Nine Energy Service Announces First Quarter 2026 Results

About this update from Nine Energy Service, Inc.

HOUSTON, May 13, 2026 --( BUSINESS WIRE )--Nine Energy Service, Inc. ("Nine" or the "Company") (NYSE American: NINE) reported revenues of $88.4 million, net income of $107.9 million, or $2.65 per diluted share and $2.65 per basic share, and adjusted EBITDA of $0.9 million for the predecessor period. Nine reported revenues of $41.6 million, net loss of $(1.3) million, or $(0.09) per diluted share and $(0.09) per basic share, and adjusted EBITDA of $2.1 million for the successor period. "The first quarter was an unusual and complex period from a financial reporting perspective," said Ann Fox, President and Chief Executive Officer of Nine Energy Service. "During the quarter, we entered and successfully emerged from Chapter 11 and implemented fresh start accounting effective March 5, resulting in several required reporting changes, including the revaluation of our assets. In addition, net income and adjusted EBITDA for our predecessor period was negatively impacted by a $5.5 million non‑cash inventory write‑down. Importantly, we believe these items are now largely behind us, and we expect improved financial results beginning in the second quarter. Following this process, the Company has been transformed in meaningful ways, and I am confident that Nine is now in a stronger financial position as we begin our next chapter of growth." "Shifting to the market, the U.S. rig count remained stable throughout the quarter; however, weather‑related disruptions led to operational inefficiencies early in the quarter and negatively impacted revenue and earnings during our predecessor period, most notably within our Wireline division. As conditions normalized, operating efficiency improved, leading to stronger monthly run rates as the quarter progressed. Pricing across our service lines remained largely stable compared to exit rates at the end of 2025." "The macro environment continues to be highly dynamic. Recent improvement in oil prices has increased optimism for U.S. land activity in the second half of the year relative to expectations at the end of 2025. Should commodity prices remain at current levels in conjunction with a more constructive outlook, incremental rig additions and the completion of DUCs are possible. Thus far in the second quarter, customer activity plans remain largely unchanged, and overall U.S. rig counts have been flat." "Natural gas prices were supportive, averaging $4.71 in the first quarter compared to $3.73 in the fourth quarter of 2025. Natural gas‑weighted basins, including the Haynesville, continue to represent an attractive opportunity for Nine. We are focused on ensuring the organization is well positioned to capture incremental activity in these basins. We recently opened a new wireline facility in the Haynesville and look to leverage our established customer relationships and long track record of success to help drive profitable market share gains." "Looking ahead to the second quarter, we expect continued operational normalization and efficiency gains as well as normalized financial reporting. As a result, we anticipate sequential improvement in revenue and earnings compared to the predecessor and successor periods." "I believe Nine is well positioned operationally with financial flexibility, which will allow us to execute on our strategic priorities while navigating a dynamic market environment. We remain focused on disciplined execution and profitable growth and we are confident in the long‑term value potential of Nine." Operating Results During the predecessor period, the Company reported revenues of $88.4 million, gross profit of $2.0 million and adjusted gross profit B of $7.8 million. During the successor period, the Company reported revenues of $41.6 million, gross profit of $3.8 million and adjusted gross profit B of $6.0 million. During the predecessor period, the Company reported general and administrative ("G&A") expense of $13.1 million and depreciation and amortization expense ("D&A") of $5.9 million. During the successor period, the Company reported G&A expense of $4.6 million and D&A expense of $2.3 million. The income tax provision recorded for the predecessor period was approximately $0.1 million. The income tax benefit recorded for the successor period was approximately $0.1 million. The income tax provision/(benefit) recorded for both periods was primarily attributed to state and non-U.S. income taxes. Liquidity and Capital Expenditures During the predecessor period, the Company reported net cash used in operating activities of $10.0 million. During the successor period, the Company reported net cash used in operating activities of $2.4 million. Capital expenditures for the predecessor period totaled $1.9 million and $3.7 million for the successor period. The Company’s full-year 2026 capital expenditures guidance is $20 to $30 million. As of March 31, 2026, Nine’s cash and cash equivalents were $11.2 million, and the Company had $35.7 million of availability under its revolving credit facility, resulting in a total liquidity position of $46.9 million as of March 31, 2026. On March 31, 2026, the Company had $90.4 million of borrowings under its revolving credit facility. On April 28, 2026, the Company borrowed an additional $5.0 million under the revolving credit facility. Conference Call Information The call is scheduled for Thursday, May 14, 2026, at 9:00 am Central Time. Participants may join the live conference call by dialing U.S. (Toll Free): (877) 524-8416 or International: (412) 902-1028 and asking for the "Nine Energy Service Earnings Call". Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the earnings call. For those who cannot listen to the live call, a telephonic replay of the call will be available through May 28, 2026 and may be accessed by dialing U.S. (Toll Free): (877) 660-6853 or International: (201) 612-7415 and entering the passcode of 13759688. About Nine Energy Service Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, Haynesville, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada. For more information on the Company, please visit Nine’s website at nineenergyservice.com . Forward Looking Statements The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements also include statements that refer to or are based on projections, uncertain events or assumptions. Forward-looking statements included herein relate to, among other things, our strategy and prospects, future operations, financial position and financial results, estimated future revenues and earnings. All forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, the level of capital spending and well completions by the onshore oil and natural gas industry, which may be affected by geopolitical and economic developments in the U.S. and globally, including conflicts, instability, acts of war or terrorism in oil-producing countries or regions, particularly Iran and elsewhere in the Middle East, Russia, South America and Africa, as well as actions by members of the Organization of the Petroleum Exporting Countries and other oil-exporting nations; general economic conditions and inflation, particularly cost inflation with labor or materials; the effects of tariffs and other trade measures on the Company’s business and on the onshore oil and natural gas industry generally; equipment and supply chain constraints; the Company’s ability to attract and retain key employees, technical personnel and other skilled and qualified workers; the Company’s ability to maintain existing prices or implement price increases on our products and services; pricing pressures, reduced sales or reduced market share as a result of intense competition in the markets for the Company’s dissolvable plug products; conditions inherent in the oilfield services industry, such as equipment defects, liabilities arising from accidents or damage involving our fleet of trucks or other equipment, explosions and uncontrollable flows of gas or well fluids, and loss of well control; the Company’s ability to implement and commercialize new technologies, services and tools; the Company’s ability to grow its completion tool business domestically and internationally; our recent emergence from bankruptcy, which may adversely affect our business and relationships; seasonal and adverse weather conditions; the adequacy of the Company’s capital resources and liquidity, including the ability to meet its debt obligations; the Company’s ability to manage capital expenditures; the Company’s ability to accurately predict customer demand, including that of its international customers; the loss of, or interruption or delay in operations by, one or more significant customers, including certain of the Company’s customers outside of the United States; the loss of or interruption in operations of one or more key suppliers; the incurrence of significant costs and liabilities resulting from litigation; cybersecurity risks; changes in laws or regulations regarding issues of health, safety and protection of the environment; and other factors described in the "Risk Factors" and "Business" sections of the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260513422420/en/ Contacts Nine Energy Service Investor Contact: Heather Schmidt Interim CFO and SVP, Strategic Development and Investor Relations (281) 730-5113 [email protected]

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