Koil Energy Solutions, Inc.
2.6200-0.05 (-1.87%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCQB · KLNG · USD
Key Stats
Market Cap
31.67MP/E (TTM)
32.75Basic EPS (TTM)
0.08Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Koil Energy Solutions posted Q2 2025 revenues of $5.2M, down 10% y/y from $5.8M, with fixed-price contracts dropping while service work rose; gross margin slipped to 33% from 39% amid higher overhead like Brazil office rent. Operating loss hit $0.2M versus $1.0M income y/y, but a $0.3M other income boost from lawsuit settlement and insurance dividend flipped net income positive at $61K, or $0.00 diluted EPS on 12.5M shares. YTD through June 30, 2025, revenues fell 10% y/y to $10.4M, with net income of $32K; cash dipped to $2.2M after $0.4M operating outflow and $0.7M capex, offset by no debt beyond a minor $137 forklift note. Free cash flow not disclosed in the 10-Q. Cash holds steady for ops. Volatility in oil prices shadows offshore demand.
8-K
Auditor merger prompts switch
Koil Energy Solutions' auditor Moss Adams resigned on June 3, 2025, following its merger with Baker Tilly US, LLP, which the Audit Committee promptly approved as the new independent firm. No disagreements or reportable events marred the prior audits for 2023 and 2024, ensuring a seamless transition. Moss Adams confirmed the filing's statements in a June 6 letter. This change poses no disruption to financial reporting.
8-K
Q1 revenue falls 9%
Koil Energy Solutions reported first-quarter 2025 revenue of $5.3 million, down 9% from the prior year, with adjusted EBITDA at $339,000 yielding a 6% margin and gross margin at 31%. Elevated costs from increased headcount and lower labor utilization drove break-even net income, while cash dipped to $2.2 million amid negative operating cash flow. Yet order intake surges. The company eyes sharper execution and scaled growth investments to counter volatility.
10-Q
Q1 FY2025 results
Koil Energy Solutions posted Q1 FY2025 revenues of $5.3M, down 9% y/y from $5.8M, as fixed-price contracts softened while service work climbed 98% to $2.5M. Gross margins slipped to 31% from 35%, yielding an operating loss of $75K versus $570K income last year, with SG&A up 18% on restructuring costs. Net loss hit $29K or $0.00 per diluted share, matching basic shares of 12.1M—no anti-dilution. Cash dipped to $2.2M after $766K operating outflow and $464K capex, but working capital held at $5.1M with no debt or factored receivables under the Amegy facility. In April 2025, they launched a Brazilian subsidiary for global push. Volatility in oil prices remains a key risk.
8-K
Koil appoints CFO and director
Koil Energy Solutions bolstered its leadership on April 21, 2025, appointing Mads Andersen, CEO of Aibel ASA with $1.5 billion in revenues, as an independent board director, and Kurt Keller, a seasoned CFO with experience scaling firms from $20 million to $100 million in sales, as chief financial officer effective April 22. Andersen received a $20,000 cash retainer, $30,000 in restricted stock units vesting in one year, and options for 50,000 shares; Keller's package includes a $250,000 base salary, targeted 40% annual bonus tied to EBITDA goals, 80,000 restricted shares, and options for 160,000 shares vesting over three years. These hires signal a push for international growth and financial discipline in subsea services. Yet integration risks loom if targets falter.
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