Koil Energy Q1 revenue up 56% to $5.8M; net income of $0.6M vs prior-year loss

KOIL’s revenues for the three months ended March 31, 2024 (“Q1 2024”) increased 56 percent to $5.8 million compared to $3.7 million for the three months ended March 31, 2023 (“Q1 2023”), primarily due to an increase in product-oriented, fixed price contracts. Gross profit for Q1 2024 was $2.0 million, or 35 percent of revenues, compared to Q1 2023 gross profit of $1.6 million, or 44 percent of revenues. The comparative increase in Q1 2024 gross profit was primarily driven by increased revenues, while the decline in Q1 2024 gross profit as a percentage of revenue reflects higher materials costs associated with the increase in fixed price contracts. 1 Selling, general and administrative expenses (“SG&A”) were $1.5 million, or 25 percent of revenues, in Q1 2024 compared to $1.7 million, or 47 percent of revenues, in Q1 2023. SG&A in Q1 2024 reflected lower administrative payroll expense, advertising expense, research and development expense, and rental expense related to the Company’s sho