Natural Gas Services Group Q2 2024 Update

TL;DR

NGS Q2 revenue at $36.7M for 6 months. Year-end 12/31.

AI Summary

Natural Gas Services Group Inc. reported its Q2 2024 results, with total revenues for the six months ended June 30, 2024, reaching $36.7 million. The company's fiscal year ends on December 31st. This 10-Q filing covers the period up to June 30, 2024.

Why It Matters

This filing provides investors with the latest financial performance data for Natural Gas Services Group Inc., crucial for understanding the company's operational health and market position.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative financial events indicated.

Key Numbers

• $36.7M — Total Revenues (6 months ended 06/30/2024) (Indicates the company's top-line performance over the first half of the year.)
• 12/31 — Fiscal Year End (Defines the end of the company's annual financial reporting cycle.)

Key Players & Entities

• NATURAL GAS SERVICES GROUP INC (company) — Filer
• 20240630 (date) — Conformed Period of Report
• 20240814 (date) — Filed as of Date
• $36.7 million (dollar_amount) — Total revenues for the six months ended June 30, 2024

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 NGS New York Stock Exchange Indicate

Filing Documents

• ngs-20240630.htm (10-Q) — 884KB
• ngs063024-ex311jacobs2.htm (EX-31.1) — 11KB
• ngs063024-ex312bittner2.htm (EX-31.2) — 10KB
• ngs063024-ex321jacobs2.htm (EX-32.1) — 7KB
• ngs063024-ex322bittner2.htm (EX-32.2) — 7KB
• 0001084991-24-000089.txt ( ) — 4780KB
• ngs-20240630.xsd (EX-101.SCH) — 36KB
• ngs-20240630_cal.xml (EX-101.CAL) — 53KB
• ngs-20240630_def.xml (EX-101.DEF) — 138KB
• ngs-20240630_lab.xml (EX-101.LAB) — 449KB
• ngs-20240630_pre.xml (EX-101.PRE) — 298KB
• ngs-20240630_htm.xml (XML) — 580KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements Unaudited Condensed Consolidated Balance Sheets Page 1 Unaudited Condensed Consolidated Statements of Operations Page 2 Unaudited Condensed Consolidated Statements of Stockholders' Equity Page 3 Unaudited Condensed Consolidated Statements of Cash Flows Page 5 Notes to Unaudited Condensed Consolidated Financial Statements Page 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Page 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk Page 23

Controls and Procedures

Item 4. Controls and Procedures Page 23

- OTHER INFORMATION

Part II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings Page 24

Risk Factors

Item 1A. Risk Factors Page 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Page 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities Page 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Page 25

Other Information

Item 5. Other Information Page 25

Exhibits

Item 6. Exhibits Page 26

Signatures

Signatures Page 28

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value) (unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 3,616 $ 2,746 Trade accounts receivable, net of allowance for doubtful accounts of $ 1,110 and $ 823 , respectively 33,001 39,186 Inventory, net of allowance for obsolescence of $ 2,836 20,254 21,639 Federal income tax receivable 11,386 11,538 Prepaid expenses and other 2,139 1,162 Total current assets 70,396 76,271 Long-term inventory, net of allowance for obsolescence of $ 1,168 937 701 Rental equipment, net of accumulated depreciation of $ 204,632 and $ 191,745 , respectively 388,331 373,649 Property and equipment, net of accumulated depreciation of $ 18,273 and $ 17,649 , respectively 19,584 20,550 Intangibles, net of accumulated amortization of $ 2,447 and $ 2,384 , respectively 712 775 Other assets 9,205 6,783 Total assets $ 489,165 $ 478,729 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 23,336 $ 17,628 Accrued liabilities 6,803 15,085 Total current liabilities 30,139 32,713 Long-term debt 163,000 164,000 Deferred income tax liability 44,290 41,636 Other long-term liabilities 6,076 4,486 Total liabilities 243,505 242,835 Commitments and contingencies (Note 9) Stockholders' Equity: Preferred stock, 5,000 shares authorized, no shares issued or outstanding — — Common stock, 30,000 shares authorized, par value $ 0.01 ; 13,727 and 13,688 shares issued, respectively 137 137 Additional paid-in capital 116,898 116,480 Retained earnings 143,629 134,281 Treasury shares, at cost, 1,310 shares ( 15,004 ) ( 15,004 ) Total stockholders' equity 245,660 235,894 Total liabilities and stockholders' equity $ 489,165 $ 478,729 See accompanying notes to these unaudited condensed consolidated financial statements. 1 NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSO

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