Wed, Jun 26, 2:49 PM (73 days ago)
Koil Energy Solutions, Inc. filed an amendment (Form 10-K/A) to its annual report for the fiscal year ended December 31, 2023, addressing a comment from the SEC regarding Management’s Report on Internal Control Over Financial Reporting. No other changes were made to the original report, except for updated certifications by the Principal Executive Officer and Principal Financial Officer. Key Financial Highlights: - Revenue increased by 18% YoY to $15,343, driven by higher fixed-price contracts and service projects. - Net loss narrowed to $1,554 from $2,928. - Gross profit rose marginally to $4,850, though the gross margin declined to 32% from 36% due to higher material costs. - SG&A expenses decreased by 6% to $6,460, attributed to non-recurring relocation and rebranding costs in 2022. - Modified EBITDA improved slightly to -$882. Strategic Initiatives: - Entered a factoring agreement with Amegy Bank to enhance liquidity. - Focused on expanding product and service offerings in offshore oil, gas, and renewable energy sectors. Future Outlook: - Positive outlook for 2024, anticipating continued industry recovery and project completions. - Strategic emphasis on developing innovative solutions and efficiency improvements.