Koil Energy Solutions, Inc. had a strong second quarter with significant revenue and profit growth.

From GlobeNewswire: 2024-08-05 11:15:00

Koil Energy Solutions, Inc. reported a strong second quarter with revenues of $5.8 million, up 65% from the previous year. Gross profit increased by 96% to $2.0 million, and net income rose to $1.0 million, marking a $1.4 million increase. Adjusted EBITDA also saw growth, reaching $1.2 million.

The company’s President and CEO, Erik Wiik, praised the proactive growth strategy that fueled the impressive performance. Revenue growth, gross profit doubling, and adjusted EBITDA improving from a loss to a 20% margin were highlighted as key achievements.

KOIL’s financial results for the second quarter showed a 65% increase in revenues to $5.8 million, driven by fixed price contracts for manufacturing projects. Gross profit reached $2.2 million, SG&A expenses decreased, and net income stood at $1.0 million.

The company’s working capital at June 30, 2024, totaled $4.4 million, with cash reserves of $1.5 million and net receivables of $5.5 million. Shareholders’ equity was $7.2 million, or about $0.59 per common share, compared to $0.47 per common share at the beginning of the year.

KOIL’s adjusted EBITDA for Q2 2024 was $1.2 million, a significant improvement from the previous year. The growth was attributed to an increase in revenues and gross profit from fixed-price projects. Cash flow data showed a decrease in cash provided by operating activities compared to the previous year.



Read more at GlobeNewswire:: Koil Energy Solutions, Inc. Announces Second Quarter 2024