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HOUSTON -On Tuesday, KOIL Energy Solutions, Inc. (OTCQB: KLNG) reported fourth quarter revenue of $6 million, up 48% YoY, and swung to a profit of $537,000 from a loss of $890,000 in the year-ago quarter.
The offshore energy equipment provider also posted full-year 2024 revenue of $23 million, a 48% increase from 2023.
The company’s Q4 revenue of $6 million beat analyst estimates of $0. Adjusted earnings per share came in at $0.04, compared to $0.00 in the same quarter last year.
For the full year 2024, KOIL Energy reported net income of $2.6 million, or $0.21 per diluted share, a significant improvement from a net loss of $1.6 million, or -$0.13 per share, in 2023. Modified EBITDA for 2024 was $3.5 million, compared to a loss in the previous year.
"I am immensely proud of the KOIL Energy team for delivering an exceptional quarter, surpassing the revenue of each of the previous three quarters in 2024," said Erik Wiik, President and CEO of KOIL Energy.
The company’s gross margin for Q4 held steady at 40%, in line with the previous two quarters. Working capital stood at $5.7 million as of December 31, 2024, including $3.4 million in cash.
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