Corrects table to clarify all metrics are 'Predecessor' metrics;' removes reference to revenue fall in headline

Overview

• U.S. oilfield services firm's Q1 split by bankruptcy emergence, with $88.4 mln predecessor period (Jan 1 - March 5) revenue

• Successor period (March 6 - March 31) revenue was $41.6 mln, with net loss of $1.3 mln

• Company expects Q2 revenue to improve to $136-$146 mln after operational normalization

Outlook

• Nine expects Q2 2026 revenue of $136 mln to $146 mln

• Company sees Q2 2026 adjusted EBITDA of $10 mln to $15 mln

• Nine guides 2026 capital expenditures at $20 mln to $30 mln

Result Drivers

• BANKRUPTCY EMERGENCE - Q1 results split by predecessor and successor periods due to Chapter 11 emergence and fresh start accounting, causing non-comparability

• INVENTORY WRITE-DOWN - Predecessor period net income and adjusted EBITDA negatively impacted by $5.5 mln non-cash inventory write-down

• WEATHER DISRUPTIONS - Weather-related disruptions early in the quarter led to operational inefficiencies and lower revenue, especially in the Wireline division

Company press release: ID:nBw3cNd2Ta

Key Details

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