Core Viewpoint - Natural Gas Services (NGS) has shown strong stock performance, with an 11% increase over the past month and a new 52-week high of $31.24, outperforming the Zacks Oils-Energy sector and the Oil and Gas - Mechanical and Equipment industry [1] Financial Performance - The company has consistently beaten earnings estimates, reporting an EPS of $0.46 against a consensus estimate of $0.33 in its last earnings report on November 10, 2025 [2] - For the current fiscal year, NGS is expected to post earnings of $1.62 per share on revenues of $170.08 million, reflecting a 13.29% increase in EPS and an 8.51% increase in revenues [3] - Projections for the next fiscal year indicate earnings of $2.11 per share on revenues of $196.07 million, representing year-over-year changes of 30.25% in EPS and 15.28% in revenues [3] Valuation Metrics - NGS currently trades at 18.6 times the current fiscal year EPS estimates, slightly below the peer industry average of 19.1 times [7] - On a trailing cash flow basis, the stock trades at 7.5 times, compared to the peer group's average of 7.4 times, indicating it is not among the top value stocks [7] Zacks Rank and Style Scores - NGS holds a Zacks Rank of 1 (Strong Buy) due to favorable earnings estimate revisions from analysts [8] - The stock has a Value Score of B, a Growth Score of C, and a Momentum Score of A, resulting in a combined VGM Score of A [6][9] - The combination of a strong Zacks Rank and favorable Style Scores suggests that NGS shares may have further upside potential in the near term [9]

Core Insights - The oil price remains strong, driving exploration and production activities, which boosts demand for drilling and production equipment [1][4] - Companies in the Zacks Oil and Gas - Mechanical and Equipment industry are experiencing rising backlogs, indicating a positive outlook [5][7] Industry Overview - The Zacks Oil and Gas - Mechanical and Equipment industry includes companies that provide essential oilfield equipment such as production machinery, pumps, and valves to exploration and production firms [3] - The industry's performance is closely linked to the spending of upstream energy companies, which rely on these equipment providers for extracting crude oil and natural gas [3] Future Outlook - The U.S. Energy Information Administration (EIA) projects that the average spot price of West Texas Intermediate (WTI) crude will be $65.15 per barrel in 2025, supporting strong demand for industry equipment [4] - Companies are implementing decarbonization initiatives to reduce Scope 1 and 2 emissions, aligning with global sustainability goals and enhancing their attractiveness to environmentally conscious investors [6] Backlogs and Financial Health - The industry is characterized by significant backlogs, indicating a strong demand for equipment and the ability to secure high-value projects [5] - Key players like NOV Inc. (NOV), Oil States International Inc. (OIS), and Natural Gas Services Group, Inc. (NGS) have strong balance sheets and minimal debt, providing resilience against market volatility [2][16][19][21] Performance Metrics - The Zacks Oil and Gas - Mechanical and Equipment industry has outperformed the broader Zacks Oil - Energy sector, with a 13.5% increase over the past year compared to the sector's 5.8% [9][10] - The industry currently trades at an EV/EBITDA ratio of 7.32X, lower than the S&P 500's 18.31X but higher than the sector's 5.47X [14] Stock Recommendations - NOV has a backlog of $4.56 billion, indicating strong future cash flow generation and a focus on cost reduction [16] - OIS is focusing on profitable offshore and international projects, supported by an increasing backlog and a strong balance sheet [19] - NGS benefits from the rising demand for compression equipment as the U.S. exports more liquefied natural gas (LNG) [21]

Core Viewpoint - Natural Gas Services (NGS) has shown a significant price increase of 13.4% over the past four weeks, with a mean price target of $38.25 indicating a potential upside of 29.3% from the current price of $29.58 [1] Price Targets and Analyst Consensus - The average price target for NGS ranges from a low of $34.00 to a high of $45.00, with a standard deviation of $4.99, suggesting a variability in estimates [2] - The lowest estimate indicates a 14.9% increase, while the highest suggests a 52.1% upside [2] - A low standard deviation indicates strong agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Analyst Optimism - Analysts have shown strong agreement in revising earnings per share (EPS) estimates higher, which correlates with potential stock price increases [11] - Over the last 30 days, one estimate has increased, leading to a 9.5% rise in the Zacks Consensus Estimate for the current year [12] - NGS holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - While price targets are commonly referenced, they can mislead investors, as empirical research shows they rarely indicate actual stock price movements [7][10] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]

Core Viewpoint - The article emphasizes the importance of identifying and sustaining trends in short-term investing, highlighting Natural Gas Services (NGS) as a strong candidate for trend investors due to its recent price performance and favorable fundamentals [1][4][6]. Price Performance - NGS has experienced a solid price increase of 14.3% over the past 12 weeks, indicating strong investor interest [4]. - The stock has also seen a price increase of 13.4% over the last four weeks, suggesting that the upward trend is maintained [5]. Trading Range - NGS is currently trading at 91.8% of its 52-week high-low range, indicating a potential breakout opportunity [6]. Fundamental Strength - NGS holds a Zacks Rank of 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Additional Insights - The article suggests that NGS may continue its price trend without reversal in the near future, and encourages investors to explore other stocks that meet similar criteria [8]. - It also mentions the availability of over 45 Zacks Premium Screens to assist in identifying potential winning stocks based on individual investing styles [8].

Financial Performance - Rental revenue for Q3 2025 was $41.5 million, representing an 11.1% year-over-year increase and a 4.9% sequential increase[5] - Net income for Q3 2025 was $5.8 million, or $0.46 per diluted share, up 11.5% sequentially from $5.0 million, or $0.40 per diluted share, in Q3 2024[5] - Adjusted EBITDA for Q3 2025 increased 14.6% year-over-year to $20.8 million, with a 6.0% sequential increase from $19.7 million in Q2 2025[14] - Total revenue for Q3 2025 increased 6.7% to $43.4 million from $40.7 million in Q3 2024, driven by higher rental revenues[9] - Adjusted Gross Margin for September 30, 2025, was $25,828,000, up from $22,892,000 for the same period last year, reflecting a growth of approximately 12.5%[23] - Adjusted EBITDA for the three months ended September 30, 2025, reached $20,838,000, compared to $18,186,000 in the prior year, indicating an increase of about 14.5%[25] - Net income for the three months ended September 30, 2025, was $5,784,000, an increase from $5,014,000 in the same quarter of the previous year, representing a growth of approximately 15.3%[25] - Total revenue for the three months ended September 30, 2025, was $43,401,000, showing an increase from $40,686,000 in the previous year[23] - Operating income for the nine months ended September 30, 2025, reached $30,186 thousand, up 10.5% from $27,282 thousand in the same period of 2024[35] - Earnings per share (EPS) for the three months ended September 30, 2025, was $0.46, compared to $0.40 for the same period in 2024, reflecting a 15% increase[35] Capital Expenditures and Guidance - The company raised its full-year 2025 Adjusted EBITDA guidance to a range of $78 million to $81 million, up from $76 million to $80 million[6] - The company expects 2025 growth capital expenditures of $95 million to $110 million, tied to the deployment of approximately 90,000 horsepower[7] Debt and Leverage - The leverage ratio as of September 30, 2025, was 2.50x, with outstanding debt on the revolving credit facility at $208.0 million[15] - Long-term debt increased to $208,000,000 as of September 30, 2025, compared to $170,000,000 at the end of 2024, reflecting a rise of approximately 22.4%[33] - The company incurred interest expense of $9,827 thousand for the nine months ended September 30, 2025, compared to $8,912 thousand in the same period of 2024[35] Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2025, was $49,062 thousand, down from $57,037 thousand in the same period of 2024[37] - Cash used in investing activities for the nine months ended September 30, 2025, was $86,821 thousand, an increase from $56,681 thousand in the same period of 2024[37] - The company had a net cash provided by financing activities of $35,617 thousand for the nine months ended September 30, 2025, compared to a net cash used of $2,692 thousand in the same period of 2024[37] Operational Metrics - The rental fleet was expanded by 27,000 horsepower, resulting in a total of 526,015 rented horsepower as of September 30, 2025, reflecting a 10.6% increase year-over-year[9] - Horsepower utilization increased to 84.1% as of September 30, 2025, compared to 82.0% a year earlier[19] - The company reported a gross margin of $16,677,000 for the three months ended September 30, 2025, compared to $14,936,000 for the same period last year, indicating an increase of about 11.6%[23] Shareholder Returns - The quarterly cash dividend was increased by 10% to $0.11 per share, demonstrating confidence in cash generation and capital allocation strategy[5] Future Outlook and Engagement - The company plans to host a conference call on November 11, 2025, to discuss its third-quarter results, indicating ongoing engagement with investors[26] - The company continues to focus on the development and deployment of new technologies and services to enhance operational performance and compliance with regulations[31]

Financial Data and Key Metrics Changes - The company reported record results in Q3, with adjusted EBITDA of $20.8 million, up approximately 15% year-over-year and 6% sequentially [6][14] - Total rental revenue grew 11.1% year-over-year and 4.9% sequentially to $41.5 million, reflecting a 27,000 horsepower increase during the quarter [14] - Net income was $5.8 million or $0.46 per diluted share, an increase of $800,000 year-over-year and $600,000 sequentially [15] Business Line Data and Key Metrics Changes - Rented horsepower ended the quarter at approximately 526,000, an 11% increase year-over-year and 5% sequentially [15] - Fleet utilization reached a record 84.1%, up 204 basis points year-over-year and 45 basis points sequentially [15] - The company added a significant number of large horsepower units under long-term contracts, with roughly half being electric units [5][8] Market Data and Key Metrics Changes - The company is seeing strong demand in oil production, particularly in production efficiency, reliability, and emissions performance [9] - Rising electricity demand and LNG infrastructure buildout are creating durable growth opportunities for compression services [9] - The company is optimistic about continued demand for compression, driven by AI and data center expansion [9] Company Strategy and Development Direction - The company plans to add approximately 90,000 horsepower over 2025 and early 2026, with a significant number of new large horsepower units already under contract [8] - The company aims to maintain a balance between shareholder returns and growth, as evidenced by the inaugural dividend and its increase [7][16] - The focus remains on technology leadership and service excellence to improve competitive positioning [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver improved performance despite global macroeconomic uncertainty [9] - The company raised its full-year 2025 adjusted EBITDA guidance to $78 million-$81 million, reflecting a 2% increase at the midpoint from previous guidance [17] - Preliminary expectations for 2026 growth CapEx are set at $50 million-$70 million, indicating another year of organic growth [17] Other Important Information - The company has improved its income tax receivable and is awaiting payment processing [11] - Capital expenditures totaled $41.9 million, with $39.1 million allocated to growth CapEx [15] - The leverage ratio was 2.5x, remaining the lowest among public compression peers [16] Q&A Session Summary Question: Can you talk about the outlook for 2026 and customer conversations? - Management noted that there is no hesitancy from customers regarding 2026 contracts, with a broad range of interest observed [22][23] Question: What are the opportunities for margin improvement? - Management indicated that margins are expected to remain in the low 60s in the near term, with potential for improvement through a shift to large horsepower [25] Question: Is the majority of demand still for gas lift in the Permian? - Management confirmed that while gas lift remains the majority, there is growing demand for data center natural gas loads [29][30] Question: How is the relationship with Devon Energy developing? - Management highlighted a long-term relationship with Devon, emphasizing technology and service quality as key drivers for expansion [46][47] Question: How does the company balance dividend increases with growth opportunities? - Management stated that while they aim for a growing dividend, it will not impact the ability to grow the business significantly [44][45] Question: What is the outlook for capital expenditures in 2026? - Management indicated that 2026 is expected to be in line with 2024, with significant growth opportunities anticipated [54][55]

Financial Data and Key Metrics Changes - The company reported record results in Q3, with adjusted EBITDA of $20.8 million, up approximately 15% year-over-year and 6% sequentially [6][14] - Total rental revenue grew 11.1% year-over-year and 4.9% sequentially to $41.5 million, driven by a 27,000 horsepower increase [14] - Net income was $5.8 million or $0.46 per diluted share, an increase of $800,000 year-over-year and $600,000 sequentially [14] - The leverage ratio was 2.5 times, up from 2.31 times in the previous quarter, remaining the lowest among public compression peers [16] Business Line Data and Key Metrics Changes - Rented horsepower ended the quarter at approximately 526,000, an 11% increase year-over-year and 5% sequentially [15] - Fleet utilization reached a record 84.1%, up 204 basis points year-over-year and 45 basis points sequentially [15] - Rental adjusted gross margin was $25.5 million, up $2.6 million year-over-year and $1.5 million sequentially, with a margin percentage of 61.5% [14] Market Data and Key Metrics Changes - The company is taking market share in large horsepower compression, with all new sets under long-term contracts [5] - Devon Energy now represents more than 10% of year-to-date revenue, indicating strong customer relationships [5] Company Strategy and Development Direction - The company plans to add approximately 90,000 horsepower over 2025 and early 2026, with significant new electric and gas units already under contract [8] - The company aims to optimize fleet assets and improve rental revenue per horsepower, which finished the quarter at $27.08 per horsepower per month, a 1.7% sequential increase [10] - The company is focused on balancing capital returns with growth opportunities, having initiated a quarterly dividend of $0.10 per share [7][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver improved performance despite global macroeconomic uncertainty, citing strong demand for compression tied to existing production [9] - The company anticipates continued growth in 2026, with preliminary expectations for growth CapEx of $50 million to $70 million [17] - Management highlighted the importance of technology and service excellence in maintaining competitive advantages [7][9] Other Important Information - The company is not focused on real estate investments but aims to convert non-productive assets into productive horsepower [11] - The company is seeing strong demand for compression driven by rising electricity demand and LNG infrastructure buildout [9] Q&A Session Summary Question: Can you talk about the outlook for 2026 and customer conversations? - Management noted that there is no hesitancy from customers regarding 2026 contracts, with a broad range of interest observed [22][23] Question: What are the opportunities for margin improvement? - Management indicated that margins are expected to remain in the low 60s in the near term, with potential for improvement through a mix shift to large horsepower [25] Question: Is the majority of demand still for gas lift in the Permian? - Management confirmed that while gas lift remains the majority, there is growing demand for data center natural gas loads, creating incremental opportunities [29][30] Question: How did the relationship with Devon Energy develop? - Management explained that the long-term relationship with Devon was strengthened by demonstrating the capabilities of their technology and service [46][47] Question: What is the outlook for capital expenditures in 2026? - Management indicated that 2026 is expected to be in line with 2024, with significant growth anticipated [54][55]

Financial Data and Key Metrics Changes - The company reported record results in Q3 2025, with adjusted EBITDA of $20.8 million, up approximately 15% year-over-year and 6% sequentially [5][12] - Total rental revenue grew 11.1% year-over-year and 4.9% sequentially to $41.5 million, driven by a 27,000 horsepower increase [12] - Net income was $5.8 million or $0.46 per diluted share, an increase of $800,000 year-over-year and $600,000 sequentially [13] - The leverage ratio was 2.5 times, up from 2.31 times in the previous quarter, remaining the lowest among public compression peers [15] Business Line Data and Key Metrics Changes - Rented horsepower increased to approximately 526,000, an 11% increase year-over-year and 5% sequentially [14] - Fleet utilization reached a record 84.1%, up 204 basis points year-over-year and 45 basis points sequentially [14] - Rental adjusted gross margin was $25.5 million, up $2.6 million year-over-year, with a margin percentage of 61.5%, reflecting sustained pricing discipline [12] Market Data and Key Metrics Changes - The company is taking market share in large horsepower compression, with all new sets under long-term contracts, half of which are large horsepower electric units [5] - The company noted strong demand for compression driven by oil production efficiency, reliability, and emissions performance [8] Company Strategy and Development Direction - The company plans to add approximately 90,000 horsepower over 2025 and early 2026, with significant new electric and gas units already under contract [7] - The company aims to optimize fleet assets and improve rental revenue per horsepower, which finished the quarter at $27.08 per horsepower per month, a 1.7% sequential increase [9] - The company is focused on converting non-productive assets into productive horsepower, enhancing fleet expansion [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering improved performance despite global macroeconomic uncertainty, citing strong demand for compression tied to existing production [8] - The company raised full-year 2025 adjusted EBITDA guidance to $78-$81 million, reflecting a 2% increase at the midpoint from previous guidance [16] - Preliminary expectations for 2026 growth CapEx are set at $50 million-$70 million, indicating continued organic growth [16] Other Important Information - The company paid out its inaugural quarterly dividend of $0.10 per share and plans to increase the fourth-quarter dividend by 10% to $0.11 per share [6] - The company maintains the best leverage position among its public compression peers, allowing for both growth and shareholder returns [6] Q&A Session Summary Question: Outlook for 2026 and customer conversations - Management noted that there is no hesitancy from customers regarding 2026 contracts, with a broad range of interest observed [20][22] - Lead times for new unit fabrication vary, but management is optimistic about meeting customer demand in the second half of 2026 [23] Question: Opportunities for margin improvement - Management indicated that margins are expected to remain in the low 60s in the near term, with potential for improvement through a mix shift to large horsepower [24] Question: End market uses for larger compressors - The majority of demand remains for gas lift in the Permian, but there is growing demand for data center natural gas loads, creating incremental opportunities [27] Question: CapEx outlook for 2026 - Management expects 2026 to be generally in line with 2024, with significant growth opportunities already contracted [46][47] Question: Increasing dividend and balancing growth - The decision to increase the dividend reflects confidence in future growth while maintaining a balance between capital returns and growth opportunities [39]

Financial Data and Key Metrics Changes - The company reported record results in Q3 2025, with adjusted EBITDA of $20.8 million, up approximately 15% year over year and 6% sequentially [7][19] - Total rental revenue grew 11.1% year over year and 4.9% sequentially to $41.5 million, reflecting a 27,000 horsepower increase during the quarter [18] - Net income was $5.8 million or $0.46 per diluted share, up $800,000 year over year and $600,000 sequentially [19] - The company raised its full-year 2025 adjusted EBITDA guidance to $78 million to $81 million from the previous range of $76 million to $80 million [7][22] Business Line Data and Key Metrics Changes - Rented horsepower ended the quarter at approximately 526,000, an 11% increase year over year and 5% sequentially [19] - Fleet utilization reached a record 84.1%, up 204 basis points year over year and 45 basis points sequentially [19] - Rental adjusted gross margin was $25.5 million, up $2.6 million year over year and $1.5 million sequentially, with a margin percentage of 61.5% [18] Market Data and Key Metrics Changes - The company continues to take market share in large horsepower compression, with all new sets under long-term contracts [6] - Devon Energy now represents more than 10% of year-to-date revenue, highlighting a significant customer relationship [6] Company Strategy and Development Direction - The company is focused on fleet optimization and technology leadership to enhance service excellence and competitive positioning [8][10] - There is a strong emphasis on expanding into new markets, including data centers and LNG infrastructure, which are expected to drive future growth [10][11] - The company plans to add approximately 90,000 horsepower over 2025 and early 2026, with a significant number of new large horsepower units already under contract [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver improved performance despite global macroeconomic uncertainty [10] - The company anticipates continued demand for compression driven by existing production and rising electricity demand [10] - Preliminary expectations for 2026 growth capital expenditures are set at $50 million to $70 million, indicating ongoing organic growth [22] Other Important Information - The company paid out its inaugural quarterly dividend of $0.10 per share and plans to increase the fourth-quarter dividend by 10% to $0.11 per share [7][21] - The leverage ratio was reported at 2.5 times, remaining the lowest among public compression peers [20] Q&A Session Summary Question: Can you talk about the outlook for 2026 and customer conversations? - Management noted that there is no hesitancy from customers regarding 2026 contracts, with a broad range of interest observed [28][29] Question: What are the opportunities for margin improvement? - Management indicated that margins are expected to remain in the low 60s in the near term, with potential for improvement through a mix shift to large horsepower [31] Question: Is the majority of demand still for gas lift in the Permian? - While gas lift in the Permian remains a significant portion, there is growing demand for data center natural gas load, creating incremental opportunities [36] Question: How is the relationship with Devon Energy developing? - The relationship has expanded significantly due to the company's technology and service capabilities, leading to increased horsepower contracts [50][51] Question: How does the company balance capital returns with growth opportunities? - Management emphasized a disciplined approach to capital allocation, ensuring that dividend increases do not hinder growth potential [48][49]

Revenue Performance - Rental revenues for Q3 2025 were $41,502,000, an increase of 11.5% from $37,350,000 in Q3 2024[70] - Total revenues for Q3 2025 reached $43,401,000, up from $40,686,000 in Q3 2024, reflecting a growth of 6.7%[70] - Rental revenue for the three months ended September 30, 2025, was $41,502, an increase of $4,152 or 11.1% compared to $37,350 in 2024[83] - Total revenues for the nine months ended September 30, 2025, increased by 17.4% to $26,854 million compared to $22,878 million in 2024[91] Profitability Metrics - Adjusted Gross Margin for Q3 2025 was $25,828,000, compared to $22,892,000 in Q3 2024, indicating a year-over-year increase of 12.7%[78] - Adjusted EBITDA for Q3 2025 was $20,838,000, up from $18,186,000 in Q3 2024, representing a growth of 14.5%[81] - Rental adjusted gross margin for the nine months ended September 30, 2025, was $73,654, reflecting a $9,428 increase or 14.7% from $64,226 in 2024[83] - The percentage of rental adjusted gross margin increased to 61.4% for the nine months ended September 30, 2025, compared to 60.6% in 2024[83] - Aftermarket services adjusted gross margin increased to $273 for the three months ended September 30, 2025, representing a 61.5% increase from $169 in 2024[87] Operational Metrics - Rented horsepower at the end of Q3 2025 was 526,015, an increase from 475,534 in Q3 2024, showing a growth of 10.6%[70] - Average rented horsepower for Q3 2025 was 510,885, compared to 449,394 in Q3 2024, reflecting a 13.7% increase[70] - Horsepower utilization at the end of Q3 2025 was 84.1%, up from 82.0% in Q3 2024[70] - The company placed a total of 229 newly set units into service through September 30, 2025, including 78 large horsepower units[83] Expenses and Costs - Total selling, general and administrative (SG&A) expenses for the three months ended September 30, 2025, were $5,870, an increase of $411 or 7.5% from $5,459 in 2024[89] - Stock-based compensation increased to $612 for the three months ended September 30, 2025, reflecting a $90 increase or 17.2% from $522 in 2024[89] - Depreciation and amortization expense increased by 14.4% to $9,249 million for the three months ended September 30, 2025, compared to $8,086 million in 2024[91] Financial Position - As of September 30, 2025, the company had $208.0 million outstanding under its Credit Facility with a weighted average interest rate of 7.04%[116] - Total capitalization as of September 30, 2025, was $479.4 million, with debt constituting 43.4% of total capitalization[114] - The company borrowed $38.0 million net under the Credit Facility during the nine months ended September 30, 2025, compared to net repayments of $1.0 million in the same period of 2024[113] - The borrowing base under the Credit Facility was $371.0 million as of September 30, 2025, leaving $163.0 million available for borrowing[116] - The company is in compliance with all financial covenants in its Credit Facility as of September 30, 2025[116] Market Outlook - The company expects continued demand for its compressor fleet, assuming crude oil prices remain stable[72] - The market outlook for natural gas production in the U.S. is steady, with opportunities for increased utilization of small and medium horsepower units in shale gas development[73] Impairments and Other Income - The company recorded an impairment loss of $136 million in 2024, with no impairments reported for 2025[93] - Other income improved significantly to $222 million for the three months ended September 30, 2025, compared to a loss of $15 million in 2024[100] Taxation - Income tax expense increased by 29% to $1,779 million for the three months ended September 30, 2025, from $1,383 million in 2024[101] - The effective income tax rate rose to 23.5% for the three months ended September 30, 2025, compared to 21.6% in 2024[101] Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2025, was $49.1 million, a decrease of $8.0 million compared to the same period in 2024[111] - The company invested approximately $86.9 million in rental equipment and property for the nine months ended September 30, 2025, compared to $57.4 million in 2024[112] - The company anticipates that cash on hand, cash flows from operating activities, and borrowings will be sufficient to meet capital, dividend, and liquidity requirements for at least the next twelve months[105] - Capital expenditures for 2025 will depend on customer compression requirements and capital availability, while maintaining prudent levels of debt[104] - The company has a right to request an increase in the Credit Facility commitment of up to $100.0 million, subject to certain conditions[114]