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Jun 30, 2024
Enservco Q2 2024 Earnings Report
Announced operational and financial results for the second quarter of 2024.
Key Takeaways
Enservco Corporation reported a slight increase in revenues to $3.8 million and an improved profit position with a net loss of $2.3 million for Q2 2024. The company also highlighted strategic transactions expected to benefit future performance.
Revenues grew to $3.8 million, up slightly from Q2 2023.
Net loss improved to $2.3 million, or $0.08 per diluted share, from $2.6 million, or $0.12 per diluted share, for Q2 2023.
Adjusted EBITDA reached $1.6 million for the first six months of 2024, compared to an Adjusted EBITDA loss of $0.1 million in the prior year.
The company made significant progress on strategic initiatives, including the sale of its frac water heating business in Colorado and the acquisition of Buckshot Trucking.
Enservco
Enservco
Enservco Revenue by Segment
Revenue by Segment
Production services Revenue
CapyFin.com Forward Guidance
Enservco anticipates a strong 2025, assuming current or improved market conditions, with five months of Buckshot’s operations to be reflected in the second half results of 2024.
Positive Outlook
- Successful integration of Buckshot’s people and assets into Enservco’s business
- Further transformation into a logistics business
- Restructuring our debt
- Maintaining compliance with the NYSE/American Stock Markets
- Solid outlook for the remainder of 2024
Challenges Ahead
- Expectations for the future performance of Enservco are dependent upon a number of factors
- Ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein
- Ability to maintain compliance with the NYSE/American Stock Markets
- The ability of Enservco to successfully integrate Buckshot’s market opportunities, personnel and operations and to achieve expected benefit
- Accuracy of these statements cannot be guaranteed as they are subject to a variety of risks