Enteq Technologies PLC on Wednesday reported the sale of intellectual property and gave an outlook for financial year 2023 that ended on March 31.

Ascot, England-based Enteq is an energy services technology and equipment supplier.

Enteq announced it is selling its intellectual property of XXT MWD and associated assets for $1.9 million to Rime Downhole Technologies LLC. Enteq said the assets generated revenue of $1.4 million in financial 2022 but had a pretax loss of $2.2 million.

For financial 2023 that ended in late March, Enteq expects revenue of around $6.1 million, falling 16% from $7.3 million a year ago. Further, it anticipated to swing to an adjusted loss before interest, tax, depreciation and amortisation of $800,000 from an adjusted Ebitda of $300,000.

Looking ahead, the company said it is focused on its ongoing investment in Saber, its rotary steerable drilling solution.

Enteq expects to release its annual results on June 20.

Enteq shares were 0.3% lower at 10.97 pence each in London on Wednesday afternoon.

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