secwatch.observer — SEC 8-K summary
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Issuer:     Independence Contract Drilling, Inc. (—)
CIK:        0001537028
Form:       8-K
Filed at:   2024-08-07T23:59:59+00:00
Accession:  0001558370-24-011195
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ICD reports Q2 net loss $16.7M, revenue down 23% YoY; expects Q3 avg rigs ~13
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- Net loss $16.7M ($1.15/sh); adjusted net loss $10.6M ($0.73/sh). Revenue $43.3M vs $56.4M YoY.
- Average rigs working 14.5 (down 4% sequentially); utilization 56%. Revenue per day $28,899.
- CEO: Q3 avg rigs expected ~13, recovery to Q2 levels by Q4 end. Headwinds from customer consolidation and drilling efficiencies.
- Director Stacy D. Nieuwoudt resigns effective Aug 16, 2024; no disagreements with company.
- Strategic committee evaluating alternatives including refinancing convertible notes due 2026; no earnings calls during review.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1537028/000155837024011195/0001558370-24-011195-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1537028/000155837024011195/icd-20240805x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-011195

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer