Enservco reports Q4 revenue $6.5M vs. $6.5M last year

The company’s net loss increased by $0.2M to $1.9M from $1.7M in the prior year. The company wrote off goodwill recorded several years ago associated with prior business acquisitions in Q4 of 2023, amounting to $0.5M, which negatively impacted the quarter. Adjusted EBITDA was positive $62,000 for the fourth quarter of 2024, versus negative $77,000 in the same quarter of the prior year. Rich Murphy, the company’s CEO and Chairman stated “We continued to make improvements highlighted by another improved quarter for our Company, despite unseasonably warmer weather over much of the United States. The fourth quarter heating season had 13% fewer cold days, according to the U.S. Gas Association, yet our completion services revenue increased by double digits for both the quarter-over-quarter and year-over-year results. Year-over-year increases to our completions revenues were largely offset by decreases in our production services revenues, related in part to the closure of our historically unprofitable North Dakota operations. Annual revenues and demand for our production services in our other service areas continued to be strong in 2023.”