$NESR

National Energy Services Reunited Corp.

CIK:0001698514|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 520,752	$ 327,368	$ 925,338	$ 630,470
Cost of services	(439,460)	(283,484)	(792,215)	(549,131)
Gross profit	81,292	43,884	133,123	81,339
Selling, general and administrative expenses (excluding Amortization)	(12,018)	(12,099)	(23,121)	(23,920)
Amortization	(4,433)	(4,694)	(9,126)	(9,387)
Operating income	64,841	27,091	100,876	48,032
Interest expense, net	(7,038)	(8,562)	(13,581)	(16,846)
Other income, net	1,115	940	2,564	1,999
Income before income tax	58,918	19,469	89,859	33,185
Income tax expense	(14,901)	(4,268)	(22,015)	(7,593)
Net income	$ 44,017	$ 15,201	$ 67,844	$ 25,592
Weighted average shares outstanding (Note 9):
Basic	100,850,601	96,428,791	100,827,148	96,284,786
Diluted	103,218,410	97,639,507	103,084,578	97,152,215
Earnings per share (Note 9):
Basic	$ 0.44	$ 0.16	$ 0.67	$ 0.27
Diluted	$ 0.43	$ 0.16	$ 0.66	$ 0.26

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 67,844	$ 25,592
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,885	71,912
Share-based compensation expense	5,172	3,578
(Gain) on disposal of assets	(2,360)	(886)
Non-cash interest expense	192	531
Deferred tax expense (benefit)	4,880	(431)
Allowance for doubtful receivables and unbilled revenue	1,784	(782)
Charges on obsolete service inventories	1,283	920
Impairments and other charges		1,492
Other operating activities, net	71	354
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(32,046)	(53,001)
(Increase) decrease in unbilled revenue	(52,140)	(2,901)
(Increase) decrease in retention withholdings	(8,243)	15,162
(Increase) decrease in inventories	(32,827)	(3,040)
(Increase) decrease in prepaid assets	(8,475)	(6,815)
(Increase) decrease in other current assets	(2,582)	(5,102)
(Increase) decrease in other long-term assets and liabilities	(1,581)	2,764
Increase (decrease) in accounts payable and accrued expenses	181,504	64,509
Increase (decrease) in other current liabilities	12,397	5,115
Net cash provided by operating activities	204,758	118,971
Cash flows from investing activities:
Capital expenditures	(110,108)	(59,867)
IPM investments (Note 2)
Proceeds from disposal of assets	1,881	1,438
Other investing activities	(1,333)	(4,000)
Net cash used in investing activities	(109,560)	(62,429)
Cash flows from financing activities:
Proceeds from long-term debt
Repayments of long-term debt	(32,250)	(35,073)
Proceeds from short-term borrowings	42,242	53,464
Repayments of short-term borrowings	(46,086)	(47,031)
Payments on capital leases	(3,638)	(1,427)
Payments on seller-provided financing for capital expenditures	(3,820)	(1,203)
Other financing activities, net		(1,426)
Net cash used in financing activities	(43,552)	(32,696)
Effect of exchange rate changes on cash
Net increase (decrease) in cash, cash equivalents, and restricted cash	51,646	23,846
Cash and cash equivalents, beginning of period	132,696	107,956
Cash, cash equivalents, and restricted cash, end of period (Note 2)	$ 184,342	$ 131,802

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 174,994	$ 124,797
Accounts receivable, net (Note 3)	208,832	178,020
Unbilled revenue	173,327	121,186
Service inventories (Note 4)	126,378	94,834
Prepaid assets	21,713	13,237
Retention withholdings	41,368	33,125
Other receivables	55,226	54,511
Other current assets	13,534	10,664
Total current assets	815,372	630,374
Non-current assets
Property, plant and equipment, net (Note 5)	530,685	465,454
Intangible assets, net	38,047	47,086
Goodwill	645,095	645,095
Operating lease right-of-use assets	25,696	20,300
Other assets	42,295	43,210
Total assets	2,097,190	1,851,519
Liabilities
Accounts payable and accrued expenses	603,187	421,064
Current installments of long-term debt (Note 6)	64,500	64,500
Short-term borrowings (Note 6)	50,415	54,250
Income taxes payable (Note 7)	37,042	25,092
Other taxes payable	16,069	12,351
Operating lease liabilities	1,415	2,948
Other current liabilities	29,029	24,715
Total current liabilities	801,657	604,920
Long-term debt (Note 6)	159,706	191,378
Deferred tax liabilities	660	1,691
Employee benefit liabilities	39,337	36,321
Non-current operating lease liabilities	23,026	18,447
Other liabilities	30,759	30,846
Total liabilities	1,055,145	883,603
Commitments and contingencies (Note 8)
Equity
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at June 30, 2026, and December 31, 2025, respectively
Ordinary shares and additional paid-in capital, no par value; unlimited shares authorized; 100,851,754 and 100,787,173 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively	909,130	902,845
Retained income	132,846	65,002
Accumulated other comprehensive income	69	69
Total equity	1,042,045	967,916
Total liabilities and equity	$ 2,097,190	$ 1,851,519