Q3 2024 Koil Energy Solutions Inc Earnings Call Transcript
Key Points
- Koil Energy Solutions Inc (KLNG) reported a 27% year-over-year revenue growth for the third quarter.
- Gross margin improved to 40%, up from 33% in the same quarter last year.
- Adjusted EBITDA turned positive with a margin of 13%, compared to a loss in the previous year.
- The company generated approximately $1 million in free cash flow during the first nine months of 2024.
- Koil Energy Solutions Inc (KLNG) secured significant contracts, including a major subsea equipment installation in the Gulf of Mexico and maintenance services for an offshore production platform.
- Overall revenue decreased by 10% sequentially quarter-over-quarter due to delayed deliveries from machining suppliers.
- The company faced challenges in managing its supply chain, impacting the timely completion of fixed-price projects.
- There was an increase in selling, general, and administrative expenses due to growth strategy-related costs.
- Some revenue expected in Q3 was deferred to Q4 due to project delays, affecting quarterly financial performance.
- The company is still working on improving its financial systems and metrics, indicating room for operational enhancements.
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Koil Energy's Third Quarter 2024 Conference Call. (Operator Instructions) As a reminder, this call is being recorded today, Monday, November 4, 2024.
A detailed disclaimer related to Koil Energy's forward-looking statements is included in the press release issued Monday morning and filed with the SEC. It is also available on the company's website, koilenergy.com, or upon request. A reconciliation of non-GAAP financial measures used in the press release and on today's call is included in the press release and on the website. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Koil Energy also undertakes no obligation to revise any of its forward-looking statements to reflect events or circumstances after the date made.
At this time, I'd like to turn the call over to CEO, Erik Wiik. Please go ahead.
Good morning, ladies and
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