Kodiak Gas Services Q3 2024: record Adjusted EBITDA $168.4M, raises FY guidance, issues 2025 outlook

Kodiak Gas Services, Inc.

2024-Q3 EPS reported $0.33 revenue$849,792,000

Contract Services revenue $284.3M, Adj. Gross Margin 66.0%; net loss $6.2M due to $9.9M impairment and $20.3M mark-to-market hedging loss.
Record quarterly Adj. EBITDA $168.4M and Free Cash Flow $52.5M; fleet utilization 96.4% (+2.1% sequentially).
FY2024 Adj. EBITDA guidance raised to $600-610M (low end +$10M); early 2025 outlook $675-725M.
Deployed 50,000 hp of new large compression units; divested ~95,000 hp small units, exited Canada.
Repurchased 1 million shares for $25 million during Q3.

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