KLNG — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• The first quarter of 2026 marked a period of record bidding activity for subsea tie-back and maintenance projects. During the quarter, we secured significant contract awards from legacy customers in the Gulf of America and announced a major West Africa contract for installation and pre-commissioning…

• The 56% increase in revenues was primarily driven by a $2,801 increase in lump-sum projects, with an additional $123 contribution from time-and-materials work. Revenues from new customers contributed $2,110 to the increase, while legacy customers accounted for the remaining $814, as compared to reve…

• Cost of sales increased 55% from the first quarter of 2025 to the first quarter of 2026, generally consistent with higher revenue activity. The rate of increase was slightly below revenue growth, resulting in an improvement in gross profit margins to 32% of sales, up from 31% in the prior year perio…

• Selling, general and administrative expenses increased by $611 in the first quarter of 2026 compared to the first quarter of 2025. The increase was primarily driven by higher administrative headcount, resulting in a $405 increase in personnel costs, as well as a $156 increase in audit fees and $50 o…

• Management evaluates Company performance based on a measure that is not in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which consists of earnings (net income or loss) available to common stockholders before net interest income, income taxes, …

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• Order intake for subsea tie-back and maintenance projects has increased significantly since the beginning of the year. During this period, we have made a deliberate investment in expanding our team to support our long-term growth strategy. We remain disciplined in balancing profitability with invest…

• The 22% increase in revenues was primarily driven by both growth in fixed price contract sales for the manufacture of flying leads and hydraulic distribution manifolds and by an increase in the sales and delivery of service contract work when compared to revenues for the three months ended September…

• The decline in gross profit was driven by a lower-margin product mix and an increase in direct overhead costs including employee benefits and rent expense for the Brazilian office when compared to the three months ended September 30, 2024.

• The increase in selling, general, and administrative expenses (“SG&A”) was due to bad debt expense from the write-off of the OMSi receivable, higher administrative payroll due to increased hiring of key business support functions, and legal fees related to patents, master service agreements, and gen…

• The increase in other (income), net was driven by an additional $83 gain recognized from the successful resolution of the WW Champion lawsuit.