Koil Energy at a Glance:
Share Price†: | Cash*: | |||
52-Week Range†: | Book Value*: | |||
Shares Out.†: | 11.9M | Price / Book Value: | 1.0x | |
Market Cap†: | TTM Revenue: | |||
*As of 06/30/23; †As of |
"While we have more work to do, we are focused on driving stability in our operations and supply chain to better manage cash flow, preserve liquidity, and meet our customer commitments. Bidding and project activity remain strong, and we are confident our streamlined operations and continued focus on our core strengths will allow us to increase productivity and steadily grow investment in our people, products, and technologies."
Operating Results
Koil Energy’s revenues for the three months ended
Operating expenses were
Due to the factors discussed above, Koil Energy reported a Q2 2023 net loss of
Koil Energy reported a modified EBITDA of negative
Financial Position
At
About
Koil Energy Solutions 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 highly 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
Investor Relations:
ir@koilenergy.com
281-862-2201
KOIL ENERGY SOLUTIONS, INC. | ||||||||||||||||
SUMMARY FINANCIAL DATA | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Comparative Condensed Consolidated Income Statement | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Revenues | $ | 3,508 | $ | 3,499 | $ | 7,232 | $ | 7,100 | ||||||||
Cost of sales | 2,360 | 2,018 | 4,442 | 4,204 | ||||||||||||
Gross profit | 1,148 | 1,481 | 2,790 | 2,896 | ||||||||||||
Total operating expenses | 1,569 | 1,475 | 3,306 | 3,203 | ||||||||||||
Operating income (loss) | (421 | ) | 6 | (516 | ) | (307 | ) | |||||||||
Total other expense (income) | 8 | (181 | ) | 9 | (235 | ) | ||||||||||
Income (loss) before income tax expense | (429 | ) | 187 | (525 | ) | (72 | ) | |||||||||
Income tax expense | 4 | 10 | 5 | 15 | ||||||||||||
Net income (loss) | $ | (433 | ) | $ | 177 | $ | (530 | ) | $ | (87 | ) | |||||
Net income (loss) per share, basic and diluted | $ | (0.04 | ) | $ | 0.01 | $ | (0.04 | ) | $ | (0.01 | ) | |||||
Weighted-average shares outstanding, basic and diluted | 11,888 | 12,057 | 11,888 | 12,136 | ||||||||||||
Comparative Condensed Consolidated Balance Sheets | ||||||||||||||||
2023 | 2023 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash | $ | 2,347 | $ | 2,353 | ||||||||||||
Other current assets | 5,023 | 4,532 | ||||||||||||||
PP&E, net | 3,092 | 3,305 | ||||||||||||||
Other non-current assets | 6,271 | 6,425 | ||||||||||||||
Total assets | $ | 16,733 | $ | 16,615 | ||||||||||||
Liabilities: | ||||||||||||||||
Current liabilities | 3,822 | 2,989 | ||||||||||||||
Other long-term liabilities | 6,293 | 6,518 | ||||||||||||||
Total liabilities | 10,115 | 9,507 | ||||||||||||||
Stockholders' equity | 6,618 | 7,108 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 16,733 | $ | 16,615 | ||||||||||||
KOIL ENERGY SOLUTIONS, INC. SUMMARY FINANCIAL DATA, CONTINUED (UNAUDITED) | ||||||||||||||||
Modified EBITDA: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(In thousands) | ||||||||||||||||
Net income (loss) | $ | (433 | ) | $ | 177 | $ | (530 | ) | $ | (87 | ) | |||||
Add: Interest expense, net | 2 | 3 | 4 | 5 | ||||||||||||
Add: Income tax expense | 4 | 10 | 5 | 15 | ||||||||||||
Add: Depreciation and amortization | 154 | 173 | 306 | 369 | ||||||||||||
Add: Share-based compensation | 16 | 14 | 40 | 71 | ||||||||||||
Add: Relocation costs | - | 29 | 9 | 29 | ||||||||||||
Deduct: Gain on sale of asset | (1 | ) | (134 | ) | (2 | ) | (188 | ) | ||||||||
Deduct: Reversal of litigation accrual | - | (100 | ) | - | (100 | ) | ||||||||||
Modified EBITDA (loss) | $ | (258 | ) | $ | 172 | $ | (168 | ) | $ | 114 | ||||||
Cash flow data: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(In thousands) | ||||||||||||||||
Cash provided by (used in): | ||||||||||||||||
Operating activities | $ | 912 | $ | 1,257 | $ | 238 | $ | 780 | ||||||||
Investing activities | (2 | ) | (420 | ) | (80 | ) | (767 | ) | ||||||||
Financing activities | (82 | ) | (100 | ) | (164 | ) | (250 | ) | ||||||||
Change in cash | $ | 828 | $ | 737 | $ | (6 | ) | $ | (237 | ) | ||||||
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