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Enservco (ENSV) investor relations material

Enservco Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary30 Dec, 2024

Executive summary

  • Revenues for Q3 2024 rose 52% year-over-year to $4.0M, driven by the Buckshot acquisition and entry into logistics services.

  • Net loss from continuing operations improved to $2.0M in Q3 2024 from $2.8M in Q3 2023; YTD net loss from continuing operations was $5.8M, slightly higher than $5.5M YTD 2023.

  • Segment profit for Q3 2024 was $682K, up from a $528K loss in Q3 2023, reflecting new logistics segment contributions and cost savings.

  • The company exited the frac water heating business, selling Colorado-based assets for $1.7M and classifying related operations as discontinued.

  • Adjusted EBITDA loss for Q3 2024 improved to $975K from $1.4M in Q3 2023; YTD Adjusted EBITDA loss was $2.1M, up from $1.8M YTD 2023.

Financial highlights

  • Q3 2024 revenues: $4.0M (Q3 2023: $2.6M); YTD 2024: $9.1M (YTD 2023: $8.4M).

  • Q3 2024 net loss: $2.2M (Q3 2023: $3.0M); YTD 2024 net loss: $3.8M (YTD 2023: $6.6M).

  • Q3 2024 loss from continuing operations: $2.0M; YTD: $5.8M.

  • Q3 2024 Adjusted EBITDA loss: $975K; YTD: $2.1M.

  • Cash and cash equivalents at September 30, 2024: $172K; working capital deficit: $5.4M.

Outlook and guidance

  • Substantial doubt exists about the company's ability to continue as a going concern due to near-term obligations and limited liquidity.

  • Obligations of $3.3M are due by January 15, 2025, with insufficient cash to meet them; asset sales and vendor negotiations are being pursued.

  • The company is seeking new debt financing or capital infusions to sustain operations into 2025.

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Frequently asked questions

Enservco Corporation (ENSV) is a provider of well enhancement and fluid management services to the onshore oil and natural gas industry through its subsidiaries. The company's services encompass a range of essential and specialized operations including hot oiling and acidizing, frac water heating, pressure testing, and water hauling. Additionally, Enservco offers well site construction services. These services collectively support the operational efficiency and productivity of onshore oil and natural gas wells, catering to a wide spectrum of needs from drilling and completion to production and maintenance phases. The company is headquartered in Longmont, Colorado, and its shares are listed on the NYSE.

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