Enservco Stock Price, News & Analysis

Enservco Corporation (NYSE American: ENSV) announced the appointment of C. Kevin Chesser to its Board of Directors, bringing over 34 years of finance experience in the energy sector. Chesser's background includes significant roles at Deloitte and as a CFO-level consultant. Enservco projects first quarter 2023 revenue to exceed $8.7 million, driven by rising customer demand and a strong performance in its hot oiling services, particularly in Texas, which achieved its first $1 million month in February 2023. This leadership change is seen as a strategic move to enhance financial oversight and support the company's growth strategy.

Enservco Corporation (NYSE American: ENSV) reported a robust Q4 2022, with revenue soaring 59% year-over-year to $6.5 million, marking its seventh consecutive quarter of growth. The company also indicated an improved net loss of $1.7 million, down from $3.1 million year-over-year. Full-year revenue reached $21.6 million, a 41% increase from the previous year, driven by gains in both production and completion segments. Adjusted EBITDA turned positive at $17,000 compared to a $2.0 million loss last year. Additionally, a public offering in February raised approximately $3.5 million to support growth initiatives, while notable debt conversions are set to strengthen the balance sheet.

Enservco Corporation (ENSV) announced a public offering of 7,000,000 shares of common stock and warrants at a price of $0.50 per share. This offering, which aims to raise approximately $3.5 million, is expected to close on or around February 27, 2023. The funds will be used for general corporate purposes, including debt repayment and potential acquisitions. A.G.P./Alliance Global Partners is the sole placement agent for this offering, which is registered under Form S-1 with the SEC. Investors should be aware that this offering does not constitute a solicitation for purchase before registration or qualification in any jurisdiction.

Enservco Corporation (NYSE American: ENSV) announced it has received a notice of noncompliance from the NYSE American due to not holding an annual meeting in 2022, stemming from a financial statement restatement. The company plans to hold the annual meeting in 2023, aiming to regain compliance with listing standards. Enservco provides specialized well-site services across major domestic oil and gas basins in the U.S., including services like hot oiling and acidizing. The company emphasizes a range of future uncertainties in its forward-looking statements.

Enservco Corporation (NYSE American: ENSV) reported Q3 2022 revenue of $3.1 million, up 3% year-over-year, while experiencing a net loss of $3.1 million, compared to a net income of $0.4 million in the previous year. This decline is attributed to the $2.0 million PPP loan forgiveness and $0.7 million in Employee Retention Credits received in Q3 2021. Nine-month revenue rose 35% to $15.1 million, with net loss reduced to $3.9 million from $5.0 million in the prior year. Adjusted EBITDA loss improved to $1.3 million in Q3 and $2.7 million for the nine-month period.

Enservco Corporation (NYSE American: ENSV) has received a notice of noncompliance from NYSE Regulation due to its stockholders' equity of $5.2 million being below the required minimum of $6.0 million as of June 30, 2022. While this notice does not immediately affect trading, Enservco must submit a plan by January 9, 2023, to address the deficiency. If accepted, the company has until June 9, 2024, to regain compliance. Enservco provides well-site services across multiple U.S. oil and gas basins.

Enservco Corporation (ENSV) announced it will file its third quarter financial results by mid-December 2022, following a delay in meeting its November 14 deadline due to prior SEC filings. This led to a late filer notification from the NYSE American Exchange. Upon filing the Form 10-Q for the period ending September 30, 2022, the company will be current in its SEC filings and compliant with NYSE guidelines. Enservco specializes in diverse well-site services across multiple U.S. oil and gas basins.

Enservco Corporation (ENSV) reported a 12% year-over-year revenue increase for Q2, reaching $3.5 million compared to $3.1 million. Despite this growth, the net loss widened to $3.9 million, up from $1.4 million, mainly due to nonrecurring expenses related to financial restatements and CFO transition costs. For the six-month period, revenue surged 46% year-over-year to $12.0 million, and the net loss decreased to $0.8 million from $5.3 million, driven by a $4.3 million gain on debt extinguishment. The company aims to finalize its Q3 results soon.

Enservco Corporation (NYSE American: ENSV) reported a significant 67% increase in Q1 revenue, reaching $8.6 million, up from $5.1 million in the previous year. This growth was driven by increased customer demand due to higher commodity prices. The net income improved to $3.1 million from a net loss of $3.9 million a year ago. Adjusted EBITDA also saw a positive change, from a loss of $0.9 million to $0.2 million. The company aims to file its second quarter Form 10-Q by November 11, 2022.