Koil Energy Solutions, Inc. (KLNG) reported a first-quarter net income of $0.02 per share for the period ending March 31, 2026, marking a significant improvement from breakeven earnings in the same quarter last year. The company achieved revenues of $8.2 million, reflecting a 56% year-over-year increase from $5.3 million. Gross profit rose to $2.6 million, and adjusted EBITDA increased by 69% to $0.6 million.
During the quarter, Koil secured several contracts, including a manufacturing agreement and a subsea distribution system contract tied to a deepwater Gulf of America project. These contracts contributed to improved revenue diversification, with customers added in 2025 now accounting for approximately 25% of first-quarter 2026 revenue. However, selling, general, and administrative expenses rose to $2.3 million, primarily due to increased headcount and growth initiatives.
As of March 31, 2026, Koil’s cash on hand decreased to $1.2 million from $1.5 million at year-end 2025. The company is optimistic about sustaining growth amid strong subsea development activity globally, projecting subsea tree awards to increase from 254 in 2025 to 296 by 2027, according to Westwood Global Energy Group.
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