secwatch.observer — SEC 8-K summary
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Issuer:     Independence Contract Drilling, Inc. (—)
CIK:        0001537028
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0001558370-24-001909
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1537028/000155837024001909/0001558370-24-001909-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1537028/000155837024001909/icd-20240227x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-001909

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