Company: NINE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001532286-25-000011
Chunk: 35

Company: Nine Energy Service, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 natural gas prices, even with price improvements in oil and natural gas, operator activity may not materially increase, as operators remain focused on operating within their capital plans and uncertainty remains around supply and demand fundamentals.

Results of Operations

Results for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024 

 Three Months Ended March 31,  20252024ChangePercentage Change (in thousands, except percentage change)Revenues$150,466 $142,120 $8,346 6 %Cost of revenues (exclusive of depreciation and amortization shown separately below)122,470 116,006 6,464 6 %Adjusted gross profit$27,996 $26,114 $1,882 7 %General and administrative expenses$13,263 $12,265 $998 8 %Depreciation5,837 6,734 (897)(13)%Amortization of intangibles2,796 2,796 — — %Loss (gain) on revaluation of contingent liability25 (74)99 (134)%Loss (gain) on sale of property and equipment446 (26)472 (1815)%Income from operations5,629 4,419 1,210 27 %Non-operating expense12,575 12,320 255 2 %Loss before income taxes(6,946)(7,901)955 (12)%Provision for income taxes115 154 (39)(25)%Net loss$(7,061)$(8,055)$994 (12)%

Revenues

Revenues increased $8.3 million, or 6%, to $150.5 million for the first quarter of 2025. The increase in comparison to the first quarter of 2024 was primarily related to cementing revenue (including pump downs), which increased $8.9 million, or 18%, as total cement job count increased 32%. In addition, wireline revenue increased $1.7 million, or 6%, in comparison to the first quarter of 2024 as total completed wireline stages increased 19%. The overall increase was partially offset with a $1.4 million, or 4%, decrease in completion tools revenue based on pricing pressure coupled with changes in product mix between the two periods. The overall increase was also partially offset by a $0.9 million