Koil Energy Solutions Inc (OTCMKTS:KLNG) Stock In Focus After Q4 Earnings
Koil Energy Solutions Inc (OTCMKTS:KLNG) is specializes in deep water production and distribution services and equipment. Yesterday the company had come into focus after it announced its financial results for the fiscal year that ended on December 31, 2022. It may be a good idea for investors to take a look into some of the highlights.
Trading Data
On Thursday, KLNG stock ended flat at $0.5500 with more than 1K shares, compared to volume of 5.33K shares. The stock moved within a range of $0.5500 – 0.5500 after opening trade at $0.5300.
Koil Energy Solutions, Inc. Announces Fourth Quarter and Full-Year 2022 Results
In the three months ended on December 31, 2022 the company clocked revenues of $3.6 million and it reflected a year on year decline of 31%. On the other hand, the revenues for the full fiscal year came in at $13 million and that worked out to a decline of 25% from the previous fiscal year.
The decline in revenues was mainly due to an overall drop in project related activities that had been brought on by fixed price and short term contracts. The gross profits in the fourth quarter were $1.5 million and that was again lower than the gross profits of $1.9 million in the prior year period.
The gross profits in the full year came in at $4.7 million but it also reflected a significant drop from the $5.8 million in gross profits in the previous fiscal year.
