$NINE

Nine Energy Service, Inc.

CIK:0001532286|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
	Mar. 05, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 88,392	$ 141,806	$ 147,251	$ 183,409	$ 297,717
Cost and expenses
General and administrative expenses	13,052	15,609	13,874	20,232	27,137
Depreciation	3,963	7,038	5,796	9,243	11,633
Amortization of intangibles	1,984	205	2,796	273	5,592
Loss on revaluation of contingent liability	0	0	48	0	73
Gain on sale of property and equipment	(147)	(23)	(80)	(60)	366
Income (loss) from operations	(11,006)	(2,889)	3,378	(3,745)	9,007
Interest expense	5,256	1,878	14,729	2,420	27,605
Interest income	(82)	(99)	(319)	(100)	(458)
Reorganization items, net	(124,059)			0	0
Other income	(109)	(162)	(187)	(215)	(349)
Loss before income taxes	107,988	(4,506)	(10,845)	(5,850)	(17,791)
Provision (benefit) for income taxes	109	384	(454)	293	(339)
Net loss	$ 107,879	$ (4,890)	$ (10,391)	$ (6,143)	$ (17,452)
Loss per share
Basic (in usd per share)	$ 2.65	$ (0.35)	$ (0.25)	$ (0.44)	$ (0.43)
Diluted (in usd per share)	$ 2.65	$ (0.35)	$ (0.25)	$ (0.44)	$ (0.43)
Weighted average shares outstanding
Basic (in shares)	40,650,388	13,949,990	40,886,710	13,949,990	40,527,572
Diluted (in shares)	40,659,260	13,949,990	40,886,710	13,949,990	40,527,572
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of $0 tax in each period	$ 158	$ (96)	$ 228	$ (64)	$ 490
Total other comprehensive income (loss), net of tax	158	(96)	228	(64)	490
Total comprehensive loss	108,037	(4,986)	(10,163)	(6,207)	(16,962)
Service
Revenues	71,113	104,679	110,211	137,818	226,838
Cost and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	60,582	93,138	93,324	121,443	188,908
Product
Revenues	17,279	37,127	37,040	45,591	70,879
Cost and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	$ 19,964	$ 28,728	$ 28,115	$ 36,023	$ 55,001

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	6 Months Ended
	Mar. 05, 2026	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 107,879	$ (6,143)	$ (17,452)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation	3,963	9,243	11,633
Amortization of intangibles	1,984	273	5,592
Amortization of operating leases	2,930	4,666	7,135
Amortization of deferred financing costs and non-cash interest	2,421	2,039	6,322
Provision for doubtful accounts	82	4	51
Provision for inventory obsolescence	2,462	203	1,135
Stock-based compensation expense	1,890	573	1,289
Loss (gain) on sale of property and equipment	(147)	(60)	366
Loss on revaluation of contingent liability	0	0	73
Non-cash reorganization items, net	(139,231)	0	0
Changes in operating assets and liabilities
Accounts receivable, net	(3,211)	(12,506)	(12,834)
Inventories, net	2,059	1,371	(4,340)
Prepaid expenses and other current assets	1,658	1,505	592
Accounts payable and accrued expenses	8,883	(2,250)	12,633
Income taxes receivable/payable	109	(78)	417
Operating lease obligations	(3,674)	(3,902)	(7,068)
Other assets and liabilities	(8)	350	(733)
Net cash provided by (used in) operating activities	(9,951)	(4,712)	4,811
Cash flows from investing activities
Proceeds from sales of property and equipment	286	197	107
Proceeds from property and equipment casualty losses	628	25	0
Purchases of property and equipment	(2,950)	(7,539)	(9,853)
Net cash used in investing activities	(2,036)	(7,317)	(9,746)
Cash flows from financing activities
Proceeds from revolving credit facilities	0	0	52,946
Payments on revolving credit facilities	0	0	(51,000)
Proceeds from Prepetition ABL Facility	3,000	0	0
Payments of Prepetition ABL Facility	(67,349)	0	0
Proceeds from DIP ABL Facility	79,495	0	0
Payments of DIP ABL Facility	(82,568)	0	0
Proceeds from Exit ABL Facility	89,479	5,000	0
Cost of debt issuance	0	0	(4,507)
Payments of short-term debt	(1,550)	(3,154)	(2,667)
Principal payments on finance leases	(11)	(18)	(20)
Payments of contingent liability	0	0	(223)
Net cash provided by (used in) financing activities	20,496	1,828	(5,471)
Impact of foreign currency exchange on cash	89	10	281
Net increase (decrease) in cash, cash equivalents, and restricted cash	8,598	(10,191)	(10,125)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash at beginning of period	19,842	28,440	27,880
Cash, cash equivalents, and restricted cash at end of period	28,440	18,249	17,755
Supplemental disclosures of cash flow information:
Cash paid for interest	72	88	21,589
Cash paid (refunded) for income taxes	0	370	(777)
Right-of-use assets obtained in exchange for operating lease obligations	589	3,154	6,540
Supplemental schedule of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for finance lease obligations	60	0	26
Capital expenditures in accounts payable and accrued expenses	$ 1,547	$ 2,473	$ 1,373

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Mar. 05, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 16,849		$ 17,824	$ 18,449
Restricted cash	1,400		10,616	1,393
Accounts receivable, net	91,599		79,124	75,979
Inventories, net	48,769		50,400	56,553
Prepaid expenses	11,307		12,145	13,538
Other current assets	1,375		2,044	2,919
Total current assets	171,299		172,153	168,831
Property and equipment, net	106,572		107,499	64,266
Operating lease right-of-use assets, net	30,293		31,261	34,105
Finance lease right-of-use assets, net	36		55	16
Intangible assets, net	8,898		9,171	68,063
Other long-term assets	557		536	4,183
Total assets	317,655		320,675	339,464
Current liabilities
Accounts payable	44,448		39,070	43,564
Accrued expenses	13,927		20,645	27,764
Income taxes payable	381		465	356
Current portion of long-term debt	1,606		4,760	6,310
Current portion of operating lease obligations	12,695		11,695	13,409
Current portion of finance lease obligations	37		55	6
Total current liabilities	73,094		76,690	91,409
Long-term liabilities
Long-term debt	97,344		90,305	341,572
Long-term operating lease obligations	17,188		18,389	21,352
Other long-term liabilities	459		87	87
Total liabilities	188,085		185,471	454,420
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit)
Predecessor common stock (120,000,000 shares authorized at $0.01 par value; 43,326,339 shares issued and outstanding at December 31, 2025)	139			433
Additional paid-in capital	135,638			808,432
Accumulated other comprehensive loss	(64)		0	(5,187)
Accumulated deficit	(6,143)		0	(918,634)
Total stockholders’ equity (deficit)	129,570	$ 133,983	135,204	(114,956)	$ (81,737)	$ (72,113)	$ (66,064)
Total liabilities and stockholders’ equity (deficit)	$ 317,655		$ 320,675	$ 339,464