Nine Energy emerges from bankruptcy with debt wiped, equity canceled, operations weakening

Filed May 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Company emerged from Chapter 11 on March 5, 2026 after filing February 1. All prior common stock canceled with zero recovery; 100% of new equity issued to former bondholders. Fresh start accounting applied, making post-March 5 financials non-comparable to prior periods.

  MD&A: Bankruptcy Emergence verify on EDGAR →
• high

  Q1 2026 revenue fell 14% year-over-year to $130M despite stable rig counts and pricing. Severe weather, operational inefficiencies, frac delays, and restructuring costs drove the decline across all service lines. Management expects Q2 improvement from better execution.

  MD&A: Q1 2026 Performance verify on EDGAR →
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  Cancellation of $300M in 13% notes eliminates ~$39M in annual interest expense. Q1 2026 combined interest expense was $5.8M vs $12.9M in Q1 2025; post-emergence run-rate approximately $2M per quarter under new $135M ABL facility.

  MD&A: Interest Expense verify on EDGAR →