Stonegate Capital Partners has initiated coverage on Nine Energy Services, Inc. (NYSEAM: NINE), marking a significant milestone as the company emerges from Chapter 11 bankruptcy and resets its financial foundation. The coverage comes after Nine's first-quarter 2026 earnings report, which Stonegate describes as an important transition quarter despite limited GAAP comparability due to fresh-start accounting. The report notes that adjusted EBITDA was impacted by severe weather in January and February, as well as a $5.5 million non-cash inventory write-down that management did not add back.
According to the research note, the read-through from the quarter was positive. Management reported no material customer or vendor losses, and pricing across technology and service offerings remained mostly unchanged quarter-over-quarter. Service-line pricing was largely stable compared to 2025 exit rates. Stonegate emphasizes that for an oilfield services company exiting restructuring, stable pricing is a critical indicator because it suggests that first-quarter margin pressure was driven by utilization disruption and timing rather than customer concessions or competitive share loss.
Stonegate's key takeaways highlight that second-quarter guidance will serve as a cleaner benchmark for post-emergence earnings power. The first quarter was distorted by fresh-start accounting, weather impacts, and the inventory write-down. Commercial stability was a critical indicator, as the absence of material customer or vendor losses and stable pricing suggest that the restructuring process did not impair the company's market relevance. Upside for Nine is more tied to normalization and mix than to a broad activity recovery, with gas-basin exposure, completion tools, and international growth providing the clearest EBITDA levers.
To view the full announcement, including downloadable images, bios, and more, click here. Stonegate Capital Partners is a capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking, equity research, and capital raising for public and private companies.
