Deep Down, Inc. (OTCQB: DPDW) will present virtually at the LD Micro Invitational XI event on June 10, 2021, at 10:00 AM ET. CEO Charles Njuguna will lead the presentation. The LD Micro Invitational occurs from June 8-10, 2021, featuring around 180 companies with 25-minute presentations each day, from 10:00 AM to 6:00 PM ET. This event is hosted on the Sequire Virtual Events platform. Interested viewers can register to watch the presentation here.
Deep Down, Inc. (DPDW) announced its Q1 2021 results, highlighting a 12% revenue increase to $3.9 million compared to the previous quarter, supported by easing travel restrictions. Gross profit improved to $1.7 million, representing a gross margin of 44%. Net income reached $0.1 million, consistent with Q4 2020, reversing a loss from Q1 2020. Total working capital stood at $5.2 million with cash reserves of $4.7 million. CEO Charles Njuguna expressed optimism for ongoing recovery in market conditions, driven by increased service demand and efficient cost management.
Deep Down, Inc. (OTCQB: DPDW) announces an upcoming investor conference call to discuss its first quarter 2021 results. The call is scheduled for May 11, 2021, at 10:00 am Eastern Time, with results set to be released on May 10, 2021, after market close. Investors can access the call via a toll-free number or through a webcast link provided in the release. The company specializes in deepwater oil and gas production, offering various technological solutions and support services.
Deep Down, Inc. (OTCQB: DPDW) reported its financial results for the year ended December 31, 2020, revealing a 31% revenue decline to $13.0 million due to challenges from the COVID-19 pandemic. Despite this, Q4 2020 revenues rose 19% year-over-year to $3.5 million. The company achieved a net profit of $0.1 million in Q4 2020, reversing a loss of $2.5 million in Q4 2019. However, the full-year net loss was $6.1 million. The company noted a 30% reduction in operating expenses and maintained a cash position of $3.7 million, positioning itself for potential recovery.
Deep Down, Inc. (OTCQB: DPDW) has secured a contract valued at $1.5 to $2 million for the rental of its 3,500 metric ton carousel and associated umbilical spooling services. The project involves mounting the carousel on a customer-provided barge, transporting it, and spooling umbilicals for a completion date by the end of Q3 2021. CEO Charles Njuguna expressed optimism regarding the project, emphasizing the company’s innovative approach within the current market environment.