Company: NINE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001532286-25-000026
Chunk: 110

Company: Nine Energy Service, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 110
---
 to impact commodity prices, including the production of OPEC and other oil exporting nations and governmental policies, such as tariffs. We cannot predict the scope or extent of such impacts. Furthermore, although as noted above, our customers’ activity and spending levels, and thus demand for our services and products, are strongly influenced by current and expected oil and 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 September 30, 2025 Compared to the Three Months Ended September 30, 2024 

 Three Months Ended September 30,  20252024ChangePercentage Change (in thousands, except percentage change)Revenues$132,028 $138,157 $(6,129)(4)%Cost of revenues (exclusive of depreciation and amortization shown separately below)111,728 113,451 (1,723)(2)%Adjusted gross profit$20,300 $24,706 $(4,406)(18)%General and administrative expenses$12,756 $12,366 $390 3 %Depreciation5,759 6,226 (467)(8)%Amortization of intangibles2,795 2,796 (1)— %Loss on revaluation of contingent liability96 383 (287)(75)%Loss on sale of property and equipment61 484 (423)(87)%Income (loss) from operations(1,167)2,451 (3,618)(148)%Non-operating expense13,427 12,521 906 7 %Loss before income taxes(14,594)(10,070)(4,524)45 %Provision for income taxes53 73 (20)(27)%Net loss$(14,647)$(10,143)$(4,504)44 %

Revenues

Revenues decreased $6.1 million, or 4%, to $132.0 million for the third quarter of 2025. The decrease in comparison to the third quarter of 2024 was primarily related to coiled tubing revenue, which decreased $4.3 million, or 15%, mainly due to 

 19

volume and utilization decreases as total days worked decreased 22%, coupled with pricing reductions, each in comparison to the third quarter of 2024.