Koil Energy Solutions, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Consolidated Balance Sheets – December 31, 2025, and 2024
CONSOLIDATED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In thousands, except share and per share amounts) | ||
| ASSETS | ||
| Current assets: | ||
| Cash | $1,535 | $3,422 |
| Accounts receivable, net of allowance for credit losses of $569 and $0 as of December 31, 2025, and 2024, respectively | 4,796 | 2,767 |
| Employee retention tax credit receivable | – | 323 |
| Inventory | 354 | 404 |
| Contract assets | 2,857 | 3,080 |
| Prepaid expenses and other current assets | 403 | 210 |
| Total current assets | 9,945 | 10,206 |
| Property, plant and equipment, net | 3,642 | 2,791 |
| Intangibles, net | 306 | 64 |
| Right-of-use operating lease assets | 5,770 | 5,383 |
| Right-of-use finance lease assets | 53 | 29 |
| Other assets | 98 | 267 |
| Total assets | $19,814 | $18,740 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $3,050 | $3,319 |
| Contract liabilities | 172 | 645 |
| Deferred revenue | 315 | – |
| Borrowings under factoring arrangement | 541 | – |
| Other liabilities | 143 | – |
| Current operating lease liabilities | 899 | 537 |
| Current finance lease liabilities | 20 | 12 |
| Total current liabilities | 5,140 | 4,524 |
| Other liabilities, long-term | 24 | – |
| Operating lease liability, long-term | 5,658 | 5,600 |
| Finance lease liability, long-term | 29 | 12 |
| Total liabilities | 10,851 | 10,136 |
| Commitments and contingencies (Note 9) | – | – |
| Stockholders’ equity: | ||
| Common stock, 24,500,000 shares authorized at $0.001 par value, 16,206,010 and 16,106,010 shares issued at December 31, 2025, and December 31, 2024 | 16 | 16 |
| Additional paid-in capital | 74,618 | 74,206 |
| Treasury stock, 4,017,808 shares at December 31, 2025, and December 31, 2024, at cost | (3,135) | (3,135) |
| Accumulated other comprehensive loss | (15) | – |
| Accumulated deficit | (62,521) | (62,483) |
| Total stockholders’ equity | 8,963 | 8,604 |
| Total liabilities and stockholders’ equity | $19,814 | $18,740 |
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