The Q2 guidance of $136-146M revenue and $10-15M adjusted EBITDA is the key catalyst — it implies a return to pre-bankruptcy run-rate revenue and a meaningful margin recovery. Monitor the earnings call for commentary on pricing, rig count trends, and whether the $5.0M additional revolver draw on April 28 signals working capital needs or growth investment. The massive share count reduction (40.7M predecessor → 14.0M successor) resets the equity base, making EPS comparisons unreliable.
Price Chart
Executive Summary
Nine Energy Service reported Q1 2026 results split between a predecessor period (Jan 1 – Mar 5) and a successor period (Mar 6 – Mar 31) following its Chapter 11 emergence and fresh-start accounting. The predecessor period showed $88.4M revenue and $107.9M net income (driven by a $124M reorganization gain), while the successor period showed $41.6M revenue and a $1.3M net loss. The company guided Q2 2026 revenue of $136-146M and adjusted EBITDA of $10-15M, signaling a meaningful operational recovery from the disrupted first quarter.
Key Financial Metrics
Key Facts
- Predecessor period (Jan 1 – Mar 5, 2026): Revenue $88.4M, net income $107.9M ($2.65/diluted share), adjusted EBITDA $0.9M
- Successor period (Mar 6 – Mar 31, 2026): Revenue $41.6M, net loss $(1.3)M ($(0.09)/diluted share), adjusted EBITDA $2.1M
- Q2 2026 guidance: Revenue $136-146M, adjusted EBITDA $10-15M
- Total liquidity as of March 31, 2026: $46.9M (cash $11.2M + $35.7M revolver availability)
- Full-year 2026 CapEx guidance: $20-30M
- Company emerged from Chapter 11 on March 5, 2026, applied fresh-start accounting
- Predecessor net income included $124.1M reorganization items, net (non-cash gain)
- Predecessor period included a $5.5M non-cash inventory write-down
- Successor period had 13.95M shares outstanding vs predecessor 40.65M (significant dilution from restructuring)
Financial Impact
Combined predecessor + successor revenue of ~$130M vs Q4 2025 revenue of $132.2M — roughly flat. Q2 guidance implies sequential revenue growth of ~5-12% vs combined Q1. Adjusted EBITDA guided to $10-15M in Q2 vs combined ~$3M in Q1.
Risk Factors
- Fresh-start accounting makes period-over-period comparisons unreliable; two stub periods complicate modeling
- Continued US land rig count declines or pricing pressure could pressure Q2 guidance
- Additional $5.0M revolver draw post-quarter-end suggests ongoing cash needs
- Weather-related disruptions in Q1 may recur
- Low analyst coverage (0% bullish consensus) indicates limited institutional support
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-055933 |
| Document: ea0290286-8k_nine.htm | 0001213900-26-055933 |
| Document: 0001213900-26-055933-index-headers.html | 0001213900-26-055933 |
| Document: 0001213900-26-055933-index.html | 0001213900-26-055933 |
| Document: 0001213900-26-055933.txt | 0001213900-26-055933 |
| 8-K Data (Synthetic) | 0001213900-26-055933 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | 8-K | $10.43 $10.16 | ▲ +2.59% | ▲ +3.20% | $7.94 (+23.87%) |
May 22, 2026 22w ago | 8-K | $11.05 $10.74 | ▼ −2.81% | ▼ −2.76% | $7.94 (−28.14%) |
May 15, 2026 23w ago | 8-K | $10.60 $10.49 | ▼ −1.04% | ▼ −0.39% | $7.94 (−25.09%) |
May 13, 2026 23w ago | 8-K | $10.40 $10.34 | ▼ −0.58% | ▲ +0.65% | $7.94 (−23.65%) |
Apr 24, 2026 26w ago | 8-K | $9.40 $9.20 | ▲ +2.13% | ▲ +1.64% | $7.94 (+15.53%) |
Apr 21, 2026 26w ago | 8-K | $9.09 $9.10 | ▼ −0.11% | ▼ −0.50% | $7.94 (+12.65%) |
US Market Status
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