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

Company: Nine Energy Service, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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ITEM 1. FINANCIAL STATEMENTS

NINE ENERGY SERVICE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

 March 31,2025December 31,2024Assets  Current assets  Cash and cash equivalents$17,275 $27,880 Accounts receivable, net95,115 81,157 Income taxes receivable185 284 Inventories, net51,186 50,781 Prepaid expenses9,159 9,982 Other current assets1,657 380 Total current assets174,577 170,464 Property and equipment, net68,562 70,518 Operating lease right of use assets, net37,064 37,252 Finance lease right of use assets, net50 29 Intangible assets, net76,450 79,246 Other long-term assets2,478 2,567 Total assets$359,181 $360,076 Liabilities and Stockholders’ Equity (Deficit)Current liabilitiesAccounts payable$46,493 $36,052 Accrued expenses25,156 30,676 Current portion of long-term debt2,260 3,580 Current portion of operating lease obligations12,086 11,216 Current portion of finance lease obligations34 21 Total current liabilities86,029 81,545 Long-term liabilitiesLong-term debt319,137 317,264 Long-term operating lease obligations25,588 26,710 Other long-term liabilities540 621 Total liabilities431,294 426,140 Commitments and contingencies (Note 10)Stockholders’ equity (deficit)Common stock (120,000,000 shares authorized at $0.01 par value; 42,348,643 and 42,348,643 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)423 423 Additional paid-in capital806,981 806,231 Accumulated other comprehensive loss(5,144)(5,406)Accumulated deficit(874,373)(867,312)Total stockholders’ equity (deficit)(72,113)(66,064)Total liabilities and stockholders’ equity (deficit)$359,181 $360,076 

The accompanying notes are an integral part of