Enservco Corp Releases Q3 2023 10-Q Report Highlighting Financial and Operational Performance
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Enservco Corp, a leading provider of specialized services to the domestic onshore oil and gas industry, has released its Form 10-Q report for the third quarter of 2023. The report provides a detailed overview of the company's financial performance and operational highlights for the period ending September 30, 2023.
Financial Highlights
- Total Revenues: $2.937 million for the three months ended September 30, 2023, a decrease of 6% compared to the same period in 2022. For the nine months ended September 30, 2023, total revenues were $15.578 million, an increase of 3% compared to the same period in 2022.
- Loss from Operations: $(2.600) million for the three months ended September 30, 2023, similar to the same period in 2022. For the nine months ended September 30, 2023, loss from operations improved by $2.0 million, or 28%, compared to the same period in 2022.
- Net Loss: $(3.016) million for the three months ended September 30, 2023, compared to a net loss of $(3.076) million for the same period in 2022. For the nine months ended September 30, 2023, net loss was $(6.574) million compared to $(3.871) million for the same period in 2022.
- Net Loss Per Share - Basic and Diluted: $(0.13) for the three months ended September 30, 2023, compared to $(0.27) for the same period in 2022. For the nine months ended September 30, 2023, net loss per share was $(0.35) compared to $(0.34) for the same period in 2022.
Business Highlights
- Revenue Segments: Production Services accounted for 89% of total revenues for the three months ended September 30, 2023, and 54% for the nine months ended September 30, 2023. Completion and Other Services accounted for 11% of total revenues for the three months ended September 30, 2023, and 46% for the nine months ended September 30, 2023.
- Geographical Performance: The company experienced decreases in hot oiling and other warmer season activities within the Pennsylvania and Colorado regions, coupled with the elimination of activities within the North Dakota region. These decreases were mostly offset by increases within the Texas regions for hot oiling and acidizing services.
- Sales Units: The company owns and operates a fleet of specialized trucks, trailers, frac tanks, and other well-site related equipment, serving customers in several major domestic oil and gas areas.
- Future Outlook: The company expects further improvement compared to the prior year due to consistent demand and stabilized economic conditions. However, expectations are somewhat offset by political environment changes, increased inflation, and rising interest costs.