Company: NINE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001532286-25-000026
Chunk: 62

Company: Nine Energy Service, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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2024(in thousands)Cement$49,294 $51,185 $158,643 $145,262 Coiled tubing23,390 27,654 78,318 84,603 Wireline28,162 27,905 90,723 83,743 Service revenues$100,846 $106,744 $327,684 $313,608 Tools$31,182 $31,413 $102,061 $99,070 Product revenues$31,182 $31,413 $102,061 $99,070 Total revenues$132,028 $138,157 $429,745 $412,678 The Company recognizes revenues from the sales of products at a point in time and revenues from the sales of services over time.

5. Inventories

Inventories, consisting primarily of finished goods and raw materials, are stated at the lower of cost or net realizable value. Cost is determined on an average cost basis. The Company reviews its inventory balances and writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. The reserve for obsolescence was $4.0 million and $5.5 million at September 30, 2025 and December 31, 2024, respectively.Inventories, net as of September 30, 2025 and December 31, 2024 were comprised of the following:  September 30, 2025December 31, 2024 (in thousands)Raw materials$33,070 $28,900 Work in progress204 148 Finished goods27,505 27,194 Inventories60,779 56,242 Reserve for obsolescence(3,973)(5,461)Inventories, net$56,806 $50,781 

6. Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets as of September 30, 2025 and December 31, 2024 was as follows: September 30, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Amortization Period(in thousands, except weighted average amortization period information)Customer relationships$63,270 $(57,483)$5,787 2.1Technology