Nine Energy Service Stock Earnings Reports

Nine Energy reported Q3 2025 revenue of $132.0 million and adjusted EBITDA of $9.6 million, missing the low end of prior guidance. The quarter was negatively impacted by a declining U.S. rig count (down ~7% from Q1 to Q3), pronounced pricing pressure—especially in the Permian—and domestic market share losses in the completion tools business tied to customer consolidation and changes in casing sizes. International revenue grew ~19% year-to-date driven by UAE, Argentina and Australia. Operational highlights included a successful technical cementing job in the Haynesville. Financially, Nine ended Q3 with $14.4 million of cash, $25.9 million of revolver availability and total liquidity of $40.3 million, but expects sequential reductions in its borrowing base (~$2.2 million per month across upcoming appraisals) tied to lower appraised inventory values. Q3 operating trends: cementing revenue down ~6%, wireline down ~15%, completion tools down ~16%, coiled tubing down ~7%. Cash used in operations was $9.9 million in Q3; CapEx through Q3 was $13.9 million with full-year guidance of $15–25 million (likely toward the low end). For Q4 management expects continued weak pricing and seasonality to depress activity, forecasting revenue of $122–$132 million and expecting lower adjusted EBITDA versus Q3. Management emphasizes focus on cost reductions, protecting service quality and growing international market share while responding to the challenging domestic backdrop.