Nine Energy Service (NINE) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $141.8 million, within guidance, but adjusted EBITDA of $8.6 million fell short due to margin compression in Coiled Tubing and inflationary pressures.

• Emerged from bankruptcy on March 5, 2026, applying fresh start accounting, making prior and current period results not directly comparable.

• Completion Tools segment saw strong performance with increased domestic and international sales, while Cementing and Wireline remained steady but faced cost inflation.

• Industry activity improved modestly, with rig count rising from 543 to 573 quarter-over-quarter.

Financial highlights

• Q2 2026 gross profit was $12.8 million; adjusted gross profit was $19.9 million on $141.8 million revenue.

• Net loss for Q2 2026 was $4.9 million, or $(0.35) per diluted share.

• Cash and cash equivalents stood at $16.8 million, with $30 million available under the credit facility, totaling $46.8 million in liquidity.

• Outstanding borrowings under the credit facility were $97.3 million at quarter-end.

• Net cash used in operating activities was $2.3 million; CapEx for Q2 was $4.8 million, with full-year CapEx expected at $20–$30 million.

Outlook and guidance

• Q3 2026 revenue and adjusted EBITDA expected to be flat to modestly down versus Q2, with projected revenue between $133 million and $143 million.

• Coiled Tubing operations will remain constrained until year-end due to ongoing repairs; one large-diameter unit returned to service in Q3, another expected by year-end.

• Full-year 2026 capital expenditures guidance remains at $20–$30 million.

• Long-term fundamentals for U.S. shale and natural gas demand remain constructive.