Enservco Corporation Reports Q4 and FY22 Financial Results

April 3, 2023

(24/7 MARKET NEWS) – Enservco Corporation (NASDAQ:ENSV) reported, after Friday’s market close, financial results for its fourth quarter and full year ended December 31, 2022.

Highlights include;

• Q4 revenue up 59% YOY to $6.5 million from $4.1 million

• Seventh consecutive quarter of YOY revenue growth following drilling downturn and pandemic impact that began in 2020

• Q4 net loss improves to $1.7 million from $3.1 million

• Q4 adjusted EBITDA turns positive at $17,000 vs. loss of $2.0 million

• Full year revenue up 41% YOY to $21.6 million from $15.3 million due to revenue gains in both production and completion segments

• Full year net loss improves to $5.6 million from $8.1 million

• Full year adjusted EBITDA improves to loss of $2.6 million from loss of $6.1 million

• February 2023 public offering raised approximately $3.5 million in gross proceeds

• Executive Chairman’s investment firm converted $1.1 million of convertible debt to common stock with plans for future fixed price conversions pending stockholder approval at upcoming Annual Meeting scheduled for June 13, 2023

Enservco is trading at $0.56, up $0.085 (+17.66%), on 960 thousand premarket shares.

Its 52-week trading range is $0.45 to $30.47. If it can pick up additional momentum it has an interesting chart that includes a potential gap refill opportunity from late February.

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