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Nine Energy Service (NINE) investor relations material
Nine Energy Service Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Filed for Chapter 11 bankruptcy on February 1, 2026, to implement a prepackaged restructuring plan supported by key creditors.
Plan cancels all existing common stock, issues new equity to 2028 Notes holders, and cancels the 2028 Notes.
Bankruptcy Court confirmed the plan on March 4, 2026; emergence expected March 5, 2026, pending satisfaction of conditions.
NYSE delisted common stock in February 2026; shares now trade on the OTC Pink Market.
Financial highlights
2025 revenue increased 1% year-over-year to $561.9 million, driven by higher cementing and wireline activity.
Net loss widened to $51.3 million in 2025 from $41.1 million in 2024, a 25% increase.
Adjusted EBITDA fell 7% to $49.4 million in 2025.
Adjusted ROIC was 4.4% in 2025, up from 3.7% in 2024, but ROIC remained negative at -20.8%.
Cash flow from operations was negative $7.3 million in 2025, compared to positive $13.2 million in 2024.
Liquidity at year-end 2025 was $39.4 million, with $18.4 million in cash and $21.0 million available under the Prepetition ABL Facility.
Outlook and guidance
Management expects flat U.S. activity levels in 2026 compared to 2025 exit rates.
First quarter 2026 revenue and earnings anticipated to decline sequentially due to weather, frac delays, and restructuring costs.
Planned 2026 capital expenditures (excluding acquisitions) are $15–30 million, contingent on successful emergence from bankruptcy.
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