Enservco Corporation Reports 2022 Fourth Quarter and Full Year Financial Results

• Q4 revenue up 59% YOY to $6.5 million from $4.1 million
  
  
• Seventh consecutive quarter of YOY revenue growth following drilling downturn and pandemic impact that began in 2020
  
  
• Q4 net loss improves to $1.7 million from $3.1 million
  
  
• Q4 adjusted EBITDA turns positive at $17,000 vs. loss of $2.0 million
  
  
• Full year revenue up 41% YOY to $21.6 million from $15.3 million due to revenue gains in both production and completion segments
  
  
• Full year net loss improves to $5.6 million from $8.1 million
  
  
• Full year adjusted EBITDA improves to loss of $2.6 million from loss of $6.1 million
  
  
• February 2023 public offering raised approximately $3.5 million in gross proceeds
  
  
• Executive Chairman’s investment firm converted $1.1 million of convertible debt to common stock with plans for future fixed price conversions pending stockholder approval at upcoming Annual Meeting scheduled for June 13, 2023

LONGMONT, Colo., March 31, 2023 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today reported financial results for its fourth quarter and full year ended December 31, 2022.

“Our seventh consecutive quarter of increased year-over-year revenue culminated in 41% growth in full year revenue – to $21.6 million in 2022 from $15.3 million a year ago. Both our production and completion operating segments produced double-digit growth for the year as customer demand continued its steady rise following the industry downturn and pandemic impact that began in early 2020,” said Rich Murphy, Executive Chairman. “We also delivered solid improvement in bottom line results for the full year, with net loss reduced by 31% and adjusted EBITDA loss reduced by 56%. Additionally, we are pleased to announce the February 2023 completion of a public offering that raised gross proceeds of approximately $3.5 million that will be used to continue advancing our growth and diversification initiatives.”

“More recently, we further strengthened our balance sheet when Cross River Partners converted approximately $1.1 million in convertible debt to equity. Cross River expects to convert its remaining convertible notes in the amount of approximately $2.5 million pending approval by stockholders at the upcoming June 13, 2023, Annual Meeting. This expected conversion would mark the end of our balance sheet restructuring effort that began in December 2019 when we had approximately $35 million in long-term debt, which we expect to be reduced to less than $6.5 million in mid-2023. We are now able to focus exclusively on increasing our revenue, enhancing gross margins and pursuing accretive and diversifying acquisitions or combinations within our more conservative financial philosophy.”