Nine Energy Service (NINE) investor relations material

Executive summary

• Emerged from Chapter 11 bankruptcy on March 5, 2026, implementing fresh start accounting and creating non-comparable predecessor and successor financials.

• Q1 2026 results split into predecessor (Jan 1–Mar 5) and successor (Mar 6–Mar 31) periods, with operational disruptions from severe weather early in the quarter and improved efficiency as conditions normalized.

• Over 500,000 Scorpion plugs sold, with new product launches planned.

• No material customer or vendor losses occurred during the transition.

• Company expects normalized operations and improved financial position from Q2 onward.

Financial highlights

• Q1 2026 revenue was reported as $130 million or $132 million, with adjusted EBITDA of $3 million, both impacted by a $5.5 million non-cash inventory write-down.

• Predecessor period: $88.4M revenue, $107.9M net income (driven by reorganization gain), $0.9M–$1M adjusted EBITDA; Successor period: $41.6M–$42M revenue, $(1.3)M net loss, $2M–$2.1M adjusted EBITDA.

• Cash and cash equivalents at March 31, 2026, were $11.2M, with total liquidity of $46.9M and $35.7M available under the revolving credit facility.

• Net cash used in operating activities was $12.4M for Q1; CapEx for Q1 was $5.6M.

• Cementing revenue was $53.4M (+1%), wireline $23.9M (-5%), completion tool $25.8M (-10%), coiled tubing $26.9M (+4%).

Outlook and guidance

• Q2 2026 revenue projected at $136M–$146M, with adjusted EBITDA guidance of $10M–$15M.

• Full-year 2026 CapEx expected between $20M–$30M; annual cash interest expense about $7M.

• Expects improved financial performance in Q2 due to normalized operations and operational efficiencies.

• Macro outlook remains uncertain due to geopolitical events, commodity price volatility, and operator capital discipline.