Nine Energy Service reported third‑quarter 2025 financial results, with revenue of $132.0 million, a net loss of $14.6 million, and adjusted EBITDA of $9.6 million. Revenue declined 10.5% from $147.3 million in the second quarter and was down 4% year over year.
The company’s net loss widened to $14.6 million from $10.4 million in Q2, and adjusted EBITDA fell to $9.6 million from $14.1 million in the prior quarter. The loss per share was $0.35, below analyst expectations of $0.25 per share.
Nine Energy Service guided fourth‑quarter revenue to $135.0–$145.0 million, lower than the $147.3 million earned in Q2. Management cited a 7% drop in U.S. rig count from 592 to 549 and pricing pressure in the Permian Basin as primary drivers of the decline. Natural‑gas prices averaged $3.03 per MMBtu in Q3, supporting but volatile.
Segment performance: cementing revenue rose 14% year over year to $52.2 million, wireline revenue increased 18% to $33.0 million, and completion‑tools revenue grew 14% to $37.0 million, driven by a 27% rise in stages. Coiled‑tubing revenue fell 4% to $25.1 million due to pricing pressure.
Cash flow and liquidity: the company reported a net cash outflow of $9.9 million from operating activities and capital expenditures of $3.5 million. As of September 30, cash and equivalents totaled $14.4 million, with $25.9 million of available credit under its revolving facility, giving total liquidity of $40.3 million. Refinancing of the ABL credit facility in May 2025 added $22 million of covenant‑compliant liquidity.
The company’s first‑nine‑month revenue rose 4% to $429.7 million, while the net loss for the period was $32.1 million, roughly flat compared with the prior year.
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