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Natural Gas Services Group Inc. (NGS+4.15%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's financial performance, including a total revenue of $156.7 million, an increase from $121.2 million in 2023. This growth was primarily driven by rental revenue, which rose to $144.2 million from $106.2 million in the previous year.
The company reported a net income of $17.2 million for 2024, compared to $4.7 million in 2023. The increase in net income is attributed to higher rental revenues and improved operational efficiencies.
Natural Gas Services Group's rental fleet utilization increased to 82.1% by the end of 2024, up from 80.8% at the end of 2023. The company added 22 new high horsepower units to its rental fleet during the year.
Selling, general, and administrative expenses increased to $21.0 million from $16.9 million in 2023, reflecting higher salaries, benefits, and consulting expenses.
Depreciation and amortization expenses rose to $31.3 million, primarily due to the addition of new rental units.
The company incurred an impairment charge of $0.8 million related to the write-off of certain intangible assets.
Natural Gas Services Group's capital expenditures totaled $71.9 million in 2024, primarily for the expansion of its rental fleet.
The company ended the year with $2.1 million in cash and $170 million in borrowings under its credit facility.
Natural Gas Services Group continues to focus on expanding its rental fleet and improving asset utilization to support future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Natural Gas Services Group Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.