NINE earnings analysis
What we found in NINE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Nine Energy Service reported Q1 2026 revenues of $41.6 million, significantly lower than the $150.5 million in Q1 2025, with a net loss of $1.3 million compared to a profit of $107.9 million in the previous period. The company emerged from bankruptcy in March 2026, leading to substantial changes in its financial structure, though it expects improved operational efficiency in Q2 2026 to enhance revenue and earnings.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Decline
- Revenue dropped to $41.6 million in Q1 2026 from $150.5 million a year earlier.
- Emergence From Bankruptcy
- The company successfully emerged from bankruptcy on March 5, 2026, leading to a reorganization of debt.
- Improvement in Operational Efficiency Expected
- Management anticipates less whitespace in operations and more efficient execution leading to better performance in Q2 2026.
- Reduction in General and Administrative Expenses
- G&A expenses decreased to $4.6 million in Q1 2026 from $13.1 million in the predecessor period.
- Adjusted EBITDA Shows Improvement
- Adjusted EBITDA increased to $2.1 million in Q1 2026 from $870 thousand in Q4 2025.
- Liquidity Position Strengthened
- The company reported a total liquidity position of $46.9 million at March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weak Revenue and Cash Flow Generation
- Revenues significantly declined from $150.5 million in Q1 2025 to $41.6 million in Q1 2026.
- Bankruptcy Risk Remains Post-Emergence
- The recent bankruptcy filing and restructuring might negatively affect future operational stability and relationships with partners.
- Challenges in Attracting Key Personnel
- Emergence from bankruptcy may hinder the ability to attract and retain key employees, affecting long-term business strategies.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.253
- Gross margin
- 9.07%
- Operating margin
- -2.06%
- Segment
- Cementing: $17.6M, Tools: $8.5M, Coiled Tubing: $8.1M, Wireline: $7.4M
What they said about what is next.
Management anticipates Q2 2026 revenue will improve compared to Q1 2026.
The filing reads worse than the one before it.
What came before.
- 10-K · April 28, 2026
- Nine Energy emerged from a prepackaged Chapter 11 plan that became effective on March 5, 2026, but governance and financial stress remain material. The company shows roughly flat annual revenue year-over-year (~$561.0M…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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