Company: NINE
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001532286-25-000016
Chunk: 44

Company: Nine Energy Service, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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million for the second quarter of 2025. The changes were primarily due to the fluctuations in revenues and expenses discussed above. See “Non-GAAP Financial Measures” below for further information regarding Adjusted EBITDA.

 19

Results for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024 

 Six Months Ended June 30,  20252024ChangePercentage Change (in thousands, except percentage change)Revenues$297,717 $274,521 $23,196 8 %Cost of revenues (exclusive of depreciation and amortization shown separately below)243,909 228,054 15,855 7 %Adjusted gross profit$53,808 $46,467 $7,341 16 %General and administrative expenses$27,137 $24,747 $2,390 10 %Depreciation11,633 13,336 (1,703)(13)%Amortization of intangibles5,592 5,592 — — %Loss (gain) on revaluation of contingent liability73 (192)265 (138)%Loss on sale of property and equipment366 1 365 36500 %Income from operations9,007 2,983 6,024 202 %Non-operating expense26,798 24,786 2,012 8 %Loss before income taxes(17,791)(21,803)4,012 (18)%Provision (benefit) for income taxes(339)293 (632)216 %Net loss$(17,452)$(22,096)$4,644 (21)%

Revenues

Revenues increased $23.2 million, or 8%, to $297.7 million for the first six months of 2025. The increase in comparison to the first six months of 2024 was primarily related to cementing revenue (including pump downs), which increased $15.3 million, or 16%, as total cement job count increased 23%, each in comparison to the first six months of 2024. In addition, wireline revenue increased $6.7 million, or 12%, as total completed wireline stages increased 27%, each in comparison to the first six months of 2024, and tools revenue increased $3.2 million, or 5%,