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NINE News
NINE Events
Nine Energy Reports Q2 Revenue of $141.806M, EBITDA Below Guidance
Reports Q2 revenue $141.806M vs $88.392M last quarter. "Second quarter revenue increased sequentially and was within our previously provided guidance range; however, adjusted EBITDA was below our guidance range," said Ann Fox, President and Chief Executive Officer of Nine Energy Service. "While industry activity improved modestly during the second quarter, our profitability was negatively impacted by significant margin compression within our Coiled Tubing business. During the quarter, two of our large-diameter coiled tubing units, representing approximately 17% of our large diameter fleet, were taken out of service due to maintenance-related issues. At the same time, we experienced meaningful inflationary pressures across several cost categories, including consumables, labor, and repairs and maintenance."
Largest borrow rate increases among liquid names
Latest data shows the largest indicative borrow rate increases among liquid option names include: Quantum Computing (QUBT) 140.39% +17.51, FuelCell (FCEL) 60.82% +9.60, Capricor Therapeutics (CAPR) 117.72% +6.88, Chewy (CHWY) 5.77% +5.52, CRH (CRH) 1.29% +0.88, Novadel Pharma (NVD) 15.40% +0.83, KULR Technology Group (KULR) 66.54% +0.77, ZenaTech Inc (ZENA) 272.74% +0.65, Virgin Galactic (SPCE) 102.75% +0.57, and Nine Energy Service (NINE) 66.71% +0.51.
Nine Energy Service receives noncompliance notification from NYSE
Nine Energy Service announced that the company was notified by the NYSE of its noncompliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of its common stock had fallen below $1.00 per share over a period of 30 consecutive trading days. Under the NYSE's rules, the company can regain compliance with the minimum share price requirement at any time within the six-month period following receipt of the NYSE notification if on the last trading day of any calendar month during the six-month cure period, the company's common stock has a closing price of at least $1.00 per share and an average closing price of at least $1.00 per share over the 30 trading-day period ending on the last trading day of such month.
Nine Energy Service reports Q4 EPS (22c), one estimate (24c)
Reports Q4 revenue $141.8M, one estimate $135.0M. "We had a good Q4 with revenue increasing sequentially, despite a flat average US rig count and typical Q4 seasonality," said Ann Fox, President and Chief Executive Officer, Nine Energy Service. "The Nine team had many accomplishments in 2024, despite a challenging backdrop for the oilfield service sector. Over the past several years, we have seen significant US rig declines, driven mostly by a depressed natural gas price, which averaged around $2.19 for 2024. Nine's earnings have historically moved in tandem with the US rig count, which will continue to be a significant driver for Nine moving forward. However, in 2024 we created and implemented a two-pronged strategy of market share gains and cost reductions enabling us to drive profitability in a declining rig count environment. We began to see the impacts of this strategy in Q3, which continued into Q4 with sequential revenue increases despite a flat average US rig count and typical Q4 seasonality impacts."
Nine Energy Service reports Q3 EPS (26c) vs. (40c)
Reports Q3 revenue $138.2M vs. $132.4M in Q2. "Despite the average US rig count declining quarter over quarter, we increased our revenue by approximately 4%, with revenue coming in above the originally provided guidance," said CEO Ann Fox. "Nine outperformed market drivers this quarter due in large part to market share gains across operating basins in our cementing division...The market has mostly stabilized from an activity and pricing perspective, but commodity prices continue to fluctuate with global conflicts, weather and OPEC+ behavior. Natural gas prices remain challenging, keeping activity levels in basins like the Northeast and Haynesville low, impacting all of Nine's service lines. Due to typical budget exhaustion, weather, and holiday slow-downs, as well as an expected decrease in international tool sales, we anticipate Q4 revenue and profitability to be down compared to Q3. We remain positive on demand and the outlook for oil and natural gas. It is too early to provide specifics on 2025 activity levels, but if we see supportive commodity prices, in conjunction with the resetting of customer budgets, we would anticipate a moderate activity pick up in 2025 over current levels."
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