Enservco Corporation Reports Results for Second Quarter 2024

Core Viewpoint - Enservco Corporation reported operational and financial results for Q2 2024, highlighting a slight revenue increase and improved net loss compared to the same period in 2023, alongside strategic business repositioning efforts [1][5][6]. Financial Summary - Revenues for Q2 2024 reached $3.764 million, a 1% increase from $3.729 million in Q2 2023 [3][5]. - The net loss for Q2 2024 was $2.327 million, or $0.08 per diluted share, compared to a net loss of $2.554 million, or $0.12 per diluted share in Q2 2023, marking a 9% improvement [3][5]. - Adjusted EBITDA for the first six months of 2024 was $1.567 million, a significant recovery from an Adjusted EBITDA loss of $0.107 million in the prior year [3][5][17]. Recent Strategic Developments - The company exited the frac water heating business in Colorado by selling certain assets, which will impact future financial results positively [2][5]. - Enservco completed the acquisition of Buckshot Trucking, which is expected to enhance operational capabilities and provide year-round growth potential [2][5][6]. - A new strategic relationship with Star Equity Holdings was established, involving equity investments and short-term debt financing [2][5][6]. Management Commentary - The CEO emphasized the overall improvement in financial performance and operational flexibility, positioning the company for better results in the second half of 2024 [6]. - The company has focused on reducing reliance on seasonal services and investing in logistics opportunities that promise solid cash flow and growth [6]. Operational Highlights - The company reported a total revenue of $13.556 million for the first six months of 2024, up 7% from $12.641 million in the same period of 2023 [3][5]. - The total operating expenses for Q2 2024 were $4.868 million, down from $5.818 million in Q2 2023, indicating improved cost management [11].