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…
Earnings analysis · 10-Q
NINE earnings analysis
Filed May 13, 2026 · Our reading of the company's report
The latest report
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…
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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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Reported figures
- Earnings per share
- $-1.253
- Segment
- Cementing: $17.6M, Tools: $8.5M, Coiled Tubing: $8.1M, Wireline: $7.4M
What stood out
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Significant Revenue Decline
Revenue dropped to $41.6 million in Q1 2026 from $150.5 million a year earlier.
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Emergence From Bankruptcy
The company successfully emerged from bankruptcy on March 5, 2026, leading to a reorganization of debt.
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Improvement in Operational Efficiency Expected
Management anticipates less whitespace in operations and more efficient execution leading to better performance in Q2 2026.
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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.
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Adjusted EBITDA Shows Improvement
Adjusted EBITDA increased to $2.1 million in Q1 2026 from $870 thousand in Q4 2025.
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Liquidity Position Strengthened
The company reported a total liquidity position of $46.9 million at March 31, 2026.
What to watch
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Weak Revenue and Cash Flow Generation
Revenues significantly declined from $150.5 million in Q1 2025 to $41.6 million in Q1 2026.
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Bankruptcy Risk Remains Post-Emergence
The recent bankruptcy filing and restructuring might negatively affect future operational stability and relationships with partners.
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Challenges in Attracting Key Personnel
Emergence from bankruptcy may hinder the ability to attract and retain key employees, affecting long-term business strategies.
Management's outlook
Management anticipates Q2 2026 revenue will improve compared to Q1 2026.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.