Koil Energy Solutions, Inc. Reports Strong Financial Results for the Third Quarter of 2024

Koil Energy Solutions, Inc. recently disclosed its financial performance for the third quarter of 2024 through a press release on November 4, 2024. The results reflect significant growth and progress for the company in comparison to the same period in 2023.

During the third quarter of 2024, Koil Energy Solutions reported revenues of $5.2 million, showcasing an impressive 27% increase year-over-year. The company also experienced a notable rise in gross profit, reaching $2.1 million, which represents a 50% increase compared to the third quarter of the previous year. Additionally, the net income surged to $523 thousand, marking a substantial rise of $666 thousand year-over-year. The company’s adjusted EBITDA also saw a significant improvement, climbing to $675 thousand, an increase of $658 thousand compared to the same period in 2023.

Erik Wiik, the President and CEO of Koil Energy Solutions, highlighted the company’s proactive growth strategy as the driving force behind these impressive financial results. Wiik expressed contentment with the revenue growth, gross margin enhancement to 40%, and the transformative shift of adjusted EBITDA from a loss to a 13% margin in comparison to the prior year’s third quarter.

The positive feedback received from clients regarding the company’s performance was emphasized by Wiik, who acknowledged the dedication of the employees contributing to Koil Energy Solutions’ success. He extended gratitude to the workforce and shareholders for their unwavering commitment and support, noting their vital role in the company’s consistent upward trajectory.

In terms of specific financial metrics, the third quarter of 2024 saw Koil Energy Solutions’ SG&A expenses remain stable at $1.6 million, representing 30% of revenues. The company reported a gross profit of $2.1 million, or 40% of revenues, which was attributed to increased revenues and improved project margins. Notably, the company reported a net income of $523 thousand for the third quarter of 2024, compared to a net loss of $143 thousand in the same period in 2023.

As of September 30, 2024, Koil Energy Solutions displayed a robust financial position with working capital totaling $4.9 million, which includes $3.1 million in cash and $5.3 million in net receivables. The company’s shareholders’ equity stood at $7.9 million, equating to approximately $0.65 per common share, showing strong growth from $5.6 million at the beginning of the year.

Interested parties can access additional details about the company’s financial results, including an investor presentation and a replay of the conference call, on Koil Energy Solutions’ website: www.koilenergy.com.

About Koil Energy Solutions, Inc.
Koil Energy Solutions, Inc., operating in the energy services sector, specializes in providing subsea equipment and support services to the global energy and offshore industries. The company offers innovative solutions to complex challenges encountered within the production facility and energy source settings, with a focus on distribution system installation support, engineering services, umbilical terminations, and related services.

Investors are advised that forward-looking statements in this release are subject to risk factors and uncertainties, and actual results may vary from anticipated projections. Further details can be found in the company’s filings with the Securities and Exchange Commission, available without charge.

For investor relations inquiries, please contact Trevor Ashurst at [email protected] or 281-862-2201.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Koil Energy Solutions’s 8K filing here.

About Koil Energy Solutions

Koil Energy Solutions, Inc, an energy services company, provides equipment and support services to the energy and offshore industries. It offers engineering and project management services, including the design, installation, and retrieval of subsea equipment and systems; connection and termination operations services; well-commissioning services; and construction support services.