NINE: revenue $183.4M, net income -$6.1M. NINE emerges from bankruptcy with debt-for-equity swap; Q2 loss widens on operations

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read

Key Changes

• high

  Emerged from Chapter 11 on March 5, 2026, canceling $300M 2028 Notes and all prior equity; noteholders received 100% of 13.9M new shares, wiping out existing shareholders. Fresh start accounting reset the balance sheet, making pre/post-emergence financials non-comparable.

  Notes: Bankruptcy emergence view on EDGAR →
• high

  Operating income swung from $3.4M profit to $2.9M loss YoY despite revenue declining only 3.7% ($147.3M → $141.8M), as two large-diameter coiled tubing units went offline for maintenance and cost inflation (consumables, labor, repairs) compressed margins across coiled tubing and cementing.

  MD&A: Coiled tubing margin compression verify on EDGAR →
• high

  Net loss narrowed 52.9% ($10.4M → $4.9M) while operating income deteriorated $6.3M, driven by $11.8M improvement in below-the-line items (non-operating/other +$12.6M, income tax -$838k). The bottom-line gain did not come from operations.

  MD&A: Q2 results verify on EDGAR →