Natural Gas Services Group, Inc. announced record financial results for the full year ended December 31, 2024, with Adjusted EBITDA reaching $69.5 million, an increase of over 50% compared to 2023. The utilized rental fleet approached 500,000 horsepower, representing 17% year-over-year growth.
For the fourth quarter of 2024, total revenue increased 12% to $40.7 million, and rental revenue grew 21% to $38.2 million compared to the prior year. Net income for the quarter was $2.9 million, or $0.23 per diluted share, with Adjusted EBITDA at $18.0 million.
The company provided optimistic 2025 guidance, projecting Adjusted EBITDA between $74 million and $78 million, and growth capital expenditures of $95 million to $120 million. This CapEx is expected to add approximately 90,000 horsepower to the fleet, primarily in the second half of 2025 and early 2026, with all new units under contract.
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