Enservco revenue up in Q2; reports loss

LONGMONT — Oil and gas well-site service provider Enservco Corp. (NYSE: ENSV) said revenue rose and losses narrowed in its second quarter compared to the same period last year with “return to year-over-year revenue growth” on higher “commodity prices and rig counts” company wide, according to Executive Chairman Rich Murphy.

Total quarterly revenue rose to $3.1 million from $2.1 million, year-over-year.

Several company metrics improved including EBITDA, working capital, cash and cash equivalents, and stockholders’ equity.

Enservco lost money, though less than in the same period last year: $1.6 million versus $4.4 million. The company said it cut costs, spent $536,000 less on interest, and received $1.3 million in payroll tax credits from the March 2020 Coronavirus Aid, Relief, and Economic Security Act stimulus package.

A $1.9 million Paycheck Protection Program loan has been completely forgiven and will be shown in Q3 results.

Enservco’s second quarter ended June 30.

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