Nine Energy Service (NINE) Q4 2025 earnings summary

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.