NINE (NINE) financial statements
NINE reported revenue of $562M in fiscal 2025, up 7.9% a year over 9 years.
Net income was -$51M and the operating margin 0.4%, against -29.4% in 2016.
Free cash flow was -$23M.
The diluted share count rose 208% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NINE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $282M | $544M | $827M | $833M | $311M | $349M | $593M | $610M | $554M | $562M |
| Cost of revenue | $246M | $448M | $639M | $670M | $302M | — | — | — | — | — |
| Gross profit | $36M | $95M | $188M | $163M | $9M | — | — | — | — | — |
| Selling, general and admin | $39M | $50M | $73M | $81M | $49M | $45M | $52M | $60M | $51M | $60M |
| Operating income | -$83M | -$57M | -$28M | -$183M | -$383M | -$50M | $44M | $18M | $9M | $2M |
| Interest expense | $14M | $16M | $22M | $40M | $37M | — | $32M | $51M | $51M | $55M |
| Pre-tax income | -$97M | -$73M | -$51M | -$222M | -$381M | -$65M | $15M | -$32M | -$41M | -$51M |
| Income tax | -$26M | -$5M | $2M | -$4M | -$2M | -$25,000 | $546,000 | $585,000 | $198,000 | -$171,000 |
| Net income | -$71M | -$68M | -$53M | -$218M | -$379M | -$65M | $14M | -$32M | -$41M | -$51M |
| EPS (diluted) | -$5.34 | -$4.55 | -$2.17 | -$7.43 | -$12.74 | -$2.13 | $0.45 | -$0.97 | -$1.11 | -$1.25 |
| Diluted shares | 13M | 15M | 24M | 29M | 30M | 30M | 32M | 33M | 37M | 41M |
| Gross margin | 12.8% | 17.5% | 22.7% | 19.6% | 2.8% | — | — | — | — | — |
| Operating margin | -29.4% | -10.5% | -3.4% | -21.9% | -123.3% | -14.3% | 7.3% | 2.9% | 1.6% | 0.4% |
| Net margin | -25.1% | -12.4% | -6.4% | -26.1% | -121.9% | -18.5% | 2.4% | -5.3% | -7.4% | -9.1% |
Balance sheet
Fiscal years, from NINE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $18M | $64M | $93M | $69M | $22M | $17M | $31M | $28M | $18M |
| Receivables | — | $100M | $155M | $97M | $41M | $64M | $105M | $88M | $81M | $76M |
| Inventory | — | $22M | $91M | $61M | $38M | $42M | $62M | $54M | $51M | $57M |
| Total current assets | — | $147M | $333M | $269M | $166M | $139M | $197M | $184M | $170M | $169M |
| Property, plant and equipment | — | $259M | $212M | $129M | $102M | $87M | $90M | $82M | $71M | $64M |
| Goodwill | $125M | $94M | $308M | $296M | $0 | — | — | — | — | — |
| Total assets | — | $579M | $1.1B | $851M | $443M | $382M | $427M | $402M | $360M | $339M |
| Total current liabilities | — | $286M | $108M | $61M | $43M | $56M | $81M | $83M | $82M | $91M |
| Long-term debt | — | $0 | $425M | $392M | $343M | $332M | $338M | $321M | $317M | $342M |
| Total liabilities | — | $292M | $546M | $461M | $422M | $421M | $450M | $438M | $426M | $454M |
| Shareholders' equity | $288M | $287M | $595M | $390M | $20M | -$39M | -$24M | -$36M | -$66M | -$115M |
| Net debt | -$4M | $224M | $361M | $299M | $275M | $313M | $323M | $293M | $293M | $329M |
Cash flow
Fiscal years, from NINE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3M | $6M | $90M | $101M | -$5M | -$40M | $17M | $46M | $13M | -$7M |
| Capital spending | $9M | $45M | $47M | $65M | $9M | $15M | $29M | $25M | $15M | $16M |
| Free cash flow | -$12M | -$40M | $43M | $36M | -$14M | -$56M | -$12M | $21M | -$2M | -$23M |
| Stock-based compensation | $6M | $8M | $13M | $14M | $10M | $5M | $2M | $2M | $3M | $2M |
| Net borrowing | -$20M | -$22M | -$271M | — | — | — | — | — | — | — |
| Free cash flow margin | -4.4% | -7.3% | 5.2% | 4.4% | -4.6% | -16.0% | -2.0% | 3.4% | -0.3% | -4.1% |
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Open NINE in InvestinglyQuestions
What was NINE's revenue in 2025?
$562M in fiscal 2025, from its 10-K filing.
How much free cash flow does NINE generate?
-$23M in fiscal 2025 (operating cash flow minus capital spending).
From NINE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.