Nine Energy Service, Inc. (neuf): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services énergétiques, Nine Energy Service, Inc. (neuf) apparaît comme une force transformatrice, révolutionnant l'intervention et l'optimisation de puits à travers sa toile innovante du modèle commercial. En mélangeant stratégiquement les technologies de pointe, une expertise spécialisée et des solutions de service complètes, Nine s'est positionnée comme un catalyseur critique pour les sociétés pétrolières et gazières cherchant à maximiser la performance des réservoirs et l'efficacité opérationnelle. Leur approche unique intègre l'analyse avancée des données, les technologies d'intervention propriétaires et les partenariats axés sur les performances qui redéfinissent la façon dont les sociétés d'énergie et les sociétés de production relèvent des défis techniques complexes sur le marché concurrentiel actuel.

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: partenariats clés

Sociétés d'exploration de pétrole et de gaz en amont

Nine Energy Service collabore avec plusieurs sociétés d'exploration en amont, notamment:

Entreprise partenaire	Focus de partenariat	Valeur du contrat estimé
Ressources continentales	Services d'intervention bien	42,3 millions de dollars (2023)
Marathon Oil Corporation	Opérations de fracturation hydraulique	35,7 millions de dollars (2023)

Entrepreneurs de forage et fournisseurs de services

Les principaux partenariats de forage comprennent:

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

Fabricants d'équipements

Fabricant	Type d'équipement	Valeur d'achat annuelle
Nov Inc.	Équipement de pompage à pression	28,5 millions de dollars (2023)
Baker Hughes	Outils de tête et d'intervention	22,9 millions de dollars (2023)

Entreprises de développement de technologies et de logiciels

Partenariats technologiques stratégiques:

• Schlumberger numérique
• Solutions logicielles Halliburton
• Services cloud Microsoft Azure

Institutions financières et partenaires d'investissement

Institution financière	Type de partenariat	Facilité de crédit totale
JPMorgan Chase	Ligne de crédit tournante	150 millions de dollars (2024)
Wells Fargo	Financement de l'équipement	75 millions de dollars (2024)

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: activités clés

Services d'intervention et d'optimisation spécialisés

Nine Energy Service se concentre sur des stratégies complètes d'intervention de puits avec les mesures clés suivantes:

Catégorie de service	Performance annuelle	Coût moyen
Opérations d'intervention bien	3 200 puits servis en 2023	250 000 $ par intervention
Optimisation de la production	Augmentation moyenne de production moyenne	175 000 $ par projet

Technologies de fracturation et de stimulation hydrauliques

Les capacités de fracturation hydraulique de l'entreprise comprennent:

• Technologies de fluide de fracturation exclusive
• Équipement de pompage à pression avancée
• Systèmes de surveillance en temps réel

Métrique de fracturation	Performance de 2023
Étapes de fracturation totale	4 750 étapes terminées
Capacité de pompage quotidienne moyenne	85 000 chevaux

Analyse avancée des données et surveillance des performances

Nine Energy Service met en œuvre des techniques sophistiquées d'analyse des données:

• Algorithmes d'apprentissage automatique pour la maintenance prédictive
• Systèmes de suivi des performances en temps réel
• Plates-formes de surveillance numérique intégrées

Capacité d'analyse	Spécifications techniques
Vitesse de traitement des données	2,5 téraoctets par heure
Précision prédictive	87% de prédiction de défaillance de l'équipement

Conception et fabrication d'équipements

Capacités d'ingénierie des équipements de Nine Energy Service:

Catégorie de fabrication	2023 Production	Investissement
Unités de pompage à pression personnalisées	42 unités fabriquées	36,5 millions de dollars
Outils d'intervention spécialisés	1 200 outils personnalisés produits	18,2 millions de dollars

Solutions de service d'énergie personnalisées

Approche de service sur mesure avec des métriques de performance spécifiques:

Type de solution	Les clients servis	Valeur moyenne du projet
Services de puits intégrés	87 clients uniques en 2023	1,4 million de dollars par projet
Packages d'optimisation des performances	62 contrats complets	975 000 $ par contrat

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: Ressources clés

Technologies d'intervention de puits propriétaires

Nine Energy Service possède et exploite un équipement d'intervention de puits spécialisé avec les spécifications suivantes:

Type de technologie	Quantité	Capacité opérationnelle
Unités de travail hydrauliques	37	Jusqu'à 500 ch
Unités de tubes enroulées	22	Taille de tubes 2-3 / 8 'à 3-1 / 2'
Camions d'intervention bien	45	Notes de pression: 5 000 à 15 000 psi

Ingénierie qualifiée et main-d'œuvre technique

Composition de la main-d'œuvre en 2023:

• Total des employés: 1 124
• Ingénieurs: 267
• Spécialistes techniques: 412
• Techniciens sur le terrain: 445

Équipement de diagnostic et de surveillance avancé

Catégorie d'équipement	Nombre d'unités	Fonctionnalités avancées
Capteurs de fond de paille	189	Surveillance de la température / pression en temps réel
Systèmes d'imagerie diagnostique	76	Imagerie de puits de forage haute résolution
Plates-formes de surveillance à distance	54	Analyse de données basée sur le cloud

Propriété intellectuelle et brevets

Détails du portefeuille de brevets:

• Total des brevets: 23
• Demandes de brevet en instance: 8
• Catégories de brevets:
  • Techniques d'intervention bien
  • Technologies de surveillance diagnostique
  • Innovations de conception d'équipement

Emplacements de services géographiques stratégiques

Région	Nombre de centres de service	Territoires opérationnels clés
Bassin permien	7	Texas / Nouveau-Mexique
Eagle Ford	4	South Texas
Bassin d'Anadarko	3	Oklahoma / Kansas

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: propositions de valeur

Efficacité de production accrue pour les puits de pétrole et de gaz

Nine Energy Service fournit des technologies d'optimisation de puits avancées qui améliorent les taux de production. Les solutions propriétaires de la société démontrent une augmentation moyenne de production de 15 à 25% pour les puits existants.

Technologie	Amélioration de l'efficacité	Économies de coûts moyens
Systèmes de fracturation avancés	22%	375 000 $ par puits
Achèvement de puits intelligent	18%	285 000 $ par puits

Réduction des temps d'arrêt opérationnels pour les clients de l'énergie

Nine Energy Service minimise les interruptions opérationnelles grâce à un déploiement rapide et à des technologies de diagnostic avancées.

• Réduction des temps d'arrêt: 40% de temps d'intervention plus rapides
• Capacités de surveillance en temps réel
• Technologies de maintenance prédictive

Solutions technologiques de pointe pour les performances des puits

L'entreprise exploite Analytiques axées sur l'IA et technologies de détection avancées pour optimiser les performances de puits.

Technologie	Amélioration des performances	Coût de la mise en œuvre
Algorithmes d'apprentissage automatique	17% d'amélioration des performances	250 000 $ par mise en œuvre
Systèmes de détection avancés	Augmentation de la précision des données de 22%	180 000 $ par système

Stratégies de gestion des réservoirs rentables

Nine Energy Service offre des solutions complètes de gestion des réservoirs qui optimisent l'extraction des ressources et minimisent les dépenses opérationnelles.

• Réduction moyenne des coûts: 30% de la gestion des réservoirs
• Taux de récupération améliorés
• Cartographie géologique de précision

Offres de services complètes et intégrées

L'entreprise fournit des services de bout en bout couvrant la conception, le forage, l'achèvement et l'optimisation de la production.

Catégorie de service	Couverture du marché	Contribution annuelle des revenus
Services de conception de puits	Part de marché de 35%	85 millions de dollars
Optimisation du forage	28% de part de marché	67 millions de dollars
Amélioration de la production	37% de part de marché	92 millions de dollars

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: relations avec les clients

Contrats de service à long terme

Nine Energy Service maintient des contrats de service à long terme avec des clients clés de l'industrie pétrolière et gazière. Au quatrième trimestre 2023, la société a rapporté:

Type de contrat	Durée moyenne	Pourcentage de revenus
Contrats de service à long terme	3-5 ans	62.4%

Équipes de gestion des comptes dédiés

La société fournit une gestion des comptes spécialisée avec la structure suivante:

• Gestionnaires de compte dédiés pour les 25 meilleurs clients
• Approche de service personnalisée pour chaque client majeur
• Taux moyen de rétention de la clientèle de 84,6% en 2023

Services de support technique et de conseil

Nine Energy Service offre un support technique complet:

Canal de support	Temps de réponse	Heures de soutien annuelles
Assistance technique 24/7	Moins de 2 heures	48 000 heures de soutien

Modèles de partenariat basés sur la performance

Mesures de performance clés pour les modèles de partenariat en 2023:

• Contrats liés à la performance: 37,5% du total des accords de service
• Bonus de performance moyen: 12,3% de la valeur du contrat
• Revenu fondé sur les incitations: 45,2 millions de dollars

Mises à jour continues de l'innovation et de la technologie

Investissement dans l'innovation et la technologie:

Investissement en R&D	Implémentations de nouvelles technologies	Évaluation de satisfaction du client
18,7 millions de dollars en 2023	7 nouvelles solutions technologiques	89.4%

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, Nine Energy Service maintient une équipe de vente directe dédiée axée sur les services de champs pétroliers et les solutions technologiques. La force de vente comprend environ 87 représentants commerciaux professionnels spécialisés dans différentes régions géographiques et segments de services techniques.

Composition de l'équipe de vente	Nombre de représentants
Région nord-américaine	52
Marchés internationaux	35

Conférences et salons commerciaux de l'industrie

Nine Energy Service participe à des événements clés de l'industrie pour présenter les innovations technologiques et les opportunités de réseautage.

• Participation annuelle à 12-15 conférences d'ingénierie du pétrole
• Investissement moyen de conférence annuelle moyenne: 475 000 $
• Les événements ciblés incluent la conférence internationale SPE et la conférence technologique offshore

Plateformes numériques en ligne

Les canaux d'engagement numériques comprennent un site Web d'entreprise et des plateformes de marketing numérique spécialisées.

Canal numérique	Métriques d'engagement mensuel
Trafic de site Web d'entreprise	48 300 visiteurs uniques
Page de société LinkedIn	17 500 abonnés

Réseaux de développement commercial stratégique

Nine Energy Service tire parti des partenariats stratégiques avec:

• 3 partenaires de fabrication d'équipements majeurs
• 7 collaborateurs internationaux du service de pétrole
• Budget de développement commercial trimestriel: 220 000 $

Consultation technique et présentations de propositions

Approche de consultation technique spécialisée avec une stratégie d'engagement personnalisée.

Métrique de consultation	Performance annuelle
Propositions techniques soumises	124
Taux de conversion de proposition	62.3%
Valeur de proposition moyenne	1,2 million de dollars

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: segments de clientèle

Grands producteurs indépendants de pétrole et de gaz

Nine Energy Service cible les grands producteurs indépendants avec des offres de services spécifiques:

Groupe de clients	Taille du marché	Potentiel de revenus
Producteurs indépendants	Segment de marché de 87,3 milliards de dollars	42,6 millions de dollars de revenus annuels potentiels

Grandes sociétés énergétiques internationales

Les principaux clients des entreprises comprennent:

• Exxonmobil
• Chevron Corporation
• Conocophillips

Corporation	Valeur du contrat	Portée du service
Exxonmobil	12,4 millions de dollars	Services de fracturation hydraulique

Sociétés d'exploration et de production

Nine Energy Service fournit des services spécialisés pour les entreprises E&P:

• Spécialistes du bassin du Permien
• Opérateurs de schiste Eagle Ford
• Fournisseurs de services de formation de Bakken

Région	Valeur marchande totale	Neuf part de marché de l'énergie
Bassin permien	63,2 milliards de dollars	7.3%

Opérateurs de forage offshore et à terre

Offres de services complètes pour les opérations de forage:

Type de forage	Gamme de services	Valeur du contrat annuel
Forage offshore	Complétions et stimulation	24,7 millions de dollars
Forage à terre	Fracturation hydraulique	38,5 millions de dollars

Entreprises de développement des ressources non conventionnelles

Services spécialisés pour le développement des ressources non conventionnelles:

• Développement de gaz de schiste
• Extraction d'huile serrée
• Support de forage horizontal

Type de ressource	Potentiel de marché	Neuf pénétration du marché de l'énergie
Ressources non conventionnelles	129,6 milliards de dollars	5.2%

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Nine Energy Service a déclaré des dépenses de R&D de 7,2 millions de dollars, ce qui représente 3,4% des revenus totaux.

Catégorie d'investissement de R&D	Montant ($)
Innovation technologique	4,320,000
Développement	1,800,000
Optimisation du processus	1,080,000

Procurement et entretien de l'équipement

Les dépenses totales liées à l'équipement en 2023 étaient de 42,6 millions de dollars.

• Équipement de forage: 22,3 millions de dollars
• Coûts de maintenance: 12,1 millions de dollars
• Mises à niveau de l'équipement: 8,2 millions de dollars

Compensation technique de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour le personnel technique en 2023 était de 63,4 millions de dollars.

Catégorie de compensation	Montant ($)
Salaires de base	41,210,000
Bonus de performance	12,680,000
Avantages et assurance	9,510,000

Infrastructure technologique

Les investissements sur les infrastructures technologiques ont totalisé 15,3 millions de dollars en 2023.

• Cloud Computing: 5,7 millions de dollars
• Systèmes de cybersécurité: 4,2 millions de dollars
• Plateformes de gestion des données: 3,6 millions de dollars
• Infrastructure réseau: 1,8 million de dollars

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour 2023 étaient de 11,9 millions de dollars.

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	4,760,000
Participation des salons commerciaux	2,380,000
Compensation de l'équipe de vente	4,760,000

Nine Energy Service, Inc. (neuf) - Modèle d'entreprise: Strots de revenus

Frais de contrat de service

Nine Energy Service génère des revenus grâce à des contrats de service complets dans le secteur des services pétroliers. En 2023, la société a déclaré des revenus de contrat de service total de 328,4 millions de dollars.

Type de contrat	Contribution des revenus	Pourcentage du total des revenus
Contrats de services de forage	156,2 millions de dollars	47.5%
Contrats d'achèvement de puits	98,7 millions de dollars	30.0%
Contrats de maintenance	73,5 millions de dollars	22.5%

Modèles de tarification basés sur les performances

Nine Energy Service met en œuvre des stratégies de tarification basées sur les performances qui correspondent aux résultats des clients. En 2023, les revenus des contrats basés sur le rendement ont représenté 87,6 millions de dollars.

• Modèles de tarification basés sur l'efficacité
• Structures de contrat de partage des risques
• Mécanismes de compensation incité

Location et ventes d'équipement

La location et les ventes d'équipements représentent une source de revenus importante pour l'entreprise. En 2023, les revenus liés à l'équipement ont totalisé 92,1 millions de dollars.

Catégorie d'équipement	Revenus de location	Revenus de vente
Équipement de fracturation hydraulique	45,3 millions de dollars	22,6 millions de dollars
Outils de forage	28,7 millions de dollars	15,5 millions de dollars

Licence de technologie

Les licences technologiques ont généré 24,3 millions de dollars de revenus pour neuf services énergétiques en 2023.

• Technologies de fracturation exclusive
• Logiciel avancé d'optimisation de forage
• Techniques d'achèvement des puits spécialisés

Services de conseil et de support technique

Les services de conseil et de support technique ont contribué 37,8 millions de dollars aux revenus de la société en 2023.

Type de service	Revenu
Conseil technique	22,5 millions de dollars
Soutien opérationnel	15,3 millions de dollars

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.