Koil Energy Solutions, Inc. reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenues for Q3 2024 reached $5,223,000, marking a 27% increase from $4,107,000 in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $16,793,000, a substantial 48% increase from $11,338,000 in the prior year. This growth was primarily driven by an increase in fixed-price contracts for subsea distribution equipment, despite a decrease in service contract activity.
Gross profit also saw a notable rise, with Q3 2024 gross profit at $2,064,000, up 50% from $1,374,000 in Q3 2023. For the nine-month period, gross profit increased to $6,344,000 from $4,164,000, reflecting a 52% improvement. The increase in gross profit percentage remained steady, attributed to higher revenues and improved operational efficiency.
Operating income turned positive for both periods, with Q3 2024 reporting $478,000 compared to an operating loss of $(208,000) in Q3 2023. For the nine months, operating income was $2,028,000, reversing a loss of $(723,000) from the previous year. Net income for Q3 2024 was $523,000, compared to a net loss of $(143,000) in Q3 2023. For the nine months, net income reached $2,083,000, a significant turnaround from a net loss of $(673,000) in the same period last year.
Total current assets increased to $9,840,000 as of September 30, 2024, up from $7,849,000 at the end of 2023. Total assets also rose to $18,586,000 from $17,062,000. Current liabilities decreased to $4,945,000, while total liabilities fell to $10,696,000, down from $11,444,000. Consequently, total stockholders' equity increased to $7,890,000 from $5,618,000.
The company’s liquidity position improved, with cash at the end of the period rising to $3,120,000 from $1,132,000 a year earlier. Net cash provided by operating activities for the nine months ended September 30, 2024, was $1,171,000, compared to a net cash used of $(733,000) in the same period of 2023.
Strategically, Koil Energy entered into a Factoring Agreement with Zions Bancorporation in May 2023, allowing for the sale of accounts receivable, which has contributed to improved cash flow. The company also reported no outstanding sales of accounts receivable to Amegy Bank as of September 30, 2024.
About Koil Energy Solutions, Inc.
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