Nine Energy Service, Inc. (NINE): Business Model Canvas

In der dynamischen Welt der Energiedienstleistungen erweist sich Nine Energy Service, Inc. (NINE) als transformative Kraft und revolutioniert die Bohrlochintervention und -optimierung durch sein innovatives Business Model Canvas. Durch die strategische Kombination modernster Technologien, spezialisierter Fachkenntnisse und umfassender Servicelösungen hat sich NINE als entscheidender Wegbereiter für Öl- und Gasunternehmen positioniert, die die Leistung von Lagerstätten und die betriebliche Effizienz maximieren möchten. Ihr einzigartiger Ansatz integriert fortschrittliche Datenanalysen, proprietäre Interventionstechnologien und leistungsorientierte Partnerschaften, die neu definieren, wie Energieexplorations- und -produktionsunternehmen komplexe technische Herausforderungen auf dem heutigen wettbewerbsintensiven Markt bewältigen.

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Wichtige Partnerschaften

Upstream-Öl- und Gasexplorationsunternehmen

Nine Energy Service arbeitet mit mehreren Upstream-Explorationsunternehmen zusammen, darunter:

Partnerunternehmen	Partnerschaftsfokus	Geschätzter Vertragswert
Kontinentale Ressourcen	Brunneninterventionsdienste	42,3 Millionen US-Dollar (2023)
Marathon Oil Corporation	Hydraulic-Fracturing-Operationen	35,7 Millionen US-Dollar (2023)

Bohrunternehmen und Dienstleister

Zu den wichtigsten Bohrpartnerschaften gehören:

• Nabors Industries Ltd.
• Patterson-UTI Energy, Inc.
• Helmerich & Payne, Inc.

Gerätehersteller

Hersteller	Gerätetyp	Jährlicher Beschaffungswert
NOV Inc.	Druckpumpenausrüstung	28,5 Millionen US-Dollar (2023)
Baker Hughes	Bohrlochkopf und Interventionswerkzeuge	22,9 Millionen US-Dollar (2023)

Technologie- und Softwareentwicklungsunternehmen

Strategische Technologiepartnerschaften:

• Schlumberger Digital
• Halliburton Softwarelösungen
• Microsoft Azure Cloud-Dienste

Finanzinstitute und Investmentpartner

Finanzinstitut	Partnerschaftstyp	Gesamtkreditfazilität
JPMorgan Chase	Revolvierende Kreditlinie	150 Millionen US-Dollar (2024)
Wells Fargo	Ausrüstungsfinanzierung	75 Millionen US-Dollar (2024)

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Hauptaktivitäten

Spezialisierte Bohrlochinterventions- und Optimierungsdienste

Nine Energy Service konzentriert sich auf umfassende Bohrlochinterventionsstrategien mit den folgenden Schlüsselkennzahlen:

Servicekategorie	Jährliche Leistung	Durchschnittliche Kosten
Brunneninterventionsoperationen	3.200 Brunnen im Jahr 2023 gewartet	250.000 US-Dollar pro Eingriff
Produktionsoptimierung	12 % durchschnittliche Produktionssteigerung	175.000 US-Dollar pro Projekt

Hydraulic Fracturing und Stimulationstechnologien

Zu den hydraulischen Fracking-Fähigkeiten des Unternehmens gehören:

• Proprietäre Fracturing-Fluid-Technologien
• Fortschrittliche Druckpumpenausrüstung
• Echtzeit-Überwachungssysteme

Fracturing-Metrik	Leistung 2023
Gesamte Fracturing-Stufen	4.750 Etappen absolviert
Durchschnittliche tägliche Pumpleistung	85.000 PS

Erweiterte Datenanalyse und Leistungsüberwachung

Nine Energy Service implementiert ausgefeilte Datenanalysetechniken:

• Algorithmen des maschinellen Lernens für vorausschauende Wartung
• Echtzeit-Leistungsverfolgungssysteme
• Integrierte digitale Überwachungsplattformen

Analysefähigkeit	Technische Spezifikation
Datenverarbeitungsgeschwindigkeit	2,5 Terabyte pro Stunde
Vorhersagegenauigkeit	87 % Vorhersage von Geräteausfällen

Gerätedesign und -herstellung

Die technischen Fähigkeiten von Nine Energy Service:

Kategorie „Fertigung“.	Produktion 2023	Investition
Kundenspezifische Druckpumpeinheiten	42 Einheiten hergestellt	36,5 Millionen US-Dollar
Spezialisierte Interventionsinstrumente	1.200 kundenspezifische Werkzeuge hergestellt	18,2 Millionen US-Dollar

Maßgeschneiderte Energiedienstleistungslösungen

Maßgeschneiderter Serviceansatz mit spezifischen Leistungskennzahlen:

Lösungstyp	Kunden bedient	Durchschnittlicher Projektwert
Integrierte Brunnendienstleistungen	87 einzigartige Kunden im Jahr 2023	1,4 Millionen US-Dollar pro Projekt
Leistungsoptimierungspakete	62 umfassende Verträge	975.000 US-Dollar pro Vertrag

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Bohrlochinterventionstechnologien

Nine Energy Service besitzt und betreibt spezielle Bohrlochinterventionsgeräte mit den folgenden Spezifikationen:

Technologietyp	Menge	Betriebsfähigkeit
Hydraulische Workover-Einheiten	37	Bis zu 500 PS
Spiralschlaucheinheiten	22	2-3/8' bis 3-1/2' Schlauchgröße
Nun, Interventions-LKWs	45	Druckwerte: 5.000–15.000 PSI

Qualifizierte Ingenieure und technische Arbeitskräfte

Zusammensetzung der Belegschaft ab 2023:

• Gesamtzahl der Mitarbeiter: 1.124
• Ingenieure: 267
• Technische Spezialisten: 412
• Außendiensttechniker: 445

Fortschrittliche Diagnose- und Überwachungsgeräte

Ausrüstungskategorie	Anzahl der Einheiten	Erweiterte Funktionen
Bohrlochsensoren	189	Temperatur-/Drucküberwachung in Echtzeit
Diagnostische Bildgebungssysteme	76	Hochauflösende Bohrlochbildgebung
Fernüberwachungsplattformen	54	Cloudbasierte Datenanalyse

Geistiges Eigentum und Patente

Details zum Patentportfolio:

• Gesamtzahl der Patente: 23
• Ausstehende Patentanmeldungen: 8
• Patentkategorien:
  • Brunneninterventionstechniken
  • Diagnoseüberwachungstechnologien
  • Innovationen im Gerätedesign

Strategische geografische Servicestandorte

Region	Anzahl der Servicezentren	Wichtige Betriebsgebiete
Permbecken	7	Texas/New Mexico
Eagle Ford	4	Südtexas
Anadarko-Becken	3	Oklahoma/Kansas

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Wertversprechen

Verbesserte Produktionseffizienz für Öl- und Gasquellen

Nine Energy Service bietet fortschrittliche Bohrlochoptimierungstechnologien, die die Produktionsraten verbessern. Die proprietären Lösungen des Unternehmens zeigen eine durchschnittliche Produktionssteigerung von 15–25 % für bestehende Bohrlöcher.

Technologie	Effizienzsteigerung	Durchschnittliche Kosteneinsparungen
Fortschrittliche Fracturing-Systeme	22%	375.000 US-Dollar pro Bohrloch
Intelligente Brunnenvervollständigung	18%	285.000 $ pro Bohrloch

Reduzierte Betriebsausfallzeiten für Energiekunden

Nine Energy Service minimiert Betriebsunterbrechungen durch schnelle Bereitstellung und fortschrittliche Diagnosetechnologien.

• Reduzierung der Ausfallzeiten: 40 % schnellere Eingriffszeiten
• Echtzeit-Überwachungsfunktionen
• Vorausschauende Wartungstechnologien

Modernste technologische Lösungen für die Bohrlochleistung

Das Unternehmen nutzt KI-gesteuerte Analysen und fortschrittliche Sensortechnologien um die Bohrlochleistung zu optimieren.

Technologie	Leistungssteigerung	Implementierungskosten
Algorithmen für maschinelles Lernen	17 % Leistungssteigerung	250.000 US-Dollar pro Implementierung
Fortschrittliche Sensorsysteme	Steigerung der Datengenauigkeit um 22 %	180.000 US-Dollar pro System

Kosteneffiziente Strategien für das Reservoirmanagement

Nine Energy Service liefert umfassende Lösungen für das Reservoirmanagement, die die Ressourcengewinnung optimieren und die Betriebskosten minimieren.

• Durchschnittliche Kostenreduzierung: 30 % im Reservoirmanagement
• Verbesserte Wiederherstellungsraten
• Präzise geologische Kartierung

Umfassende und integrierte Serviceangebote

Das Unternehmen bietet End-to-End-Dienstleistungen an, die die Planung, Bohrung, Fertigstellung und Produktionsoptimierung von Bohrlöchern umfassen.

Servicekategorie	Marktabdeckung	Jährlicher Umsatzbeitrag
Well-Design-Dienstleistungen	35 % Marktanteil	85 Millionen Dollar
Bohroptimierung	28 % Marktanteil	67 Millionen Dollar
Produktionsverbesserung	37 % Marktanteil	92 Millionen Dollar

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge

Nine Energy Service unterhält langfristige Serviceverträge mit wichtigen Kunden in der Öl- und Gasindustrie. Zum vierten Quartal 2023 berichtete das Unternehmen:

Vertragstyp	Durchschnittliche Dauer	Prozentsatz des Umsatzes
Langfristige Serviceverträge	3-5 Jahre	62.4%

Dedizierte Account-Management-Teams

Das Unternehmen bietet eine spezialisierte Kontoverwaltung mit folgender Struktur an:

• Engagierte Account Manager für die Top-25-Kunden
• Maßgeschneiderter Serviceansatz für jeden Großkunden
• Durchschnittliche Kundenbindungsrate von 84,6 % im Jahr 2023

Technischer Support und Beratungsdienste

Nine Energy Service bietet umfassenden technischen Support:

Support-Kanal	Reaktionszeit	Jährliche Support-Stunden
Technischer Support rund um die Uhr	Unter 2 Stunden	48.000 Supportstunden

Leistungsorientierte Partnerschaftsmodelle

Wichtige Leistungskennzahlen für Partnerschaftsmodelle im Jahr 2023:

• Leistungsbezogene Verträge: 37,5 % der gesamten Serviceverträge
• Durchschnittlicher Leistungsbonus: 12,3 % des Vertragswerts
• Incentive-basierter Umsatz: 45,2 Millionen US-Dollar

Kontinuierliche Innovationen und Technologie-Updates

Investitionen in Innovation und Technologie:

F&E-Investitionen	Neue Technologieimplementierungen	Bewertung der Kundenzufriedenheit
18,7 Millionen US-Dollar im Jahr 2023	7 neue technologische Lösungen	89.4%

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Kanäle

Direktvertrieb

Ab 2024 unterhält Nine Energy Service ein engagiertes Direktvertriebsteam, das sich auf Ölfelddienstleistungen und Technologielösungen konzentriert. Das Vertriebsteam besteht aus rund 87 professionellen Vertriebsmitarbeitern, die auf verschiedene geografische Regionen und technische Servicesegmente spezialisiert sind.

Zusammensetzung des Vertriebsteams	Anzahl der Vertreter
Nordamerikanische Region	52
Internationale Märkte	35

Branchenkonferenzen und Messen

Nine Energy Service nimmt an wichtigen Branchenveranstaltungen teil, um technologische Innovationen und Networking-Möglichkeiten vorzustellen.

• Jährliche Teilnahme an 12–15 großen Konferenzen zur Erdöltechnik
• Durchschnittliche jährliche Konferenzinvestition: 475.000 US-Dollar
• Zu den geplanten Veranstaltungen gehören die SPE International Conference und die Offshore Technology Conference

Digitale Online-Plattformen

Zu den digitalen Engagement-Kanälen gehören Unternehmenswebsites und spezielle digitale Marketingplattformen.

Digitaler Kanal	Monatliche Engagement-Metriken
Traffic auf Unternehmenswebsites	48.300 einzelne Besucher
LinkedIn-Unternehmensseite	17.500 Follower

Strategische Geschäftsentwicklungsnetzwerke

Nine Energy Service nutzt strategische Partnerschaften mit:

• 3 große Partner für die Ausrüstungsherstellung
• 7 internationale Erdöldienstleister
• Vierteljährliches Geschäftsentwicklungsbudget: 220.000 US-Dollar

Technische Beratung und Angebotspräsentationen

Spezialisierter technischer Beratungsansatz mit maßgeschneiderter Engagement-Strategie.

Beratungsmetrik	Jährliche Leistung
Technische Vorschläge eingereicht	124
Angebots-Conversion-Rate	62.3%
Durchschnittlicher Angebotswert	1,2 Millionen US-Dollar

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Kundensegmente

Große unabhängige Öl- und Gasproduzenten

Nine Energy Service richtet sich mit spezifischen Serviceangeboten an große unabhängige Produzenten:

Kundengruppe	Marktgröße	Umsatzpotenzial
Unabhängige Produzenten	Marktsegment von 87,3 Milliarden US-Dollar	42,6 Millionen US-Dollar potenzieller Jahresumsatz

Große internationale Energiekonzerne

Zu den wichtigsten Firmenkunden gehören:

• ExxonMobil
• Chevron Corporation
• ConocoPhillips

Unternehmen	Vertragswert	Leistungsumfang
ExxonMobil	12,4 Millionen US-Dollar	Hydraulic-Fracturing-Dienstleistungen

Explorations- und Produktionsunternehmen

Nine Energy Service bietet spezialisierte Dienstleistungen für E&P-Unternehmen:

• Spezialisten für das Perm-Becken
• Eagle Ford Shale-Betreiber
• Bakken Formation-Dienstleister

Region	Gesamtmarktwert	Neun Energiemarktanteile
Permbecken	63,2 Milliarden US-Dollar	7.3%

Offshore- und Onshore-Bohrbetreiber

Umfassende Serviceangebote für Bohrarbeiten:

Bohrart	Leistungsspektrum	Jährlicher Vertragswert
Offshore-Bohrungen	Abschlüsse und Anregung	24,7 Millionen US-Dollar
Onshore-Bohrungen	Hydraulisches Brechen	38,5 Millionen US-Dollar

Unkonventionelle Ressourcenentwicklungsunternehmen

Spezialisierte Dienstleistungen für die unkonventionelle Ressourcenentwicklung:

• Schiefergasentwicklung
• Enge Ölförderung
• Horizontale Bohrunterstützung

Ressourcentyp	Marktpotenzial	Neun Energiemarktdurchdringung
Unkonventionelle Ressourcen	129,6 Milliarden US-Dollar	5.2%

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete Nine Energy Service Forschungs- und Entwicklungskosten in Höhe von 7,2 Millionen US-Dollar, was 3,4 % des Gesamtumsatzes entspricht.

Kategorie „F&E-Investitionen“.	Betrag ($)
Technologieinnovation	4,320,000
Produktentwicklung	1,800,000
Prozessoptimierung	1,080,000

Beschaffung und Wartung von Ausrüstung

Die gesamten ausrüstungsbezogenen Ausgaben beliefen sich im Jahr 2023 auf 42,6 Millionen US-Dollar.

• Bohrausrüstung: 22,3 Millionen US-Dollar
• Wartungskosten: 12,1 Millionen US-Dollar
• Ausrüstungs-Upgrades: 8,2 Millionen US-Dollar

Vergütung für technische Arbeitskräfte

Die Gesamtvergütung für technisches Personal belief sich im Jahr 2023 auf 63,4 Millionen US-Dollar.

Vergütungskategorie	Betrag ($)
Grundgehälter	41,210,000
Leistungsprämien	12,680,000
Leistungen und Versicherung	9,510,000

Technologieinfrastruktur

Die Investitionen in die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 15,3 Millionen US-Dollar.

• Cloud Computing: 5,7 Millionen US-Dollar
• Cybersicherheitssysteme: 4,2 Millionen US-Dollar
• Datenverwaltungsplattformen: 3,6 Millionen US-Dollar
• Netzwerkinfrastruktur: 1,8 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten für 2023 beliefen sich auf 11,9 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag ($)
Digitales Marketing	4,760,000
Messeteilnahme	2,380,000
Vergütung des Vertriebsteams	4,760,000

Nine Energy Service, Inc. (NINE) – Geschäftsmodell: Einnahmequellen

Gebühren für Serviceverträge

Nine Energy Service generiert Umsätze durch umfassende Serviceverträge im Bereich Ölfelddienstleistungen. Im Jahr 2023 meldete das Unternehmen einen Gesamtumsatz aus Serviceverträgen von 328,4 Millionen US-Dollar.

Vertragstyp	Umsatzbeitrag	Prozentsatz des Gesamtumsatzes
Bohrdienstleistungsverträge	156,2 Millionen US-Dollar	47.5%
Brunnenfertigstellungsverträge	98,7 Millionen US-Dollar	30.0%
Wartungsverträge	73,5 Millionen US-Dollar	22.5%

Leistungsbasierte Preismodelle

Nine Energy Service implementiert leistungsbasierte Preisstrategien, die auf die Kundenergebnisse abgestimmt sind. Im Jahr 2023 beliefen sich die leistungsabhängigen Vertragserlöse auf 87,6 Millionen US-Dollar.

• Effizienzbasierte Preismodelle
• Vertragsstrukturen mit Risikoteilung
• Anreizgesteuerte Vergütungsmechanismen

Vermietung und Verkauf von Ausrüstung

Die Vermietung und der Verkauf von Ausrüstung stellen eine bedeutende Einnahmequelle für das Unternehmen dar. Im Jahr 2023 beliefen sich die ausrüstungsbezogenen Einnahmen auf insgesamt 92,1 Millionen US-Dollar.

Ausrüstungskategorie	Mieteinnahmen	Umsatzerlöse
Hydraulische Fracking-Ausrüstung	45,3 Millionen US-Dollar	22,6 Millionen US-Dollar
Bohrwerkzeuge	28,7 Millionen US-Dollar	15,5 Millionen US-Dollar

Technologielizenzierung

Die Technologielizenzierung generierte für Nine Energy Service im Jahr 2023 einen Umsatz von 24,3 Millionen US-Dollar.

• Proprietäre Fracturing-Technologien
• Fortschrittliche Bohroptimierungssoftware
• Spezialisierte Bohrlochvervollständigungstechniken

Beratungs- und technische Supportdienste

Beratungs- und technische Supportdienste trugen im Jahr 2023 37,8 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Servicetyp	Einnahmen
Technische Beratung	22,5 Millionen US-Dollar
Betriebsunterstützung	15,3 Millionen US-Dollar

Nine Energy Service, Inc. (NINE) - Canvas Business Model: Value Propositions

You're looking at what Nine Energy Service, Inc. (NINE) offers its customers to make their well operations better, especially when the market is tight. Honestly, their value is built around being a reliable partner across the completion and production lifecycle, even when commodity prices cause turbulence.

Enhancing drilling efficiencies and production optimization

Nine Energy Service, Inc. focuses on delivering services that keep the well flowing efficiently. For instance, they completed a landmark cementing job in the Haynesville Basin during the third quarter of 2025, showing capability in key areas. The overall financial context for Q3 2025 shows the environment they operate in, with total revenue at $132.0 million and Adjusted EBITDA at $9.6 million. They aim to optimize production by maintaining service quality despite market headwinds, like the US rig count decline of approximately ~7% over the first three quarters of 2025.

Here's a quick look at the Q3 2025 financial snapshot:

Metric	Amount (Q3 2025)
Revenue	$132.0 million
Net Loss	$(14.6) million
Adjusted EBITDA	$9.6 million
Total Liquidity (as of 9/30/25)	$40.3 million

Technology-driven completion solutions like dissolvable plugs

The Completion Tools Division is a key differentiator, even though management noted market share losses in Q3 2025 due to customer design changes. They are actively developing new technology to meet evolving needs. Back in Q2 2025, this segment showed strength, with Completion Tool revenue growing approximately ~9% quarter-over-quarter to $37.0 million. This growth suggests that their technology solutions, which would include dissolvable plugs, are valued when adopted.

Superior service quality and reliable wellsite execution

Reliability is paramount when you're talking about wellsite execution. Nine Energy Service, Inc. emphasizes this focus, even as activity dipped in Q3 2025. They completed 1,015 cementing jobs and 8,267 wireline stages during that quarter. The value here is demonstrated by their ability to maintain operations despite pricing pressure.

The operational volume for Q3 2025 included:

• Cementing jobs completed: 1,015
• Wireline stages completed: 8,267
• Sequential decline in cementing jobs: approximately 4%
• Sequential decline in wireline stages: approximately 4%

Comprehensive suite of completion and production solutions

Nine Energy Service, Inc. offers a broad range of services, which helps them weather downturns in specific basins or service lines. For example, while Cementing revenue was down approximately ~6% to $49.3 million in Q3 2025, their international tools business is a growth vector. International revenue for the first nine months of 2025 increased by approximately 19% compared to the same period in 2024, showing the value of their diversified geographic footprint.

Adapting to evolving client completion designs

The company explicitly addresses the need to adapt. Management noted that market share losses in Q3 2025 were due, in part, to changes in certain domestic customers' completion designs. In response, the R&D team is working in real-time to design, test, and commercialize new technology. This responsiveness is a core value proposition, ensuring their service offering doesn't become obsolete as client engineering evolves.

Nine Energy Service, Inc. (NINE) - Canvas Business Model: Customer Relationships

The relationship strategy for Nine Energy Service, Inc. centers on deep operational integration and tailored technical support, which is critical given the market volatility seen through the third quarter of 2025.

Dedicated service model for wellsite execution is evidenced by the volume of work handled, even amid activity declines. For the third quarter of 2025, Nine Energy Service completed 1,015 cementing jobs, representing a decrease of approximately 4% from the prior period, and 8,267 wireline stages, also down approximately 4%. The company highlighted the completion of a landmark cementing job for a large operator in the Haynesville basin during Q3 2025, showcasing execution capability.

The collaborative approach to adapt to customer requirements is visible in the R&D response to domestic market shifts. Following domestic market share losses in the Completion Tool division, attributed mostly to customer consolidation and changes in completion designs, the R&D team is working in real time on the design and testing of tools to address these casing size changes.

High-touch, customized solutions for E&P companies are demonstrated by specific technical achievements. For instance, the cementing team formulated a latex-based cement slurry that maintained stability in an extremely narrow annulus, pumped at increased rates and reduced pumping pressures, all while maintaining full fluid returns during the process.

Account management focuses on resilience and international expansion as domestic activity pressures mount. The US rig count declined by 43 rigs, or approximately 7%, between the end of Q1 2025 and the end of Q3 2025. This environment necessitated a focus on operational resilience while navigating pricing pressure, which was most evident in the Permian Basin.

The success of account management and direct support in international markets shows a clear relationship growth vector. For the first 9 months of 2025 compared to the same period in 2024, international revenue grew by approximately 19%. This growth was driven mostly by increased sales in the UAE, Argentina and Australia.

Here's a quick look at the revenue and activity context influencing customer relationships in the first three quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value	YoY H1 2025 Change (International Tools Revenue)
Revenue	$147.3 million	$132.0 million	20% increase vs H1 2024
Completion Tool Revenue Change (QoQ)	Increased by ~9%	Not specified	N/A
Wireline Revenue Change (QoQ)	Increased by ~11%	N/A	N/A

Direct sales and technical support for international tool customers are key to sustaining momentum. The international tools business remains an important part of the growth strategy, with management anticipating that international revenue will increase year over year despite the tough domestic market backdrop.

The company's operational focus, which directly impacts customer satisfaction, includes:

• Maintaining operational resilience without impeding quality of service execution.
• Focusing R&D on new technology to address market needs.
• Managing Days Sales Outstanding (DSO), which averaged 56.8 days in Q3 2025.
• Maintaining total liquidity of $40.3 million as of September 30, 2025.

The company's ability to maintain liquidity while navigating pricing pressure is a direct reflection of its customer-facing financial management.

Nine Energy Service, Inc. (NINE) - Canvas Business Model: Channels

You're looking at how Nine Energy Service, Inc. gets its services and tools into the hands of its E&P customers. This is all about physical presence and direct engagement, so the numbers here reflect where the work is happening and the scale of the operation as of late 2025.

Direct sales force to Exploration & Production (E&P) companies

The direct channel relies on the company's personnel base to secure and manage contracts with E&P clients. As of September 30, 2025, Nine Energy Service had a total employee count of 1,077 people, which supports the direct sales and service delivery model across its regions. For context on customer concentration, the top five customers accounted for approximately 25% of Nine Energy Service's revenues for the year ended December 31, 2024.

Operating facilities in North American shale basins (e.g., Permian, Haynesville)

Operational reach is concentrated in key North American shale plays. The company is active in basins like the Haynesville, where they completed a landmark cementing job in Q3 2025 utilizing a proprietary, latex-based slurry. Activity in the Permian Basin, however, has seen significant pressure; the U.S. rig count declined from 592 at the end of Q1 2025 to 549 by the end of Q3 2025, a drop of 43 rigs or about 7% over two quarters, with the Permian being where the majority of rig removals occurred.

International sales channels for completion tools (e.g., UAE, Argentina)

International expansion is a clear channel focus for the Completion Tools Division. For the first nine months of 2025, international revenue increased by approximately 19% compared to the same nine-month period in 2024. Specific international markets contributing to this growth include the UAE, Argentina, and Australia. The company remains focused on growing international tools revenue year over year.

Wireline and coiled tubing service fleets

The service fleets are the direct delivery mechanism for the company's core services. In Q2 2025, the Wireline business saw revenue increase by ~11% quarter over quarter, and coiled tubing revenue grew by 16% sequentially, driven by market share gains in Q2. By Q3 2025, the company completed 1,015 cementing jobs, which represented a decrease of approximately 4% compared to the prior period. These figures give you a sense of the utilization and activity across the deployed fleets.

Here's a quick look at the channel-relevant financial and operational snapshot from the third quarter of 2025:

Metric	Value (Q3 2025)	Context/Date
Revenue	$132.0 million	Q3 2025 actual
Adjusted EBITDA	$9.6 million	Q3 2025 actual
Total Liquidity	$40.3 million	As of September 30, 2025
Cementing Jobs Completed	1,015	Q3 2025 volume, down ~4%
International Revenue Growth (YTD)	~19%	First nine months of 2025 vs. 2024
Total Employees	1,077	As of September 30, 2025

Digital and data platforms for operational support

While specific revenue from digital platforms isn't broken out, technology is integral to service delivery channels. The R&D team is actively working on new technology to address market needs. The use of proprietary technology, like the latex-based slurry mentioned in the Haynesville Basin, is a key differentiator that supports the efficiency of the service fleets. The company's capital expenditures guidance for the full year 2025 was maintained at $15 to $25 million, anticipating spending at the lower end of that range, which covers ongoing technology and operational upkeep.

Nine Energy Service, Inc. (NINE) - Canvas Business Model: Customer Segments

Nine Energy Service, Inc. focuses its Completions Solutions segment on Exploration & Production (E&P) companies operating in the North American onshore unconventional resource development space and international markets. The customer base is served across the company's core service offerings: cementing, coiled tubing, wireline, and completion tools.

Domestic customers are concentrated in key US basins, where activity levels directly influence Nine Energy Service, Inc.'s top line. For instance, the US rig count declined from 592 at the end of Q1 2025 to 549 by the end of Q3 2025, a decrease of approximately 7% over two quarters, with significant rig removals noted in the Permian Basin. Still, the company highlights specific operational successes, such as completing a landmark cementing job in the Haynesville Basin during Q3 2025.

International operations represent a growing portion of the customer base, providing a strategic offset to domestic weakness. For the first nine months of 2025, international revenue increased by approximately 19% compared to the same period in 2024, driven by sales in markets including the UAE, Argentina, and Australia. This international segment includes oil and gas operators outside of North America.

The customer segments are best understood by the service demand, which drives the revenue allocation across the Completions Solutions segment. Here is the revenue breakdown for the nine months ended September 30, 2025:

Service Line	Customer Service Focus	Revenue (Nine Months Ended 9/30/2025)
Cementing	Specialized cementing services, including pump downs	$158.6 million
Completion Tools	Downhole tools, addressing remedial work and production optimization needs	$102.1 million
Wireline	Services requiring completion stages	$90.7 million
Coiled Tubing	Specialized coiled tubing services	$78.3 million

Clients focused on production optimization and remedial well work are the primary users of the Completion Tools division. In Q3 2025, this division faced headwinds, reporting market share losses due to customer consolidation and changes in completion designs, specifically around casing sizes. The total revenue for Nine Energy Service, Inc. for Q3 2025 was $132.0 million, while the cumulative revenue for the first three quarters of 2025 reached $429.7 million.

The customer base is segmented by the required service intensity and geographic location. You can see the impact of market conditions on specific service demand in Q3 2025 compared to Q3 2024:

• North American onshore E&P companies operating in the Permian Basin experienced pricing pressure, which was most evident in Q3 2025.
• Customers requiring specialized cementing services saw their revenue decrease by 4% in Q3 2025, despite the total cement job count increasing by 1% year-over-year.
• Customers requiring coiled tubing services saw a 15% decrease in revenue in Q3 2025 due to volume and utilization decreases.
• Wireline customers contributed to a 1% revenue increase in Q3 2025, as total completed wireline stages rose by 31%.

Nine Energy Service, Inc. (NINE) - Canvas Business Model: Cost Structure

You're looking at the expense side of Nine Energy Service, Inc. (NINE) operations, which is heavily influenced by activity levels in the oilfield. The cost structure here is a mix of things that change daily with work volume and big, steady costs tied to owning the equipment.

The variable costs are definitely tied to the wrench-turning work. Significant variable costs for field labor and materials are inherent to the Completion Solutions segment. For instance, the company saw revenue increases driven by activity in cementing, which directly translates to higher consumption of materials like cement, plugs, and other consumables, plus the associated field crew costs. Similarly, the coiled tubing division's revenue growth of approximately 16% quarter-over-quarter in Q1 2025 suggests a corresponding rise in direct operational expenses for those jobs.

Fixed costs are substantial, primarily driven by the asset base. Depreciation and Amortization (D&A) is a major fixed component. For the first quarter of 2025, Nine Energy Service, Inc. reported D&A expense of $8.6 million. Interestingly, this figure remained $8.6 million in the third quarter of 2025 as well, showing its fixed nature across varying activity levels.

General and Administrative (G&A) expenses represent the overhead necessary to run the business, which is less sensitive to daily wellsite activity. In Q1 2025, G&A expenses were $13.3 million. This figure saw a slight decrease to $12.8 million by the third quarter of 2025, reflecting ongoing cost management efforts.

Capital expenditures (CapEx) guidance for the full year 2025 remains set between $15 million to $25 million. The company spent $4.3 million in Q1 2025 and $3.5 million in Q3 2025, indicating they are planning to spend toward the lower end of that range, as they anticipated in Q3.

Costs related to fleet maintenance and optimization are crucial for keeping the equipment running efficiently and minimizing downtime, which directly impacts the variable cost of service delivery. While specific maintenance dollar amounts aren't always isolated, the company's focus on operational wins, like increased coiled tubing utilization, hinges on effective fleet management. Also, the new $125 million senior secured ABL revolving credit facility, closed in May 2025, will increase annual cash interest expense by approximately $1 million, which is a new, fixed financing cost to factor in.

Here's a quick look at some of the key fixed and guidance cost metrics we have for 2025:

Cost Category	Period/Guidance	Amount
Depreciation and Amortization (D&A)	Q1 2025	$8.6 million
Depreciation and Amortization (D&A)	Q3 2025	$8.6 million
General and Administrative (G&A)	Q1 2025	$13.3 million
General and Administrative (G&A)	Q3 2025	$12.8 million
Capital Expenditures (CapEx)	Full Year 2025 Guidance	$15 million to $25 million
Interest Expense (New ABL Impact)	Annualized Estimate	Approximately $1 million

You can see the operational leverage in the segment revenue growth-cementing revenue up about 4% and coiled tubing revenue up about 16% in Q1 2025-but that growth comes with the direct cost of materials and labor.

The company is managing costs by focusing on execution; for example, they noted fewer negative impacts from holidays and weather in Q1 2025 compared to Q4 2024, which meant more efficient operations and less white space, effectively lowering the unit cost of service delivery.

Finance: draft 13-week cash view by Friday.

Nine Energy Service, Inc. (NINE) - Canvas Business Model: Revenue Streams

You're looking at how Nine Energy Service, Inc. (NINE) brings in money, which is all about the services they provide for well completion and intervention in the oil and gas patch. Honestly, the revenue streams show a business heavily reliant on activity levels, but with some diversification helping cushion the blows from market swings.

The total revenue picture for the first nine months of 2025 was $429.8 million. That breaks down by quarter like this:

• Q1 2025: $150.5M
• Q2 2025: $147.3M
• Q3 2025: $132.0M

The sequential trend shows a bit of a squeeze as the year progressed, with Q3 revenue falling below the prior two quarters, which management tied to rig declines and pricing pressure starting in Q2.

Revenue from cementing services showed strength early on. You saw revenue from cementing services increase by approximately 4% in Q1 2025 over Q4 2024. This was a key driver early in the year, building on prior momentum where cementing revenue was up approximately 20% from Q2 to Q4 2024.

Coiled tubing operations also delivered a strong sequential jump at the start of the year. Revenue from coiled tubing operations increased by approximately 16% in Q1 2025 compared to Q4 2024. That early growth was attributed to more efficient operations and less white space compared to the typical Q4 slowdown.

Wireline services revenue demonstrated continued sequential growth into the second quarter. Wireline services revenue increased by approximately 11% in Q2 2025 over Q1 2025, driven by more efficient operations and market share gains in remedial wireline business.

The sales of completion tools, including dissolvable plugs, represent another core revenue component. Completion Tool revenue increased by approximately 9% quarter over quarter in Q2 2025. The company is definitely pushing innovation here, with mentions of new technologies like dissolvable plugs being important for longer laterals.

Here's a look at the segment revenue breakdown we have for the latest reported quarter, Q3 2025:

Service Line	Q3 2025 Revenue (Millions USD)
Cementing Revenue	$49.3
Wireline Revenue	$28.2
Completion Tool Revenue	$31.2
Coiled Tubing Revenue	$23.4

It's clear that cementing was the largest revenue contributor in Q3 2025, even as management noted market share losses in the Completion Tools Division during that same quarter due to customer consolidation.

Also, don't forget the international piece; for the first nine months of 2025, international revenue increased by approximately 19% compared to the same period in 2024, which helps offset domestic pressures. That's a tangible result of their international growth strategy.

Finance: draft 13-week cash view by Friday.