Enservco Corporation Reports Results for Second Quarter 2024
Enservco (NYSE American: ENSV) reported Q2 2024 results, highlighting recent strategic moves to improve performance. Key points include:
1. Revenue grew slightly to $3.8 million in Q2 2024.
2. Net loss improved to $2.3 million ($0.08 per share) from $2.6 million ($0.12 per share) in Q2 2023.
3. Adjusted EBITDA for H1 2024 was $1.6 million, up from a $0.1 million loss in H1 2023.
4. The company sold its Colorado frac water heating assets and acquired Buckshot Trucking.
5. Enservco entered a strategic relationship with Star Equity Holdings, including equity investments.
CEO Rich Murphy emphasized these moves aim to enhance financial position, reduce reliance on seasonal businesses, and drive growth through logistics services.
Enservco (NYSE American: ENSV) ha riportato i risultati del secondo trimestre 2024, evidenziando le recenti strategie adottate per migliorare le performance. I punti chiave includono:
1. I ricavi sono cresciuti leggermente a $3,8 milioni nel secondo trimestre 2024.
2. La perdita netta è migliorata a $2,3 milioni ($0,08 per azione) rispetto a $2,6 milioni ($0,12 per azione) del secondo trimestre 2023.
3. L'EBITDA rettificato per il primo semestre 2024 è stato di $1,6 milioni, in aumento rispetto a una perdita di $0,1 milioni nel primo semestre 2023.
4. L'azienda ha venduto i suoi beni di riscaldamento dell'acqua per fracking in Colorado e ha acquisito Buckshot Trucking.
5. Enservco ha avviato una relazione strategica con Star Equity Holdings, compresi investimenti azionari.
Il CEO Rich Murphy ha sottolineato che queste mosse mirano a migliorare la posizione finanziaria, ridurre la dipendenza dalle attività stagionali e promuovere la crescita attraverso servizi logistici.
Enservco (NYSE American: ENSV) reportó resultados del segundo trimestre de 2024, destacando recientes movimientos estratégicos para mejorar el desempeño. Los puntos clave incluyen:
1. Los ingresos crecieron ligeramente a $3.8 millones en el segundo trimestre de 2024.
2. La pérdida neta mejoró a $2.3 millones ($0.08 por acción) desde $2.6 millones ($0.12 por acción) en el segundo trimestre de 2023.
3. El EBITDA ajustado para el primer semestre de 2024 fue de $1.6 millones, en comparación con una pérdida de $0.1 millones en el primer semestre de 2023.
4. La empresa vendió sus activos de calentamiento de agua para fracking en Colorado y adquirió Buckshot Trucking.
5. Enservco ingresó en una relación estratégica con Star Equity Holdings, que incluye inversiones en capital.
El CEO Rich Murphy enfatizó que estos movimientos buscan mejorar la posición financiera, reducir la dependencia de negocios estacionales y fomentar el crecimiento a través de servicios logísticos.
Enservco (NYSE American: ENSV)는 2024년 2분기 실적을 발표하며 성과 개선을 위한 최근 전략적 움직임을 강조했습니다. 주요 내용은 다음과 같습니다:
1. 2024년 2분기 매출이 약간 증가하여 380만 달러에 달했습니다.
2. 순손실은 230만 달러($0.08 per share)로 개선되어, 2023년 2분기의 260만 달러($0.12 per share)에서 감소했습니다.
3. 2024년 상반기 조정 EBITDA는 160만 달러로, 2023년 상반기의 10만 달러 손실에서 증가했습니다.
4. 회사는 콜로라도의 프래킹 용수 난방 자산을 매각하고 Buckshot Trucking을 인수했습니다.
5. Enservco는 Star Equity Holdings와 전략적 관계를 맺고, 자본 투자도 포함되었습니다.
CEO Rich Murphy는 이러한 움직임이 재무상태를 개선하고, 계절적 사업에 대한 의존도를 줄이며, 물류 서비스를 통해 성장을 이끌기 위한 것이라고 강조했습니다.
Enservco (NYSE American: ENSV) a publié les résultats du deuxième trimestre 2024, soulignant ses récents mouvements stratégiques visant à améliorer la performance. Les points clés incluent :
1. Le chiffre d'affaires a légèrement augmenté pour atteindre 3,8 millions de dollars au deuxième trimestre 2024.
2. La perte nette s'est améliorée à 2,3 millions de dollars (0,08 $ par action) contre 2,6 millions de dollars (0,12 $ par action) au deuxième trimestre 2023.
3. L'EBITDA ajusté pour le premier semestre 2024 s'est élevé à 1,6 million de dollars, contre une perte de 0,1 million de dollars au premier semestre 2023.
4. L'entreprise a vendu ses actifs de chauffage d'eau pour le fracking au Colorado et a acquis Buckshot Trucking.
5. Enservco a noué une relation stratégique avec Star Equity Holdings, y compris des investissements en actions.
Le PDG Rich Murphy a souligné que ces mouvements visent à améliorer la situation financière, à réduire la dépendance aux activités saisonnières et à favoriser la croissance grâce aux services logistiques.
Enservco (NYSE American: ENSV) hat die Ergebnisse des zweiten Quartals 2024 bekannt gegeben und dabei aktuelle strategische Schritte zur Leistungsverbesserung hervorgehoben. Die wichtigsten Punkte sind:
1. Der Umsatz stieg leicht auf 3,8 Millionen USD im zweiten Quartal 2024.
2. Der Nettoverlust verbesserte sich auf 2,3 Millionen USD (0,08 USD pro Aktie) von 2,6 Millionen USD (0,12 USD pro Aktie) im zweiten Quartal 2023.
3. Das bereinigte EBITDA für das erste Halbjahr 2024 belief sich auf 1,6 Millionen USD, nach einem Verlust von 0,1 Millionen USD im ersten Halbjahr 2023.
4. Das Unternehmen verkaufte seine Heizungsanlagen für Fracking-Wasser in Colorado und erwarb Buckshot Trucking.
5. Enservco trat in eine strategische Partnerschaft mit Star Equity Holdings ein, einschließlich Eigenkapitalinvestitionen.
CEO Rich Murphy betonte, dass diese Schritte darauf abzielen, die finanzielle Lage zu verbessern, die Abhängigkeit von saisonalen Geschäften zu verringern und das Wachstum durch Logistikdienstleistungen voranzutreiben.
- Revenue increased slightly to $3.8 million in Q2 2024
- Net loss improved by 9% year-over-year in Q2 2024
- Adjusted EBITDA for H1 2024 improved to $1.6 million from a $0.1 million loss in H1 2023
- Acquisition of Buckshot Trucking expected to be immediately accretive
- Strategic relationship formed with Star Equity Holdings, including equity investments
- Reported net loss of $2.3 million in Q2 2024
- Exit from Colorado frac water heating business may impact short-term revenues
Insights
Enservco's Q2 2024 results show a mixed picture. While revenues slightly increased by
The Adjusted EBITDA for the first six months of 2024 reached
Enservco's strategic shift away from seasonal frac water heating services towards year-round energy logistics is a calculated move. The acquisition of Buckshot Trucking provides immediate accretion and diversifies revenue streams, potentially reducing the company's vulnerability to seasonal fluctuations. This could lead to more stable cash flows and improved investor confidence.
The exit from Colorado frac water heating business suggests a focus on higher-margin, less cyclical services. While this may result in some short-term revenue loss, it could improve overall profitability in the long run. The energy sector's volatility demands such strategic pivots and Enservco's moves align with industry trends towards operational efficiency and diversification.
Enservco's recent transactions reflect a bold strategic overhaul. The divestment of non-core assets, coupled with the acquisition of Buckshot Trucking, signals a clear intent to reshape the company's business model. This pivot towards logistics and away from seasonal services could potentially smooth out revenue fluctuations and improve overall financial stability.
The equity exchange with Star Equity Holdings is particularly intriguing. It not only provides additional capital but also brings in valuable expertise through the addition of Rick Coleman to the board. This move could open doors to new growth opportunities and strategic partnerships. However, the success of these initiatives will largely depend on effective integration and execution in the coming quarters.
Recently Announced Transactions Expected to Benefit Operating and Financial Performance in Second Half 2024 and Beyond
LONGMONT, Colo., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE American: ENSV) (“Enservco”, or the “Company”), a diversified provider of energy logistics solutions and specialized well-site services to the domestic energy industry, today announced operational and financial results for the second quarter of 2024.
The Company announced on August 9, 2024 the sale of certain Colorado based frac water heating assets of Heat Waves Hot Oil Service, LLC, a wholly owned subsidiary of Enservco, and its exit from the frac water heating business in Colorado. The financial results for Colorado frac water heating services are reported in the Company’s “Completion and Other Services” segment in Enservco’s financial statements, including its Form 10-Q filed earlier today with the Securities and Exchange Commission (“SEC”). In addition, the Company announced on August 12, 2024 the closing of the immediately accretive acquisition of Buckshot Trucking and closing on a share exchange with Star Equity Holdings, including an exchange of respective equity investments between the companies and short-term debt financing discussed in more detail in its Form 10-Q filed earlier today and Form 8-K filed Monday. As a result, the consolidated financial performance shown below and the Company’s SEC filings for the three and six months ended June 30, 2024 is not indicative of future results, which the Company believes will be a material improvement due to the Company’s repositioned portfolio of assets.
FINANCIAL SUMMARY
(in 000’s, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||
| Revenues | | | 1% | 7% | |||||||||||||||||||
| (Loss) income from operations | ( | ( | 47% | | ( | NM | |||||||||||||||||
| Net loss | ( | ( | 9% | ( | ( | 55% | |||||||||||||||||
| Per diluted share | ( | ( | NM | ( | ( | NM | |||||||||||||||||
| Adjusted EBITDA(1) | ( | ( | 39% | | ( | NM | |||||||||||||||||
NM: Not meaningful.
(1) A non-GAAP financial measure; see the “Non-GAAP Information” section in this release for more information including reconciliations to the most comparable GAAP measures.
Q2 2024 HIGHLIGHTS & RECENT EVENTS
- Grew revenues to
$3.8 million – up slightly from Q2 2023; - Improved profit position to a net loss of
$2.3 million , or$0.08 per diluted share, from a net loss of$2.6 million , or$0.12 per diluted share, for Q2 2023; - Generated Adjusted EBITDA to
$1.6 million for the first six months of 2024 versus an Adjusted EBITDA loss of$0.1 million in prior year; - Made significant progress on multiple fronts to drive increased overall operational and financial flexibility in support of the Company’s recent strategic announcements including:
- Sale of its seasonal frac water heating business in Colorado;
- Closing of the immediately accretive acquisition of Buckshot Trucking – a highly-regarded and well-positioned energy logistics business offering year-round growth potential; and
- Entrance into a new relationship with Star Equity Holdings, including respective equity investments between the companies.
MANAGEMENT COMMENTARY
Rich Murphy, the Company’s CEO and Chairman stated “Our second quarter results marked an overall improvement on both a quarterly and year-to-date basis as well as a continued focus on controlling costs, which places us in a good position for the second half of 2024 as we begin to benefit from the positive financial performance and substantial opportunities provided by our recent transactions.”
Murphy continued, “The Company has evaluated and just recently executed a number of strategic initiatives designed to enhance our financial position and further rationalize our asset base as we reduced reliance on our seasonal frac water heating services business. In support of these efforts, we recently divested certain non-core assets and invested in opportunities such as logistics that generate solid cash flow and provide visible near and long-term growth. Over the past week, we announced the exit of our seasonal-focused Colorado frac water heating business and the closing of the immediately accretive Buckshot acquisition that provides a complementary customer base and increased profitable expansion opportunities. Importantly, we also announced our strategic financial relationship with Star Equity Holdings, which included respective equity investments by both companies. We are excited to have Rick Coleman – as CEO and a Director at Star – join the Board to add his insight and expertise as we look to further prudently expand our market position to enhance our service offerings and customer base.”
Mr. Murphy concluded, “I am extremely proud of the team here at Enservco. Over the past year and a half, we have been fortunate to materially improve our business and financial health through several key transactions and milestones. Many of these required significant organizational changes, and I want to thank everyone for their support and dedication as we critically repositioned the Company for long-term success – both operationally and financially. We look forward to shifting our nearer-term efforts to ensuring the successful integration of Buckshot’s people and assets into Enservco’s business, with five months of Buckshot’s operations to be reflected in our second half results. This provides a solid outlook for the remainder of 2024 and the expectation of a strong 2025 assuming current or improved market conditions. Finally – and as important – I want to thank our shareholders for their ongoing confidence and continued support.”
CONFERENCE CALL & ADDITIONAL INFORMATION
The Company has scheduled a conference call on Thursday, August 15, 2024 at 10:00 a.m. ET to discuss its second quarter 2024 operational and financial results, and provide further details concerning its recent transactions and outlook. To participate, interested parties should dial 888-506-0062 at least five minutes before the call is to begin. Please reference the “Enservco 2024 Second Quarter Earnings Call” or use the participant access code of 790636. International callers may participate by dialing 973-528-0011. The call will also be webcast and available on Enservco’s website at www.enservco.com under “Investors” on the “Events” page.
In addition, interested parties can participate through the webcast by accessing the following link:
https://www.webcaster4.com/Webcast/Page/2228/51082
Like callers, participants should access the webcast at least five minutes prior to start time. In addition, a replay of the webcast will be available following the call through the above link.
ABOUT ENSERVCO
Enservco provides a range of logistics solutions and oilfield services through its various operating subsidiaries in major domestic oil and gas basins across the United States. Additional information is available at www.enservco.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains information that is "forward-looking" in that it describes events and conditions Enservco reasonably expects to occur in the future. Expectations for the future performance of Enservco are dependent upon a number of factors, and there can be no assurance that Enservco will achieve the results as contemplated herein. Certain statements denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond Enservco's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in Enservco’s annual report on Form 10-K for the year ended December 31, 2023, and subsequently filed documents with the Securities and Exchange Commission (“SEC”). Forward looking statements in this news release that are subject to risks also include (a) the ability of Enservco to successfully integrate Buckshot’s market opportunities, personnel and operations and to achieve expected benefit; and (b) our ability to further transform into a logistics business; (c) the ability to restructure our debt; and (d) the ability to maintain compliance with the NYSE/American Stock Markets. Enservco disclaims any obligation to update any forward-looking statement made herein.
CONTACT
Mark Patterson
Chief Financial Officer
Enservco Corporation
mpatterson@enservco.com
ENSERVCO CORPORATION AND SUBSIDIARY
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Production services | $ | 2,618 | $ | 2,889 | $ | 5,103 | $ | 5,752 | ||||||||
| Completion and other services | 1,146 | 840 | 8,453 | 6,889 | ||||||||||||
| Total revenues | 3,764 | 3,729 | 13,556 | 12,641 | ||||||||||||
| Expenses: | ||||||||||||||||
| Production services | 2,499 | 2,601 | 4,403 | 4,775 | ||||||||||||
| Completion and other services | 916 | 1,315 | 5,543 | 6,038 | ||||||||||||
| Sales, general, and administrative | 1,188 | 882 | 2,420 | 2,386 | ||||||||||||
| Gain on disposal of assets | (23) | (175) | (23) | (175) | ||||||||||||
| Impairment loss | - | 250 | - | 250 | ||||||||||||
| Depreciation and amortization | 288 | 945 | 1,056 | 1,916 | ||||||||||||
| Total operating expenses | 4,868 | 5,818 | 13,399 | 15,190 | ||||||||||||
| (Loss) income from operations | (1,104) | (2,089) | 157 | (2,549) | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (415) | (518) | (993) | (1,108) | ||||||||||||
| Other (expense) income | (808) | 53 | (751) | 83 | ||||||||||||
| Total other expense, net | (1,223) | (465) | (1,744) | (1,025) | ||||||||||||
| Loss before taxes | (2,327) | (2,554) | (1,587) | (3,574) | ||||||||||||
| Deferred income tax benefit | - | - | - | 16 | ||||||||||||
| Net loss | $ | (2,327) | $ | (2,554) | $ | (1,587) | $ | (3,558) | ||||||||
| Net loss per share - basic and diluted | $ | (0.08) | $ | (0.12) | $ | (0.06) | $ | (0.20) | ||||||||
| Weighted average number of common shares outstanding - basic and diluted | 30,033 | 21,240 | 28,579 | 18,042 | ||||||||||||
ENSERVCO CORPORATION AND SUBSIDIARY
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| June 30, 2024 | December 31, 2023 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 332 | $ | 201 | ||||
| Accounts receivable, net | 1,518 | 4,190 | ||||||
| Prepaid expenses and other current assets | 2,124 | 1,047 | ||||||
| Inventories | 211 | 209 | ||||||
| Note receivable | 75 | 75 | ||||||
| Assets held for sale | 3,878 | - | ||||||
| Total Current Assets | 8,138 | 5,722 | ||||||
| Property and equipment, net | 2,087 | 6,923 | ||||||
| Intangible assets, net | 92 | - | ||||||
| Right-of-use asset - finance, net | 3 | 9 | ||||||
| Right-of-use asset - operating, net | 1,009 | 891 | ||||||
| Note receivable, less current portion | 106 | 144 | ||||||
| Other assets | 181 | 183 | ||||||
| Total Assets | $ | 11,616 | $ | 13,872 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 2,847 | $ | 3,967 | ||||
| Utica Facility | 1,886 | 1,595 | ||||||
| LSQ Facility | 1,173 | 2,472 | ||||||
| September and October 2023 Convertible Notes, related parties | 664 | - | ||||||
| November 2022 Convertible Note, related party | - | 1,027 | ||||||
| Financed insurance | 1,161 | 318 | ||||||
| Lease liability - finance | 17 | 10 | ||||||
| Lease liability - operating | 360 | 441 | ||||||
| Other current liabilities | 135 | 198 | ||||||
| Total Current Liabilities | 8,243 | 10,028 | ||||||
| Utica Facility, less current portion | 622 | 1,690 | ||||||
| September and October 2023 Convertible Notes, related parties, less current portion | - | 1,656 | ||||||
| Utica Residual Liability | 330 | 256 | ||||||
| Lease liability - finance, less current portion | - | 6 | ||||||
| Lease liability - operating, less current portion | 678 | 528 | ||||||
| Deferred tax liabilities | 222 | 222 | ||||||
| Other non-current liabilities | 24 | 58 | ||||||
| Total Liabilities | 10,119 | 14,444 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' Equity (Deficit): | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 184 | 131 | ||||||
| Additional paid-in capital | 52,573 | 48,970 | ||||||
| Accumulated deficit | (51,260) | (49,673) | ||||||
| Total Stockholders' Equity (Deficit) | 1,497 | (572) | ||||||
| Total Liabilities and Stockholders' Equity (Deficit) | $ | 11,616 | $ | 13,872 | ||||
ENSERVCO CORPORATION AND SUBSIDIARY
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| For the Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Operating Activities: | ||||||||
| Net loss | $ | (1,587) | $ | (3,558) | ||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 1,056 | 1,916 | ||||||
| Gain on disposal of equipment | (23) | (175) | ||||||
| Impairment loss | - | 250 | ||||||
| Interest paid-in-kind on LSQ Facility | 181 | - | ||||||
| Stock-based compensation | 123 | 180 | ||||||
| Amortization of debt issuance costs and discount | 127 | 139 | ||||||
| Inducement costs related to note conversions | 908 | - | ||||||
| Deferred income tax benefit | - | (16) | ||||||
| Bad debt recovery | (25) | (100) | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 2,697 | 3,251 | ||||||
| Inventories | (3) | (27) | ||||||
| Prepaid expense and other current assets | 508 | 470 | ||||||
| Amortization of operating lease assets | 250 | 282 | ||||||
| Other assets | 1 | 19 | ||||||
| Accounts payable and accrued liabilities | (812) | (1,667) | ||||||
| Operating lease liabilities | (300) | (297) | ||||||
| Other liabilities | 82 | (281) | ||||||
| Net cash provided by operating activities | 3,183 | 386 | ||||||
| Investing Activities: | ||||||||
| Purchases of property and equipment | (92) | (84) | ||||||
| Proceeds from disposals of property and equipment | 23 | 225 | ||||||
| Purchase of intangible | (92) | - | ||||||
| Collections on note receivable | 38 | 44 | ||||||
| Net cash (used in) provided by investing activities | (123) | 185 | ||||||
| Financing Activities: | ||||||||
| Proceeds from February 2023 Offering, net | - | 2,952 | ||||||
| Proceeds from exercise of pre-funded warrants | - | 3 | ||||||
| Net LSQ Facility repayments | (1,480) | (2,153) | ||||||
| Utica Facility repayments | (808) | (608) | ||||||
| Repayments of long-term debt | - | (30) | ||||||
| Payments on financed insurance | (641) | (329) | ||||||
| Payments of finance leases | - | (10) | ||||||
| Net cash used in financing activities | (2,929) | (175) | ||||||
| Net Increase in Cash and Cash Equivalents | 131 | 396 | ||||||
| Cash and Cash Equivalents, beginning of period | 201 | 35 | ||||||
| Cash and Cash Equivalents, end of period | $ | 332 | $ | 431 | ||||
NON-GAAP INFORMATION
This press release and the accompanying tables include a discussion of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures provided as a complement to the results provided in accordance with generally accepted accounting principles ("GAAP"). The term "EBITDA" refers to a financial measure that we define as earnings (net income or loss) plus or minus net interest taxes, depreciation, and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing Enservco’s operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. We have reconciled Adjusted EBITDA to GAAP net loss in the table below. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.
| For the Three Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Reconciliation from Net Loss to Adjusted EBITDA | ||||||||
| Net loss | $ | (2,327) | $ | (2,554) | ||||
| Add back (deduct): | ||||||||
| Interest expense | 415 | 518 | ||||||
| Depreciation and amortization | 288 | 945 | ||||||
| EBITDA (non-GAAP) | (1,624) | (1,091) | ||||||
| Add back (deduct): | ||||||||
| Stock-based compensation | 46 | (16) | ||||||
| Non-recurring legal and transaction costs | 151 | 84 | ||||||
| Gain on disposal of assets | (23) | (175) | ||||||
| Bad debt recovery | (25) | (100) | ||||||
| Impairment loss | - | 250 | ||||||
| Other expense (income) | 808 | (53) | ||||||
| Adjusted EBITDA (non-GAAP) | $ | (667) | $ | (1,101) | ||||
| For the Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Reconciliation from Net Loss to Adjusted EBITDA | ||||||||
| Net loss | $ | (1,587) | $ | (3,558) | ||||
| Add back (deduct): | ||||||||
| Interest expense | 993 | 1,108 | ||||||
| Deferred income tax benefit | - | (16) | ||||||
| Depreciation and amortization | 1,056 | 1,916 | ||||||
| EBITDA (non-GAAP) | 462 | (550) | ||||||
| Add back (deduct): | ||||||||
| Stock-based compensation | 123 | 180 | ||||||
| Severance and transition | - | 1 | ||||||
| Non-recurring legal and transaction costs | 279 | 370 | ||||||
| Gain on disposal of assets | (23) | (175) | ||||||
| Bad debt recovery | (25) | (100) | ||||||
| Impairment loss | - | 250 | ||||||
| Other expense (income) | 751 | (83) | ||||||
| Adjusted EBITDA (non-GAAP) | $ | 1,567 | $ | (107) | ||||
FAQ
What was Enservco's revenue for Q2 2024?
How did Enservco's net loss change in Q2 2024 compared to Q2 2023?
What strategic moves did Enservco (ENSV) announce recently?
What was Enservco's (ENSV) Adjusted EBITDA for the first half of 2024?
