Enservco(ENSV) - 2024 Q2 - Quarterly Results

Financial Performance - Revenues for Q2 2024 reached $3.8 million, a slight increase of 1% compared to Q2 2023's $3.7 million[3] - Net loss improved to $2.3 million, or $0.08 per diluted share, compared to a net loss of $2.6 million, or $0.12 per diluted share in Q2 2023[4] - Adjusted EBITDA for the first six months of 2024 was $1.6 million, a significant improvement from an Adjusted EBITDA loss of $0.1 million in the prior year[4] - Total revenues for the six months ended June 30, 2024, were $13.6 million, a 7% increase from $12.6 million in the same period of 2023[3] - The company reported a loss from operations of $1.1 million for Q2 2024, an improvement of 47% from a loss of $2.1 million in Q2 2023[3] - Net loss for June 30, 2024, was $1,587 million, an improvement from a net loss of $3,558 million in 2023, representing a 55% reduction[15] - Adjusted EBITDA for June 30, 2024, was $1,567 million, compared to a loss of $107 million in 2023, indicating a significant turnaround[18] - The company reported a gain on disposal of assets of $23 million for June 2024, compared to a loss of $175 million in 2023[17] - Interest expense for June 2024 was $993 million, down from $1,108 million in 2023, showing a reduction of about 10%[18] Asset Management and Transactions - The company divested its seasonal frac water heating business in Colorado and closed the acquisition of Buckshot Trucking, which is expected to enhance operational and financial performance[2] - The acquisition of Buckshot Trucking is anticipated to provide year-round growth potential and complementary customer base[4] - The company plans to focus on integrating Buckshot's operations into its business, with expectations of positive contributions reflected in the second half of 2024[5] - The company expects material improvement in future results due to its repositioned portfolio of assets following recent transactions[2] Cash and Liabilities - Cash and cash equivalents increased to $332,000 as of June 30, 2024, compared to $201,000 at the end of 2023[12] - Total current liabilities decreased from $10,028 million to $8,243 million, a reduction of approximately 18%[13] - Total liabilities decreased from $14,444 million to $10,119 million, a decline of about 30%[13] - Cash and cash equivalents at the end of the period were $332 million, down from $431 million in the previous year[15] - Accounts receivable increased to $2,697 million from $3,251 million, reflecting a decrease of approximately 17%[15] - Stockholders' equity improved to $1,497 million from a deficit of $572 million, marking a positive shift in financial health[14] Financial Reporting - The company plans to continue providing non-GAAP financial measures like EBITDA and Adjusted EBITDA for consistency in financial reporting[16]