KOIL Energy Reports Third Quarter 2026 Results

HOUSTON, Nov. 13, 2026 (GLOBE NEWSWIRE) -- KOIL Energy Solutions, Inc. (OTCQB: KLNG), a specialist in deepwater energy production and distribution equipment and services, today announced its third quarter 2026 results.

• Record revenue of $10.3 million, 62% year-over-year increase compared to third quarter of 2025
• Fifth quarter of sequential quarterly double-digit revenue growth
• Adjusted EBITDA of $837,000 or 8% of revenue
• Awarded first significant contract in Brazil
• Raised $5.6 Million in Equity Capital to finance rental equipment
  

"The KOIL team continues to raise the bar, delivering record revenue quarter after quarter while surpassing one million work hours without a recordable incident,” said Erik Wiik, President and Chief Executive Officer of KOIL Energy. “Achieving profitable growth alongside this extraordinary safety milestone is truly remarkable. We also deeply appreciate the confidence our investors have placed in KOIL by providing the equity capital to further expand our service capacity. Their support has strengthened our position to capitalize on the opportunities in a robust subsea market."

Third Quarter 2026 Financial Results:

For the three months ending September 30, 2026, KOIL Energy generated revenues of $10.3 million, 62% higher than the third quarter of 2025, and a 13% increase sequentially. The KOIL team demonstrated impressive flexibility and responsiveness in meeting increased customer demand for subsea services, with service contracts accounting for approximately 70% of revenue.

Gross profit for the quarter totaled $2.8 million, or 27% of revenues, compared to $2.1 million, or 32% of revenues, during the third quarter of 2025. Selling, general, and administrative expenses during the quarter equaled $2.3 million compared to $2.5 million year over year. Adjusted EBITDA equaled 8% of revenue, representing an increase of $1.1 million compared with the third quarter of 2025.

Corporate Updates:

During the quarter it was announced that KOIL secured a significant contract in Brazil, marking the Company's first subsea umbilical maintenance campaign in the world's largest deepwater market. This first significant contract in Brazil represents a major step towards establishing KOIL as the preferred provider of subsea umbilical services throughout the region. The contract includes the re-termination and testing of umbilical elements including chemical injection and hydraulic control lines, as well as electrical cables. KOIL is utilizing proprietary methodology and specialized equipment to safely and efficiently perform the pull-in, removal, and replacement of new elements.

In September, the Operations Team successfully completed its first campaign utilizing our newly acquired mobile carousel. The 3,500-metric-ton modular offshore carousel system was deployed to transpool approximately 50 miles of subsea umbilical cable, which was then transported and transferred to our existing land-based carousel for long term storage. This successful first deployment demonstrates the expanded capabilities and flexibility the new equipment brings to our service offering.

Subsequent to September 30, 2026, KOIL announced that it had secured a significant contract for Subsea Cable Management Services where the Company will deploy a dedicated team of experienced service supervisors and technicians to provide operational support and coordination, including umbilical spooling and operations. The scope also includes specialized rental equipment and highlights KOIL’s ability to complement its subsea equipment offerings with experienced field service personnel and ongoing operational support.

To further expand KOIL's global reach, the Company also announced a strategic alliance with Pipeline Network, a consultancy focused on the oil and gas pipeline services sector, designed to expand its international presence, operational capabilities, and customer support across the Eastern Hemisphere.

Demand forecasts continue to reinforce confidence in offshore markets, with the industry firmly in an upcycle. Sixty-three offshore final investment decisions (FIDs) have already been recorded in 2026, with another 26 expected by year-end, bringing the potential total to 89 compared with 57 in 2025. The subsea outlook also remains robust, with approximately 1,380 trees forecast through 2030 and award activity expected to accelerate over the next several years, according to market analysts.

The Company has renewed its growth strategy called "KOIL 2030," which is a bold strategic roadmap focused on three pillars: 1) systems solution, 2) Brazilian expansion, and 3) rental equipment.

Shareholders can find a more detailed overview of the Company's strategy by visiting the investor relations section of KOIL's website.

Subsequent to the end of third quarter, on October 28, 2026, KOIL Energy proudly announced that it has entered into a securities purchase agreement with certain institutional and other accredited investors to raise approximately $5.6 million of gross proceeds through a private investment in public equity ("PIPE") financing of common stock or common stock equivalents.

The financing is intended to support the next phase of the Company’s growth journey by allowing us to expand our rental equipment fleet and strengthen our service capabilities to better serve our customers.

KOIL will host an investor conference call to discuss its third quarter of 2026 results on Friday, November 13, 2026, at 9:00 am Eastern Time.

Interested parties may listen to the call through a webcast link or by dialing in. (See below for details.)

PARTICIPANT WEBCAST LINK:

https://edge.media-server.com/mmc/p/x2pceq5y

Participant Toll-Free Dial: 1-833-630-1956
Participant Toll/Int’l Dial: 1-412-317-1837
Conference Code: Koil Energy Solutions call

Replay Dials (valid for 7 days after the event)
  Replay Toll-Free: 1-855-669-9658
  Replay Toll: 1-412-317-0088

Replay Code: 8514985

The earnings release and a replay of the conference call will also be available on the Company's website, www.koilenergy.com, under the "Investors" section.

About KOIL (www.koilenergy.com)

KOIL Energy is a leading energy services company offering subsea equipment and support services to the world's energy and offshore industries. We provide innovative solutions to complex customer challenges presented between the production facility and the energy source. Our core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, KOIL Energy's experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.

Forward-Looking Statements

Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

Investor Relations Contact:

ir@koilenergy.com
281-862-2201

KOIL ENERGY SOLUTIONS, INC.
SUMMARY FINANCIAL DATA
(UNAUDITED)
Comparative Condensed Consolidated Income Statement
	Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands, except per share amounts)		2026				2025				2026				2025
Revenues	$	10,306			$	6,367			$	27,709			$	16,799
Cost of sales		7,532				4,315				19,342				11,341
Selling, general and administrative		2,327				2,514				6,974				6,220
Operating income (loss)		447				(462	)			1,393				(762	)
Total other (income) expense		(219	)			57				(221	)			403
Income (loss) before income tax expense		228				(405	)			1,172				(359	)
Provision for income tax		21				8				72				23
Net income (loss)	$	207			$	(413	)		$	1,100			$	(381	)
Net income (loss) per share, basic	$	0.02			$	(0.03	)		$	0.09			$	(0.03	)
Weighted-average shares outstanding, basic		12,502				12,169				12,318				12,115
Comparative Condensed Consolidated Balance Sheets
	September 30,				December 31,
(In thousands)		2026				2025
Assets:
Cash	$	561			$	1,535
Other current assets		14,355				8,410
PP&E, net		6,339				3,642
Other non-current assets		5,827				6,227
Total assets	$	27,082			$	19,814
Liabilities:
Current liabilities		11,497				5,140
Other long-term liabilities		4,998				5,711
Total liabilities		16,495				10,851
Stockholders' equity		10,587				8,963
Total liabilities and stockholders' equity	$	27,082			$	19,814
Adjusted EBITDA
	Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)		2026				2025				2026				2025
Net income (loss)	$	207			$	(413	)		$	1,100			$	(382	)
Add: Interest expense (income), net		174				-				182				(16	)
Add: Income tax expense		21				8				72				23
Add: Depreciation and amortization		238				146				597				449
Add: Share-based compensation		181				92				562				241
Add (Deduct): Loss (gain) on sale of asset		16				-				15				(12	)
Add: Loss (Gain) on Litigation Settlement		-				(84	)			-				(333	)
Add: Restructuring costs		-				-				-				279
Adjusted EBITDA	$	837			$	(251	)		$	2,528			$	249
Cash Flow Data
	Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)		2026				2025				2026				2025
Cash provided by (used in):
Operating activities	$	(748	)		$	(365	)		$	(1,055	)		$	(1,039	)
Investing activities		(2,904	)			(1,074	)			(2,914	)			(1,152	)
Financing activities		2,733				798				2,998				716
Change in cash	$	(919	)		$	(641	)		$	(971	)		$	(1,475	)