NATURAL GAS SERVICES GROUP INC
For the period ended Mar 31, 2025. Filed May 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 12, 2025
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Inventory
- Inventory
The following table summarizes the components of our inventory, net of allowance for obsolescence, as of the dates presented:
| March 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Raw materials, net of allowance of $1,415 and $4,379, respectively | $16,930 | $17,706 |
| Work-in-process | 413 | 345 |
| Inventory - current | 17,343 | 18,051 |
| Raw materials - long term, net of allowance of $1,104 and $1,488, respectively | — | — |
| Total inventory | $17,343 | $18,051 |
Our long-term inventory, which is fully reserved for obsolescence, consists of raw materials that remain viable but with limited market opportunities.
The following table summarizes the changes in our allowance for obsolescence for the periods presented:
| March 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Beginning balance | $5,867 | $4,004 |
| Allowance for obsolescence | 61 | 1,863 |
| Write-offs | (3,409) | — |
| Ending balance | $2,519 | $5,867 |
The substantial write-off of the allowance for obsolescence during the three months ended March 31, 2025 reflects the disposal of inventory items, including engines, frames and coolers, among other items that were previously held and reserved at our former Midland, Texas fabrication facility.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.