In This Story
Enservco Corporation (ENSV-3.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Enservco's acquisition of Buckshot Trucking LLC, a provider of logistics and transportation services, for $5 million, subject to certain conditions. This acquisition marks Enservco's entry into the energy logistics market.
For the three months ended September 30, 2024, Enservco reported total revenues of $3,981,000, an increase from $2,623,000 in the same period of 2023. This increase was primarily due to the addition of logistics services revenue from Buckshot.
The company reported a segment profit of $682,000 for the three months ended September 30, 2024, compared to a segment loss of $528,000 in the same period of the previous year.
Net loss from continuing operations for the three months ended September 30, 2024, was $1,974,000, compared to a net loss of $2,771,000 in the same period of 2023. The improvement was attributed to the acquisition of Buckshot and cost-saving measures.
Enservco's liquidity position remains challenging, with a working capital deficit of $5.4 million as of September 30, 2024. The company is exploring options to raise additional capital to meet its obligations.
The company has entered into a Credit and Security Agreement with Pathward National Association for a $3.5 million revolving loan facility, secured by Buckshot's assets.
Enservco's common stock was delisted from the NYSE American exchange and began trading on the OTCQB market on November 6, 2024, following a failure to meet the exchange's stockholders' equity requirement.
The filing also discusses ongoing legal proceedings related to a default on promissory notes issued to certain parties, with a settlement agreement reached to pay $759,353 by January 15, 2025.
Enservco's management continues to focus on diversifying its service offerings and improving operational efficiency to enhance financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enservco Corporation quarterly 10-Q report dated December 30, 2024. To report an error, please email earnings@qz.com.