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

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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

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Nine Energy Service, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-202985

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