Nine(NINE) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 revenues were $141.4 million, with a net loss of$(8.8) million, resulting in a loss of $(0.22) per diluted share[2] - Full year 2024 revenues totaled$554.1 million, with a net loss of $(41.1) million and adjusted EBITDA of$53.2 million[5] - Revenues for the year ended December 31, 2024, were $554,104 million, compared to$609,526 million in 2023, reflecting a decline of about 9.1%[33] - Adjusted EBITDA for the year ended December 31, 2024, was $53,204 million, down from$72,966 million in 2023, a decrease of approximately 27%[28] - Gross profit for the year ended December 31, 2024, was $61,097 million, down from$80,159 million in 2023, a decrease of approximately 23.7%[33] - Adjusted gross profit for the year ended December 31, 2024, was $97,375 million, down from$118,776 million in 2023, a decrease of approximately 18%[33] - Net loss for the year ended December 31, 2024, was $41,082 million, compared to a net loss of$32,213 million in 2023, representing an increase in losses of about 27.5%[26] Liquidity and Capital Structure - Total liquidity as of December 31, 2024, was $52.1 million, consisting of$27.9 million in cash and cash equivalents and $24.2 million available under the revolving credit facility[12] - Cash and cash equivalents decreased from$30,840 million at the beginning of the period to $27,880 million at the end of the period, a decline of about 6.3$401,984 million in 2023 to $360,076 million in 2024, a decline of approximately 10.4$437,614 million in 2023 to $426,140 million in 2024, a reduction of approximately 2.7$(35,630) million in 2023 to $(66,064) million in 2024, indicating a worsening of the equity position[24] Operational Efficiency and Safety - The Total Recordable Incident Rate (TRIR) improved by approximately 22$51.3 million, down from $59.8 million in 2023[9] Return on Invested Capital - The company generated a return on invested capital (ROIC) of (14.9)% for the full year 2024, with an adjusted ROIC of 3.7%[7] - ROIC for the year ended December 31, 2024, was -14.9%, compared to -10.8% in 2023, indicating a decline in return on invested capital[31] - Adjusted return on invested capital (adjusted ROIC) is defined as adjusted after-tax net operating profit (loss) divided by average total capital[36] - Management believes adjusted ROIC provides useful information regarding financial condition and operational results[36] - Adjusted ROIC quantifies the generation of operating income relative to the capital invested in the business[36] - The measure illustrates the profitability of a business or project considering the capital invested[36] - Management uses adjusted ROIC for capital resource allocation decisions and evaluating business performance[36] Innovation and Technology - New technologies, including the Pincer Hybrid Frac Plug, were introduced in 2024, with a focus on continued innovation in 2025[4]