KOIL Energy Solutions, Inc.,(KLNG) a leading player in the energy so lutions industry, has released its unaudited condensed consolidated financial statements for the first quarter ended March 31, 2023. The company reported a net loss of $97,000 during this period, compared to a net loss of $264,000 in the same quarter of the previous year.
During Q1 2023, KOIL Energy Solutions recorded total revenue of $3.72 million, indicating a steady performance in its core business activities despite challenges faced by the industry.
KOIL Energy Solutions posted a net loss of $97,000 for the three months ended March 31, 2023. This represents a decrease in losses compared to the same period last year when the net loss amounted to $264,000. The reduction in losses reflects the company's efforts to optimize its operations and control expenses effectively.
The company's revenue for the first quarter of 2023 reached $3.72 million, demonstrating stable business performance. In comparison, during the first quarter of 2022, KOIL Energy Solutions generated revenue of $3.60 million. The increase in revenue is a positive sign for the company's growth and market presence.
As of March 31, 2023, KOIL Energy Solutions reported total assets worth $16.94 million, with current assets amounting to $7.38 million. The current assets include $1.52 million in cash, $4.30 million in accounts receivable (net), and $650,000 in employee retention tax credit receivables, among other items.
On the liabilities side, the company had total liabilities of $9.91 million, including current liabilities of $3.50 million. Notably, KOIL Energy Solutions had long-term operating lease liabilities of $6.41 million, contributing to the non-current liabilities.
The company's stockholders' equity stood at $7.04 million as of March 31, 2023. This figure includes common stock valued at $16,000, additional paid-in capital of $73.80 million, and a treasury stock of $3.14 million. The accumulated deficit for the company amounted to $63.65 million.
KOIL Energy Solutions remains committed to implementing strategic initiatives to improve its financial performance and strengthen its market position. The company continues to focus on innovation, expanding its customer base, and optimizing its operations to achieve sustainable growth in the energy solutions sector.