Highest-materiality recent filing
KOIL Energy awarded major subsea umbilical handling project; deploying new and existing carousels
Won major project for subsea umbilical handling, spooling, and storage services requiring two large carousels.
Koil Energy secures $5M asset-based revolving credit facility with nFusion Capital Finance
Facility provides up to $5M at 85% advance rate on eligible accounts; interest = WSJ prime + 4.75% (floor 6.75%).
Koil Energy Q1 2026 revenue $8.2M (+56% YoY); adjusted EBITDA $572K (7% of revenue)
Revenue $8.2M, up 56% YoY and 13% sequentially; gross profit $2.6M (32% margin).
Koil Energy Q4 revenue $7.3M record, up 22% YoY; FY25 EBITDA $1M vs $3.5M
Q4 revenue $7.3M (record), +22% YoY; service +24%, product sales +21%.
Moss Adams LLP merged with Baker Tilly US, LLP effective June 3, 2025; Moss Adams resigned as auditor.
Koil Energy Q1 revenue $5.3M (-9% YoY), EBITDA $339k; CEO says results fell short
Revenue $5.3M, down 9% YoY; net income approximately break-even.
Koil Energy names Mads Andersen to board, Kurt Keller as CFO
Mads Andersen, CEO of Norway-based Aibel ASA (5,000 employees, $1.5B revenue), joins board as independent director; receives $20K cash, $30K RSU, 50,000 options.
Koil Energy reports Q4 revenue $6M (+48% YoY), full year net income $2.6M vs loss $1.6M
Q4 revenue $6M (+48% YoY), net income $537K vs loss $890K in Q4 2023.
Koil Energy VP of Finance Trevor Ashurst resigns; CFO search begins
Trevor Ashurst resigned as VP of Finance and Administration (principal financial officer), effective Feb 1, 2025; no disagreement with company.
Koil Energy Q3 revenue up 27% to $5.2M; net income of $523k vs $143k loss YoY
Revenue $5.2M (Q3 2024) vs $4.1M (Q3 2023), +27% YoY driven by fixed-price subsea equipment contracts.
Koil Energy Q2 revenue up 65% to $5.8M; net income $1.0M vs loss $0.4M YoY
Revenue $5.8M (+65% YoY); gross profit $2.0M (+96% YoY); net income $1.0M ($0.08 diluted EPS).
Koil Energy Q1 revenue up 56% to $5.8M; net income of $0.6M vs prior-year loss
Revenue $5.8M (+56% YoY); gross profit $2.0M (35% margin) vs $1.6M (44%) in Q1 2023.
Koil Energy reports 2023 revenue up 18% to $15.3M but net loss of $1.6M; Q4 margins compress
Full-year 2023 revenue $15.3M (+18% YoY); net loss $1.6M ($0.13 loss per diluted share).
Koil Energy CEO Charles Njuguna resigns; Erik Wiik appointed CEO effective April 1, 2024
Charles Njuguna resigns as CEO, CFO, President, and Board member effective March 31, 2024; cites family health matter.
Koil Energy Q3 revenue up 82% to $4.1M; net loss narrows to $0.1M
Q3 2023 revenue $4.1M (+82% YoY); gross profit $1.4M (33% of revenue) vs $0.3M (12%) in Q3 2022.
Q2 net loss $0.4M vs profit $0.2M YoY; revenue flat at $3.5M
Revenue flat at $3.5M; gross margin fell to 33% from 42% due to lower-margin project mix.
Koil Energy Solutions wins $4M in subsea equipment contracts for Gulf of Mexico
Contracts include design, engineering, and manufacturing of hose and steel tube flying leads and distribution manifolds.
Invoices sold at 15% discount (time & materials) or 25% (milestone billing) of gross invoice amount.
Koil Energy Q1 revenue rises 3% to $3.7M; net loss narrows to $97k
Revenue $3.7M (+3% YoY) on higher offshore support services and rental demand.
Koil Energy reports FY2022 net loss of $2.9M; revenue down 25% to $13.0M
Full-year 2022 revenue $13.0M, down 25% from $17.2M in 2021; Q4 revenue $3.6M, down 31% YoY.
Deep Down reports Q3 net loss of $1.6M, revenue down 36% YoY to $2.3M
Revenue $2.3M (-36% YoY); gross profit $0.3M (12% margin vs 24%).
Deep Down Q2 revenue down 23% to $3.5M; net income $0.2M, EPS $0.01
Revenue $3.5M, down 23% YoY from $4.5M; net income $0.2M ($0.01 diluted) vs $0.7M ($0.06) prior year.
Deep Down Q1 net loss $0.3M on revenue drop; rebranding to Koil Energy
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.
Deep Down 2021 revenues up 33% to $17.2M; net profit $2.3M vs loss $6.1M
Q4 2021 revenue $5.2M (+49% YoY); net profit $1.1M ($0.09 diluted EPS).
Deep Down to change name to Koil Energy Solutions; ticker symbol change pending FINRA approval
Entered into Merger Agreement on Feb 22, 2022 to change name from Deep Down, Inc. to Koil Energy Solutions, Inc.
Deep Down enters 10-year lease for 101,320 sq ft facility in Houston; base rent $78,100/month
Lease with Wellbore Integrity Solutions, LLC for 1310 Rankin Road, Houston, TX; 101,320 sq ft of office, warehouse, yard, and parking.
Deep Down reports Q3 2021 net profit of $0.3M driven by PPP loan forgiveness
Revenue $3.6M (+13% YoY); gross profit margin fell to 24% from 37% due to higher labor and pricing pressure.
Deep Down Q2 2021 revenue up 66% to $4.5M; net profit of $0.7M vs year-ago loss
Revenue $4.5M (+66% YoY); gross profit $1.4M (31% margin) vs $1.3M (46%) last year.
Effective as of April 21, 2025, Mads Andersen, age 59, was appointed to the Board of Directors of Koil Energy Solutions, Inc. (the “Company”) as an independent, non-executive director.
On April 21, 2025, the Company announced the appointment of Kurt Keller as the chief financial officer (CFO) of the Company.
On January 10, 2025, Trevor Ashurst resigned as Vice President of Finance and Administration (principal financial officer) of Koil Energy Solutions, Inc. (the “Company”), effective as of February 1, 2025.
On March 6, 2024, the Board appointed Erik Wiik as the Company’s Chief Executive Officer, effective April 1, 2024.
On March 4, 2024, Charles K. Njuguna resigned as President, Chief Executive Officer, Chief Financial Officer and as a member of the board of directors (the “Board”) of the Company, effective as of March 31, 2024.
Max materiality 0.75 · Median 0.60 · Most common event earnings