Nine Energy Service Reports Q1 Results Post-Bankruptcy; Guides Q2 Revenue $136-146M
Nine Energy Service reported its first quarter 2026 results, which were split into predecessor (January 1 - March 5, 2026) and successor (March 6 - March 31, 2026) periods due to the company's emergence from Chapter 11 and implementation of fresh start accounting. For the predecessor period, revenue was $88.4 million with net income of $107.9 million, while the successor period saw revenue of $41.6 million and a net loss of $(1.3) million. The company anticipates significant sequential improvement in the second quarter, projecting revenue between $136 million and $146 million and adjusted EBITDA of $10.0 million to $15.0 million. Nine also noted total liquidity of $46.9 million as of March 31, 2026, and a milestone of over 500,000 ScorpionTM Composite Plugs sold.
Key Highlights
- Company emerged from Chapter 11 and implemented fresh start accounting on March 5, 2026.
- Predecessor period (Jan 1-Mar 5, 2026) revenue was $88.4 million, with net income of $107.9 million.
- Predecessor period adjusted EBITDA was $0.9 million, negatively impacted by a $5.5 million non-cash inventory write-down.
- Successor period (Mar 6-Mar 31, 2026) revenue was $41.6 million, with a net loss of $(1.3) million.
- Successor period adjusted EBITDA was $2.1 million.
- Nine expects Q2 2026 revenue of $136 million to $146 million.
- Nine expects Q2 2026 adjusted EBITDA of $10.0 million to $15.0 million.
- Total liquidity as of March 31, 2026, was $46.9 million.
- Nine has surpassed over 500,000 ScorpionTM Composite Plugs sold.