Koil Energy Solutions, Inc. Announces Second Quarter 2024 Results
Koil Energy Solutions, Inc. (OTCQB: KLNG) reported strong Q2 2024 results, with significant year-over-year improvements. Revenues increased 65% to $5.8 million, while gross profit nearly doubled to $2.0 million. The company achieved a net income of $1.0 million, a $1.4 million improvement from Q2 2023. Adjusted EBITDA rose to $1.2 million, also a $1.4 million increase year-over-year.
CEO Erik Wiik attributed the success to a proactive growth strategy and strong execution. The company's gross profit margin improved to 39%, up from 33% in Q2 2023. KOIL's financial position strengthened, with working capital increasing to $4.4 million as of June 30, 2024, compared to $2.6 million at the end of 2023. Shareholders' equity grew to $7.2 million, or $0.59 per common share.
Koil Energy Solutions, Inc. (OTCQB: KLNG) ha riportato risultati solidi per il secondo trimestre del 2024, con notevoli miglioramenti rispetto all'anno precedente. Le entrate sono aumentate del 65% raggiungendo i 5,8 milioni di dollari, mentre l'utile lordo è quasi raddoppiato a 2,0 milioni di dollari. L'azienda ha registrato un utile netto di 1,0 milioni di dollari, con un miglioramento di 1,4 milioni rispetto al secondo trimestre del 2023. L'EBITDA rettificato è salito a 1,2 milioni di dollari, anch'esso in aumento di 1,4 milioni rispetto all'anno precedente.
Il CEO Erik Wiik ha attribuito il successo a una strategia di crescita proattiva e a una forte esecuzione. Il margine di utile lordo dell'azienda è migliorato al 39%, rispetto al 33% del secondo trimestre del 2023. La posizione finanziaria di KOIL è rafforzata, con capitale circolante aumentato a 4,4 milioni di dollari al 30 giugno 2024, rispetto ai 2,6 milioni alla fine del 2023. Il patrimonio netto degli azionisti è cresciuto a 7,2 milioni di dollari, ovvero 0,59 dollari per azione ordinaria.
Koil Energy Solutions, Inc. (OTCQB: KLNG) reportó resultados sólidos para el segundo trimestre de 2024, con mejoras significativas en comparación con el año anterior. Los ingresos aumentaron un 65% alcanzando los 5,8 millones de dólares, mientras que la utilidad bruta casi se duplicó a 2,0 millones de dólares. La compañía logró un ingreso neto de 1,0 millones de dólares, una mejora de 1,4 millones respecto al segundo trimestre de 2023. El EBITDA ajustado subió a 1,2 millones de dólares, también un aumento de 1,4 millones interanual.
El CEO Erik Wiik atribuyó el éxito a una estrategia de crecimiento proactiva y una sólida ejecución. El margen de utilidad bruta de la empresa mejoró al 39%, en comparación con el 33% en el segundo trimestre de 2023. La posición financiera de KOIL se fortaleció, con capital de trabajo aumentando a 4,4 millones de dólares al 30 de junio de 2024, en comparación con 2,6 millones a finales de 2023. El patrimonio de los accionistas creció a 7,2 millones de dólares, o 0,59 dólares por acción común.
Koil Energy Solutions, Inc. (OTCQB: KLNG)는 2024년 2분기 강력한 실적을 보고했으며, 전년 대비 상당한 개선을 보였습니다. 매출은 65% 증가하여 580만 달러에 달했습니다, 반면에 총 이익은 거의 두 배가 되어 200만 달러에 이르렀습니다. 회사는 100만 달러의 순이익을 달성하였고, 이는 2023년 2분기 대비 140만 달러의 개선입니다. 조정 EBITDA는 120만 달러로 증가하였으며, 이것도 전년 대비 140만 달러의 증가입니다.
CEO Erik Wiik는 이 성공을 능동적인 성장 전략과 강력한 실행 덕분이라고 밝혔습니다. 회사의 총 이익률은 39%로 개선되었으며, 이는 2023년 2분기의 33%에서 증가한 것입니다. KOIL의 재무 상태는 강화되었고, 2024년 6월 30일 현재 운전 자본이 440만 달러로 증가했습니다, 이는 2023년 말의 260만 달러와 비교됩니다. 주주 자산은 720만 달러 또는 보통주당 0.59 달러로 증가했습니다.
Koil Energy Solutions, Inc. (OTCQB: KLNG) a rapporté de solides résultats pour le deuxième trimestre 2024, avec des améliorations significatives par rapport à l'année précédente. Les revenus ont augmenté de 65% pour atteindre 5,8 millions de dollars, tandis que le bénéfice brut a presque doublé pour atteindre 2,0 millions de dollars. La société a réalisé un bénéfice net de 1,0 million de dollars, soit une amélioration de 1,4 million par rapport au deuxième trimestre 2023. Le EBITDA ajusté a augmenté à 1,2 million de dollars, représentant également une augmentation de 1,4 million par rapport à l'année précédente.
Le PDG Erik Wiik a attribué le succès à une stratégie de croissance proactive et à une exécution solide. La marge de bénéfice brut de l'entreprise s'est améliorée à 39%, contre 33% au deuxième trimestre 2023. La position financière de KOIL s'est renforcée, avec un fonds de roulement en hausse à 4,4 millions de dollars au 30 juin 2024, contre 2,6 millions à la fin de 2023. Les capitaux propres des actionnaires ont atteint 7,2 millions de dollars, soit 0,59 dollar par action ordinaire.
Koil Energy Solutions, Inc. (OTCQB: KLNG) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit signifikanten Verbesserungen im Jahresvergleich. Der Umsatz stieg um 65% auf 5,8 Millionen US-Dollar, während der Bruttogewinn auf fast 2,0 Millionen US-Dollar anstieg. Das Unternehmen erzielte ein Nettoeinkommen von 1,0 Millionen US-Dollar, was einer Verbesserung von 1,4 Millionen US-Dollar gegenüber dem zweiten Quartal 2023 entspricht. Das bereinigte EBITDA stieg auf 1,2 Millionen US-Dollar, ebenfalls eine Erhöhung um 1,4 Millionen US-Dollar im Jahresvergleich.
CEO Erik Wiik führte den Erfolg auf eine proaktive Wachstumsstrategie und eine starke Umsetzung zurück. Die Bruttogewinnmarge der Firma verbesserte sich auf 39%, von 33% im zweiten Quartal 2023. Die finanzielle Lage von KOIL hat sich verstärkt, mit einem Anstieg des Working Capitals auf 4,4 Millionen US-Dollar zum 30. Juni 2024, verglichen zu 2,6 Millionen US-Dollar Ende 2023. Das Eigenkapital der Aktionäre wuchs auf 7,2 Millionen US-Dollar oder 0,59 US-Dollar pro Stammaktie.
- Revenue increased 65% year-over-year to $5.8 million in Q2 2024
- Gross profit nearly doubled to $2.0 million, with margin improving from 33% to 39%
- Net income of $1.0 million, a $1.4 million improvement from Q2 2023
- Adjusted EBITDA rose to $1.2 million, a $1.4 million increase year-over-year
- Working capital increased to $4.4 million as of June 30, 2024
- Shareholders' equity grew to $7.2 million, or $0.59 per common share
- Cash position decreased from $2.0 million at year-end 2023 to $1.5 million as of June 30, 2024
- Company maintains a factoring arrangement with Amegy Bank Business Credit, with $182 thousand in short-term borrowings
Second Quarter Highlights
- Revenues of
$5.8 million increased65% year-over-year - Gross profit of
$2.0 million increased96% year-over-year - Net income of
$1.0 million increased$1.4 million year-over-year - Adjusted EBITDA of
$1.2 million increased$1.4 million year-over-year
HOUSTON, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (OTCQB: KLNG) (“KOIL”, or the “Company”), a specialist in deepwater production and distribution equipment and services, today reported results for the three and six months ended June 30, 2024.
KOIL at a Glance:
| Share Price†: | Cash*: | |||
| 52-Week Range†: | Book Value*: | |||
| Shares Out.†: | 12.2M | Price / Book Value: | 1.7x | |
| Market Cap†: | TTM Revenue: | |||
| *As of 06/30/24; †As of 08/02/24 | ||||
“We achieved yet another quarter of strong performance underpinned by a proactive growth strategy and exemplary execution,” said Erik Wiik, President and CEO of KOIL. “Compared to the second quarter of last year, revenue grew
“We are very pleased with our results and the progress we have made during the last two quarters. While the recent results are impressive, we are confident that there is further upside as we continue our growth journey.”
“I want to thank our employees for their passion and dedication to supporting our clients in delivering these impressive results.”
Operating Results
KOIL’s revenues for the three months ended June 30, 2024 (“Q2 2024”) increased 65 percent to
Gross profit for Q2 2024 was
Selling, general and administrative expenses (“SG&A”) were
Due to the factors discussed above, KOIL reported Q2 2024 net income of
KOIL reported adjusted EBITDA of
Financial Position
At June 30, 2024, working capital totaled
Conference Call Details
| Call Dial-in: | 1-833-630-1956 for domestic callers |
| 1-412-317-1837 for international callers | |
| Webcast/Replay URL: | https://edge.media-server.com/mmc/p/w3774mtx |
The earnings release and a replay of the conference call will be available on the Company’s website, www.koilenergy.com, under the “Investors” section. An investor presentation will also be posted on our webpage following this press release.
About KOIL (www.koilenergy.com)
KOIL 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’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:
Trevor Ashurst
ir@koilenergy.com
281-862-2201
| KOIL ENERGY SOLUTIONS, INC. | |||||||||||||||
| SUMMARY FINANCIAL DATA | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Comparative Condensed Consolidated Income Statement | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues | $ | 5,779 | $ | 3,508 | $ | 11,570 | $ | 7,232 | |||||||
| Cost of sales | 3,530 | 2,360 | 7,290 | 4,442 | |||||||||||
| Selling, general and administrative | 1,268 | 1,569 | 2,729 | 3,306 | |||||||||||
| Operating income (loss) | 981 | (421 | ) | 1,551 | (516 | ) | |||||||||
| Total other (income) expense | (5 | ) | 8 | (14 | ) | 9 | |||||||||
| Income (loss) before income tax expense | 986 | (429 | ) | 1,565 | (525 | ) | |||||||||
| Income tax expense | 2 | 4 | 5 | 5 | |||||||||||
| Net income (loss) | $ | 984 | $ | (433 | ) | $ | 1,560 | $ | (530 | ) | |||||
| Net income (loss) per share, basic | $ | 0.08 | $ | (0.04 | ) | $ | 0.13 | $ | (0.04 | ) | |||||
| Weighted-average shares outstanding, basic | 12,188 | 11,888 | 12,147 | 11,888 | |||||||||||
| Comparative Condensed Consolidated Balance Sheets | |||||||||||||||
| June 30, | December 31, | ||||||||||||||
| (In thousands) | 2024 | 2023 | |||||||||||||
| Assets: | |||||||||||||||
| Cash | $ | 1,459 | $ | 2,030 | |||||||||||
| Other current assets | 8,823 | 5,819 | |||||||||||||
| PP&E, net | 2,763 | 2,968 | |||||||||||||
| Other non-current assets | 5,965 | 6,245 | |||||||||||||
| Total assets | $ | 19,010 | $ | 17,062 | |||||||||||
| Liabilities: | |||||||||||||||
| Current liabilities | 5,882 | 5,284 | |||||||||||||
| Other long-term liabilities | 5,897 | 6,160 | |||||||||||||
| Total liabilities | 11,779 | 11,444 | |||||||||||||
| Stockholders' equity | 7,231 | 5,618 | |||||||||||||
| Total liabilities and stockholders' equity | $ | 19,010 | $ | 17,062 | |||||||||||
| KOIL ENERGY SOLUTIONS, INC. | |||||||||||||||
| SUMMARY FINANCIAL DATA, CONTINUED | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) | $ | 984 | $ | (433 | ) | $ | 1,560 | $ | (530 | ) | |||||
| (Deduct) Add: Interest (income) expense, net | (5 | ) | 2 | (13 | ) | 4 | |||||||||
| Add: Income tax expense | 2 | 4 | 5 | 5 | |||||||||||
| Add: Depreciation and amortization | 149 | 154 | 293 | 306 | |||||||||||
| Add: Share-based compensation | 34 | 16 | 53 | 40 | |||||||||||
| Add (Deduct): Loss (gain) on sale of asset | 3 | (1 | ) | 3 | (2 | ) | |||||||||
| Add: Relocation costs | - | - | - | 9 | |||||||||||
| Adjusted EBITDA | $ | 1,167 | $ | (258 | ) | $ | 1,901 | $ | (168 | ) | |||||
| Cash Flow Data | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Cash provided by (used in): | |||||||||||||||
| Operating activities | $ | (449 | ) | $ | 912 | $ | (756 | ) | $ | 238 | |||||
| Investing activities | (52 | ) | (2 | ) | (62 | ) | (80 | ) | |||||||
| Financing activities | (18 | ) | (82 | ) | 247 | (164 | ) | ||||||||
| Change in cash | $ | (519 | ) | $ | 828 | $ | (571 | ) | $ | (6 | ) | ||||
This press release was published by a CLEAR® Verified individual.
FAQ
What were Koil Energy Solutions' (KLNG) Q2 2024 revenue and profit figures?
How much did Koil Energy Solutions' (KLNG) net income improve in Q2 2024?
What was Koil Energy Solutions' (KLNG) Adjusted EBITDA for Q2 2024?
How did Koil Energy Solutions' (KLNG) gross profit margin change in Q2 2024?
