KOIL Energy Announces Delay in Filing of Annual Report on Form 10-K and anticipates reporting profitable growth in revenues

Core Points - Koil Energy Solutions, Inc. will file its Annual Report on Form 10-K later than the scheduled date of March 31, 2025, due to a material weakness in internal control over financial reporting [1] - The delay is attributed to the need to complete certain audit procedures after discovering a $140,000 accrual for expired stock options that were reversed inconsistently with Accounting Standards Codification 718 [1] - Despite the material weakness, the Company does not expect a material adverse impact on its financial position or results of operations and anticipates continued profitable growth in revenues for the year ended December 31, 2024 [1] Company Overview - Koil Energy is a leading energy services company that provides subsea equipment and support services to the energy and offshore industries [3] - The Company offers innovative solutions for challenges between production facilities and energy sources, including distribution system installation support, engineering services, and umbilical terminations [3] - Koil Energy's experienced team supports subsea engineering, manufacturing, installation, commissioning, and maintenance projects globally [3]