NINE Nine Energy Service Inc

Exhibit 99.1

Nine Energy Service Announces Fourth Quarter and Full Year 2024 Results

HOUSTON – Nine Energy Service, Inc. (“Nine” or the “Company”) (NYSE: NINE) reported fourth quarter 2024 revenues of $141.4 million, net loss of $(8.8) million, or $(0.22) per diluted share and $(0.22) per basic share, and adjusted EBITDA of $14.1 million. The Company had provided original fourth quarter 2024 revenue guidance between $132.0 and $142.0 million, with actual results coming in the upper end of the provided range.

“We had a good Q4 with revenue increasing sequentially, despite a flat average US rig count and typical Q4 seasonality,” said Ann Fox, President and Chief Executive Officer, Nine Energy Service.

“The Nine team had many accomplishments in 2024, despite a challenging backdrop for the oilfield service sector. Over the past several years, we have seen significant US rig declines, driven mostly by a depressed natural gas price, which averaged around $2.19 for 2024. Nine’s earnings have historically moved in tandem with the US rig count, which will continue to be a significant driver for Nine moving forward. However, in 2024 we created and implemented a two-pronged strategy of market share gains and cost reductions enabling us to drive profitability in a declining rig count environment. We began to see the impacts of this strategy in Q3, which continued into Q4 with sequential revenue increases despite a flat average US rig count and typical Q4 seasonality impacts.”

“Our cementing team was the largest driver of revenue and profitability growth, increasing quarterly cementing revenue by approximately 20% from Q2 to Q4, despite the 2024 US rig count reaching a trough in Q4. We exited 2024 with a Q4 cementing market share within the regions we operate of approximately 19%, an increase of approximately 14% over our Q4 2023 market share. Our completion tools team continued a relentless focus on technology in 2024, fielding multiple new technologies like the Pincer Hybrid Frac Plug and our new frac dart element. We remain bullish on the dissolvable plug thesis, especially as lateral lengths continue to expand. Technology innovation will continue to be a key focus in 2025 with the introduction of a new, state-of-the-art R&D and completion tools testing facility.”

“Safe operations are essential and drive operational excellence, sustain morale, and create cohesion in the team from the field to the corporate office. This year, our Total Recordable Incident Rate (“TRIR”) declined approximately 22% from 2023 to a 0.49, and the severity of our incidents also dropped. We launched our first Sustainability Report in 2024 which includes tough-to-get measurements for a corporation of our size.”

“It is a very dynamic time, but we are optimistic looking into 2025 as we continue to execute our strategy, expanding on our market share gains and cost cutting initiatives we began implementing in 2024. We believe the long-term demand for natural gas will increase. Our revenue is over 30% levered to natural gas basins, and activity increases within these basins would have positive impacts on Nine’s revenue and profitability.”

“With what we know today, we expect 2025 US activity levels to be mostly stable. Despite weather impacts in January and relatively flat activity levels thus far in Q1, we anticipate both revenue and profitability to increase sequentially in Q1 compared to Q4 as we sustain and build-on our market share gains and cost cutting initiatives.”

“We are constantly challenging ourselves to find ways to drive profitability for Nine. Our team is experienced and motivated. We are focused on continuing to execute our strategy and increasing profitability, and I am looking forward to seeing what we can accomplish in 2025.”

Operating Results

For the year ended December 31, 2024, the Company reported revenues of $554.1 million, net loss of $(41.1) million, or $(1.11) per diluted share and $(1.11) per basic share, and adjusted EBITDA of $53.2 million. For the full year 2024, the Company reported gross profit of $61.1 million and adjusted gross profit^B of $97.4 million. For the year ended December 31, 2024, the Company generated ROIC of (14.9)% and adjusted ROIC^C of 3.7%.

During the fourth quarter of 2024, the Company reported revenues of $141.4 million, gross profit of $16.5 million and adjusted gross profit of $26.2 million. During the fourth quarter, the Company generated ROIC of (13.3)% and adjusted ROIC of 6.0%.

During the fourth quarter of 2024, the Company reported general and administrative (“G&A”) expense of $14.2 million. For the year ended December 31, 2024, the Company reported G&A expense of $51.3 million. Depreciation and amortization expense (“D&A”) in the fourth quarter of 2024 was $8.8 million. For the year ended December 31, 2024, the Company reported D&A expense of $36.8 million.

The Company’s tax provision was approximately $0.2 million year to date. The provision for 2024 is the result of the Company’s tax position in state and non-U.S. tax jurisdictions.

Liquidity and Capital Expenditures

For the year ended December 31, 2024, the Company reported net cash provided by operating activities of $13.2 million. For the year ended December 31, 2024, the Company reported total capital expenditures of approximately $14.6 million, which was within management’s original full year 2024 guidance of $10 to $15 million.

As of December 31, 2024, Nine’s cash and cash equivalents were $27.9 million, and the Company had $24.2 million of availability under the revolving credit facility, resulting in a total liquidity position of $52.1 million as of December 31, 2024. On December 31, 2024, the Company had $47.0 million of borrowings under the revolving credit facility.

On November 6, 2023, the Company entered into an Equity Distribution Agreement. During the three months ended December 31, 2024, no shares were sold under the Equity Distribution Agreement. During the year ended December 31, 2024, approximately 5.4 million shares were sold under the Equity Distribution Agreement, which generated net proceeds of $8.2 million.

^ABCSee end of press release for definitions of these non-GAAP measures. These measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income (loss), gross profit or any other measure determined in accordance with GAAP. Certain items excluded from these measures are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. Our computation of these measures may not be comparable to other similarly titled measures of other companies.

Conference Call Information

The call is scheduled for Thursday, March 6, 2025, at 9:00 am Central Time. Participants may join the live conference call by dialing U.S. (Toll Free): (877) 524-8416 or International: (412) 902-1028 and asking for the “Nine Energy Service Earnings Call”. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the earnings call.

For those who cannot listen to the live call, a telephonic replay of the call will be available through March 20, 2025 and may be accessed by dialing U.S. (Toll Free): (877) 660-6853 or International: (201) 612-7415 and entering the passcode of 13751412.

About Nine Energy Service

Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, Haynesville, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.

For more information on the Company, please visit Nine’s website at nineenergyservice.com.

Forward Looking Statements

The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements also include statements that refer to or are based on projections, uncertain events or assumptions. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, the level of capital spending and well completions by the onshore oil and natural gas industry, which may be affected by geopolitical and economic developments in the U.S. and globally, including conflicts, instability, acts of war or terrorism in oil producing countries or regions, particularly Russia, the Middle East, South America and Africa, as well as actions by members of the Organization of the Petroleum Exporting Countries and other oil exporting nations; general economic conditions and inflation, particularly, cost inflation with labor or materials; equipment and supply chain constraints; the effects of tariffs and other trade measures on the Company’s business; the Company’s ability to attract and retain key employees, technical personnel and other skilled and qualified workers; the Company’s ability to maintain existing prices or implement price increases on our products and services; pricing pressures, reduced sales, or reduced market share as a result of intense competition in the markets for the Company’s dissolvable plug products; conditions inherent in the oilfield services industry, such as equipment defects, liabilities arising from accidents or damage involving our fleet of trucks or other equipment, explosions and uncontrollable flows of gas or well fluids, and loss of well control; the Company’s ability to implement and commercialize new technologies, services and tools; the Company’s ability to grow its completion tool business domestically and internationally; the adequacy of the Company’s capital resources and liquidity, including the ability to meet its debt obligations; the Company’s ability to manage capital expenditures; the Company’s ability to accurately predict customer demand, including that of its international customers; the loss of, or interruption or delay in operations by, one or more significant customers, including certain of the Company’s customers outside of the United States; the loss of or interruption in operations of one or more key suppliers; the incurrence of significant costs and liabilities resulting from litigation; cybersecurity risks; changes in laws or regulations regarding issues of health, safety and protection of the environment; and other factors described in the “Risk Factors” and “Business” sections of the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.

Nine Energy Service Investor Contact:

Heather Schmidt

Senior Vice President, Strategic Development and Investor Relations

(281) 730-5113

investors@nineenergyservice.com

NINE ENERGY SERVICE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

(Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

NINE ENERGY SERVICE, INC.

RECONCILIATION OF ADJUSTED EBITDA

(In Thousands)

(Unaudited)

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RECONCILIATION AND CALCULATION OF ADJUSTED ROIC

(In Thousands)

(Unaudited)

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RECONCILIATION OF ADJUSTED GROSS PROFIT (LOSS)

(In Thousands)

(Unaudited)

^AAdjusted EBITDA is defined as EBITDA (which is net income (loss) before interest, taxes, and depreciation and amortization) further adjusted for (i) goodwill, intangible asset, and/or property and equipment impairment charges, (ii) transaction and integration costs related to acquisitions, (iii) fees and expenses relating to our units offering and other refinancing activities, (iv) loss or gain on revaluation of contingent liabilities, (v) loss or gain on the extinguishment of debt, (vi) loss or gain on the sale of subsidiaries, (vii) restructuring charges, (viii) stock-based compensation and cash award expense, (ix) loss or gain on sale of property and equipment, and (x) other expenses or charges to exclude certain items which we believe are not reflective of ongoing performance of our business, such as legal expenses and settlement costs related to litigation outside the ordinary course of business. Management believes adjusted EBITDA provides useful information to us and our investors regarding our financial condition and results of operations because it allows us and them to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure and helps identify underlying trends in our operations that could otherwise be distorted by the effect of impairments, acquisitions and dispositions and costs that are not reflective of the ongoing performance of our business.

^BAdjusted gross profit (loss) is defined as revenues less cost of revenues excluding depreciation and amortization. This measure differs from the GAAP definition of gross profit (loss) because we do not include the impact of depreciation and amortization, which represent non-cash expenses. Our management believes adjusted gross profit (loss) provides useful information to us and our investors regarding our financial condition and results of operation and helps management evaluate our operating performance by eliminating the impact of depreciation and amortization, which we do not consider indicative of our core operating performance.

^CAdjusted return on invested capital (“adjusted ROIC”) is defined as adjusted after-tax net operating profit (loss), divided by average total capital. We define adjusted after-tax net operating profit (loss), which is a non-GAAP measure, as net income (loss) plus (i) goodwill, intangible asset, and/or property and equipment impairment charges, (ii) transaction and integration costs related to acquisitions, (iii) fees and expenses relating to our units offering and other refinancing activities, (iv) interest expense (income), (v) restructuring charges, (vi) loss (gain) on the sale of subsidiaries, (vii) loss (gain) on extinguishment of debt, and (viii) the provision (benefit) for deferred income taxes. We define total capital as book value of equity (deficit) plus the book value of debt less balance sheet cash and cash equivalents. We compute and use the average of the current and prior period-end total capital in determining adjusted ROIC. Management believes adjusted ROIC provides useful information to us and our investors regarding our financial condition and results of operations because it quantifies how well we generate operating income relative to the capital we have invested in our business and illustrates the profitability of a business or project taking into account the capital invested, and management uses adjusted ROIC to assist them in capital resource allocation decisions and in evaluating business performance.

Exhibit 99.2

Nine Energy Service Announces Changes to the Size and Composition of its Board of Directors

HOUSTON – Nine Energy Service, Inc. (“Nine” or the “Company”) (NYSE: NINE) today announced changes to the size and composition of its Board of Directors (“Board”). Following careful consideration, the Board has unanimously agreed that a reduction in the size of the Board from eight to six members by the end of the year and a change in its composition will be beneficial to the Company and its strategic priorities moving forward. Consistent with such strategy, Mr. Ernie Danner, Mr. Andy Waite and Mr. Curtis Harrell resigned as directors effective February 28, 2025. Ms. Julie Peffer and Mr. Richard Burnett were unanimously appointed as directors on February 28, 2025, with Ms. Peffer’s service to begin on March 1, 2025, and Mr. Burnett’s to begin on May 3, 2025.

Also on February 28, 2025, the Board elected current director Mr. Scott E. Schwinger as Chairman of the Board, effective March 1, 2025, to replace Mr. Danner, and appointed current director Mr. Darryl Willis as Chair of the NG&C Committee, effective March 1, 2025, to replace Mr. Schwinger, who will continue to serve on the NG&C Committee as a member. There are no changes to Nine’s current senior management team.

“The Board remains focused on best positioning the Company to drive value for our shareholders,” said Scott Schwinger, Chair of Nine’s Board. “Following strategic discussions, the Board unanimously concluded that several new directors and perspectives would be beneficial to the Company, as would a reduction in the size of the Board. The Board is very pleased to welcome Julie and Ricky. Together they bring both financial and operational leadership, as well as deep experience and expertise in their respective fields, and I look forward to working with them.”

Ms. Peffer currently serves as the Chief Financial Officer of BigBear.ai, a publicly traded company and leading provider of highly complex AI-powered, decision intelligence solutions for government and commercial customers. Ms. Peffer brings considerable financial and leadership experience across multiple industries, coupled with global strategic and operational expertise. She has successfully implemented strategies, initiatives, systems and solutions that drive and support organizational change, performance excellence and revenue growth. Ms. Peffer, along with current Nine director and current Vice President at Microsoft, Darryl Willis, will bring a unique and differentiated perspective on AI and its impact on Nine and the industry moving forward.

Mr. Burnett is currently the President and Chief Executive Officer of Silver Creek Exploration, a privately held company focused on direct investments in non-operated working interests and royalties. Mr. Burnett brings extensive business and financial expertise from his two decades of financial management, accounting and public company expertise in the oil and gas and accounting industries.

Ernie Danner, Nine’s former Chair stated that, “Serving alongside my fellow directors and the employees at Nine over the last 8 years has been an honor. I am confident we are leaving Nine in very good hands with a Board and management team that will continue to focus on driving value for shareholders, while maintaining a culture rooted in work ethic, innovation and integrity, and I wish them all the best.”

“SCF Partners made its first investment in Nine in 2011 with an ambition of creating a premier, technology-driven completions company serving the onshore market,” said Andy Waite, Managing Partner of SCF and former Nine director. “The Nine management team has done a remarkable job navigating the volatility of the industry in recent years while maintaining a culture of service excellence. I am appreciative of the efforts and support of my fellow directors, management and the employees of Nine and other stakeholders of the Company over these many years and I wish everyone every success in the future.”

Curtis Harrell, Chief Executive Officer of Citation Oil and Gas and former Nine director added, “Nine is a unique and differentiated oilfield service provider in the space that has weathered unprecedented markets. I am excited to see what this new Board can accomplish and look forward to supporting the Company in any way I can.”

President and CEO and current director of Nine, Ann Fox added, “It has been a privilege to work alongside this Board. I appreciate the many contributions of each current and prior director, and I am very excited to continue Nine’s work with Scott as Chair and each of the remaining and new directors.”

Additionally, it is anticipated that current director Mr. Gary Thomas will resign as director effective May 2, 2025, and current director Mr. Mark Baldwin will resign effective August 1, 2025, at which time Mr. Burnett will become Chair of the Audit Committee. One additional new director with an expertise in upstream oil and gas is expected to be appointed later this year, bringing the final size of the Board to six members.

About Julie Peffer

Since June 2022, Ms. Peffer has been the Chief Financial Officer at BigBear.ai (NYSE: BBAI), a public company and leading provider of AI-powered decision intelligence solutions and services for national security, defense, travel, trade, and commercial enterprise. Prior to joining Bigbear.ai, Ms. Peffer has held executive roles across multiple industries including Defense, Aerospace, Technology, Oil & Gas, and multiple industry companies. Previously, Ms. Peffer served as the Chief Financial Officer for MedeAnalytics, a healthcare analytics company. Prior to joining MedeAnalytics, she served as Vice President, Finance at Amazon (NASDAQ: AMZN) for Amazon Web Services (AWS), where she built and led global finance operations supporting all AWS customer-facing teams.

Prior to Amazon, Ms. Peffer was VP, Finance at Flowserve (NYSE: FLS) within the Flow Control Division supporting manufacturing operations and quick response centers in 25 countries. Before that, she was CFO for the Intelligence, Surveillance and Reconnaissance Systems (ISRS) business at Raytheon spanning operations in the US, Germany and the UK. Her career has also included leadership positions at ITT, Lennox International, Textron, Sterling Software and Texas Instruments.

Ms. Peffer earned her bachelor’s degree in finance and management from Texas Tech University and her MBA from Baker University.

Ms. Peffer brings considerable financial and leadership experience across multiple industries, coupled with global strategic and operational expertise. She has successfully implemented strategies, initiatives, systems and solutions that drive and support employee development, organizational change, performance excellence and revenue growth.

About Richard Burnett

Mr. Burnett is currently the President and Chief Executive Officer of Silver Creek Exploration, a privately held company focused on direct investments in non-operated working interests and royalties. Previously, Mr. Burnett served in the same roles at Silver Creek Oil & Gas, LLC, beginning in November 2019. Prior to this, Mr. Burnett served as the Chief Financial Officer of Covey Park Energy from June 2017 to October 2019.

From August 2016 until its sale to Parsley Energy, Inc. during the first half of 2018, Mr. Burnett served as the Chief Financial Officer of Double Eagle Energy Holdings II, a U.S. onshore E&P partnership with Apollo Natural Resource Partners. Prior to Joining Double Eagle in August 2016, Mr. Burnett spent three years at EXCO Resources, a publicly traded U.S. onshore E&P company, serving as Vice President, Chief Financial Officer and Chief Accounting Officer.

From 2002 to November 2013, Mr. Burnett was at KPMG, an international accounting firm, serving as a Partner beginning 2007. Starting in June 2012, he served as the Partner in charge of the Energy Audit Practice within the Dallas/Fort Worth Business Unit.

Prior to joining KPMG in 2002, Mr. Burnett spent time at Arthur Anderson and Marine Drilling Companies.

Since November 2016, Mr. Burnett has served as a member of the Select Water Solutions (NYSE: WTTR) Board and currently serves as the chairman of the Audit Committee and the lead independent director. He has previously served on the Board of Directors and as the Chairman of the Audit Committee for US Well Services, Inc. (NYSE: USWS) and served on the Board of Directors for Lone Star/Ranger Oil Corporation (NYSE: ROCC).

Mr. Burnett received a B.B.A. in Accounting from Texas Tech University.

Mr. Burnett brings extensive business and financial expertise to the board from his two decades of financial management, accounting and public company expertise in the oil and gas and accounting industries.

About Nine Energy Service

Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, Haynesville, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.

For more information on the Company, please visit Nine’s website at nineenergyservice.com.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements also include statements that refer to or are based on projections, uncertain events or assumptions. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.

Nine Energy Service Investor Contact:

Heather Schmidt

Senior Vice President, Strategic Development & Investor Relations

(281) 730-5113

investors@nineenergyservice.com