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Deep Down, Inc. (OTCQB: DPDW) reported a net loss of $1.6 million for Q3 2022, a decline from a net profit of $0.3 million in Q3 2021. Revenue fell 36% to $2.3 million due to reduced project activity. Gross profit also dropped to 12% of revenues, reflecting increased service costs. Operating expenses rose by 21% to $1.7 million, largely due to relocation costs. Despite these challenges, cash reserves stand at $3.5 million, and the company is optimistic about future growth opportunities, especially in renewable energy and improved bidding activity.
Deep Down, Inc. (DPDW) reported Q2 2022 results, revealing a 23% revenue decline to $3.5 million, with a net profit of $0.2 million. Operating expenses decreased to $1.5 million, aiding gross profit growth to $1.5 million, equivalent to 42% of revenue. The company has $3.4 million in cash and strong working capital of $6.3 million. Despite challenges in the offshore industry and pending rebranding to Koil Energy Solutions, management remains focused on growth opportunities, emphasizing cable management services and hydrogen energy projects. A conference call is scheduled for August 9, 2022.
Deep Down, Inc. (OTCQB: DPDW) will hold an investor conference call on August 9, 2022, at 10:00 AM ET to discuss its second quarter 2022 results, which will be released after market close on August 8, 2022. The company specializes in deepwater energy production and distribution equipment, offering subsea solutions to the energy sector. Participants can join the call using provided toll-free and international numbers or by accessing the webcast through the company's website. A replay will be available until August 16, 2022.
Koil Energy Solutions, Inc. (formerly Deep Down, Inc., OTCQB: DPDW) announced an order for cable management services for a military project in the northern US. This expansion beyond their traditional oil and gas sector highlights their strategic transformation. CEO Charles Njuguna emphasized that this contract validates their diversification strategy and the broader market potential for their services. The project will involve installation and recovery of fiberoptic cables for military exercises, marking a significant step in applying their capabilities in different industries.
Koil Energy Solutions, formerly known as Deep Down, Inc. (OTCQB: DPDW), has received an order for hydrogen energy services, marking its first commercial success post-rebranding. This project, aimed at supporting the energy transition, validates the company's strategic shift and focus on core competencies. CEO Charles Njuguna highlighted the project's importance in showcasing their capabilities within the hydrogen infrastructure market. Initial work will involve storage and management of materials, potentially expanding into systems integration for retail applications.
Deep Down, Inc. (DPDW) reported its Q1 2022 results, highlighting a revenue decrease of 8% to $3.6 million, down from $3.9 million in Q1 2021. Gross profit also declined to $1.4 million, representing a 39% margin. The company faced challenges from inflation and geopolitical factors, impacting customer commitments to long-term projects. Despite this, Deep Down is optimistic about growth, supported by increased bidding activity and a planned rebranding to Koil Energy Solutions. The company reported a net loss of $0.3 million for Q1 2022 and maintains a working capital of $6.5 million.
Deep Down, Inc. (OTCQB: DPDW) has announced an investor conference call to discuss its first quarter 2022 results on May 11, 2022, at 10:00 am ET. The earnings report will be released on May 10, 2022, post-market close. Deep Down specializes in subsea equipment and services for the energy sector, offering innovative solutions in deepwater energy production and distribution. For further details, investors can join the call via toll-free numbers or a webcast, with a replay available until June 8, 2022.
Koil Energy Solutions has appointed Felipe Lunardini as the new Director of Projects and Engineering, marking a significant milestone in the company's rebranding journey. Lunardini, a 30-year industry veteran, will oversee project execution and lead R&D efforts. President and CEO Charles Njuguna emphasized the importance of attracting top-tier talent to enhance their subsea equipment and services in the energy and offshore sectors. The company also plans to relocate to a new headquarters later this year to better support its diverse offerings.
Deep Down, Inc. (OTCQB: DPDW) reported a strong performance for 2021, with revenues rising 33% to $17.2 million. The company achieved a net profit of $2.3 million, contrasting with a loss of $6.1 million in 2020. However, gross margins compressed to 34% due to rising labor costs and inflationary pressures. Cash position stood at $3.7 million, with total shareholders' equity at $10.3 million. The company continues to focus on growth and managing cash flow amidst increasing bidding activity. A conference call will review the results further.
Deep Down, Inc. (OTCQB: DPDW) will hold an investor conference call on March 29, 2022, to discuss its full-year 2021 results, releasing the financial data on March 28, 2022, after market close. The call will begin at 10:00 am ET and will include details accessible via toll-free and international dial-ins. A replay of the call will be available until March 26, 2021, on their website. Deep Down specializes in subsea equipment and services, providing innovative energy solutions for the offshore industries.
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