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Nine Energy Service Inc. (NINE) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $554.1 million, a decrease from $609.5 million in the previous year. The decline is attributed to pricing decreases and changes in market conditions, with the average U.S. rig count decreasing by 5% compared to the previous year.
Cost of revenues decreased to $456.7 million from $490.8 million, reflecting a reduction in activity and associated costs. This led to an adjusted gross profit of $97.4 million, down from $118.8 million.
General and administrative expenses were reduced to $51.3 million from $59.8 million, primarily due to a decrease in costs associated with the previous year's Units offering.
The company reported a net loss of $41.1 million, an increase from the $32.2 million loss in the prior year. The increased loss is primarily due to the decline in revenue and gross profit.
Nine Energy Service Inc. ended the year with $27.9 million in cash and cash equivalents and $24.2 million of availability under its ABL Credit Facility, resulting in a total liquidity position of $52.1 million.
The company anticipates capital expenditures for 2025 to be between $15 million and $25 million, focusing on maintenance and potential growth initiatives.
Nine Energy Service Inc. continues to focus on providing completion services in the oil and gas sector, with operations in major North American basins and a strategic presence in international markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nine Energy Service Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.