National Energy Services Reunited Corp.(US:NESR)2026-02-17 11:05Revenue and Income - Revenue for the quarter ended December 31, 2025, was $398.3 million, representing a 34.9% sequential increase and a 15.9% year-over-year increase[3] - Net income for the quarter was $7.8 million, a decline of 56.0% sequentially and 70.9% year-over-year[3] - Adjusted net income for the quarter was $31.9 million, up 106.6% sequentially[3] - Total revenues for the year ended December 31, 2025, increased to $1,324,047, up from $1,301,704 in 2024, representing a growth of 1.7%[21] - Net income for the year ended December 31, 2025, was $51,132, a decrease of 33% compared to $76,310 in 2024[23] - Operating income for the year ended December 31, 2025, was $98,320, down from $137,704 in 2024, reflecting a decline of 28.6%[21] - Basic earnings per share for the year ended December 31, 2025, was $0.52, compared to $0.80 in 2024, a decline of 35%[21] Cash Flow and Debt - Operating cash flow for the year ended December 31, 2025, was $264.2 million, up 15.2% year-over-year[3] - Free cash flow for the year ended December 31, 2025, was $120.8 million, compared to $124.2 million for the same period in 2024[10] - Net Debt as of December 31, 2025, was $185.3 million, down nearly $90 million year-over-year[6] - Cash and cash equivalents as of December 31, 2025, were $124.8 million, compared to $108.0 million as of December 31, 2024[9] - Net cash provided by operating activities for the year ended December 31, 2025, was $264,242, an increase from $229,329 in 2024, representing a growth of 15.2%[23] - As of December 31, 2025, the company's net debt stood at $185.3 million, a decrease from $274.9 million a year earlier[31] - The current installments of long-term debt as of December 31, 2025, were $64.5 million, consistent with the previous quarter[31] Assets and Liabilities - Total current assets rose to $630,374 in 2025, compared to $540,516 in 2024, an increase of 16.6%[19] - Total liabilities increased to $883,603 in 2025, up from $865,446 in 2024, reflecting a rise of 2.9%[19] - The company’s total assets increased to $1,851,519 in 2025 from $1,773,678 in 2024, reflecting a growth of 4.4%[19] - Cash and cash equivalents at the end of the period increased to $132,696 from $107,956 in 2024, marking a growth of 22.9%[23] Operational Performance - Adjusted EBITDA for the quarter was $84.4 million, reflecting a 32.0% sequential increase[3] - Total adjusted EBITDA for the quarter ended December 31, 2025, was $84.4 million, an increase from $64.0 million in the previous quarter[29] - The company reported a gross profit of $164,730 for the year ended December 31, 2025, down from $208,673 in 2024, a decrease of 21.1%[21] - Total charges and credits impacting adjusted EBITDA for the quarter ended December 31, 2025, included $24.1 million, primarily due to technology impairments and restructuring projects[29] Other Notable Events - The company announced significant contract awards, including an integrated unconventional completions scope in Saudi Arabia's Jafurah development[6] - The company aims to maintain strong margins and improve working capital performance as it enters 2026[6] - The company incurred $8.1 million in technology impairments during the quarter ended December 31, 2025[27] - Current expected credit loss provisions for the quarter ended December 31, 2025, amounted to $7.1 million, mainly in Oman[26] - The company experienced a loss of inventory in fire amounting to $2.0 million in the quarter ended September 30, 2025[27]