The following is a summary of the Koil Energy Solutions, Inc. (KLNG) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 revenue increased by 65% year-over-year to $5.8 million.
Gross profit for Q2 was $2.2 million, constituting 39% of revenues, which is a 6% increase in gross margin year-over-year.
Net income for Q2 was approximately $1 million, translating to $0.08 per diluted share, a significant improvement from a net loss of $433,000 or $0.04 loss per share in Q2 of the previous year.EBITDA margin improved from 13% in Q1 to 20% in Q2.
Business Progress:
Awarded a major contract for a subsea safety control system, including engineering, procurement, manufacturing, installation, and testing.
Noted progress in key strategic areas: deepening relationships with key accounts, leveraging standardized product solutions, responding to increasing demand for Brownfield services, and pursuing international markets with existing clients.
Opportunities:
Increased global demand for long-cycle offshore project developments and subsea tiebacks offers substantial growth opportunities.
Poised to service not only oil and gas but also offshore renewable energy projects, given its robust technology offerings and operational capabilities.
Risks:
No explicit risks detected.
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