions, Inc.

Full-year 2023 revenue $15.3M (+18% YoY); net loss $1.6M ($0.13 loss per diluted share).
Q4 2023 revenue $4.0M (+11% YoY); Q4 gross margin 17% vs 42% in prior year.
Full-year 2023 gross margin 32% vs 36% in 2022; higher materials costs and low-margin projects cited.
Modified EBITDA negative $0.9M for 2023 vs negative $1.0M in 2022.
Working capital $2.6M at Dec 31, 2023; cash $2.0M; no share repurchases in 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Koil Energy Solutions, Inc. reported Q4 2023 (three months ended December 31, 2023) and full-year 2023 results: revenue $4.0 million for Q4 2023; $15.3 million for full-year 2023, net income net loss of $0.9 million for Q4 2023; net loss of $1.6 million for full-year 2023, EPS $0.07 loss per diluted share for Q4 2023; $0.13 loss per diluted share for full-year 2023.

Period: Q4 2023 (three months ended December 31, 2023) and full-year 2023
Revenue: $4.0 million for Q4 2023; $15.3 million for full-year 2023
Net income: net loss of $0.9 million for Q4 2023; net loss of $1.6 million for full-year 2023
EPS: $0.07 loss per diluted share for Q4 2023; $0.13 loss per diluted share for full-year 2023
Result: reported results

Exact text from the filing

Due to the factors discussed above, Koil Energy reported a Q4 2023 net loss of $0.9 million, or a $0.07 loss per diluted share, compared to a Q4 2022 net loss of $1.3 million, or an $0.11 loss per diluted share. Our full-year 2023 net loss was $1.6 million, or a $0.13 loss per diluted share, compared to our full-year 2022 net loss of $2.9 million, or a $0.24 loss per diluted share.

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Source: SEC EDGAR

accession 0001683168-24-001767

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