---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-24-006320"
form_type: "8-K"
ticker: null
cik: "0001537028"
company_name: "Independence Contract Drilling, Inc."
filed_at: "2024-05-01T23:59:59+00:00"
generated_at: "2026-06-03T02:47:13.475095+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# ICD Q1 2024 net loss $9M, revenue down 27% YoY; guides Q2 margin down 15%

## Summary
- Net loss of $9.0M ($0.62/sh); adj net loss $7.3M ($0.50/sh); adj EBITDA $11.8M; revenue $46.6M.
- Revenue days 1,376 vs 1,744 YoY; avg rigs working 15.1; fully burdened margin per day $11,829.
- Expects Q2 avg rigs ~15; per day margins to fall ~15% sequentially on lower dayrates and higher costs.
- Redeemed $3.5M of Convertible Notes; elected to pay in-kind interest on remaining notes due Sep 30, 2024.
- Contract backlog (terms >=6 months) $69.4M; ~70% expires in 2024; excludes short-term pad-to-pad deals.

## SEC filing metadata
- accession: 0001558370-24-006320
- form_type: 8-K
- cik: 0001537028
- company_name: Independence Contract Drilling, Inc.
- filed_at: 2024-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1537028/000155837024006320/0001558370-24-006320-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1537028/000155837024006320/icd-20240501x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-24-006320
- JSON: https://secwatch.observer/filing/0001558370-24-006320.json
- Plain text: https://secwatch.observer/filing/0001558370-24-006320.txt

## Key facts
- Earnings Releases
  Independence Contract Drilling, Inc. reported first quarter ended March 31, 2024 results: revenue $46.6 million, net income Net loss of $9.0 million, or $0.62 per share, EPS $0.62 per share.
  - Period: first quarter ended March 31, 2024
  - Revenue: $46.6 million
  - Net income: Net loss of $9.0 million, or $0.62 per share
  - EPS: $0.62 per share
  - Result: reported results
  source text: of $190.3 million · 15.1 average rigs working during the quarter · Fully burdened margin per day of $11,829 ​ In the first quarter of 2024, the Company reported revenues of $46.6 million, net loss of $9.0 million, or $0.62 per share, adjusted net loss (defined below) of $7.3 million, or $0.50 per share, and adjusted EBITDA (defined below) of $11.8 million. These
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000155837024006320/0001558370-24-006320-index.htm

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