The following is a summary of the Nine Energy Service, Inc. (NINE) Q4 2023 Earnings Call Transcript:
Financial Performance:
Nine Energy Service reported annual revenue of $609.5 million with a net loss of $32.2 million or negative $0.97 per share.
The company's adjusted EBITDA for the year was $73 million.
For Q4 2023, the company achieved revenue of $144.1 million and a net loss of $10.3 million or negative $0.30 per share.
Adjusted EBITDA for Q4 increased by 26% over Q3, reaching $14.6 million.
Revenue for both coil team and wireline team increased by approximately 3% and 9% respectively.
The projected revenue range for Q1 2024 is between $135 million and $145 million.
Business Progress:
Despite volatility in the 2023 market, the company emphasized their commitment to developing technology and maintaining high-quality service.
Their existing credit facility was amended and its expiry extended to January 2027.
The company experienced an 18% increase in sales of dissolvable Stinger units, leading in U.S. market share for this product.
International revenue grew by 16% year-over-year.
Their recently launched Pincer hybrid frac plug, which uses less material and offers competitive drill-out times, shows promise in contributing further towards the company's sustainability efforts.
The company completed 974 cementing jobs, a 12% increase from the previous quarter, and 5,675 wireline stages with an approximate increase of 1% despite a 5% drop in coiled tubing days worked.
The CapEx for 2024 is projected between $15 million and $25 million.
More details: Nine Energy Service IR
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