Enservco Financials
This page shows Enservco (ENSV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Accounting losses overstate cash burn because depreciation-heavy operations are being run with minimal reinvestment and very tight liquidity.
From FY2021 to FY2023, gross margin recovery and a narrower operating cash burn did not translate into a better bottom line because depreciation stayed high while capex remained tiny, so the company preserved cash partly by letting its operating asset base shrink. That helps explain why total assets fell from$25.1M to$13.9M even as revenue recovered and cash burn moderated.
The business has shown partial operating repair: gross margin turned from negative in FY2021 to
The balance sheet shows tight short-term liquidity more than heavy long-term debt: cash was just
Financial Health Signals
We are recalculating Enservco's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Enservco scores -5.21, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.7M) relative to total liabilities ($14.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Enservco passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Enservco generates $0.25 in operating cash flow (-$2.1M OCF vs -$8.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Enservco earns $-3.1 in operating income for every $1 of interest expense (-$6.6M vs $2.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Enservco generated $22.1M in revenue in fiscal year 2023. This represents an increase of 1.9% from the prior year.
Enservco's EBITDA was -$3.0M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.4% from the prior year.
Enservco reported -$8.5M in net income in fiscal year 2023. This represents a decrease of 52.8% from the prior year.
Cash & Balance Sheet
Enservco generated -$2.4M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 1.9% from the prior year.
Enservco held $201K in cash against $3.2M in long-term debt as of fiscal year 2023.
Enservco had 27M shares outstanding in fiscal year 2023. This represents an increase of 124.8% from the prior year.
Margins & Returns
Enservco's gross margin was 10.4% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is up 3.8 percentage points from the prior year.
Enservco's operating margin was -29.9% in fiscal year 2023, reflecting core business profitability. This is up 8.9 percentage points from the prior year.
Enservco's net profit margin was -38.6% in fiscal year 2023, showing the share of revenue converted to profit. This is down 12.8 percentage points from the prior year.
Capital Allocation
Enservco invested $268K in capex in fiscal year 2023, funding long-term assets and infrastructure. This represents an increase of 21.8% from the prior year.
ENSV Income Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M+5.8% | $3.8M-61.6% | $9.8M+44.1% | $6.8M+159.0% | $2.6M-29.7% | $3.7M-58.2% | $8.9M+37.1% | $6.5M |
| Cost of Revenue | $3.3M-3.4% | $3.4M-47.7% | $6.5M+12.4% | $5.8M+84.4% | $3.2M-19.5% | $3.9M-43.2% | $6.9M+24.7% | $5.5M |
| Gross Profit | $682K+95.4% | $349K-89.3% | $3.3M+231.1% | $985K+286.6% | -$528K-182.4% | -$187K-109.3% | $2.0M+107.1% | $973K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.8M+48.5% | $1.2M-3.6% | $1.2M+13.0% | $1.1M+11.3% | $979K+11.0% | $882K-41.3% | $1.5M+35.2% | $1.1M |
| Operating Income | -$1.5M-38.0% | -$1.1M-187.5% | $1.3M+174.2% | -$1.7M+27.8% | -$2.4M-12.7% | -$2.1M-355.1% | -$459K+62.2% | -$1.2M |
| Interest Expense | $413K-0.5% | $415K-28.2% | $578K+7.6% | $537K+12.8% | $476K-8.1% | $518K-12.2% | $590K+78.8% | $330K |
| Income Tax | N/A | N/A | N/A | N/A | $0 | $0+100.0% | -$16K | $0 |
| Net Income | -$2.2M+5.5% | -$2.3M-414.5% | $740K+138.1% | -$1.9M+35.6% | -$3.0M-18.1% | -$2.6M-154.4% | -$1.0M+41.1% | -$1.7M |
| EPS (Diluted) | N/A | N/A | $0.03 | N/A | N/A | N/A | $-0.07 | N/A |
ENSV Balance Sheet
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.5M+59.0% | $11.6M-12.4% | $13.3M-4.4% | $13.9M-4.5% | $14.5M-6.8% | $15.6M-21.0% | $19.7M-0.5% | $19.8M |
| Current Assets | $7.9M-2.9% | $8.1M+38.3% | $5.9M+2.9% | $5.7M+15.5% | $5.0M+16.8% | $4.2M-39.2% | $7.0M+17.0% | $6.0M |
| Cash & Equivalents | $172K-48.2% | $332K-30.0% | $474K+135.8% | $201K-33.0% | $300K-30.4% | $431K-75.7% | $1.8M+4960.0% | $35K |
| Inventory | $162K-23.2% | $211K-3.7% | $219K+4.8% | $209K-11.8% | $237K-31.7% | $347K+7.8% | $322K+0.6% | $320K |
| Accounts Receivable | $2.7M+79.1% | $1.5M-64.3% | $4.2M+290.4% | $1.1M-20.2% | $1.4M+3.9% | $1.3M-68.9% | $4.2M-5.4% | $4.5M |
| Goodwill | $902K | N/A | N/A | $0-100.0% | $546K0.0% | $546K0.0% | $546K0.0% | $546K |
| Total Liabilities | $14.9M+47.0% | $10.1M-21.6% | $12.9M-10.6% | $14.4M+8.7% | $13.3M+7.4% | $12.4M-19.9% | $15.4M-17.3% | $18.7M |
| Current Liabilities | $13.5M+63.6% | $8.2M-24.1% | $10.9M+8.4% | $10.0M+33.8% | $7.5M+7.3% | $7.0M-18.0% | $8.5M-16.8% | $10.2M |
| Long-Term Debt | $344K-44.7% | $622K-33.8% | $939K-70.4% | $3.2M-30.8% | $4.6M+9.0% | $4.2M-25.4% | $5.6M-19.6% | $7.0M |
| Total Equity | $3.6M+140.3% | $1.5M+327.7% | $350K+161.2% | -$572K-146.1% | $1.2M-61.5% | $3.2M-25.0% | $4.3M+268.2% | $1.2M |
| Retained Earnings | -$53.5M-4.3% | -$51.3M-4.8% | -$48.9M+1.5% | -$49.7M-4.1% | -$47.7M-6.7% | -$44.7M-6.1% | -$42.2M-2.4% | -$41.2M |
ENSV Cash Flow Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$713K-133.6% | $2.1M+100.6% | $1.1M+151.7% | -$2.0M-321.8% | -$486K-156.2% | $865K+280.6% | -$479K+80.0% | -$2.4M |
| Capital Expenditures | -$16K-206.7% | $15K-80.5% | $77K-63.3% | $210K+907.7% | -$26K-174.3% | $35K-28.6% | $49K | $0 |
| Free Cash Flow | -$729K-134.6% | $2.1M+114.8% | $982K+143.5% | -$2.3M-341.4% | -$512K-161.7% | $830K+257.2% | -$528K+78.0% | -$2.4M |
| Investing Cash Flow | $555K+27650.0% | $2K+101.6% | -$125K-111.0% | $1.1M+156.7% | $443K+121.5% | $200K+1433.3% | -$15K-107.4% | $202K |
| Financing Cash Flow | -$2K+99.9% | -$2.3M-243.1% | -$661K-181.2% | $814K+1025.0% | -$88K+96.3% | -$2.4M-207.8% | $2.2M+10.5% | $2.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ENSV Financial Ratios
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.1%+7.9pp | 9.3%-24.0pp | 33.3%+18.8pp | 14.5%+34.6pp | -20.1%-15.1pp | -5.0%-27.6pp | 22.6%+7.6pp | 15.0% |
| Operating Margin | -38.3%-8.9pp | -29.3%-42.2pp | 12.9%+37.9pp | -25.0%+64.7pp | -89.8%-33.8pp | -56.0%-50.9pp | -5.1%+13.5pp | -18.7% |
| Net Margin | -55.2%+6.6pp | -61.8%-69.4pp | 7.6%+36.2pp | -28.6%+86.4pp | -115.0%-46.5pp | -68.5%-57.2pp | -11.3%+14.9pp | -26.2% |
| Return on Equity | -61.1%+94.3pp | -155.4%-366.9pp | 211.4% | N/A | -242.8%-163.7pp | -79.1%-55.8pp | -23.3%+122.4pp | -145.8% |
| Return on Assets | -11.9%+8.1pp | -20.0%-25.6pp | 5.6%+19.6pp | -14.0%+6.8pp | -20.8%-4.4pp | -16.4%-11.3pp | -5.1%+3.5pp | -8.6% |
| Current Ratio | 0.59-0.4 | 0.99+0.4 | 0.54-0.0 | 0.57-0.1 | 0.66+0.1 | 0.61-0.2 | 0.82+0.2 | 0.58 |
| Debt-to-Equity | 0.10-0.3 | 0.42-2.3 | 2.68+8.2 | -5.55-9.2 | 3.69+2.4 | 1.300.0 | 1.31-4.7 | 6.01 |
| FCF Margin | -18.3%-74.3pp | 56.0%+46.0pp | 10.0%+43.3pp | -33.3%-13.7pp | -19.5%-41.8pp | 22.3%+28.2pp | -5.9%+30.9pp | -36.9% |
Note: Shareholder equity is negative (-$572K), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.57), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Enservco's annual revenue?
Enservco (ENSV) reported $22.1M in total revenue for fiscal year 2023. This represents a 1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Enservco's revenue growing?
Enservco (ENSV) revenue grew by 1.9% year-over-year, from $21.6M to $22.1M in fiscal year 2023.
Is Enservco profitable?
No, Enservco (ENSV) reported a net income of -$8.5M in fiscal year 2023, with a net profit margin of -38.6%.
What is Enservco's EBITDA?
Enservco (ENSV) had EBITDA of -$3.0M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Enservco have?
As of fiscal year 2023, Enservco (ENSV) had $201K in cash and equivalents against $3.2M in long-term debt.
What is Enservco's gross margin?
Enservco (ENSV) had a gross margin of 10.4% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.
What is Enservco's operating margin?
Enservco (ENSV) had an operating margin of -29.9% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.
What is Enservco's net profit margin?
Enservco (ENSV) had a net profit margin of -38.6% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.
What is Enservco's free cash flow?
Enservco (ENSV) generated -$2.4M in free cash flow during fiscal year 2023. This represents a 1.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Enservco's operating cash flow?
Enservco (ENSV) generated -$2.1M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.
What are Enservco's total assets?
Enservco (ENSV) had $13.9M in total assets as of fiscal year 2023, including both current and long-term assets.
What are Enservco's capital expenditures?
Enservco (ENSV) invested $268K in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.
What is Enservco's current ratio?
Enservco (ENSV) had a current ratio of 0.57 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.
What is Enservco's debt-to-equity ratio?
Enservco (ENSV) had a debt-to-equity ratio of -5.55 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Enservco's return on assets (ROA)?
Enservco (ENSV) had a return on assets of -61.4% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
What is Enservco's cash runway?
Based on fiscal year 2023 data, Enservco (ENSV) had $201K in cash against an annual operating cash burn of $2.1M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Enservco's debt-to-equity ratio negative or unusual?
Enservco (ENSV) has negative shareholder equity of -$572K as of fiscal year 2023, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Enservco's Altman Z-Score?
Enservco (ENSV) has an Altman Z-Score of -5.21, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Enservco's Piotroski F-Score?
Enservco (ENSV) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Enservco's earnings high quality?
Enservco (ENSV) has an earnings quality ratio of 0.25x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Enservco cover its interest payments?
Enservco (ENSV) has an interest coverage ratio of -3.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.