Q2 2026 Koil Energy Solutions Inc Earnings Call Transcript
Key Points
- Record financial performance with revenue of $9.2 million, a 78% increase year-over-year.
- Service revenue surged 115% year-over-year, driven by strategic investments in rental equipment.
- EBITDA rose to $1.1 million, up $955,000 from the prior year, reflecting strong operational leverage.
- New customers acquired over the last 12 months contributed 32% of revenue, indicating successful international expansion.
- Major project awards, including a subsea umbilical handling contract and first entry into Brazil, validate growth strategy and expand market presence.
- Gross margin decreased by 1 percentage point year-over-year to 32%, due to lower margins on large, longer-term projects.
- Working capital declined to $3.8 million from $4.8 million at year-end 2025, impacted by timing of billings and collections on a large carousel project.
- Cash position decreased to $922,000 from $1.5 million at year-end 2025, with borrowings of $2.4 million under a new asset-based lending facility.
- SG&A expenses increased by $339,000 year-over-year due to higher headcount, with selective additions in overhead roles.
- Dependence on a few large projects, such as the carousel award, creates lumpiness in revenue and cash flow, as seen in the working capital shift.
Good day and welcome to the Koil Energy Second Quarter 2026 Earnings Conference Call.
(Operator Instructions)
(Event Instructions)
A detailed disclaimer related to Koil il Energy's forward-looking statements is included in the press release issued this morning and filed with the SEC.
It is also available on the company's website coilenergy.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 Eric Week.
Ladies and gentlemen, thank you for joining us today. In this briefing, I
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