{"url_path":"/sec/nine/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1532286/0001532286-26-000008-index.html","accession_number":"0001532286-26-000008","cik":"0001532286","ticker":"NINE","issuer_name":"Nine Energy Service, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1532286/0001532286-26-000008-index.html","primary_entity_key":"0001532286","primary_entity_name":"Nine Energy Service, Inc."},"word_count":1772,"has_tables":true,"body_markdown":"nine-20260331\nfalse2026Q10001532286December 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n_________________________________\n\nFORM 10-Q\n\n_________________________________\n\n(Mark One)\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from          to            \n\nCommission File Number: 001-38347\n\n__________________________________________________________________\n\nNine Energy Service, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n__________________________________________________________________\n\nDelaware80-0759121\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n2001 Kirby Drive, Suite 200\n\nHouston, TX\n77019\n\n(Address of principal executive offices)(Zip Code)\n\n(281) 730-5100\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, par value $0.01 per shareNINENYSE American\n\n      \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer☐ Accelerated filer☐\n\nNon-accelerated filer☒ Smaller reporting company☒\n\n   Emerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  x\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes  x  No  ☐\n\nThe number of shares of the registrant’s common stock, par value $0.01 per share, outstanding at May 11, 2026 was 13,949,990.\n\nTABLE OF CONTENTS\n\n[PART I](#id49a94e537fe4329acb9e6c018d99cc4_13)\n\n[FINANCIAL INFORMATION](#id49a94e537fe4329acb9e6c018d99cc4_13)\n \n\n  \n[Item 1.](#id49a94e537fe4329acb9e6c018d99cc4_16)\n\n[Financial Statements (Unaudited)](#id49a94e537fe4329acb9e6c018d99cc4_16)\n\n[1](#id49a94e537fe4329acb9e6c018d99cc4_13)\n\n   \n[Condensed Consolidated Balance Sheets](#id49a94e537fe4329acb9e6c018d99cc4_19)\n\n[1](#id49a94e537fe4329acb9e6c018d99cc4_19)\n\n   \n[Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)](#id49a94e537fe4329acb9e6c018d99cc4_22)\n\n[2](#id49a94e537fe4329acb9e6c018d99cc4_22)\n\n   \n[Condensed Consolidated Statements of Stockholders’ Equity (Deficit)](#id49a94e537fe4329acb9e6c018d99cc4_25)\n\n[3](#id49a94e537fe4329acb9e6c018d99cc4_25)\n\n   \n[Condensed Consolidated Statements of Cash Flows](#id49a94e537fe4329acb9e6c018d99cc4_28)\n\n[4](#id49a94e537fe4329acb9e6c018d99cc4_28)\n\n   \n[Notes to the Condensed Consolidated Financial Statements](#id49a94e537fe4329acb9e6c018d99cc4_31)\n\n[6](#id49a94e537fe4329acb9e6c018d99cc4_31)\n\n  \n[Item 2.](#id49a94e537fe4329acb9e6c018d99cc4_73)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#id49a94e537fe4329acb9e6c018d99cc4_73)\n\n[26](#id49a94e537fe4329acb9e6c018d99cc4_73)\n\n  \n[Item 3.](#id49a94e537fe4329acb9e6c018d99cc4_94)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#id49a94e537fe4329acb9e6c018d99cc4_94)\n\n[37](#id49a94e537fe4329acb9e6c018d99cc4_94)\n\n  \n[Item 4.](#id49a94e537fe4329acb9e6c018d99cc4_97)\n\n[Controls and Procedures](#id49a94e537fe4329acb9e6c018d99cc4_97)\n\n[37](#id49a94e537fe4329acb9e6c018d99cc4_97)\n\n[PART II](#id49a94e537fe4329acb9e6c018d99cc4_100)\n\n[OTHER INFORMATION](#id49a94e537fe4329acb9e6c018d99cc4_100)\n\n[38](#id49a94e537fe4329acb9e6c018d99cc4_100)\n\n  \n[Item 1.](#id49a94e537fe4329acb9e6c018d99cc4_103)\n\n[Legal Proceedings](#id49a94e537fe4329acb9e6c018d99cc4_103)\n\n[38](#id49a94e537fe4329acb9e6c018d99cc4_103)\n\n  \n[Item 1A.](#id49a94e537fe4329acb9e6c018d99cc4_106)\n\n[Risk Factors](#id49a94e537fe4329acb9e6c018d99cc4_106)\n\n[38](#id49a94e537fe4329acb9e6c018d99cc4_106)\n\n  \n[Item 2.](#id49a94e537fe4329acb9e6c018d99cc4_109)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#id49a94e537fe4329acb9e6c018d99cc4_109)\n\n[39](#id49a94e537fe4329acb9e6c018d99cc4_109)\n\n  \n[Item 3.](#id49a94e537fe4329acb9e6c018d99cc4_112)\n\n[Defaults Upon Senior Securities](#id49a94e537fe4329acb9e6c018d99cc4_112)\n\n[39](#id49a94e537fe4329acb9e6c018d99cc4_112)\n\n  \n[Item 4.](#id49a94e537fe4329acb9e6c018d99cc4_115)\n\n[Mine Safety Disclosures](#id49a94e537fe4329acb9e6c018d99cc4_115)\n\n[39](#id49a94e537fe4329acb9e6c018d99cc4_115)\n\n  \n[Item 5.](#id49a94e537fe4329acb9e6c018d99cc4_118)\n\n[Other Information](#id49a94e537fe4329acb9e6c018d99cc4_118)\n\n[39](#id49a94e537fe4329acb9e6c018d99cc4_118)\n\n  \n[Item 6.](#id49a94e537fe4329acb9e6c018d99cc4_121)\n\n[Exhibits](#id49a94e537fe4329acb9e6c018d99cc4_121)\n\n[40](#id49a94e537fe4329acb9e6c018d99cc4_121)\n\n   \n[Signatures](#id49a94e537fe4329acb9e6c018d99cc4_124)\n\n[42](#id49a94e537fe4329acb9e6c018d99cc4_124)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements other than statements of historical fact, including those regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, and objectives of management, are forward-looking statements. When used in this Quarterly Report on Form 10-Q, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.\n\nAll forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q; we disclaim any obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Although we believe that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements we make in this Quarterly Report on Form 10-Q are reasonable, we can give no assurance that these plans, intentions, or expectations will be achieved.\n\nWe disclose important factors that could cause our actual results to differ materially from our expectations under “Risk Factors” in Item 1A of Part I in our Annual Report on Form 10-K for the year ended December 31, 2025 and in Item 1A of Part II in this Quarterly Report on Form 10-Q. These factors, some of which are beyond our control, include the following:\n\n•Our business is cyclical and depends on capital spending and well completions by the onshore oil and natural gas industry, and the level of such activity is volatile and strongly influenced by current and expected oil and natural gas prices. If the prices of oil and natural gas decline, our business, financial condition, results of operations, cash flows, and prospects may be materially adversely affected. Significant factors that are likely to affect near-term commodity prices include geopolitical and economic developments in the U.S. and globally, including conflicts, instability, acts of war, or terrorism in oil-producing countries or regions, particularly Iran and elsewhere in the Middle East, Russia, South America, and Africa, and tariffs imposed by the U.S. and other countries or retaliatory trade measures; actions by the members of the Organization of the Petroleum Exporting Countries (“OPEC”) and other oil-exporting nations that relate to or impact oil production and supply; weather conditions; the effect of U.S. energy, monetary, and trade policies; and the pace of economic growth in the U.S. and throughout the world.\n\n•Inflation may adversely affect our financial position and operating results; in particular, cost inflation with labor or materials could offset any price increases for our products and services.\n\n•If we are unable to attract and retain key employees, technical personnel, and other skilled and qualified workers, our business, financial condition, or results of operations could suffer.\n\n•We may be unable to maintain existing prices or implement price increases on our products and services, and intense competition in the markets for our dissolvable plug products may lead to pricing pressures, reduced sales, or reduced market share.\n\n•Our debt obligations could have significant adverse consequences on our business and future prospects, and restrictions in our debt agreements could limit our growth and our ability to engage in certain activities.\n\n•Our current and potential competitors may have longer operating histories, significantly greater financial or technical resources, and greater name recognition than we do.\n\n•Tariffs and other trade measures could adversely affect our business, results of operations, financial position, and cash flows, including by increasing the cost of certain raw materials, parts, and components that are manufactured and supplied for our operations, disrupting our supply chain and logistics, restricting or limiting the availability of materials or supplies, and causing adverse financial impacts due to volatility in foreign exchange rates and interest rates or inflationary pressures on raw materials and energy.\n\n•Our operations are subject to conditions inherent in the oilfield services industry, such as equipment defects, liabilities arising from accidents or damage involving our fleet of trucks or other equipment, explosions and uncontrollable flows of gas or well fluids, and loss of well control.\n\n•If we are unable to accurately predict customer demand, including that of our international customers, or if customers cancel their orders on short notice, we may hold excess or obsolete inventory, which would reduce gross margins. Conversely, insufficient inventory would result in lost revenue opportunities and potentially loss of market share and damaged customer relationships.\n\n•We are dependent on customers in a single industry. The loss of one or more significant customers, including certain of our customers outside of the U.S., could materially adversely affect our financial condition, prospects, and results of operations. Sales to customers outside of the U.S. also exposes us to risks inherent in doing business internationally, including political, social, and economic instability and disruptions, export controls, economic sanctions, embargoes or trade restrictions, and fluctuations in foreign currency exchange rates.\n\n•We recently emerged from bankruptcy, which may adversely affect our business and relationships.\n\n•We may be subject to claims for personal injury and property damage or other litigation, which could materially adversely affect our financial condition, prospects, and results of operations.\n\n•We are subject to federal, state, and local laws and regulations regarding issues of health, safety, and protection of the environment. Under these laws and regulations, we may become liable for penalties, damages, or costs of remediation or other corrective measures. Any changes in laws or government regulations could increase our costs of doing business.\n\n•Our success may be affected by the use and protection of our proprietary technology as well as our ability to enter into license agreements. There are limitations to our intellectual property rights and, thus, our right to exclude others from the use of our proprietary technology.\n\n•Our success may be affected by our ability to implement new technologies and services.\n\n•We may be adversely affected by disputes regarding intellectual property rights.\n\n•If our systems for protecting against cybersecurity risks prove not to be sufficient, we could be adversely affected by, among other things, loss or damage of intellectual property, proprietary information, customer or business data; interruption of business operations; or additional costs to prevent, respond to, or mitigate cybersecurity attacks.\n\n•Our future financial condition and results of operations could be adversely impacted by asset impairment charges.\n\n•Increased scrutiny of sustainability matters could have an adverse effect on our business and damage our reputation.\n\n•Increased attention to climate change and conservation measures may reduce oil and natural gas demand, and we face various risks associated with increased activism and related litigation against oil and natural gas exploration and development activities.\n\n•Seasonal and adverse weather conditions adversely affect demand for our products and services.\n\nAdditional risks or uncertainties that are not currently known to us, that we currently deem to be immaterial, or that could apply to any company could also materially adversely affect our business, financial condition, or future results.\n\nThese cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.\n\nPART I – FINANCIAL INFORMATION"}