Nine Energy Service Q2 2021 revenue $84.8M, net loss $(24.5)M; sees double-digit Q3 growth

Nine Energy Service, Inc.

2021-Q2 EPS reported -$1.09 revenue$151,458,000

Revenue $84.8M (+27% QoQ) exceeded guidance midpoint; net loss $(24.5)M, basic loss per share $(0.81).
Adjusted net loss $(23.8)M, adjusted basic loss per share $(0.78), adjusted EBITDA $(0.4)M.
Inventory write-down of $2.4M on legacy tools negatively impacted operating results.
Dissolvable plug sales up 40% QoQ; US completions up only 19%.
Liquidity $85.4M ($33.1M cash, $52.3M undrawn revolver); Q3 expected double-digit sequential revenue growth.

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