---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-24-001909"
form_type: "8-K"
ticker: null
cik: "0001537028"
company_name: "Independence Contract Drilling, Inc."
filed_at: "2024-02-28T23:59:59+00:00"
generated_at: "2026-06-05T08:44:56.622619+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# ICD Q4 net loss $26M, revenue $45.8M; board reviews note refinancing

## Summary
- Q4 2023 net loss $26.0M ($1.84/sh); adjusted net loss $8.6M ($0.61/sh). Revenue fell 24% YoY to $45.8M.
- Adjusted EBITDA $9.9M vs $18.5M in Q4 2022. Q1 2024 margins expected to drop 12-14% sequentially.
- Board formed special committee to evaluate refinancing of Convertible Notes due 2026; window opens Sept 2024.
- Amended indenture caps 2024 capex at $14.8M plus adjustments; 2025 cap $11.25M plus adjustments.
- Q4 impairment of $14.7M on idle equipment; 2024 capex budget net of disposals $18.2M.

## SEC filing metadata
- accession: 0001558370-24-001909
- form_type: 8-K
- cik: 0001537028
- company_name: Independence Contract Drilling, Inc.
- filed_at: 2024-02-28T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1537028/000155837024001909/0001558370-24-001909-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1537028/000155837024001909/icd-20240227x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-24-001909
- JSON: https://secwatch.observer/filing/0001558370-24-001909.json
- Plain text: https://secwatch.observer/filing/0001558370-24-001909.txt

## Key facts
- Earnings Releases
  Independence Contract Drilling, Inc. reported financial results for the fourth quarter and year ended December 31, 2023.
  - Period: the fourth quarter and year ended December 31, 2023
  - Result: reported results
  source text: On February 28, 2024, Independence Contract Drilling, Inc. (the “Company” or “ICD”) issued a press release reporting unaudited financial results for the fourth quarter and year ended December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000155837024001909/0001558370-24-001909-index.htm
- Material Agreements
  Independence Contract Drilling, Inc. amended Third Supplemental Indenture with U.S. Bank Trust Company National Association valued at Amends capital expenditure covenant for 2024 and 2025 (effective 2024-02-27).
  - Action: amendment
  - Agreement: notes offering
  - Counterparty: U.S. Bank Trust Company National Association
  - Value: Amends capital expenditure covenant for 2024 and 2025
  - Effective: 2024-02-27
  source text: On February 27, 2024, Independence Contract Drilling, Inc. (the “Company”) entered into a Third Supplemental Indenture, dated February 27, 2024 (the “Third Supplemental Indenture), by and among the Company, the Guarantor party thereto, and U.S. Bank Trust Company National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”), to that certain Indenture, dated March 18, 2022 (as amended by the First Supplemental Indenture, dated July 21, 2022, and Second Supplemental Indenture dated February 24, 2023 the “Indenture”), relating to the Company’s Floating Rate Convertible Senior Secured PIK Toggle Notes due 2026.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000155837024001909/0001558370-24-001909-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.