Enservco Corporation Reports 2022 Fourth Quarter and Full Year Financial Results - Seite 3

Net loss for the full year improved to $5.6 million from $8.1 million in the prior year.

Adjusted EBITDA loss in 2022 improved to $2.6 million from a loss of $6.1 million in the prior year.

Enservco used $2.2 million in cash from operations in 2022, a 53% improvement over $4.8 million in the prior year.

To view financial statements on Form 10-K as filed with the SEC today, click the following link:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000319458/00014377492 ...

Conference Call Information
Enservco will not conduct a conference call in conjunction with its Form 10-K filing but plans to resume such calls beginning with first quarter results expected to be released in mid-May.

About Enservco
Through its various operating subsidiaries, Enservco provides a range of oilfield services, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering seven major domestic oil and gas basins and serves customers in Colorado, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming, West Virginia, Utah, Michigan, Illinois, Florida, New Mexico and Louisiana. Additional information is available at www.enservco.com.

*Note on non-GAAP Financial Measures
This press release and the accompanying tables include a discussion of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures provided as a complement to the results provided in accordance with generally accepted accounting principles ("GAAP"). The term "EBITDA" refers to a financial measure that we define as earnings (net income or loss) plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing Enservco’s operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. We have reconciled Adjusted EBITDA to GAAP net loss in the Consolidated Statements of Operations table at the end of this release. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.