Enservco(US:ENSV)2024-05-17 10:30Financial Performance - Revenues increased by 10% year-over-year to $9.8 million in Q1 2024, up from $8.9 million in Q1 2023[2] - Segment profit rose 62% year-over-year to $3.3 million, driven by operational efficiency and cost savings[4] - Adjusted EBITDA grew by 125% year-over-year to $2.2 million, compared to $1.0 million in Q1 2023[10] - Net income improved to $0.7 million, or $0.03 per diluted share, from a net loss of $1.0 million, or $0.07 per diluted share, in Q1 2023[10] - Adjusted EBITDA for the three months ended March 31, 2024, was $2,222 thousand, up from $986 thousand in the same period of 2023, indicating a significant increase of approximately 125.5%[27] - Net income improved to $740 thousand for the three months ended March 31, 2024, compared to a net loss of $1,004 thousand for the same period in 2023[25] - Net cash provided by operating activities was $1,059 thousand for the three months ended March 31, 2024, compared to a cash used of $479 thousand in the same period of 2023[25] Revenue Breakdown - Completion services revenue increased by 21% year-over-year to $7.3 million, primarily due to colder weather and service price increases[8] - Production services revenue decreased by 13% year-over-year to $2.5 million, attributed to reduced activity levels in Texas and Pennsylvania[8] Expenses and Liabilities - General and administrative expenses decreased by 18% year-over-year, contributing to improved profitability[9] - Total current liabilities rose to $10,867 million as of March 31, 2024, compared to $10,028 million as of December 31, 2023, reflecting an increase of about 8.4%[22] - Total liabilities decreased from $14,444 million as of December 31, 2023, to $12,910 million as of March 31, 2024, a reduction of approximately 10.6%[22] - The company incurred stock-based compensation expenses of $76 thousand for the three months ended March 31, 2024, compared to $196 thousand in the same period of 2023[27] Cash Flow and Assets - Cash and cash equivalents increased to $474 thousand as of March 31, 2024, from $201 thousand at the beginning of the period, marking a rise of approximately 135.3%[25] - Accounts receivable increased slightly to $4,248 million as of March 31, 2024, from $4,190 million as of December 31, 2023, showing a growth of approximately 1.4%[22] - The company reported a depreciation and amortization expense of $767 thousand for the three months ended March 31, 2024, down from $971 thousand in the same period of 2023[25] Strategic Initiatives - The company announced an agreement to acquire Buckshot Trucking LLC, expected to close in early Q3 2024, enhancing operational flexibility and growth opportunities[4] - The acquisition is anticipated to reduce reliance on seasonal services and improve cash flow visibility[12] - The company is exploring strategic initiatives to transition towards more year-round activities to drive long-term profitability[12] Asset Management - Total assets decreased from $13,872 million as of December 31, 2023, to $13,260 million as of March 31, 2024, representing a decline of approximately 4.4%[22]