Koil Energy Solutions, Inc. Announces Third Quarter 2024 Results
Koil Energy Solutions (OTCQB: KLNG) reported strong Q3 2024 results with significant year-over-year growth. Revenue increased 27% to $5.2 million, while gross profit rose 50% to $2.1 million. The company achieved net income of $523,000, a $666,000 improvement from Q3 2023, and Adjusted EBITDA of $675,000, up $658,000 year-over-year. Gross margin improved to 40%, and earnings per share reached $0.04. The company's working capital stood at $4.9 million, including $3.1 million in cash. Growth was primarily driven by increased fixed-price contracts for subsea distribution equipment manufacturing.
Koil Energy Solutions (OTCQB: KLNG) ha riportato risultati solidi per il terzo trimestre del 2024 con una significativa crescita anno su anno. I ricavi sono aumentati del 27% raggiungendo i 5,2 milioni di dollari, mentre il profitto lordo è salito del 50% a 2,1 milioni di dollari. L'azienda ha raggiunto un utile netto di 523.000 dollari, con un miglioramento di 666.000 dollari rispetto al terzo trimestre del 2023, e un EBITDA rettificato di 675.000 dollari, in aumento di 658.000 dollari anno su anno. Il margine lordo è migliorato al 40% e gli utili per azione hanno toccato i 0,04 dollari. Il capitale circolante dell'azienda si è attestato a 4,9 milioni di dollari, di cui 3,1 milioni in contante. La crescita è stata principalmente trainata dall'aumento dei contratti a prezzo fisso per la produzione di attrezzature per la distribuzione sottomarina.
Koil Energy Solutions (OTCQB: KLNG) informó resultados sólidos para el tercer trimestre de 2024 con un crecimiento significativo año tras año. Los ingresos aumentaron un 27% a 5,2 millones de dólares, mientras que las ganancias brutas crecieron un 50% alcanzando 2,1 millones de dólares. La compañía logró un ingreso neto de 523,000 dólares, una mejora de 666,000 dólares en comparación con el tercer trimestre de 2023, y un EBITDA ajustado de 675,000 dólares, un aumento de 658,000 dólares en comparación anual. El margen bruto mejoró al 40%, y las ganancias por acción fueron de 0,04 dólares. El capital de trabajo de la empresa se situó en 4,9 millones de dólares, incluyendo 3,1 millones en efectivo. El crecimiento fue impulsado principalmente por el aumento de contratos a precio fijo para la fabricación de equipos de distribución submarina.
Koil Energy Solutions (OTCQB: KLNG)는 2024년 3분기 강력한 실적을 발표하며 연간 큰 성장을 기록했습니다. 수익이 27% 증가하여 520만 달러에 달했으며, 총 이익은 50% 상승하여 210만 달러로 증가했습니다. 회사는 52만 3천 달러의 순이익을 달성했으며, 이는 2023년 3분기보다 66만 6천 달러 개선된 수치입니다. 조정 EBITDA는 67만 5천 달러로, 전년 대비 65만 8천 달러 증가했습니다. 총 이익률은 40%로 개선되었고, 주당 순이익은 0.04 달러에 도달했습니다. 회사의 운영 자본은 490만 달러로, 현금은 310만 달러를 포함하고 있습니다. 성장은 주로 해저 배급 장비 제조를 위한 고정 가격 계약 증가에 의해 촉진되었습니다.
Koil Energy Solutions (OTCQB: KLNG) a annoncé des résultats solides pour le troisième trimestre 2024, avec une croissance significative d'une année sur l'autre. Les revenus ont augmenté de 27% pour atteindre 5,2 millions de dollars, tandis que le bénéfice brut a bondi de 50% pour s'établir à 2,1 millions de dollars. L'entreprise a réalisé un résultat net de 523 000 dollars, soit une amélioration de 666 000 dollars par rapport au troisième trimestre 2023, et un EBITDA ajusté de 675 000 dollars, en hausse de 658 000 dollars d'une année sur l'autre. La marge brute s'est améliorée pour atteindre 40%, et le bénéfice par action a atteint 0,04 dollar. Le fonds de roulement de l'entreprise était de 4,9 millions de dollars, dont 3,1 millions en liquidités. La croissance a été principalement soutenue par l'augmentation des contrats à prix fixe pour la fabrication d'équipements de distribution sous-marine.
Koil Energy Solutions (OTCQB: KLNG) hat starke Ergebnisse für das 3. Quartal 2024 gemeldet, mit einem signifikanten Wachstum im Vergleich zum Vorjahr. Der Umsatz stieg um 27% auf 5,2 Millionen Dollar, während der Bruttogewinn um 50% auf 2,1 Millionen Dollar anwuchs. Das Unternehmen erzielte einen Nettogewinn von 523.000 Dollar, was eine Verbesserung um 666.000 Dollar im Vergleich zum 3. Quartal 2023 darstellt, und ein bereinigtes EBITDA von 675.000 Dollar, was einem Anstieg von 658.000 Dollar im Jahresvergleich entspricht. Die Bruttomarge verbesserte sich auf 40%, und der Gewinn pro Aktie lag bei 0,04 Dollar. Das working capital des Unternehmens betrug 4,9 Millionen Dollar, inklusive 3,1 Millionen Dollar in bar. Das Wachstum wurde hauptsächlich durch den Anstieg von Festpreisverträgen für die Herstellung von Unterwasserverteilungstechnik vorangetrieben.
- Revenue growth of 27% YoY to $5.2 million
- Gross profit increase of 50% YoY to $2.1 million
- Net income improvement of $666,000 YoY to $523,000
- Adjusted EBITDA growth of $658,000 YoY to $675,000
- Gross margin expansion from 33% to 40%
- Working capital increase from $2.6M to $4.9M
- Cash position improvement from $2.0M to $3.1M
- SG&A expenses remain high at 30% of revenues
Third Quarter Highlights
- Revenues of
$5.2 million increased27% year-over-year - Gross profit of
$2.1 million increased50% year-over-year - Net income of
$523 thousand increased$666 thousand year-over-year - Adjusted EBITDA of
$675 thousand increased$658 thousand year-over-year
HOUSTON, Nov. 04, 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 nine months ended September 30, 2024.
KOIL at a Glance:
| Share Price†: | Cash*: | |||
| 52-Week Range†: | Book Value*: | |||
| Shares Out.†: | 12.2M | Price / Book Value: | 2.7x | |
| Market Cap†: | TTM Revenue: | |||
| *As of 09/30/24; †As of 11/01/24 | ||||
“We delivered another quarter of robust performance, highlighted by year-over-year growth,” said Erik Wiik, President and CEO of KOIL. “Compared to the third quarter of last year, revenue grew
“Our clients consistently provide positive feedback on our team’s performance, and we remain dedicated to maintaining this sentiment. I want to extend my heartfelt thanks to our employees, because we would not be able to achieve these results without their unwavering commitment to delivering exceptional quality while we continue to grow this remarkable company. Let me also offer my thanks to our shareholders, for their continued interest in the great investment opportunity that is KOIL Energy.”
Operating Results
KOIL’s revenues for the three months ended September 30, 2024 (“Q3 2024”) increased 27 percent to
Gross profit for Q3 2024 was
Selling, general and administrative expenses (“SG&A”) were
Due to the factors discussed above, KOIL reported Q3 2024 net income of
KOIL reported adjusted EBITDA of
Financial Position
At September 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/kzxfna26 |
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 5,223 | $ | 4,107 | $ | 16,793 | $ | 11,338 | ||||||||
| Cost of sales | 3,159 | 2,733 | 10,449 | 7,174 | ||||||||||||
| Selling, general and administrative | 1,586 | 1,582 | 4,316 | 4,887 | ||||||||||||
| Operating income (loss) | 478 | (208 | ) | 2,028 | (723 | ) | ||||||||||
| Total other (income) expense | (47 | ) | (68 | ) | (62 | ) | (58 | ) | ||||||||
| Income (loss) before income tax expense | 525 | (140 | ) | 2,090 | (665 | ) | ||||||||||
| Income tax expense | 2 | 3 | 7 | 8 | ||||||||||||
| Net income (loss) | $ | 523 | $ | (143 | ) | $ | 2,083 | $ | (673 | ) | ||||||
| Net income (loss) per share, basic | $ | 0.04 | $ | (0.01 | ) | $ | 0.17 | $ | (0.06 | ) | ||||||
| Weighted-average shares outstanding, basic | 12,199 | 11,888 | 12,235 | 11,888 | ||||||||||||
| Comparative Condensed Consolidated Balance Sheets | ||||||||||||||||
| September 30, | December 31, | |||||||||||||||
| (In thousands) | 2024 | 2023 | ||||||||||||||
| Assets: | ||||||||||||||||
| Cash | $ | 3,120 | $ | 2,030 | ||||||||||||
| Other current assets | 6,720 | 5,819 | ||||||||||||||
| PP&E, net | 2,699 | 2,968 | ||||||||||||||
| Other non-current assets | 6,047 | 6,245 | ||||||||||||||
| Total assets | $ | 18,586 | $ | 17,062 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Current liabilities | 4,945 | 5,284 | ||||||||||||||
| Other long-term liabilities | 5,751 | 6,160 | ||||||||||||||
| Total liabilities | 10,696 | 11,444 | ||||||||||||||
| Stockholders' equity | 7,890 | 5,618 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 18,586 | $ | 17,062 | ||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | 523 | $ | (143 | ) | $ | 2,083 | $ | (673 | ) | ||||||
| Deduct: Interest income, net | (17 | ) | (7 | ) | (30 | ) | (3 | ) | ||||||||
| Add: Income tax expense | 2 | 3 | 7 | 8 | ||||||||||||
| Add: Depreciation and amortization | 144 | 155 | 437 | 461 | ||||||||||||
| Add: Share-based compensation | 23 | 9 | 76 | 49 | ||||||||||||
| Add (Deduct): Loss (gain) on sale of asset | - | - | 3 | (2 | ) | |||||||||||
| Add: Relocation costs | - | - | - | 9 | ||||||||||||
| Adjusted EBITDA | $ | 675 | $ | 17 | $ | 2,576 | $ | (151 | ) | |||||||
| Cash Flow Data | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash provided by (used in): | ||||||||||||||||
| Operating activities | $ | 1,927 | $ | (971 | ) | $ | 1,171 | $ | (733 | ) | ||||||
| Investing activities | (65 | ) | (148 | ) | (127 | ) | (228 | ) | ||||||||
| Financing activities | (201 | ) | (96 | ) | 46 | (260 | ) | |||||||||
| Change in cash | $ | 1,661 | $ | (1,215 | ) | $ | 1,090 | $ | (1,221 | ) | ||||||
FAQ
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