KOIL Energy Reports Fourth Quarter and Full Year 2024 Results
KOIL Energy Solutions (OTCQB: KLNG) reported strong financial results for Q4 and full year 2024. The company achieved Q4 revenue of $6 million, up 48% year-over-year, with Modified EBITDA of $1 million. For the full year 2024, revenue reached $23 million, also marking a 48% increase from 2023.
The company's turnaround was evident in its financial metrics, with full-year gross margin improving to 38% from 32% in 2023. Net income reached $2.6 million in 2024, compared to a loss of $1.6 million in 2023, resulting in diluted earnings per share of $0.21. Working capital stood at $5.7 million, including $3.4 million in cash.
Key 2024 achievements included winning contracts for subsea distribution equipment, advanced maintenance services, Bend Stiffener Latchers, and a subsea safety control system. The company expanded internationally with a new facility in Brazil and formed a strategic alliance with Norway-based SubseaDesign AS.
KOIL Energy Solutions (OTCQB: KLNG) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'azienda ha raggiunto un fatturato di 6 milioni di dollari nel Q4, con un aumento del 48% rispetto all'anno precedente, e un EBITDA rettificato di 1 milione di dollari. Per l'intero anno 2024, il fatturato ha toccato i 23 milioni di dollari, segnando anch'esso un incremento del 48% rispetto al 2023.
La ripresa dell'azienda è stata evidente nei suoi indicatori finanziari, con un margine lordo annuo che è migliorato al 38% rispetto al 32% del 2023. L'utile netto ha raggiunto i 2,6 milioni di dollari nel 2024, a fronte di una perdita di 1,6 milioni nel 2023, con un utile diluito per azione pari a 0,21 dollari. Il capitale circolante si è attestato a 5,7 milioni di dollari, di cui 3,4 milioni in liquidità.
Tra i principali risultati del 2024 si segnalano l'aggiudicazione di contratti per attrezzature di distribuzione sottomarina, servizi avanzati di manutenzione, Bend Stiffener Latchers e un sistema di controllo di sicurezza sottomarino. L'azienda ha inoltre ampliato la sua presenza internazionale con una nuova struttura in Brasile e ha stretto un'alleanza strategica con la norvegese SubseaDesign AS.
KOIL Energy Solutions (OTCQB: KLNG) reportó sólidos resultados financieros para el cuarto trimestre y todo el año 2024. La compañía alcanzó unos ingresos de 6 millones de dólares en el Q4, un aumento del 48% interanual, con un EBITDA modificado de 1 millón de dólares. Para todo el año 2024, los ingresos llegaron a 23 millones de dólares, marcando también un incremento del 48% respecto a 2023.
La recuperación de la empresa fue evidente en sus métricas financieras, con un margen bruto anual que mejoró al 38% desde el 32% en 2023. El ingreso neto alcanzó 2,6 millones de dólares en 2024, comparado con una pérdida de 1,6 millones en 2023, resultando en ganancias diluidas por acción de 0,21 dólares. El capital de trabajo se situó en 5,7 millones de dólares, incluyendo 3,4 millones en efectivo.
Entre los logros clave de 2024 destacan la obtención de contratos para equipos de distribución submarina, servicios avanzados de mantenimiento, Bend Stiffener Latchers y un sistema de control de seguridad submarino. La compañía se expandió internacionalmente con una nueva instalación en Brasil y formó una alianza estratégica con SubseaDesign AS, con sede en Noruega.
KOIL Energy Solutions (OTCQB: KLNG)는 2024년 4분기 및 연간 실적에서 강력한 재무 성과를 보고했습니다. 회사는 4분기 매출 600만 달러를 기록하며 전년 대비 48% 증가했고, 수정 EBITDA는 100만 달러였습니다. 2024년 전체 매출은 2300만 달러에 달해 2023년 대비 48% 증가했습니다.
회사의 실적 반전은 재무 지표에서 뚜렷하게 나타났으며, 연간 총이익률은 2023년 32%에서 38%로 개선되었습니다. 순이익은 2024년에 260만 달러를 기록해 2023년 160만 달러 손실에서 흑자로 전환되었으며, 희석 주당순이익은 0.21달러였습니다. 운전자본은 570만 달러였으며, 이 중 현금은 340만 달러였습니다.
2024년 주요 성과로는 해저 배전 장비, 고급 유지보수 서비스, Bend Stiffener Latchers, 해저 안전 제어 시스템 계약 수주가 포함됩니다. 회사는 브라질에 신규 시설을 설립하고 노르웨이 기반의 SubseaDesign AS와 전략적 제휴를 맺으며 국제적으로도 확장했습니다.
KOIL Energy Solutions (OTCQB : KLNG) a annoncé de solides résultats financiers pour le quatrième trimestre et l'ensemble de l'année 2024. La société a réalisé un chiffre d'affaires de 6 millions de dollars au T4, en hausse de 48 % par rapport à l'année précédente, avec un EBITDA ajusté de 1 million de dollars. Pour l'année complète 2024, le chiffre d'affaires a atteint 23 millions de dollars, marquant également une augmentation de 48 % par rapport à 2023.
Le redressement de l'entreprise s'est reflété dans ses indicateurs financiers, avec une marge brute annuelle passant de 32 % à 38 %. Le bénéfice net a atteint 2,6 millions de dollars en 2024, contre une perte de 1,6 million en 2023, ce qui a donné un bénéfice dilué par action de 0,21 dollar. Le fonds de roulement s'établit à 5,7 millions de dollars, dont 3,4 millions en liquidités.
Les principales réalisations de 2024 incluent la signature de contrats pour des équipements de distribution sous-marine, des services de maintenance avancés, des Bend Stiffener Latchers et un système de contrôle de sécurité sous-marin. La société s'est développée à l'international avec une nouvelle installation au Brésil et a formé une alliance stratégique avec SubseaDesign AS, basée en Norvège.
KOIL Energy Solutions (OTCQB: KLNG) meldete starke Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024. Das Unternehmen erzielte einen Umsatz von 6 Millionen US-Dollar im Q4, was einem Anstieg von 48 % gegenüber dem Vorjahr entspricht, sowie ein bereinigtes EBITDA von 1 Million US-Dollar. Für das Gesamtjahr 2024 erreichte der Umsatz 23 Millionen US-Dollar, ebenfalls ein Plus von 48 % gegenüber 2023.
Die Kehrtwende des Unternehmens zeigte sich in den Finanzkennzahlen, wobei die Bruttomarge im Gesamtjahr von 32 % auf 38 % stieg. Der Nettogewinn erreichte im Jahr 2024 2,6 Millionen US-Dollar, nach einem Verlust von 1,6 Millionen im Jahr 2023, was zu einem verwässerten Gewinn je Aktie von 0,21 US-Dollar führte. Das Working Capital lag bei 5,7 Millionen US-Dollar, davon 3,4 Millionen in bar.
Zu den wichtigsten Erfolgen im Jahr 2024 gehörten der Gewinn von Aufträgen für Unterwasser-Verteilungsanlagen, fortschrittliche Wartungsdienste, Bend Stiffener Latchers und ein Unterwasser-Sicherheitskontrollsystem. Das Unternehmen expandierte international mit einer neuen Einrichtung in Brasilien und ging eine strategische Partnerschaft mit dem norwegischen Unternehmen SubseaDesign AS ein.
- 48% revenue growth to $23 million in 2024
- Net income improved to $2.6 million from $1.6 million loss
- Gross margin increased to 38% from 32% in 2023
- Modified EBITDA improved to $3.5 million from previous year loss
- Cash position strengthened to $3.4 million from $2 million
- No long-term debt
- SG&A expenses increased in Q4 due to higher staffing
- Operating cash flow declined in Q4 to $553,000 from $936,000 in Q4 2023
HOUSTON, April 15, 2025 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (OTCQB: KLNG), a specialist in deepwater energy production and distribution equipment and services, released today its fourth quarter and full year 2024 results.
Fourth Quarter 2024 Results
• Revenue of
• Modified EBITDA of
Full Year 2024 Results
• Revenue of
• Modified EBITDA of
• Working capital of
Erik Wiik, President and Chief Executive Officer of KOIL Energy, stated, " I am immensely proud of the KOIL Energy team for delivering an exceptional quarter, surpassing the revenue of each of the previous three quarters in 2024.”
"For the full year 2024, we achieved revenue of
Financial Highlights:
Q4 revenue of
Gross margin at
Net income at
Full year 2024 revenue of
The gross margin for the full year was
Modified EBITDA improved from a loss in 2023 to
This turnaround in earnings led to an improvement in diluted earnings per share, rising to
Working capital at
Key accomplishments in 2024:
- Won a significant contract to deliver subsea distribution equipment
- Awarded a significant contract for advanced maintenance services
- Won a significant order to provide Bend Stiffener Latchers (BSL®)
- Awarded a major scope of work for a subsea safety control system.
“While we celebrate the results from 2024, we are very excited for our future. In 2025, our team will remain focused on growing the company and delivering on our growth strategy.”
KOIL Energy is one year into an ambitious three-year strategy focused on achieving continued profitable revenue growth. You can view a copy of our growth roadmap in the investor presentation on our webpage. The growth strategy continues to push KOIL Energy’s business performance domestically. International activities have progressed well ahead of the original growth plan. To strengthen our presence in South America, KOIL Energy has expanded into Brazil with a new manufacturing and service support facility in Macaé. KOIL Energy has also established a strategic alliance with SubseaDesign AS, a Norway-based company, to accelerate advancements in subsea technology.
We offer mission-critical deepwater solutions with high barriers to market entry. Management believes that KOIL Energy is positioned to achieve growth and currently without long-term debt.
KOIL Energy will host an investor conference call to review its fourth quarter and full year 2024 results on Tuesday, April 15, 2025, at 10:00 am Eastern Time. Interested parties may listen to the call through a webcast link or using the dial in numbers. (See below details.)
PARTICIPANT WEBCAST LINK:
https://edge.media-server.com/mmc/p/xwpbub4g
PARTICIPANT DIALS:
PARTICIPANT DIAL IN (TOLL FREE): 1-833-630-1956
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-1837
The earnings release and a replay of the conference call will also be available on the Company's website, www.koilenergy.com, under the "Investors" section.
About KOIL (www.koilenergy.com)
KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries. We provide innovative solutions to complex customer challenges presented between the production facility and the energy source. Our core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, KOIL Energy's experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.
Forward-Looking Statements
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Investor Relations:
ir@koilenergy.com
281-862-2201
| KOIL ENERGY SOLUTIONS, INC. | ||||||||||||||||
| SUMMARY FINANCIAL DATA | ||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
| Comparative Condensed Consolidated Income Statements | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Revenues | $ | 5,941 | $ | 4,004 | $ | 22,734 | $ | 15,343 | ||||||||
| Cost of sales | 3,536 | 3,319 | 13,985 | 10,493 | ||||||||||||
| Selling, general and administrative | 1,876 | 1,571 | 6,192 | 6,460 | ||||||||||||
| Operating income (loss) | 529 | (886 | ) | 2,557 | (1,610 | ) | ||||||||||
| Total other (income) expense | (17 | ) | (3 | ) | (79 | ) | (61 | ) | ||||||||
| Loss before income tax expense | 546 | (883 | ) | 2,636 | (1,549 | ) | ||||||||||
| Income tax expense (benefit) | 9 | (2 | ) | 16 | 5 | |||||||||||
| Net income (loss) | $ | 537 | $ | (881 | ) | $ | 2,620 | $ | (1,554 | ) | ||||||
| Net income (loss) per share, diluted | $ | 0.04 | $ | (0.07 | ) | $ | 0.21 | $ | (0.13 | ) | ||||||
| Weighted-average shares outstanding, diluted | 12,344 | 11,888 | 12,344 | 11,888 | ||||||||||||
| Comparative Condensed Consolidated Balance Sheets | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| (In thousands) | ||||||||||||||||
| Assets: | ||||||||||||||||
| Cash | $ | 3,422 | $ | 2,030 | ||||||||||||
| Other current assets | 6,784 | 5,819 | ||||||||||||||
| PP&E, net | 2,791 | 2,968 | ||||||||||||||
| Other non-current assets | 5,743 | 6,245 | ||||||||||||||
| Total assets | $ | 18,740 | $ | 17,062 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Current liabilities | 4,524 | 5,284 | ||||||||||||||
| Other long-term liabilities | 5,612 | 6,160 | ||||||||||||||
| Total liabilities | 10,136 | 11,444 | ||||||||||||||
| Stockholders' equity | 8,604 | 5,618 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 18,740 | $ | 17,062 | ||||||||||||
| KOIL ENERGY SOLUTIONS, INC. | ||||||||||||||||
| SUMMARY FINANCIAL DATA, CONTINUED | ||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
| Modified EBITDA | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (In thousands) | ||||||||||||||||
| Net Income (loss) | $ | 537 | $ | (881 | ) | $ | 2,620 | $ | (1,554 | ) | ||||||
| (Deduct): Interest (income) expense, net | (17 | ) | (4 | ) | (47 | ) | (7 | ) | ||||||||
| (Deduct) Add: Income tax expense (benefit) | 9 | (3 | ) | 16 | 5 | |||||||||||
| Add: Depreciation and amortization | 134 | 144 | 571 | 605 | ||||||||||||
| Add: Share-based compensation | 300 | 15 | 376 | 64 | ||||||||||||
| Add: Relocation costs | - | - | - | 9 | ||||||||||||
| Deduct: Gain on sale of asset | (2 | ) | (2 | ) | 1 | (4 | ) | |||||||||
| Modified EBITDA | $ | 961 | $ | (731 | ) | $ | 3,537 | $ | (882 | ) | ||||||
| Cash Flow Data: | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (In thousands) | ||||||||||||||||
| Cash provided by (used in): | ||||||||||||||||
| Operating activities | $ | 553 | $ | 936 | $ | 1,726 | $ | 203 | ||||||||
| Investing activities | (246 | ) | 2 | (373 | ) | (226 | ) | |||||||||
| Financing activities | (7 | ) | (40 | ) | 39 | (300 | ) | |||||||||
| Change in cash | $ | 300 | $ | 898 | $ | 1,392 | $ | (323 | ) | |||||||
FAQ
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