Enservco Corporation Reports 2022 Fourth Quarter and Full Year Financial Results - Seite 2

2022 Fourth Quarter Results

Total revenue in the fourth quarter increased 59% to $6.5 million from $4.1 million in the same quarter last year. The increase was attributable to stronger customer demand across both operating segments.

Production services revenue, which includes hot oiling and acidizing services, increased 4% to $2.6 million from $2.5 million in the same quarter last year. Production services generated a segment profit of $0.3 million compared to a segment loss of $0.5 million in the same quarter last year. Completion services revenue increased 142% in the fourth quarter to $3.9 million from $1.6 million in the same quarter last year. Completion services generated a segment profit of $0.7 million compared to a loss of $0.3 million in the same quarter last year.

Operating loss improved to $1.2 million from $3.2 million in the same quarter last year. Total other expense was $0.5 million in 2022 compared to total other income $24,000 in the same quarter last year.

The Company reported an improved net loss of $1.7 million compared to a net loss of $3.1 million in the same quarter last year.

Adjusted EBITDA was $17,000 compared to an adjusted EBITDA loss of $2.0 million in the same quarter last year.

Full Year Results

Total revenue for the year ended December 31, 2022, was $21.6 million, up 41% from $15.3 million in the prior year.

This increase reflected higher customer demand across the business. Specifically, production services revenue for the year increased 24% to $11.2 million from $9.0 million a year ago and generated a segment profit of $0.7 million versus a segment loss of $0.7 million a year ago. Completion services revenue increased 65% year over year to $10.4 million from $6.3 million a year ago and generated a segment profit of $0.7 million versus a segment loss of $1.3 million a year ago.

Operating loss improved by $3.0 million in 2022 – to $8.4 million from $11.4 million in the prior year. Total other income was $2.8 million in 2022 compared to $3.6 million in the prior year. Total other income in 2022 included a $4.3 million gain on debt extinguishment, which was partially offset by $1.4 million in current year interest expense. Total other income in the prior year included $3.7 million in Employee Retention Credits and PPP loan forgiveness and only nominal interest expense.