Stonegate Capital Partners has initiated coverage on Nine Energy Services, Inc. (NYSEAM: NINE), following the company's emergence from Chapter 11 bankruptcy. In a research report released today, Stonegate highlights that Nine's first-quarter 2026 results marked an important transition quarter, as the company reset its financial foundation. The report notes that GAAP comparability was limited by the bankruptcy emergence and fresh-start accounting, while adjusted EBITDA was burdened by severe January and February weather and a $5.5 million non-cash inventory write-down that management did not add back.
Despite these headwinds, the read-through was positive. Management stated that Nine had no material customer or vendor losses, and pricing across technology and service offerings was mostly unchanged quarter-over-quarter, with service-line pricing largely stable versus 2025 exit rates. According to Stonegate, for an oilfield services company exiting restructuring, stable pricing matters because it indicates that first-quarter margin pressure was driven by utilization disruption and timing rather than customer concessions or competitive share loss.
The report identifies second-quarter guidance as the cleaner benchmark for post-emergence earnings power, as the first quarter was distorted by fresh-start accounting, weather, and the inventory write-down. Commercial stability was a critical indicator, as the lack of material customer or vendor losses and stable pricing suggest that restructuring did not impair Nine's market relevance. Stonegate also notes that upside is more tied to normalization and mix than broad activity recovery, with gas-basin exposure, completion tools, and international growth providing the clearest EBITDA levers.
Stonegate Capital Partners is a capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. The full announcement, including downloadable images and bios, is available here. For more information, contact Stonegate Capital Partners at (214) 987-4121 or visit their website.
