Nine Energy Q2 revenue $161.4M, net loss $2.5M; Q3 outlook down; director resigns

Nine Energy Service, Inc.

2023-Q2 EPS reported -$0.26 revenue$324,836,000

Revenue $161.4M (within guidance $158-166M), net loss $(2.5)M or $(0.08) per share.
Adjusted EBITDA $21.7M; gross profit $24.2M; adjusted gross profit $34.0M.
CEO: Q3 revenue and earnings expected to be down sequentially due to rig-count declines and pricing pressure.
Director David C. Baldwin resigned effective Aug 3, 2023 for personal reasons; no disagreement with company.
Total liquidity $60.1M ($41.1M cash, $19M revolver availability) as of June 30, 2023.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

David C. Baldwin

Director

NINE · Nine Energy Service, Inc.

Effective: 2023-08-03
Filed: August 3, 2023, 7:59 PM ET

On July 31, 2023, David C. Baldwin submitted his resignation as a member of the board of directors of the Company, effective as of August 3, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Nine Energy Service, Inc. reported second quarter 2023 results: revenue $161.4 million, net income $(2.5) million, EPS $(0.08) per diluted share.

Period: second quarter 2023
Revenue: $161.4 million
Net income: $(2.5) million
EPS: $(0.08) per diluted share
Result: reported results

Exact text from the filing

Nine Energy Service, Inc. (“Nine” or the “Company”) (NYSE: NINE) reported second quarter 2023 revenues of $161.4 million, net loss of $(2.5) million, or $(0.08) per diluted share and $(0.08) per basic share, and adjusted EBITDA of $21.7 million.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

David C. Baldwin resigned as Director at Nine Energy Service, Inc..

Action: resigned
Role: Director

Exact text from the filing

On July 31, 2023, David C. Baldwin submitted his resignation as a member of the board of directors of the Company, effective as of August 3, 2023.

View on SEC.gov

51 earnings releases filed in the last 30 days. Browse all earnings releases →

Nine Energy Service, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-202985

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