Dallas, Texas--(Newsfile Corp. - May 18, 2026) - Nine Energy Services (NYSE: NINE): Stonegate Capital Partners Initiatiates Coverage on Nine Energy Services (NYSE: NINE). NINE's 1Q26 print marked an important transition quarter as the Company emerged from bankruptcy and reset its financial foundation. GAAP comparability was limited by Chapter 11 emergence and fresh-start accounting, while adjusted EBITDA was burdened by severe January/February weather and a $5.5M non-cash inventory write-down that management did not add back. The read-through was positive, management stated NINE had no material customer or vendor losses, and pricing across technology and service offerings was mostly unchanged q/q, with service-line pricing largely stable versus 2025 exit rates. For an OFS company exiting restructuring, stable pricing matters because it indicates 1Q margin pressure was driven by utilization disruption and timing rather than customer concessions or competitive share loss.

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Key Takeaways:

• 2Q guidance is the cleaner benchmark for post-emergence earnings power. 1Q was distorted by fresh-start accounting, weather, and a $5.5M inventory write-down.

• Commercial stability was a critical indicator. No material customer/vendor losses and stable pricing suggest restructuring did not impair market relevance.

• Upside is more tied to normalization and mix than broad activity recovery. Gas-basin exposure, completion tools, and international growth provide the clearest EBITDA levers.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Source: Stonegate, Inc.

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Source: Stonegate, Inc.