US Market News
2月前
National Energy Services Reunited Corp. Reports First Quarter 2026 Financial ResultsMay 11, 2026 6:05 AM
ACCESS NewswireRevenue for the quarter ended March 31, 2026, is $404.6 million, reflecting an increase of 33.5% year-over-year and 1.6% sequentiallyNet income for the quarter ended March 31, 2026, is $23.8 million, improving 205.4% sequentially and 129.3% year-over-yearDiluted Earnings per Share (EPS) for the three months ended March 31, 2026 is $0.23, representing an increase of 109.1% year-over-year and 201.3% sequentiallyAdjusted EBITDA (a non-GAAP measure)** for the quarter ended March 31, 2026, is $76.7 million, improving 22.7% year-over-yearOperating cash flow for the quarter ended March 31, 2026, is $30.7 million, growing 50.1% year-over-year HOUSTON, TX / ACCESS Newswire / May 11, 2026 / National Energy Services Reunited Corp. ("NESR" or the "Company"), a leading integrated energy services provider in the Middle East and North Africa ("MENA"), today announced its financial results as of and for the three-month period ended March 31, 2026. The Company delivered the following results for the periods presented: Three Months Ended Variance (in thousands except per share amounts and percentages) March 31, 2026 December 31, 2025 March 31, 2025 Sequential Year- over- year Revenue $404,586 $398,262 $303,102 1.6% 33.5%Net income 23,827 7,803 10,391 205.4% 129.3%Adjusted net income (non-GAAP)** 26,733 31,879 12,963 (16.1)% 106.2%Adjusted EBITDA (non-GAAP)** 76,671 84,414 62,463 (9.2)% 22.7%Diluted EPS 0.23 0.08 0.11 201.3% 109.1%Adjusted Diluted EPS (non-GAAP)** 0.26 0.32 0.14 (17.8)% 85.7%**The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3, and 4 below for reconciliations of GAAP to non-GAAP financial measures. The Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows are derived from the consolidated financial statements presented in our Quarterly Report on Form 10-Q as of and for the three months ended March 31, 2026.Stefan Angeli, Chief Financial Officer, commented, "First Quarter 2026 delivered outstanding results despite the geopolitical conflict with strong operational execution driving continued growth and profitability. Revenue reached $404.6m, an all-time high, supported by sustained activity across our core markets and increasing contributions from our hydraulic fracturing operations, particularly in our Saudi Arabia's Jafurah unconventional field.Net income increased to $23.8 million, underscoring the growing earnings power of the business as we scale. Adjusted EBITDA is $76.7 million, demonstrating the resilience of our operating model and the benefits of disciplined execution, even against a significantly more complex operating backdrop. We generated $30.7 million of operating cash flow while absorbing working capital build related to Ramadan and higher activity, with net debt broadly stable versus year-end and free cash flow largely in line with the prior year quarter. We continue to execute at scale and capitalize on the multi-year opportunity set in the region."Sherif Foda, Chairman and Chief Executive Officer, commented, "Amid an escalation in regional security tensions driven by recent conflict in the Middle East, NESR delivered a strong start to 2026, underpinned by resilient operations and continued client trust across our core markets. We maintained uninterrupted activity at scale, supported by secure supply chains, localized capabilities, and proven operational agility. We focused on the reliable supply of inventory and products to maintain operating capacity and capabilities despite the logistics challenges and sharp increase of costs. Recent multi-year contract awards in Kuwait and North Africa further reinforce our competitive positioning and long-term growth visibility. We reiterate our commitment to the clients by being physically by their side, and I visited the majority of our operating units across the region as we see accelerated investment potential to diversify and increase both Oil and Gas capacity in the region."Net Income and Adjusted Net Income ResultsNet income for the quarter ended March 31, 2026, is $23.8 million, increasing $16.0 million sequentially and $13.4 million year-over-year. The increases were primarily attributable to strong flow-through from incremental revenue generated by higher activity levels in the Company's hydraulic fracturing and well testing service lines.Adjusted net income for the quarter is $26.7 million and included $2.9 million of "Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS," primarily attributable to $2.1 million of other write-offs (recoveries) and provisions (releases of provisions). The $2.1 million includes $3.6 million of foreign currency transaction remeasurement losses, partially offset by a $1.3 million favorable adjustment to the Company's lease accounting provisions. A detailed reconciliation of net income and diluted EPS to Adjusted Net Income and Adjusted Diluted EPS, including a complete list of adjusting items, is presented in Table 1 below under "Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS."The Company reported $0.23 of diluted EPS for the quarter ended March 31, 2026, improving $0.15 sequentially and $0.12 year-over-year. Adjusted for the impact of Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS, Adjusted Diluted EPS, a non-GAAP measure described in Table 1 below, for the quarter ended March 31, 2026, is $0.26.Adjusted EBITDA ResultsThe Company produced Adjusted EBITDA of $76.7 million during the quarter ended March 31, 2026, up 22.7% year-over-year. Adjusted EBITDA includes adjustments for certain Total Charges and Credits impacting Adjusted EBITDA (those not related to interest, taxes, and/or depreciation and amortization). The Company posted the following results for the periods presented:(in thousands) Quarter endedMarch 31,2026 Quarter endedDecember 31,2025 Quarter endedMarch 31,2025 Revenue $404,586 $398,262 $303,102 Adjusted EBITDA $76,671 $84,414 $62,463 A detailed reconciliation of net income to Adjusted EBITDA, including a complete list of adjusting items, is presented in Table 2 below under "Reconciliation of Net Income to Adjusted EBITDA."Balance SheetCash and cash equivalents were $93.0 million as of March 31, 2026, compared to $124.8 million as of December 31, 2025, and $78.7 million as of March 31, 2025.Free cash flow, a non-GAAP measure, for the quarter ended March 31, 2026, is negative $5.3 million, compared to negative $9.6 million for the same period in 2025. The increase is primarily attributable to higher net income in 2026 as compared to 2025, partially offset by higher capital expenditures during the three months ended March 31, 2026. A reconciliation of the applicable GAAP measures to free cash flow is presented in Table 3, titled "Reconciliation of Net cash provided by (used in) operating activities to Free Cash Flow."Total debt as of March 31, 2026, is $287.4 million, of which $111.9 million is classified as short-term, compared to $310.1 million and $118.8 million, respectively, as of December 31, 2025. Net Debt, a non-GAAP measure defined as current installments of long-term debt, short-term borrowings, and long-term debt, less cash and cash equivalents, totaled $194.4 million as of March 31, 2026, compared to $185.3 million as of December 31, 2025. The increase in Net Debt is primarily driven by lower cash and cash equivalents at March 31, 2026, relative to December 31, 2025, reflecting seasonal cash and working capital requirements. A reconciliation of the applicable GAAP measures to Net Debt is presented in Table 4, "Reconciliation to Net Debt."In May 2026, the Company's has approved a capital return program consisting of (i) a quarterly cash dividend anticipated to commence in the fourth quarter of 2026 at an expected rate of $0.10 per Ordinary Share and (ii) authorization for the repurchase of up to $50.0 million of the Company's Ordinary Shares from time to time in open market transactions, privately negotiated transactions, or otherwise, at prevailing market prices, and subject to market conditions, applicable legal requirements, and liquidity considerations.About National Energy Services Reunited Corp.Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and?Asia Pacific?regions. With over 7,000 employees, representing more than 60 nationalities in 16 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.Conference CallA conference call is scheduled for 8:00 AM ET on May 11, 2026, to discuss the financial results. Investors, analysts and members of the media are invited to participate by dialing in to the U.S. toll-free line at 1-877-407-0890 or the international line at 1-201-389-0918, approximately 10 minutes prior to the start of the call.A live, listen-only earnings webcast will also be broadcast simultaneously under the "Investors" section of the Company's website at www.nesr.com. Following the end of the conference call, a replay will be available after the event under the "Investors" section of the Company's website.Forward-Looking StatementsThis communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact, may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, completion and integration of acquisitions, and the assumptions underlying or relating to any such statement.The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: catastrophic events, geopolitical conflict, the level of capital spending by our customers, political, market, financial and regulatory risks, including those related to the geographic concentration of our operations and customers, our operations, including maintenance, upgrades and refurbishment of our assets, may require significant capital expenditures, which may or may not be available to us, operating hazards inherent in our industry and the ability to secure sufficient indemnities and insurance, our ability to successfully integrate acquisitions, competition, including for capital and technological advances, and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC").You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.The preliminary financial results for the Company as of and for the three-month period ended March 31, 2026, included in this press release, represent the most current information available to management. The Company's actual results when disclosed in its subsequent Quarterly Report on Form 10-Q may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's audit procedures, and other developments that may arise between now and the disclosure of the final results.NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In US$ thousands, except share data) March 31, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $92,956 124,797 Accounts receivable, net 227,932 178,020 Unbilled revenue 171,341 121,186 Service inventories 96,206 94,834 Prepaid assets 9,706 13,237 Retention withholdings 26,214 33,125 Other receivables 54,753 54,511 Other current assets 10,513 10,664 Total current assets 689,621 630,374 Non-current assets Property, plant and equipment, net 476,154 465,454 Intangible assets, net 42,434 47,086 Goodwill 645,095 645,095 Operating lease right-of-use assets 25,977 20,300 Other assets 44,649 43,210 Total assets $1,923,930 $1,851,519 Liabilities and equity Liabilities Accounts payable and accrued expenses 483,048 421,064 Current installments of long-term debt 64,500 64,500 Short-term borrowings 47,353 54,250 Income taxes payable 30,843 25,092 Other taxes payable 15,152 12,351 Operating lease liabilities 1,984 2,948 Other current liabilities 17,408 24,715 Total current liabilities 660,288 604,920 Long-term debt 175,542 191,378 Deferred tax liabilities 918 1,691 Employee benefit liabilities 36,971 36,321 Non-current operating lease liabilities 22,683 18,447 Other liabilities 32,319 30,846 Total liabilities 928,721 883,603 Commitments and contingencies Equity Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at March 31, 2026, and December 31, 2025, respectively - - Ordinary shares and additional paid-in capital, no par value; unlimited shares authorized; 100,847,255, and 100,787,173 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively 906,311 902,845 Retained income 88,829 65,002 Accumulated other comprehensive income 69 69 Total equity 995,209 967,916 Total liabilities and equity $1,923,930 $1,851,519 NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In US$ thousands, except share data and per share amounts) For the three-monthperiod ended Description March 31, 2026 March 31, 2025 Revenues $404,586 $303,102 Cost of services (352,755) (265,647)Gross profit 51,831 37,455 Selling, general, and administrative expenses (excluding Amortization) (11,103) (11,821)Amortization (4,693) (4,693)Operating income 36,035 20,941 Interest expense, net (6,543) (8,284)Other income, net 1,449 1,059 Income before income tax 30,941 13,716 Income tax expense (7,114) (3,325)Net income $23,827 $10,391 Weighted average shares outstanding: Basic 100,803,435 96,139,181 Diluted 102,931,550 96,710,484 Earnings per share: Basic $0.24 $0.11 Diluted $0.23 $0.11 NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In US$ thousands) For the three-month period ended March 31, 2026 March 31, 2025 Cash flows from operating activities: Net income $23,827 $10,391 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 33,779 36,035 Share-based compensation expense 2,502 1,856 (Gain) on disposal of assets (373) (363)Non-cash interest (income) (192) (143)Deferred tax expense (benefit) 1,132 (1,239)Allowance for doubtful receivables and unbilled revenue 480 (16)Charges on obsolete service inventories 853 920 Impairments and other charges - 1,118 Other operating activities, net 25 38 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (50,392) (27,524)(Increase) decrease in unbilled revenue (50,154) (18,339)(Increase) decrease in retention withholdings 6,910 8,834 (Increase) decrease in inventories (2,224) (5,567)(Increase) decrease in prepaid assets 3,531 746 (Increase) decrease in other current assets 429 (2,646)(Increase) decrease in other long-term assets and liabilities (1,934) 2,137 Increase (decrease) in accounts payable and accrued expenses 61,419 15,094 Increase (decrease) in other current liabilities 1,127 (847)Net cash provided by operating activities 30,745 20,485 Cash flows from investing activities: Capital expenditures (36,004) (30,124)IPM investments - - Proceeds from disposal of assets 402 637 Other investing activities (833) (2,000)Net cash used in investing activities (36,435) (31,487) Cash flows from financing activities: Proceeds from long-term debt - - Repayments of long-term debt (16,125) (17,537)Proceeds from short-term borrowings 19,587 26,841 Repayments of short-term borrowings (26,498) (26,252)Payments on capital leases (1,000) (710)Payments on seller-provided financing for capital expenditures (1,265) (601)Other financing activities, net - - Net cash used in financing activities (25,301) (18,259) Effect of exchange rate changes on cash - - Net increase (decrease) in cash, cash equivalents, and restricted cash (30,991) (29,261)Cash and cash equivalents, beginning of period 132,696 107,956 Cash, cash equivalents, and restricted cash, end of period $101,705 $78,695 NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In US$ thousands except per share amounts)The Company uses and presents certain key non-GAAP financial measures to evaluate its business and trends, measure performance, prepare financial projections and make strategic decisions. Included in this release are discussions of earnings before interest, income tax and depreciation and amortization adjusted for certain non-recurring and non-core expenses ("Adjusted EBITDA"), net income and diluted earnings per share ("EPS") adjusted for certain non-recurring and non-core expenses ("Adjusted Net Income" and "Adjusted Diluted EPS," respectively), as well as a reconciliation of these non-GAAP measures to net income and diluted EPS, respectively, in accordance with GAAP. The Company also discusses the non-GAAP balance sheet measure of the sum of our recorded current installments of long-term debt, short-term borrowings, and long-term debt less cash and cash equivalents ("Net Debt") in this release and provides a reconciliation to the GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt to Net Debt. The Company also discusses Free Cash Flow reconciled to Operating Cash Flow.The Company believes that the presentation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS provides useful information to investors in assessing its financial performance and results of operations as the Company's board of directors, management and investors use Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS to compare the Company's operating performance on a consistent basis across periods by removing the effects of changes in capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), items that do not impact the ongoing operations (transaction, integration, and startup costs) and items outside the control of its management team. Similarly, Net Debt is used by management as a liquidity measure used to illustrate the Company's debt level absent variability in cash and cash equivalents, and the Company believes that the presentation of Net Debt provides useful information to investors in assessing its financial leverage. Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered as an alternative to operating income, net income, or diluted EPS, respectively, the most directly comparable GAAP financial measures. Net Debt also should not be considered as an alternative to GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt. Finally, Free Cash Flow is used by management as a liquidity measure to illustrate the Company's ability to produce cash that is available to be distributed in a discretionary manner, after excluding investments in capital assets. Free Cash Flow should not be considered as an alternative to Net cash provided by (used in) operations or Net cash provided by (used in) investing activities, respectively, the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. You should not consider non-GAAP measures in isolation or as a substitute for an analysis of the Company's results as reported under GAAP.Table 1 - Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS Quarter ended Quarter ended Quarter ended March 31, 2026 December 31, 2025 March 31, 2025 Net Diluted Net Diluted Net Diluted Income EPS Income EPS Income EPS Net Income $23,827 $0.23 $7,803 $0.08 $10,391 $0.11 Add/(Subtract): Charges and Credits impacting Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS: Costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation 28 - 258 - 1,488 0.02 Impairments - - 8,076 0.08 1,118 0.01 Current expected credit loss (releases) provisions 455 - 7,112 0.07 (227) - Litigation (releases) provisions 248 - 248 - (837) (0.01)Restructuring projects 67 - 4,712 0.05 - - Loss of inventory in fire - - - - - - Other write-offs (recoveries) and provisions (release of provisions) 2,108 0.02 3,670 0.04 1,030 0.01 Total Charges and Credits impacting Adjusted EBITDA (1) 2,906 0.03(3) 24,076 0.24 2,572 0.03 Add/(Subtract): Charges and Credits impacting only Adjusted Net Income and Adjusted Diluted EPS: Adjustments to uncertain tax positions and unrecognized tax benefits - - - - - - Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS (2) 2,906 0.03 24,076 0.24 2,572 0.03 Total Adjusted Net Income and Adjusted Diluted EPS $26,733 $0.26 $31,879 $0.32 $12,963 $0.14 (1) In the quarter ended March 31, 2026, Total Charges and Credits impacting Adjusted EBITDA included $0.0 million (as rounded) of costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation, $0.5 million of current expected credit loss (releases) provisions, $0.2 million of litigation (releases) provisions, $0.1 million of restructuring projects, and $2.1 million of other write-offs (recoveries) and provisions (release of provisions) primarily related to foreign currency transaction remeasurement losses partially offset by a favorable adjustment to the Company's lease accounting provisions, as described above. In the quarter ended December 31, 2025, Total Charges and Credits impacting Adjusted EBITDA included $0.3 million of costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation, $8.1 million of technology impairments, $7.1 million of current expected credit loss (releases) provisions mainly in Oman, $0.2 million of litigation (releases) provisions, $4.7 million of restructuring projects, and $3.7 million of other write-offs (recoveries) and provisions (release of provisions) primarily related to a vendor bankruptcy and resulting provision for a construction-in-process prepayment previously made in Saudi Arabia. In the quarter ended March 31, 2025, Total Charges and Credits impacting Adjusted EBITDA included $1.5 million of costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation, $1.1 million of impairments, ($0.2) million of current expected credit loss (releases) provisions, ($0.8) million of litigation (releases) provisions, and $1.0 million of other write-offs (recoveries) and provisions (release of provisions). (2) Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS for the quarter ended March 31, 2026, was $2.9 million inclusive of Total Charges and Credits impacting Adjusted EBITDA of $2.9 million. Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS for the quarter ended December 31, 2025, were $24.1 million, inclusive of $24.1 million of Charges and Credits impacting Adjusted EBITDA. Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS for the quarter ended March 31, 2025, were $2.6 million, inclusive of $2.6 million of Charges and Credits impacting Adjusted EBITDA. (3) Does not foot due to rounding.Table 2 - Reconciliation of Net Income to Adjusted EBITDA Quarter endedMarch 31, 2026 Quarter endedDecember 31, 2025 Quarter endedMarch 31, 2025 Net Income $23,827 $7,803 $10,391 Add: Income Taxes 7,114 7,173 3,325 Interest Expense, net 6,543 7,539 8,284 Depreciation and Amortization 36,281 37,823 37,891 Total Charges and Credits impacting Adjusted EBITDA (3) 2,906 24,076 2,572 Total Adjusted EBITDA $76,671 $84,414 $62,463 (3) Total Charges and Credits impacting Adjusted EBITDA are described in Table 1 above. Total Charges and Credits impacting Adjusted EBITDA exclude items related to interest, income tax and depreciation and amortization.Table 3 - Reconciliation of Net cash provided by (used in) operating activities to Free Cash Flow 3 months
ended
March
31, 2026 12 months
ended
December
31, 2025 3 months
ended
December
31, 2025 3 months
ended
September
30, 2025 3 months
ended
June
30, 2025 3 months
ended
March
31, 2025 Net cash provided by operating activities $30,745 $264,242 $138,590 6,681 98,486 20,485 Less: Capital expenditures (36,004) (143,454) (42,834) (40,753) (29,743) (30,124)Free cash flow $(5,259) $120,788 $95,756 $(34,072) $68,743 $(9,639)Table 4 - Reconciliation to Net Debt As ofMarch 31, 2026 As ofDecember 31, 2025 As ofMarch 31, 2025 Current installments of long-term debt $64,500 $64,500 $67,323 Short-term borrowings 47,353 54,250 60,350 Long-term debt 175,542 191,378 238,651 Less: Cash and cash equivalents (92,956) (124,797) (78,695)Net Debt $194,439 $185,331 $287,629 For inquiries regarding NESR, please contact:Blake Gendron or Stefan Angeli
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.comSOURCE: National Energy Services Reunited Corp.View the original press release on ACCESS NewswireOriginal: National Energy Services Reunited Corp. Reports First Quarter 2026 Financial Results
US Market News
4月前
National Energy Services Reunited Corp. Reports Fourth Quarter 2025 Financial ResultsFebruary 17, 2026 6:05 AM
ACCESS NewswireRevenue for the quarter ended December 31, 2025, is $398.3 million, up 34.9% sequentially and 15.9% year-over-yearNet income for the quarter ended December 31, 2025, is $7.8 millionAdjusted net income (a non-GAAP measure)** for the quarter ended December 31, 2025, is $31.9 million, up 106.6% sequentiallyAdjusted EBITDA (a non-GAAP measure)** for the quarter ended December 31, 2025, is $84.4 million, improving 32.0% sequentiallyOperating cash flow for the year ended December 31, 2025, is $264.2 million, up 15.2% year-over-yearFree cash flow (a non-GAAP measure)** for the year ended December 31, 2025, is $120.8 million HOUSTON, TX / ACCESS Newswire / February 17, 2026 / National Energy Services Reunited Corp. ("NESR" or the "Company"), a leading integrated energy services provider in the Middle East and North Africa ("MENA"), today announced its financial results for the three-month period and year ended December 31, 2025. The Company delivered the following results for the periods presented: Three Months Ended Variance (in thousands except per share amounts and percentages) December 31,2025 September 30,2025 December 31,2024 Sequential Year-
over- year Revenue $398,262 $295,315 $343,682 34.9% 15.9%Net income 7,803 17,737 26,837 (56.0)% (70.9)%Adjusted net income (non-GAAP)** 31,879 15,434 28,140 106.6% 13.3%Adjusted EBITDA (non-GAAP)** 84,414 63,957 87,219 32.0% (3.2)%Diluted EPS 0.08 0.18 0.28 (54.6)% (71.4)%Adjusted Diluted EPS (non-GAAP)** 0.32 0.16 0.30 105.0% 6.7%**The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3, and 4 below for reconciliations of GAAP to non-GAAP financial measures. The Consolidated Balance Sheets, Statements of Operations, and Statements of Cash Flows are derived from the financial statements that will be presented in our Annual Report on Form 10-K for the year ended December 31, 2025.Stefan Angeli, Chief Financial Officer, commented, "Fourth quarter 2025 marked a strong finish to the year, highlighted by a sharp sequential acceleration in activity, disciplined cost execution, and continued balance sheet strengthening. Revenue reached $398.3 million, reflecting a 34.9% sequential increase, driven by improved utilization and the early stages of mobilization on recently awarded contracts. Adjusted EBITDA for the quarter increased 32% sequentially to $84.4 million. Adjusted EBITDA margins of 21.2% were substantially flat on a sequential quarter basis, underscoring the scalability of our operating model and the effectiveness of our cost controls.Net income for the quarter was $7.8 million and was impacted by non-cash impairment charges on two small technology investments, additional current expected credit loss provisions, mobilization-related restructuring costs in Oman, and other write-offs and provisions, largely related to a vendor bankruptcy and resulting provision for a construction-in-process prepayment previously made in Saudi Arabia. Excluding these items, Adjusted Net Income was $31.9 million, more than doubling sequentially, with Adjusted Diluted EPS of $0.32. These results reflect strong underlying operating performance despite the impact of discrete items recorded during the quarter.During 2025, we continued to prioritize cash generation and debt reduction, ending the year with Net Debt of $185.3 million, down nearly $90 million year-over-year, and a significantly strengthened liquidity position. As we enter 2026, our focus remains on executing our growing backlog efficiently, maintaining strong margins, improving working capital performance, and further enhancing returns on capital. We believe NESR is uniquely positioned to enter its next phase of growth with record revenues, strong operational momentum, and a clear focus on delivering durable, long-term value to shareholders."Sherif Foda, Chairman and Chief Executive Officer, commented, "We are very pleased with our fourth quarter results, which cap another year of disciplined execution and strategic progress for NESR. The quarter follows the announcement of several significant contract awards, most notably our integrated unconventional completions scope in Saudi Arabia's Jafurah development, which further reinforces our long-standing partnership with Aramco and our role in enabling world-class unconventional operations in the Kingdom. Our countercyclical investments over the past couple of years have positioned the Company with unmatched readiness across infrastructure, equipment, digital capabilities, and people, to mobilize and execute at scale with confidence and efficiency. Importantly, we continue to see strong momentum beyond Saudi Arabia, with new awards across the broader MENA region supporting a multi-year growth trajectory. As we enter 2026, NESR is shifting to a totally different gear and scale, operating from a position of strength, with multiple opportunities spanning across different countries, and a highly committed team. We remain focused on delivering consistent value to our customers, shareholders, and partners, and I am extremely proud of what our people have accomplished."Net Income and Adjusted Net Income ResultsNet income for the quarter ended December 31, 2025, was $7.8 million, representing a decline from the prior quarter, primarily driven by non-cash impairment charges on two immaterial technology investments, higher current expected credit loss provisions mainly in Oman, mobilization-related restructuring costs in Oman, and other write-offs and provisions, largely related to a Saudi Arabia provision for construction-in-process prepayment following a vendor bankruptcy. These impacts were partially offset by strong fall-through from higher sequential revenues during the quarter. Adjusted net income for the quarter was $31.9 million and included $24.1 million of "Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS," primarily attributable to the aforementioned impairment charges totaling $8.1 million, $4.7 million of mobilization-related restructuring costs incurred in Oman, $7.1 million of credit loss provisions mostly in Oman, and $3.7 million of other write-offs and provisions, largely related to the Saudi Arabia construction-in-process prepayment provision, described above. A detailed reconciliation of net income and diluted EPS to Adjusted Net Income and Adjusted Diluted EPS, including a complete list of adjusting items, is presented in Table 1 below under "Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS."The Company reported $0.08 of diluted EPS for the quarter ended December 31, 2025. Adjusted for the impact of Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS, Adjusted Diluted EPS, a non-GAAP measure described in Table 1 below, for the quarter ended December 31, 2025, is $0.32, doubling from the $0.16 reported in the third quarter of 2025.Adjusted EBITDA ResultsThe Company produced Adjusted EBITDA of $84.4 million during the quarter ended December 31, 2025, up 32.0% on a sequential quarter basis. Adjusted EBITDA includes adjustments for certain Total Charges and Credits impacting Adjusted EBITDA (those not related to interest, taxes, and/or depreciation and amortization). The Company posted the following results for the periods presented:(in thousands) Quarter endedDecember 31,2025 Quarter endedSeptember 30,2025 Quarter endedDecember 31,2024 Revenue $398,262 $295,315 $343,682 Adjusted EBITDA $84,414 $63,957 $87,219 A detailed reconciliation of net income to Adjusted EBITDA, including a complete list of adjusting items, is presented in Table 2 below under "Reconciliation of Net Income to Adjusted EBITDA."Balance SheetCash and cash equivalents are $124.8 million as of December 31, 2025, compared to $108.0 million as of December 31, 2024.Free cash flow, a non-GAAP measure, for the year ended December 31, 2025, was $120.8 million, compared to $124.2 million for the same period in 2024. The decrease was primarily attributable to higher growth capital expenditures in 2025 as compared to 2024, as offset in part by improved working capital management. A reconciliation of the applicable GAAP measures to free cash flow is presented in Table 3, titled "Reconciliation of Net cash provided by (used in) operating activities to Free Cash Flow."Total debt as of December 31, 2025, was $310.1 million, of which $118.8 million was classified as short-term, compared to $382.8 million and $128.5 million, respectively, as of December 31, 2024. Net Debt, a non-GAAP measure defined as the sum of current installments of long-term debt, short-term borrowings, and long-term debt less cash and cash equivalents, totaled $185.3 million as of December 31, 2025, compared to $274.9 million at December 31, 2024. The decrease in Net Debt reflects scheduled long-term debt repayments made during 2025, more than offset by a larger magnitude of free cash flow generation. A reconciliation of the applicable GAAP measures to Net Debt is presented in Table 4, titled "Reconciliation to Net Debt."About National Energy Services Reunited Corp.Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 7,000 employees, representing more than 60 nationalities in 16 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.Conference CallA conference call is scheduled for 8:00 AM ET on February 17, 2026, to discuss the financial results. Investors, analysts and members of the media are invited to participate by dialing in to the U.S. toll-free line at 1-877-407-0890 or the international line at 1-201-389-0918, approximately 10 minutes prior to the start of the call.A live, listen-only earnings webcast will also be broadcast simultaneously under the "Investors" section of the Company's website at www.nesr.com. Following the end of the conference call, a replay will be available after the event under the "Investors" section of the Company's website.Forward-Looking StatementsThis communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact, may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, completion and integration of acquisitions, and the assumptions underlying or relating to any such statement.The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: catastrophic events, the level of capital spending by our customers, political, market, financial and regulatory risks, including those related to the geographic concentration of our operations and customers, our operations, including maintenance, upgrades and refurbishment of our assets, may require significant capital expenditures, which may or may not be available to us, operating hazards inherent in our industry and the ability to secure sufficient indemnities and insurance, our ability to successfully integrate acquisitions, competition, including for capital and technological advances, and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the SEC.You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.The preliminary financial results for the Company as of and for the three- and twelve-month periods ended December 31, 2025, included in this press release, represent the most current information available to management. The Company's actual results when disclosed in its subsequent Annual Report on Form 10-K may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's audit procedures, and other developments that may arise between now and the disclosure of the final results. NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In US$ thousands, except share data) December 31,2025 December 31,2024 Assets Current assets Cash and cash equivalents $124,797 $107,956 Accounts receivable, net 178,020 137,265 Unbilled revenue 121,186 111,734 Service inventories 94,834 96,772 Prepaid assets 13,237 10,146 Retention withholdings 33,125 31,072 Other receivables 54,511 38,476 Other current assets 10,664 7,095 Total current assets 630,374 540,516 Non-current assets Property, plant and equipment, net 465,454 438,146 Intangible assets, net 47,086 65,696 Goodwill 645,095 645,095 Operating lease right-of-use assets 20,300 26,042 Other assets 43,210 58,183 Total assets $1,851,519 $1,773,678 Liabilities and equity Liabilities Accounts payable and accrued expenses 421,064 305,308 Current installments of long-term debt 64,500 68,735 Short-term borrowings 54,250 59,720 Income taxes payable 25,092 7,728 Other taxes payable 12,351 27,482 Operating lease liabilities 2,948 5,449 Other current liabilities 24,715 29,090 Total current liabilities 604,920 503,512 Long-term debt 191,378 254,387 Deferred tax liabilities 1,691 5,632 Employee benefit liabilities 36,321 31,806 Non-current operating lease liabilities 18,447 20,843 Other liabilities 30,846 49,266 Total liabilities 883,603 865,446 Equity Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at December 31, 2025, and 2024, respectively - - Common stock and additional paid in capital, no par value; unlimited shares authorized; 100,787,173 and 96,045,856 shares issued and outstanding at December 31, 2025, and 2024, respectively 902,845 894,293 Retained income 65,002 13,870 Accumulated other comprehensive income 69 69 Total equity 967,916 908,232 Total liabilities and equity $1,851,519 $1,773,678 NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$ thousands, except share data and per share amounts) For the three-month
period ended For the year ended Description December 31,2025 December 31,2024 December 31,2025 December 31,2024 Revenues $398,262 $343,682 $1,324,047 $1,301,704 Cost of services (350,231) (284,501) (1,159,317) (1,093,031)Gross profit 48,031 59,181 164,730 208,673 Selling, general and administrative expenses (excluding Amortization) (12,655) (10,905) (47,636) (52,195)Amortization (4,694) (4,694) (18,774) (18,774)Operating income 30,682 43,582 98,320 137,704 Interest expense, net (7,539) (9,905) (32,513) (39,881)Other expense, net (8,167) (3,524) (5,409) (2,325)Income before income tax 14,976 30,153 60,398 95,498 Income tax expense (7,173) (3,316) (9,266) (19,188)Net income $7,803 $26,837 $51,132 $76,310 Weighted average shares outstanding: Basic 100,782,309 95,955,545 98,444,582 95,472,527 Diluted 102,209,983 96,378,194 99,105,484 95,735,924 Earnings per share: Basic $0.08 $0.28 $0.52 $0.80 Diluted $0.08 $0.28 $0.52 $0.80 NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US$ thousands) Year ended December 31,2025 December 31,2024 December 31,2023 Cash flows from operating activities: Net income / (loss) $51,132 $76,310 $12,580 Adjustments to reconcile net income / (loss) to net cash provided by operating activities: Depreciation and amortization 141,729 142,784 142,230 Share-based compensation expense 8,321 6,032 6,763 Loss (Gain) on disposal of assets (3,568) 467 487 Non-cash interest (income) expense 1,024 (1,171) 1,549 Deferred tax expense / (benefit) (5,198) (2,719) (3,753)Allowance for (reversal of) doubtful receivables and unbilled revenue 8,727 8,844 410 Charges on obsolete service inventories 1,513 2,294 137 Impairments and other charges 9,568 5,324 7,917 Other operating activities, net 2,744 327 933 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (49,482) 25,159 (22,971)(Increase) decrease in unbilled revenue (9,452) (15,737) 14,189 (Increase) decrease in retention withholdings (2,053) 17,347 (14,151)(Increase) decrease in inventories 425 (633) 11,951 (Increase) decrease in prepaid expenses (3,091) (909) (8,901)(Increase) decrease in other current assets (1,653) 4,967 2,817 (Increase) decrease in other long-term assets and liabilities (1,579) (6,959) 16,259 Increase (decrease) in accounts payable and accrued expenses 116,160 (38,517) (3,365)Increase (decrease) in other current liabilities (1,025) 6,119 11,878 Net cash provided by operating activities 264,242 229,329 176,959 Cash flows from investing activities: Capital expenditures (143,454) (105,105) (68,190)IPM investments - - (16,031)Proceeds from disposal of assets 4,905 3,058 1,758 Other investing activities (13,689) (9,087) (1,000)Net cash used in investing activities (152,238) (111,134) (83,463) Cash flows from financing activities: Proceeds from long-term debt - 4,063 11,300 Repayments of long-term debt (68,735) (85,806) (54,763)Proceeds from short-term borrowings 98,578 83,434 94,506 Repayments of short-term borrowings (104,197) (72,614) (137,402)Payments on capital leases (3,905) (3,193) (2,403)Payments on seller-provided financing for capital expenditures (7,408) (3,781) (15,569)Other financing activities, net (1,597) (163) (197)Net cash provided by (used in) financing activities (87,264) (78,060) (104,528) Effect of exchange rate changes on cash - - - Net increase (decrease) in cash 24,740 40,135 (11,032)Cash and cash equivalents, beginning of period 107,956 67,821 78,853 Cash, cash equivalents, and restricted cash, end of period $132,696 $107,956 $67,821 NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In US$ thousands except per share amounts)The Company uses and presents certain key non-GAAP financial measures to evaluate its business and trends, measure performance, prepare financial projections and make strategic decisions. Included in this release are discussions of earnings before interest, income tax and depreciation and amortization adjusted for certain non-recurring and non-core expenses ("Adjusted EBITDA"), net income and diluted earnings per share ("EPS") adjusted for certain non-recurring and non-core expenses ("Adjusted Net Income" and "Adjusted Diluted EPS," respectively), as well as a reconciliation of these non-GAAP measures to net income and diluted EPS, respectively, in accordance with GAAP. The Company also discusses the non-GAAP balance sheet measure of the sum of our recorded current installments of long-term debt, short-term borrowings, and long-term debt less cash and cash equivalents ("Net Debt") in this release and provides a reconciliation to the GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt to Net Debt. The Company also discusses Free Cash Flow reconciled to Operating Cash Flow.The Company believes that the presentation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS provides useful information to investors in assessing its financial performance and results of operations as the Company's board of directors, management and investors use Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS to compare the Company's operating performance on a consistent basis across periods by removing the effects of changes in capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), items that do not impact the ongoing operations (transaction, integration, and startup costs) and items outside the control of its management team. Similarly, Net Debt is used by management as a liquidity measure used to illustrate the Company's debt level absent variability in cash and cash equivalents, and the Company believes that the presentation of Net Debt provides useful information to investors in assessing its financial leverage. Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered as an alternative to operating income, net income, or diluted EPS, respectively, the most directly comparable GAAP financial measures. Net Debt also should not be considered as an alternative to GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt. Finally, Free Cash Flow is used by management as a liquidity measure to illustrate the Company's ability to produce cash that is available to be distributed in a discretionary manner, after excluding investments in capital assets. Free Cash Flow should not be considered as an alternative to Net cash provided by (used in) operations or Net cash provided by (used in) investing activities, respectively, the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. You should not consider non-GAAP measures in isolation or as a substitute for an analysis of the Company's results as reported under GAAP. Table 1 - Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS Quarter ended Quarter ended Quarter ended December 31,2025 September 30,2025 December 31,2024 Net Diluted Net Diluted Net Diluted Income EPS Income EPS Income EPS Net Income $7,803 $0.08 $17,737 $0.18 $26,837 $0.28 Add/(Subtract): Charges and Credits impacting Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS: Costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation 258 - 787 0.01 1,480 0.02 Impairments 8,076 0.08 - - 3,741 0.04 Current expected credit loss (releases) provisions 7,112 0.07 1,474 0.01 486 0.01 Litigation (releases) provisions 248 - 235 - 340 - Restructuring projects 4,712 0.05 720 0.01 - - Loss of inventory in fire - - 1,980 0.02 - - Other write-offs (recoveries) and provisions (release of provisions) 3,670 0.04 1,659 0.02 (958) (0.01)Total Charges and Credits impacting Adjusted EBITDA (1) 24,076 0.24 6,855 0.07 5,089 0.06 Add/(Subtract): Charges and Credits impacting only Adjusted Net Income and Adjusted Diluted EPS: Adjustments to uncertain tax positions and unrecognized tax benefits - - (9,158) (0.09) (3,786) (0.04)Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS (2) 24,076 0.24 (2,303) (0.02) 1,303 0.02 Total Adjusted Net Income and Adjusted Diluted EPS $31,879 $0.32 $15,434 $0.16 $28,140 $0.30 (1) In the quarter ended December 31, 2025, Total Charges and Credits impacting Adjusted EBITDA included $0.3 million of costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation, $8.1 million of technology impairments, $7.1 million of current expected credit loss (releases) provisions mainly in Oman, $0.2 million of litigation (releases) provisions, $4.7 million of restructuring projects, and $3.7 million of other write-offs (recoveries) and provisions (release of provisions) primarily related to a Saudi Arabia construction-in-progress prepayment described above. In the quarter ended September 30, 2025, Total Charges and Credits impacting Adjusted EBITDA included $0.8 million of costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation, $1.5 million of current expected credit loss (releases) provisions, $0.2 million of litigation (releases) provisions, $0.7 million of restructuring projects, $2.0 million due to loss of inventory in fire, and $1.7 million of other write-offs (recoveries) and provisions (release of provisions). In the quarter ended December 31, 2024, Total Charges and Credits impacting Adjusted EBITDA included $1.5 million of costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation, $3.7 million of impairments, $0.5 million of current expected credit loss (releases) provisions, $0.3 million of litigation (releases) provisions, and $(1.0) million of other write-offs (recoveries) and provisions (release of provisions).(2) Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS for the quarter ended September 30, 2025, was $(2.3) million inclusive of Total Charges and Credits impacting Adjusted EBITDA of $6.9 million, less $9.2 million related to a net release of uncertain tax positions and unrecognized tax benefits. Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS for the quarter ended December 31, 2024, was $1.3 million inclusive of Total Charges and Credits impacting Adjusted EBITDA of $5.1 million, less $(3.8) million related to the release of an uncertain tax position.Table 2 - Reconciliation of Net Income to Adjusted EBITDA Quarter endedDecember 31,2025 Quarter endedSeptember 30,2025 Quarter endedDecember 31,2024 Net Income $7,803 $17,737 $26,837 Add: Income Taxes 7,173 (5,500) 3,316 Interest Expense, net 7,539 8,128 9,905 Depreciation and Amortization 37,823 36,737 42,072 Total Charges and Credits impacting Adjusted EBITDA (3) 24,076 6,855 5,089 Total Adjusted EBITDA $84,414 $63,957 $87,219 (3) Total Charges and Credits impacting Adjusted EBITDA are described in Table 1 above. Total Charges and Credits impacting Adjusted EBITDA exclude items related to interest, income tax and depreciation and amortization.Table 3 - Reconciliation of Net cash provided by (used in) operating activities to Free Cash Flow Twelve months endedDecember 31,2025 Twelve months endedDecember 31,2024 Net cash provided by operating activities $264,242 $229,329 Less: Capital expenditures (143,454) (105,105)Free cash flow $120,788 $124,224 Table 4 - Reconciliation to Net Debt As ofDecember 31,2025 As ofDecember 31,2024 As ofSeptember 30,2025 Current installments of long-term debt $64,500 $68,735 $64,500 Short-term borrowings 54,250 59,720 61,269 Long-term debt 191,378 254,387 207,180 Less: Cash and cash equivalents (124,797) (107,956) (69,683)Net Debt $185,331 $274,886 $263,266 For inquiries regarding NESR, please contact:Blake Gendron or Stefan Angeli
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.comSOURCE: National Energy Services Reunited Corp.View the original press release on ACCESS NewswireOriginal: National Energy Services Reunited Corp. Reports Fourth Quarter 2025 Financial Results
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