Company: NINE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001532286-25-000011
Chunk: 94

Company: Nine Energy Service, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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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 decrease, or 3%, in coiled tubing revenue as total days worked decreased 4%, each in comparison to the first quarter of 2024.

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Cost of Revenues (Exclusive of Depreciation and Amortization)

Cost of revenues increased $6