NINE · Nine Energy Service, Inc.

Nine Energy Service's Q1 2026 results reflect a complex reporting period due to its emergence from Chapter 11 bankruptcy on March 5, 2026, and the application of fresh start accounting, splitting results into predecessor (Jan 1 - Mar 5) and successor (Mar 6 - Mar 31) periods, which are not comparable. Predecessor revenues of $88.4 million included a $107.9 million net income driven by reorganization gains offsetting a $5.5 million non-cash inventory write-down and operational inefficiencies from weather disruptions, particularly in Wireline. Adjusted EBITDA was low at $0.9 million amid gross profit of $2.0 million (adjusted $7.8 million). Successor revenues fell to $41.6 million with a $1.3 million net loss, but adjusted EBITDA improved to $2.1 million on gross profit of $3.8 million (adjusted $6.0 million) as operations normalized. CEO Ann Fox highlighted the transformation post-bankruptcy, positioning the company for growth with stable pricing and focus on natural gas basins like Haynesville, where a new wireline facility was opened. U.S. rig counts were stable but flat into Q2, with supportive natural gas prices at $4.71 average. Guidance signals sequential improvement: Q2 revenue $136-146 million and adjusted EBITDA $10-15 million, reflecting efficiency gains and normalized reporting. Liquidity stood at $46.9 million on March 31, bolstered by $35.7 million revolver availability despite $90.4 million borrowings (additional $5 million drawn April 28). Full-year capex guidance of $20-30 million supports operational priorities amid a dynamic macro environment with oil price optimism.