Company: NINE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001532286-25-000011
Chunk: 16

Company: Nine Energy Service, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 the estimated market value based upon assumptions about future demand and market conditions. The reserve for obsolescence was $4.7 million and $5.5 million at March 31, 2025 and December 31, 2024, respectively.Inventories, net as of March 31, 2025 and December 31, 2024 were comprised of the following:  March 31, 2025December 31, 2024 (in thousands)Raw materials$29,021 $28,900 Work in progress580 148 Finished goods26,300 27,194 Inventories55,901 56,242 Reserve for obsolescence(4,715)(5,461)Inventories, net$51,186 $50,781 

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6. Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets as of March 31, 2025 and December 31, 2024 was as follows: March 31, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Amortization Period(in thousands, except weighted average amortization period information)Customer relationships$63,270 $(56,094)$7,176 2.6Technology125,110 (55,836)69,274 8.5Total$188,380 $(111,930)$76,450 December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Amortization Period(in thousands, except weighted average amortization period information)Customer relationships$63,270 $(55,400)$7,870 2.8Technology125,110 (53,734)71,376 8.8Total$188,380 $(109,134)$79,246 Amortization of intangibles expense was $2.8 million for both the three months ended March 31, 2025 and 2024.Future estimated amortization of intangibles (in thousands) is as follows:Year Ending December 31,Remainder of 2025$8,387 202611,082 202710,315 20288,000 20298,000 20308,000 Thereafter22,666 Total$76,450 

7. Accrued Expenses

Accrued expenses as of March 31