Company: NINE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001532286-25-000011
Chunk: 71

Company: Nine Energy Service, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 71
---
 and Africa; actions of the members of OPEC and other oil exporting nations that relate to or impact oil production or supply; weather conditions; the effect of energy, monetary, and trade policies of the U.S.; changes to energy regulations and policies, including those of the U.S. Environmental Protection Agency and other governmental bodies; and overall North American oil and natural gas supply and demand fundamentals, including the pace at which export capacity grows. 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 March 31, 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