Company: NINE
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001532286-25-000016
Chunk: 111

Company: Nine Energy Service, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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2.8 million in amortization of intangibles expense (comprised of technology and customer relationships) in both the second quarter of 2025 and the second quarter of 2024. 

Non-Operating (Income) Expenses

Non-operating expenses increased $1.8 million to $14.2 million for the second quarter of 2025. The increase was primarily attributed to the write-off of $1.5 million of deferred financing costs associated with the 2018 ABL Credit Facility (as defined and described below) in the second quarter of 2025 that did not occur in the second quarter of 2024. The increase was also partly attributed to increased amortization of deferred financing costs between periods.

Provision (Benefit) for Income Taxes

We recorded an income tax benefit of $0.5 million for the second quarter of 2025 compared to an income tax provision of $0.1 million for the second quarter of 2024. The difference between the periods was primarily attributed to a $0.5 million discrete income tax benefit in the second quarter of 2025 that did not occur in the second quarter of 2024. 

Net Income (Loss) and Adjusted EBITDA

Net loss decreased $3.7 million, or 26%, to $10.4 million for the second quarter of 2025, and Adjusted EBITDA increased $4.4 million, or 45%, to $14.1 million for the second quarter of 2025. The changes were primarily due to the fluctuations in revenues and expenses discussed above. See “Non-GAAP Financial Measures” below for further information regarding Adjusted EBITDA.

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Results for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024 

 Six Months Ended June 30,  20252024ChangePercentage Change (in thousands, except percentage change)Revenues$297,717 $274,521 $23,196 8 %Cost of revenues (exclusive of depreciation and amortization shown separately below)243,909 228,054 15,855 7 %Adjusted gross profit$53,808 $46,467 $7,341 16 %General and administrative expenses$27,137 $24,747 $2,390 10 %Depreciation11,633 13,336 (1,703