全国能源统一服务 2026年季度报告

Form 10-Q (Mark one) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-38091 NATIONAL ENERGY SERVICES REUNITED CORP. (Exact name of registrant as specified in its charter) British Virgin Islands82-4881231(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 777 Post Oak Blvd., Suite 730, Houston, Texas77056(Address of principal executive offices)(Zip Code) +1 (832) 925-3777Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registeredThe Nasdaq Capital Market NESR Ordinary shares, no par value per share Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☐ Accelerated filer☒Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of March 31, 2026, the registrant had 100,847,255 ordinary shares outstanding. NATIONAL ENERGY SERVICES REUNITED CORP.FORM 10-Q TABLE OF CONTENTS PART I – FINANCIAL INFORMATION3ITEM 1. FINANCIAL STATEMENTS3CONSOLIDATED BALANCE SHEETS (UNAUDITED)3CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)4CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)5CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)6CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)7NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)81. BASIS OF PRESENTATION82. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES83. ACCOUNTS RECEIVABLE, NET104. SERVICE INVENTORIES105. PROPERTY, PLANT, & EQUIPMENT116. DEBT117. INCOME TAXES138. COMMITMENTS AND CONTINGENCIES139. EARNINGS PER SHARE1410. REPORTABLE SEGMENTS15ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS18EXECUTIVE OVERVIEW18RESULTS OF OPERATIONS19LIQUIDITY AND CAPITAL RESOURCES21CRITICAL ACCOUNTING POLICIES AND ESTIMATES24CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS24ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK25ITEM 4. CONTROLS AND PROCEDURES25PART II - OTHER INFORMATION26ITEM 1. LEGAL PROCEEDINGS26ITEM 1A. RISK FACTORS26ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS26ITEM 3. DEFAULTS UPON SENIOR SECURITIES26ITEM 4. MINE SAFETY DISCLOSURES26ITEM 5. OTHER INFORMATION26ITEM 6. EXHIBITS26SIGNATURES27Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.22 PART I – FINANCIAL INFORMATION NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (UNAUDITED)(In US$ thousands, except share data) March 31, 2026December 31, 2025 Description EquityPreferred shares, no par value; unlimited shares authorized; none issued and NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In US$ thousands, except share data and per share amounts) NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)(In US$ thousands) Description NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)(In US$ thousands, except share data) NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. BASIS OF PRESENTATION The accompanying consolidated financial statements of National Energy Services Reunited Corp. (the “Company,” “NESR,”“we,” “our,” “us,” or similar terms) have been prepare