KOIL Energy reported strong financials in Q4 and full year 2024.
From GlobeNewswire: 2025-04-15 07:00:00
Koil Energy Solutions, Inc. reported strong results for Q4 and full year 2024, with $6 million in revenue for Q4 and $23 million for the full year, marking a 48% increase year over year. Modified EBITDA improved to $3.5 million. The company’s working capital was $5.7 million as of December 31, 2024.
The company’s financial highlights include a 16% margin in Q4, a 40% gross margin, and a net income of $537,000, a significant improvement from the previous year. Full year revenue of $23 million was driven by a doubling of fixed-price projects, resulting in a gross margin of 38% and a net income of $2.6 million.
KOIL Energy’s turnaround led to an improvement in diluted earnings per share, rising to $0.21 compared to a loss of $0.13 per share in the previous year. Working capital at the end of 2024 was $5.7 million, including $3.4 million in cash, an increase from the previous year.
The company achieved key accomplishments in 2024, including winning contracts for subsea distribution equipment, advanced maintenance services, Bend Stiffener Latchers, and a subsea safety control system. KOIL Energy remains focused on growth in 2025 and is one year into a three-year growth strategy. They continue to expand both domestically and internationally.
KOIL Energy will host an investor conference call on April 15, 2025, to review their 2024 results. Interested parties can listen via webcast or dial-in. The company’s financial data shows strong performance, with net income of $537,000 for Q4, $2.6 million for the full year, and a modified EBITDA of $3.5 million.
Investors are encouraged to view the company’s growth roadmap on their website. KOIL Energy is a leading energy services company offering subsea equipment and support services to the energy and offshore industries. The company is focused on achieving continued profitable revenue growth and believes it is well-positioned for future success.
Read more at GlobeNewswire:: KOIL Energy Reports Fourth Quarter and Full Year 2024