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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

~~FORM~~Form 10-Q

(Mark ~~One~~one)

~~[X]~~☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, ~~2018~~2026

~~[ ] TRANSITION REPORT PURSUANT TO SECTION 13~~ OR ~~15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For the~~☐ ~~transition~~TRANSITION ~~period~~REPORT ~~from to~~ PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~Commission~~For ~~File~~the ~~No.~~transition ~~001-38091~~period from __________ to __________

~~NATIONAL~~Commission ~~ENERGY~~File ~~SERVICES~~Number: ~~REUNITED CORP. (Exact name of registrant as specified in its charter)~~001-38091

British Virgin Islands		98-1367302
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

NATIONAL ENERGY SERVICES REUNITED CORP.

777 Post Oak Blvd., Suite 730 Houston, Texas		77056
(Address of Principal Executive Offices)		(Zip Code)

(Exact name of registrant as specified in its charter)

(832) 925-3777 (Registrant’s telephone number, including area code)

British Virgin Islands		82-4881231
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

777 Post Oak Blvd., Suite 730, Houston, Texas		77056
(Address of principal executive offices)		(Zip Code)

~~N/A~~+1 (~~Former~~832) ~~name,~~925-3777 ~~former~~Registrant’s ~~address~~telephone ~~and former fiscal year~~number, ifincluding ~~changed~~area ~~since last report)~~code

~~Indicate by check mark~~Securities ~~whether~~registered ~~the~~pursuant ~~registrant (1) has filed all reports required~~ to ~~be filed by~~ Section ~~13 or 15~~12(db) of the ~~Securities Exchange~~ 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 [X] No [ ]:

~~Indicate by~~Title ~~check~~of ~~mark~~each ~~whether~~class ~~the~~Trading ~~registrant~~Symbol(s) ~~has~~Name ~~submitted~~of ~~electronically~~each ~~and~~exchange ~~posted~~ on ~~its~~which ~~corporate~~registered ~~Web~~Ordinary ~~site~~shares, ifno ~~any,~~par ~~every~~value ~~Interactive Data~~per ~~File~~share ~~required~~NESR toThe beNasdaq ~~submitted~~Capital and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 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 submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant 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 smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

~~[ ]~~ Large accelerated filer [☐ ] Accelerated filer ~~[X]~~☒ Non-accelerated filer ~~(Do~~☐ ~~not check if a smaller reporting company) [ ]~~ Smaller reporting company ~~[X]~~☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for ~~complying~~ complying 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 [X] No [ ]~~.

~~As of May 10, 2018,~~Yes ~~there~~☐ ~~were~~No ~~28,652,125 shares of the Company’s ordinary shares issued and outstanding.~~☒

As of March 31, 2026, the registrant had 100,847,255 ordinary shares outstanding.

NATIONAL ENERGY SERVICES REUNITED CORP.

~~Quarterly Report~~FORM ~~on Form~~ 10-Q

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION		3
PART 1 – FINANCIAL INFORMATION		1
ITEM 1. FINANCIAL STATEMENTS		3
Item 1.	Financial Statements (unaudited)	1
	CONSOLIDATED BALANCE SHEETS (UNAUDITED)	3
	Condensed Consolidated Balance Sheets	1
	CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)	4
	Condensed Consolidated Statements of Operations	2
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)	5
	Condensed Consolidated Statements of Cash Flows	3
	CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)	6
	Notes to Condensed Consolidated Financial Statements	4
	CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	8
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	17
	1. BASIS OF PRESENTATION	8
Item 4.	Controls and Procedures	17
	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	8
PART II – OTHER INFORMATION		17
	3. ACCOUNTS RECEIVABLE, NET	10
Item 1.	Legal Proceedings	17
	4. SERVICE INVENTORIES	10
Item 1A.	Risk Factors	17
	5. PROPERTY, PLANT, & EQUIPMENT	11
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17
	6. DEBT	11
Item 3.	Defaults Upon Senior Securities	17
	7. INCOME TAXES	13
Item 4.	Mine Safety Disclosures	17
	8. COMMITMENTS AND CONTINGENCIES	13
Item 5.	Other Information	17
	9. EARNINGS PER SHARE	14
Item 6.	Exhibits	18
	10. REPORTABLE SEGMENTS	15
SIGNATURES		19
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		18
	EXECUTIVE OVERVIEW	18
	RESULTS OF OPERATIONS	19
	LIQUIDITY AND CAPITAL RESOURCES	21
	CRITICAL ACCOUNTING POLICIES AND ESTIMATES	24
	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	24
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		25
ITEM 4. CONTROLS AND PROCEDURES		25
PART II - OTHER INFORMATION		26
ITEM 1. LEGAL PROCEEDINGS		26
ITEM 1A. RISK FACTORS		26
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		26
ITEM 3. DEFAULTS UPON SENIOR SECURITIES		26
ITEM 4. MINE SAFETY DISCLOSURES		26
ITEM 5. OTHER INFORMATION		26
ITEM 6. EXHIBITS		26
SIGNATURES		27
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2

PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2018			December 31, 2017
	(Unaudited)
ASSETS
Current Assets
Cash	$	120,476		$	741,096
Prepaid expenses		151,788			127,420
Total Current Assets		272,264			868,516
Cash and marketable securities held in Trust Account		231,258,235			230,554,024
Total Assets	$	231,530,499		$	231,422,540
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	5,437,191		$	3,473,511
Advance from related party		989			989
Total Current Liabilities		5,438,180			3,474,500
Deferred underwriting fees		9,018,215			9,022,229
Total Liabilities		14,456,395			12,496,729
Commitments
Ordinary shares subject to possible redemption, 16,921,700 shares at redemption value at March 31, 2018 and December 31, 2017		164,801,325			164,281,449
Shareholders’ Equity
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding		—			—
Ordinary shares, no par value; unlimited shares authorized; 11,730,425 shares issued and outstanding (excluding 16,921,700 shares subject to possible redemption) at March 31, 2018 and December 31, 2017		56,988,517			57,508,393
Accumulated deficit		(4,715,738	)		(2,864,031	)
Total Shareholders’ Equity		52,272,779			54,644,362
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	231,530,499		$	231,422,540

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months ended March 31, 2018			For the Period from January 23, 2017 (inception) through March 31, 2017
Operating costs	$	2,559,932		$	5,744
Loss from operations		(2,559,932	)		(5,744	)
Other income (expense):
Interest income		733,794			-
Change in fair value of deferred underwriting fee liability		4,014			-
Unrealized loss on marketable securities held in Trust Account		(29,583	)		-
Net loss	$	(1,851,707	)	$	(5,744	)
Weighted average shares outstanding, basic and diluted		11,730,425			5,250,000
Basic and diluted net loss per ordinary share (1)	$	(0.20	)	$	(0.00	)

(1) Net loss per ordinary share – basic and diluted excludes interest income attributable to ordinary shares subject to redemption of $519,849 for the three months ended March 31, 2018.

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

~~CONDENSED~~ CONSOLIDATED BALANCE ~~STATEMENTS~~SHEETS ~~OF CASH FLOWS~~(UNAUDITED)

(~~Unaudited~~In US$ thousands, except share data)

	Three Months Ended March 31, 2018			For the Period From January 23, 2017 (Inception) Through March 31, 2017
Description	March 31, 2026			December 31, 2025
Cash Flows from Operating Activities:
Assets
Net loss	$	(1,851,707	)	$	(5,744	)
Current assets
Adjustments to reconcile net loss to net cash used in operating activities:
Cash and cash equivalents	$	92,956			124,797
Change in fair value of deferred underwriting fee liability		(4,014	)		-
Accounts receivable, net (Note 3)		227,932			178,020
Unrealized loss on marketable securities held in Trust Account		29,583			-
Unbilled revenue		171,341			121,186
Interest earned on marketable securities held in Trust Account		(733,794	)		-
Service inventories (Note 4)		96,206			94,834
Changes in operating assets and liabilities:
Prepaid assets		9,706			13,237
Prepaid expenses		(24,368	)		-
Retention withholdings		26,214			33,125
Accrued expenses		1,963,680			-
Other receivables		54,753			54,511
Net cash used in operating activities		(620,620	)		(5,744	)
Other current assets		10,513			10,664
Cash Flows from Financing Activities:
Total current assets		689,621			630,374
Proceeds from issuance of ordinary shares to initial shareholder		-			25,000
Non-current assets
Proceeds from advance from related party		-			78,280
Property, plant and equipment, net (Note 5)		476,154			465,454
Proceeds from promissory note – related parties		-			137,815
Intangible assets, net		42,434			47,086
Payment of offering costs		-			(206,472	)
Goodwill		645,095			645,095
Net cash provided by financing activities		-			34,623
Operating lease right-of-use assets		25,977			20,300
Net Change in Cash		(620,620	)		28,879
Other assets		44,649			43,210
Cash – Beginning		741,096			-
Total assets	$	1,923,930		$	1,851,519
Cash – Ending	$	120,476		$	28,879
Liabilities and equity
Non-Cash investing and financing activities:
Liabilities
Change in value of ordinary shares subject to possible redemption	$	519,876		$	-
Accounts payable and accrued expenses		483,048			421,064
Current installments of long-term debt (Note 6)		64,500			64,500
Short-term borrowings (Note 6)		47,353			54,250
Income taxes payable (Note 7)		30,843			25,092
Other taxes payable		15,152			12,351
Operating lease liabilities		1,984			2,948
Other current liabilities		17,408			24,715
Total current liabilities		660,288			604,920
Long-term debt (Note 6)		175,542			191,378
Deferred tax liabilities		918			1,691
Employee benefit liabilities		36,971			36,321
Non-current operating lease liabilities		22,683			18,447
Other liabilities		32,319			30,846
Total liabilities		928,721			883,603
Commitments and contingencies (Note 8)		-			-
Equity
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at March 31, 2026, and December 31, 2025, respectively		-			-
Ordinary shares and additional paid-in capital, no par value; unlimited shares authorized; 100,847,255 and 100,787,173 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively		906,311			902,845
Retained income		88,829			65,002
Accumulated other comprehensive income		69			69
Total equity		995,209			967,916
Total liabilities and equity	$	1,923,930		$	1,851,519

The accompanying notes are an integral part of the ~~unaudited condensed~~ consolidated financial statements.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

~~NOTES~~CONSOLIDATED TOSTATEMENTS ~~CONDENSED~~OF ~~CONSOLIDATED~~OPERATIONS ~~FINANCIAL STATEMENTS~~(UNAUDITED)

~~MARCH~~(In 31US$ thousands, ~~2018~~except share data and per share amounts)

(Unaudited)

Description	March 31, 2026			March 31, 2025
	For the three-month period ended
Description	March 31, 2026			March 31, 2025

Revenues	$	404,586		$	303,102
Cost of services		(352,755	)		(265,647	)
Gross profit		51,831			37,455
Selling, general, and administrative expenses (excluding Amortization)		(11,103	)		(11,821	)
Amortization		(4,693	)		(4,693	)
Operating income		36,035			20,941
Interest expense, net		(6,543	)		(8,284	)
Other income, net		1,449			1,059
Income before income tax		30,941			13,716
Income tax expense		(7,114	)		(3,325	)
Net income	$	23,827		$	10,391

Weighted average shares outstanding (Note 9):
Basic		100,803,435			96,139,181
Diluted		102,931,550			96,710,484

Earnings per share (Note 9):
Basic	$	0.24		$	0.11
Diluted	$	0.23		$	0.11

~~NOTE~~The 1.accompanying ~~DESCRIPTION~~notes OFare ~~ORGANIZATION~~an ~~AND~~integral ~~BUSINESS~~part ~~OPERATIONS~~of the consolidated financial statements.

National Energy Services Reunited Corp. (the “Company”) is a blank check company formed in the British Virgin Islands on January 23, 2017. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities (a “Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on businesses that operate in the energy services industry, with an emphasis on oil and gas services globally.

At March 31, 2018, the Company had not yet commenced operations. All activity through March 31, 2018 relates to the Company’s formation, its initial public offering (“Initial Public Offering”), which is described below, identifying a target company for a Business Combination and activities in connection with the proposed acquisitions of Gulf Energy S.A.O.C. (“Gulf Energy”) and NPS Holdings, Ltd. (“NPS”), as described in Note 8. The Company has two wholly owned subsidiaries, National Energy Services Reunited Corporation, which was incorporated in Texas on October 20, 2017, and NESR Limited, which was incorporated in the United Kingdom on October 30, 2017.

The registration statements for the Company’s Initial Public Offering were declared effective on May 11, 2017. On May 17, 2017, the Company consummated the Initial Public Offering of 21,000,000 units (“Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”), generating gross proceeds of $210,000,000, which is described in Note 4.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 11,850,000 warrants (the “Private Warrants”) at a price of $0.50 per warrant in a private placement to the Company’s sponsor, NESR Holdings Ltd. (the “Sponsor”), generating gross proceeds of $5,925,000, which is described in Note 5.

Following the closing of the Initial Public Offering on May 17, 2017, an amount of $210,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Warrants was placed in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below.

On May 30, 2017, in connection with the underwriters’ election to partially exercise their over-allotment option, the Company consummated the sale of an additional 1,921,700 Units at $10.00 per Unit and the sale of an additional 768,680 Private Warrants at $0.50 per warrant, generating total gross proceeds of $19,601,340. Following the closing, an additional $19,217,000 of net proceeds ($10.00 per Unit) was placed in the Trust Account, resulting in $229,217,000 ($10.00 per Unit) held in the Trust Account.

Transaction costs amounted to $13,761,498, consisting of $4,014,340 of underwriting fees, $9,032,265 of deferred underwriting fees (see Note 7) and $714,893 of Initial Public Offering costs. As of March 31, 2018, $120,476 of cash was held outside of the Trust Account and was available for working capital purposes.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and sale of Private Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding any deferred underwriters fees and taxes payable on the income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion and in accordance with applicable laws and regulations. The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then on deposit in the Trust Account, including interest but net of taxes payable ($10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. However, certain investors in the Initial Public Offering holding 6,000,000 Public Shares have agreed that they will hold such Public Shares sold in the Initial Public Offering through the consummation of an initial Business Combination and not seek redemption in connection therewith. As a result, the Company expects to meet the $5,000,001 net tangible asset requirement in order to complete its initial Business Combination.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

~~NOTES~~CONSOLIDATED TOSTATEMENTS ~~CONDENSED~~OF ~~CONSOLIDATED~~COMPREHENSIVE ~~FINANCIAL~~INCOME ~~STATEMENTS~~(UNAUDITED)

~~MARCH~~(In ~~31,~~US$ ~~2018~~thousands)

(Unaudited)

Description	March 31, 2026		March 31, 2025
	For the three-month period ended
Description	March 31, 2026		March 31, 2025

Net income	$	23,827	$	10,391
Other comprehensive income, net of tax		-		-
Foreign currency translation adjustments		-		-
Total comprehensive income, net of tax	$	23,827	$	10,391

IfThe aaccompanying ~~shareholder~~notes ~~vote~~are isan ~~not~~integral ~~required~~part by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, or if the Company is deemed to be a foreign private issuer (“FPI”) at such time, the Company will, pursuant to its Amended and Restated Memorandum and Articles of ~~Association, conduct~~ the ~~redemptions~~consolidated ~~pursuant~~financial ~~to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents with the SEC prior to completing a Business Combination~~statements. If, however, a shareholder approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or other legal reasons, and if the Company will not be an FPI at such time, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor, officers and directors (the “Initial Shareholders”) have agreed to vote their Founder Shares (as defined in Note 6), and any Public Shares held by them in favor of approving a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

If the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions in connection with a Business Combination pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to an aggregate of 20% or more of the ordinary shares sold in the Initial Public Offering.

The Company will have until 24 months from the closing of the Initial Public Offering to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law.

The Initial Shareholders have agreed (i) to waive their liquidation rights with respect to their Founder Shares if the Company fails to consummate a Business Combination within the Combination Period, (ii) to waive their redemption rights from the Trust Account with respect to their Founder Shares and Public Shares in connection with the consummation of a Business Combination and (iii) not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public shareholders with the opportunity to redeem their shares in conjunction with any such amendment. However, the Initial Shareholders will be entitled to liquidating distributions with respect to any Public Shares acquired if the Company fails to consummate a Business Combination or liquidates within the Combination Period. The underwriters have agreed to waive their rights to deferred underwriting commissions held in the Trust Account in the event the Company does not consummate a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the $10.00 per Unit in the Initial Public Offering. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

~~NOTES~~CONSOLIDATED TOSTATEMENTS ~~CONDENSED~~OF ~~CONSOLIDATED~~SHAREHOLDERS’ ~~FINANCIAL~~EQUITY ~~STATEMENTS~~(UNAUDITED)

~~MARCH~~(In 31US$ thousands, ~~2018~~except share data)

(Unaudited)

			Ordinary Shares
			and Additional		Accumulated Other
	Ordinary		Paid-in		Comprehensive		Retained		Total
Description	Shares		Capital		Income		Income		Equity

Balance at December 31, 2025		100,787,173	$	902,845	$	69	$	65,002	$	967,916
Share-based compensation expense		-		2,502		-		-		2,502
Issuance of equity-classified restricted share units		10,081		-		-		-		-
Settlement of liability-classified share-based compensation		50,001		964		-		-		964
Net income		-		-		-		23,827		23,827
Balance at March 31, 2026		100,847,255	$	906,311	$	69	$	88,829	$	995,209

NOTE 2. LIQUIDITY AND GOING CONCERN

			Ordinary Shares
			and Additional		Accumulated Other
	Ordinary		Paid-in		Comprehensive		Retained		Total
Description	Shares		Capital		Income		Income		Equity

Balance at December 31, 2024		96,045,856	$	894,293	$	69	$	13,870	$	908,232
Share-based compensation expense		-		1,856		-		-		1,856
Issuance of equity-classified restricted share units		245,757		-		-		-		-
Settlement of liability-classified share-based compensation		61,353		-		-		-		-
Net income		-		-		-		10,391		10,391
Balance at March 31, 2025		96,352,966	$	896,149	$	69	$	24,261	$	920,479

AsThe ofaccompanying ~~March~~notes ~~31,~~are ~~2018,~~an ~~the~~integral ~~Company~~part had $120,746 in its operating bank accounts, $231,258,235 in cash and securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and a working capital deficit of ~~$5,165,916. As of March 31, 2018, approximately $2,041,000 of~~ the ~~amount~~consolidated onfinancial ~~deposit in the Trust Account represented interest income, which is available to pay the Company’s tax obligations~~statements. ~~To date, the Company has not withdrawn any interest from the Trust Account.~~

Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination.

The Company will need to raise additional capital through loans or additional investments from its sponsors, stockholders, officers, directors, or third parties. The Company’s officers, directors and sponsors may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs.

None of the sponsors, stockholders, officers or directors, or third parties is under any obligation to advance funds to, or to invest in, the Company. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC on March 27, 2018, which contains the audited consolidated financial statements and notes thereto. The financial information as of December 31, 2017 is derived from the audited consolidated financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The interim results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any future interim periods.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Emerging growth company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

~~NOTES~~CONSOLIDATED TOSTATEMENTS ~~CONDENSED~~OF ~~CONSOLIDATED~~CASH ~~FINANCIAL~~FLOWS ~~STATEMENTS~~(UNAUDITED)

~~MARCH~~(In ~~31,~~US$ ~~2018~~thousands)

(Unaudited)

	March 31, 2026			March 31, 2025
	For the three-month period ended
Description	March 31, 2026			March 31, 2025
Cash flows from operating activities:
Net income	$	23,827		$	10,391
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		33,779			36,035
Share-based compensation expense		2,502			1,856
(Gain) loss on disposal of assets		(373	)		(363	)
Non-cash interest expense (income)		(192	)		(143	)
Deferred tax expense (benefit)		1,132			(1,239	)
Allowance for doubtful receivables and unbilled revenue		480			(16	)
Charges on obsolete service inventories		853			920
Impairments and other charges		-			1,118
Other operating activities, net		25			38
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(50,392	)		(27,524	)
(Increase) decrease in unbilled revenue		(50,154	)		(18,339	)
(Increase) decrease in retention withholdings		6,910			8,834
(Increase) decrease in inventories		(2,224	)		(5,567	)
(Increase) decrease in prepaid assets		3,531			746
(Increase) decrease in other current assets		429			(2,646	)
(Increase) decrease in other long-term assets and liabilities		(1,934	)		2,137
Increase (decrease) in accounts payable and accrued expenses		61,419			15,094
Increase (decrease) in other current liabilities		1,127			(847	)
Net cash provided by operating activities		30,745			20,485

Cash flows from investing activities:
Capital expenditures		(36,004	)		(30,124	)
IPM investments (Note 2)		-			-
Proceeds from disposal of assets		402			637
Other investing activities		(833	)		(2,000	)
Net cash used in investing activities		(36,435	)		(31,487	)

Cash flows from financing activities:
Proceeds from long-term debt		-			-
Repayments of long-term debt		(16,125	)		(17,537	)
Proceeds from short-term borrowings		19,587			26,841
Repayments of short-term borrowings		(26,498	)		(26,252	)
Payments on capital leases		(1,000	)		(710	)
Payments on seller-provided financing for capital expenditures		(1,265	)		(601	)
Other financing activities, net		-			-
Net cash used in financing activities		(25,301	)		(18,259	)

Effect of exchange rate changes on cash		-			-
Net increase (decrease) in cash, cash equivalents, and restricted cash		(30,991	)		(29,261	)
Cash and cash equivalents, beginning of period		132,696			107,956
Cash, cash equivalents, and restricted cash, end of period (Note 2)	$	101,705		$	78,695

~~Use~~The accompanying notes are an integral part of ~~estimates~~the consolidated financial statements.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2018 and December 31, 2017.

Cash and marketable securities held in Trust Account

At March 31, 2018 and December 31, 2017, substantially all of the assets held in the Trust Account were held in cash and U.S. Treasury Bills.

Ordinary shares subject to possible redemption

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at March 31, 2018 and December 31, 2017, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed consolidated balance sheet.

Income taxes

The Company complies with the accounting and reporting requirements of ASC Topic 740 “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined that the British Virgin Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of March 31, 2018 and December 31, 2017, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company may be subject to potential examination by U.S. federal, U.S. states or foreign taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES

NOTES TO ~~CONDENSED~~THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~MARCH~~1. ~~31,~~BASIS ~~2018~~OF PRESENTATION

The accompanying consolidated financial statements of National Energy Services Reunited Corp. (~~Unaudited~~the “Company,” “NESR,” “we,” “our,” “us,” or similar terms) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

OnIn ~~December 22, 2017~~ the ~~U.S.~~opinion ~~Tax~~of ~~Cuts~~NESR ~~and~~management, ~~Jobs~~all ~~Act~~adjustments (consisting of ~~2017~~normal ~~(“Tax~~recurring ~~Reform”~~adjustments) ~~was~~considered ~~signed~~necessary ~~into~~for ~~law. As~~ a ~~result~~fair ~~of Tax Reform,~~presentation ~~the~~have ~~U.S.~~been ~~statutory~~included ~~tax~~in ~~rate~~the ~~was~~accompanying ~~lowered~~financial ~~from~~statements. ~~35%~~All tointercompany ~~21%~~transactions ~~effective~~and ~~January~~balances 1,have ~~2018,~~been ~~among~~eliminated in ~~other changes~~consolidation. ~~ASC~~All ~~Topic~~amounts ~~740~~are ~~requires companies~~shown ~~to recognize the effect of tax law changes~~ in ~~the~~thousands ~~period~~($000s) of ~~enactment;~~U.S. ~~therefore~~dollars, ~~the~~except ~~Company~~as ~~was required to revalue its deferred tax assets and liabilities at the new rate~~noted.

~~The~~Operating ~~provision~~results for ~~income~~the ~~taxes~~three-month ~~was~~period ~~deemed~~ended toMarch be31, ~~immaterial~~2026, ~~for~~are ~~the~~not ~~three~~necessarily ~~months~~indicative ~~ended~~of ~~March~~the ~~31,~~results ~~2018~~that ~~and~~may be expected for the ~~period~~full year ~~from~~ending ~~January 23~~December 31, ~~2017~~2026. ~~(inception)~~The ~~through~~balance ~~March~~sheet as of December 31, ~~2017~~2025 has been derived from NESR’s audited financial statements for the year then ended.

~~Net~~For ~~loss~~further ~~per~~information, ~~ordinary~~refer ~~share~~to the Consolidated Financial Statements and related notes included in NESR’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 6, 2026.

~~Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period~~2. ~~Ordinary shares subject to possible redemption at March 31, 2018 have been excluded from the calculation of basic loss~~ ~~per~~SUMMARY ~~share~~OF ~~since~~SIGNIFICANT ~~such~~ACCOUNTING shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. Weighted average shares as of March 31, 2017 were reduced for the effect of an aggregate of 787,500 ordinary shares that were subject to forfeiture if the over-allotment option was not exercised by the underwriters (see Note 6). The Company has not considered the effect of (1) warrants sold in the Initial Public Offering and private placement to purchase 17,770,190 ordinary shares and (2) 200,717 ordinary shares that may be issued to the underwriters in connection with the deferred fee payable in the calculation of diluted loss per share, since the exercise of the warrants and the issuance of the ordinary shares is contingent upon the occurrence of future events. As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the periods.POLICIES

~~Reconciliation~~Cash, ofcash ~~net~~equivalents, ~~loss~~and ~~per~~restricted ~~ordinary share~~cash

The ~~Company’s~~following ~~net~~table ~~loss~~provides isa ~~adjusted~~reconciliation ~~for the portion~~ of ~~income~~cash, ~~that~~cash ~~is attributable to ordinary shares subject to redemption~~equivalents, as ~~these~~and ~~shares~~restricted ~~only~~cash ~~participate~~reported inwithin the ~~income~~Consolidated ofBalance Sheets to the ~~Trust~~amounts ~~Account~~shown ~~and~~in ~~not~~ the ~~losses~~Consolidated Statements of ~~the~~Cash ~~Company.~~Flows ~~Accordingly,~~(in ~~basic~~US$ ~~and diluted loss per ordinary share is calculated as follows~~thousands):

	Three Months Ended March 31, 2018			For the Period from January 23, 2017 (inception) through March 31, 2017
Net loss	$	(1,851,707	)	$	(5,744	)
Less: Income attributable to ordinary shares subject to redemption		(519,849	)		-
Adjusted net loss	$	(2,371,556	)	$	(5,744	)
Weighted average shares outstanding, basic and diluted		11,730,425			5,250,000
Basic and diluted net loss per ordinary share	$	(0.20	)	$	(0.00	)

SCHEDULE OF CASH AND CASH EQUIVALENTS

Concentration of credit risk

	March 31, 2026		December 31, 2025
	As of
	March 31, 2026		December 31, 2025

Cash and cash equivalents	$	92,956	$	124,797
Restricted cash – current		6,447		6,260
Restricted cash – non-current		2,302		1,639
Cash, cash equivalents, and restricted cash	$	101,705	$	132,696

~~Financial~~Supplemental ~~instruments that potentially subject the Company to concentration of credit risk consist of~~ cash ~~accounts~~flow in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2018 and December 31, 2017, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.information

~~Fair~~Non-cash ~~value~~transactions ofwere ~~financial~~as ~~instruments~~follows:

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature.

	●	Purchases of property, plant, and equipment in Accounts payable of $36.7 million and $37.8 million at March 31, 2026, and December 31, 2025, respectively, are not included under “Capital expenditures” within the Consolidated Statements of Cash Flows.
	●	Purchases of property, plant, and equipment using seller-provided installment financing of $5.2 million and $2.1 million at March 31, 2026, and December 31, 2025, in Accounts payable are not included under “Payments on seller-provided financing for capital expenditures” within the Consolidated Statements of Cash Flows.

~~Recently~~Production ~~issued~~Management ~~accounting standards~~Assets

The Company’s Integrated Production Management (“IPM”) projects are focused on developing and managing production on behalf ~~does~~of ~~not~~the ~~believe~~Company’s ~~that~~customers ~~any~~under ~~recently~~long-term ~~issued~~agreements. Under these arrangements, ~~but~~the ~~not~~Company ~~yet~~contributes ~~effective,~~its ~~accounting~~own ~~pronouncements~~services and products and, ifin ~~currently~~certain ~~adopted~~cases, ~~would~~cash, ~~have~~toward the customer’s field development activities and operations. Although in certain arrangements the Company is paid for a ~~material~~portion ~~effect~~of the services or products it provides, generally the Company will not be paid at the time of providing its services or upon delivery of its products. Instead, the Company is compensated based on cash flow generated by cash from the customer’s wells. Revenues from IPM arrangements, which is recognized as the related production is achieved, represented 0.0% (zero) and 0.8% of the Company’s ~~condensed~~Revenues ~~consolidated~~for ~~financial~~the ~~statements~~three-month periods ended March 31, 2026, and March 31, 2025, respectively.

~~NATIONAL~~The ~~ENERGY~~Company ~~SERVICES~~capitalizes ~~REUNITED~~its ~~CORP~~cash investments in a project as well as the direct costs associated with providing services or products for which the Company will be compensated when the related production is achieved. ~~AND~~These ~~SUBSIDIARIES~~capitalized investments are amortized to the Consolidated Statements of Operations as the related production is achieved based on the units of production method, whereby each unit produced is assigned a pro-rata portion of the unamortized costs based on estimated total production, resulting in a matching of revenue with the applicable costs. Amortization expense relating to these capitalized investments was $0.0 (zero) million and $1.9 million for the three-month periods ended March 31, 2026, and March 31, 2025, respectively.

~~NOTES~~The TOunamortized ~~CONDENSED~~portion ~~CONSOLIDATED~~of ~~FINANCIAL~~the ~~STATEMENTS~~Company’s investments in IPM projects was $0.0 (zero) million and $0.0 (zero) million at March 31, 2026, and December 31, 2025, respectively.

~~MARCH~~At March 31, ~~2018~~2026, and March 31, 2025, the Company assessed whether the unamortized costs associated with these investments exceed the present value of future cash flows from the projects, and recorded an impairment charge to Cost of Services of $0.0 (zero) million and $1.1 million for the three-month periods ended March 31, 2026, and March 31, 2025, respectively.

~~(Unaudited)~~Recently issued accounting standards not yet adopted

~~NOTE~~On November 4, 2024, the FASB issued ASU No. ~~INITIAL~~2024-03, ~~PUBLIC~~Income ~~OFFERING~~Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (the “ASU”), which requires disaggregated disclosure of income statement expenses for public business entities (“PBEs”). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently reviewing the impact of the adoption on the consolidated financial statements.

~~Pursuant~~All tonew ~~the~~accounting ~~Initial~~pronouncements ~~Public~~that ~~Offering,~~have ~~the~~been ~~Company~~issued ~~sold~~but ~~22,921,700~~not ~~Units~~yet ateffective aare ~~purchase~~currently ~~price~~being ofevaluated ~~$10.00 per Unit~~and, ~~inclusive~~at ofthis 1time,~~921,700 Units~~ ~~sold~~are tonot ~~the underwriters on May 30, 2017 upon the underwriters’ election to partially exercise their over-allotment~~expected ~~option. Each Unit consists of one ordinary share and one warrant (“Public Warrant”). Each Public Warrant entitles the holder~~ to ~~purchase~~have ~~one-half~~a ofmaterial ~~one~~impact ~~ordinary~~on ~~share~~our atfinancial anposition ~~exercise~~or ~~price~~results of $5operations.~~75 per half share (see Note 9).~~

NOTE 5. PRIVATE PLACEMENT

Simultaneously with the Initial Public Offering, the Sponsor purchased an aggregate of 11,850,000 Private Warrants at a price of $0.50 per Private Warrant for an aggregate purchase price of $5,925,000. On May 30, 2017, the Company consummated the sale of an additional 768,680 Private Warrants at a price of $0.50 per Private Warrant, which were purchased by the Sponsor, generating gross proceeds of $384,340. The proceeds from the Private Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Warrants.

The Private Warrants are identical to the Public Warrants except that the Private Warrants (i) are not redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, so long as they are held by the initial purchaser or their permitted transferees. In addition, the Private Warrants and their component securities may not be transferable, assignable or salable until 30 days after the consummation of a Business Combination, subject to certain limited exceptions.

NOTE 6. RELATED PARTY TRANSACTIONS

Founder Shares

On February 9, 2017, the Company issued an aggregate of 5,750,000 ordinary shares to the Sponsor for an aggregate purchase price of $25,000. On May 11, 2017, the Company effectuated a 1.05-for-1 subdivision of its ordinary shares, resulting in an aggregate of 6,037,500 ordinary shares being held by the Sponsor (the “Founder Shares”). The 6,037,500 Founder Shares included an aggregate of up to 787,500 ordinary shares which were subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Sponsor would own 20% of the Company’s issued and outstanding shares after the Initial Public Offering. As a result of the underwriters’ election to partially exercise their over-allotment option on May 30, 2017, 480,425 Founder Shares are no longer subject to forfeiture. The underwriters elected not to exercise the remaining portion of the over-allotment option and, therefore, 307,075 Founder Shares were forfeited.

The Sponsor has agreed that, subject to certain limited exceptions, its Founder Shares will not be transferred, assigned or sold until one year after the date of the consummation of a Business Combination or earlier if, subsequent to a Business Combination, the last sales price of the Company’s ordinary shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing 150 days after a Business Combination.

Related Party Advances

During the period from January 23, 2017 (inception) through May 17, 2017, the Sponsor advanced the Company an aggregate of $193,899 for costs associated with the Initial Public Offering and for working capital purposes. The advances are non-interest bearing, unsecured and due on demand. The Company has repaid $192,910 of such advances. Advances amounting to $989 were outstanding as of March 31, 2018 and December 31, 2017.

Administrative Service Fee

The Company entered into an agreement whereby, commencing on May 17, 2017 through the earlier of the consummation of a Business Combination or the Company’s liquidation, the Company will pay the Sponsor a monthly fee of $10,000 for office space, utilities and administrative support. For the three months ended March 31, 2018 and for the period from January 23, 2017 (inception) through March 31, 2017, the Company paid $30,000 and $-0-, respectively, in fees for these services.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor, the Company’s officers, directors or their affiliates may, but are not obligated to, loan the Company funds from time to time or at any time, as may be required (“Working Capital Loans”). Each Working Capital Loan would be evidenced by a promissory note. The Working Capital Loans would either be paid upon consummation of a Business Combination, without interest, or, at the holder’s discretion, up to $1,500,000 of the Working Capital Loans may be converted into Private Warrants at a price of $0.50 per warrant. There were no Working Capital Loans outstanding as of March 31, 2018 and December 31, 2017.

~~NATIONAL~~3. ~~ENERGY~~ACCOUNTS ~~SERVICES~~RECEIVABLE, ~~REUNITED CORP. AND SUBSIDIARIES~~NET

~~NOTES~~The TOfollowing ~~CONDENSED~~table ~~CONSOLIDATED~~summarizes ~~FINANCIAL~~the ~~STATEMENTS~~accounts receivable of the Company as of the period end dates set forth below (in US$ thousands):

~~MARCH 31,~~ SCHEDULE ~~2018~~OF ACCOUNTS RECEIVABLE

(Unaudited)

	March 31, 2026			December 31, 2025
	As of
	March 31, 2026			December 31, 2025
Trade receivables	$	242,142		$	191,792
Less: allowance for credit losses		(14,210	)		(13,772	)
Total	$	227,932		$	178,020

~~NOTE~~Trade 7receivables relate to the sale of services, for which credit is extended based on the Company’s evaluation of the customer’s creditworthiness. ~~COMMITMENTS~~The ~~AND~~movement ~~CONTINGENCIES~~in the allowance for credit losses is as follows (in US$ thousands):

~~Contingent Transaction~~ SCHEDULE ~~Fee~~OF ~~Arrangements~~ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company entered into a fee arrangement with a service provider pursuant to which certain fees incurred by the Company in connection with a potential Business Combination will be deferred and become payable only if the Company consummates a Business Combination. If a Business Combination does not occur, the Company will not be required to pay these contingent fees. The terms of the fee arrangement include a fee of $1,500,000 contingent on the consummation of a Business Combination, less expenses incurred, an additional fee of up to $500,000 payable at the sole discretion of the Company and other rights to act as a service provider to the Company in certain future transactions for a 12 month period. As of March 31, 2018, the amount of these contingent fees was approximately $1,382,000. In addition to this fee arrangement, the Company anticipates incurring a significant amount of additional costs to complete the preparation of required securities filings and other costs to consummate the Business Combination. There can be no assurances that the Company will complete a Business Combination.

	March 31, 2026			March 31, 2025
	For the three-month period ended
	March 31, 2026			March 31, 2025

Allowance for credit losses at beginning of period	$	(13,772	)	$	(15,206	)
(Increase) decrease to allowance for the period		(480	)		16
Write-off of credit losses		42			160
Reclassifications		-			-
Allowance for credit losses at end of period	$	(14,210	)	$	(15,030	)

~~Registration~~4. ~~Rights~~SERVICE INVENTORIES

Pursuant to a registration rights agreement entered into on May 11, 2017, the holders of the Founder Shares, Private Warrants (and their underlying securities) and the warrants that may be issued upon conversion of the Working Capital Loans (and their underlying securities) are entitled to registration rights. The ~~holders of a majority of these securities are entitled to make up to three~~ ~~demands,~~following ~~excluding~~table ~~short~~summarizes ~~form demands, that~~ the ~~Company~~service ~~register~~inventories such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for ~~resale such securities pursuant to Rule 415 under~~ the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. ~~The~~end ~~Company~~dates ~~will~~as ~~bear~~set ~~the~~forth ~~expenses~~below ~~incurred~~ (in ~~connection~~US$ ~~with the filing of any such registration statements.~~thousands):

~~Underwriters Agreement~~ SCHEDULE OF SERVICE INVENTORIES

In connection with the closing of the Initial Public Offering and the over-allotment option, the underwriters were paid a cash underwriting discount of $4,014,340. In addition, the underwriters deferred their fee of up to $9,018,215 until the completion of the initial Business Combination, which amount includes 200,717 ordinary shares (the “Deferred Shares”). The Company determined the fair value of the Deferred Shares to be issued to the underwriters at May 30, 2017 to be $2,007,170, based upon the offering price of the Units of $10.00 per Unit. The fair value of the Deferred Shares at March 31, 2018 was determined to be $1,993,120, based upon the closing price of the Company’s ordinary shares at March 31, 2018. The Company recorded the change in the fair value of the deferred underwriting fee liability of $4,014 for the three months ended March 31, 2018 in the accompanying condensed consolidated statements of operations.

	March 31,		December 31,
	2026		2025

Spare parts and consumables	$	60,339	$	59,469
Chemicals		35,867		35,365
Total	$	96,206	$	94,834
Service inventories	$	96,206	$	94,834

The ordinary shares to be issued to the underwriters have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days pursuant to Rule 5110(g)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(g)(1), these ordinary shares will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the date of the Initial Public Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners.

NOTE 8. GULF ENERGY AND NPS BUSINESS COMBINATION

On November 12, 2017, the Company entered into the following agreements (the “Transactions”) to acquire 100% of the shares of two independent oil field service companies operating in the Middle East and North Africa, Gulf Energy and NPS.

NPS Transaction

Pursuant to a Stock Purchase Agreement with NPS (the “NPS SPA”), the Selling Stockholders (as defined in the NPS SPA) agreed to sell to the Company and Hana Investments Co. WLL (“HIC”) 100% of its outstanding NPS shares in two separate closings. The total consideration to be paid to Selling Stockholders, assuming no NPS Leakage (as defined in the NPS SPA) adjustments, will be $442,800,000 in cash plus 11,318,827 ordinary shares of the Company valued at $10.00 per share. Selling Stockholders have elected to receive a distribution out of certain receivables proceeds from NPS, expected to be paid before the closing, of $48 million (the “Receivable Proceeds”).

First Closing. HIC agreed in the NPS SPA to pay $150 million of the total cash requirements to certain Selling Shareholders in exchange for 83,660,878 shares of NPS. This payment was made on January 14, 2018. The Selling Stockholders mutually agreed on the proportion of cash to be received by each of the Selling Stockholders and on the allocation of the Company’s shares to be received among the Selling Stockholders who remain shareholders in the Company through the closing.

~~NATIONAL~~5. ~~ENERGY~~PROPERTY, ~~SERVICES~~PLANT, ~~REUNITED~~& ~~CORP. AND SUBSIDIARIES~~EQUIPMENT

~~NOTES~~Property, TOplant ~~CONDENSED~~and ~~CONSOLIDATED~~equipment, ~~FINANCIAL~~net ~~STATEMENTS~~of accumulated depreciation, of the Company consists of the following as of the period end dates set forth below (in US$ thousands):

~~MARCH 31~~ SCHEDULE OF PROPERTY, ~~2018~~PLANT AND EQUIPMENT

(Unaudited)

	Lives (in years)	March 31, 2026			December 31, 2025
	Estimated Useful	As of
	Lives (in years)	March 31, 2026			December 31, 2025
Buildings and leasehold improvements	5 to 25	$	56,588		$	56,937
Drilling rigs, plant and equipment	1 to 15		856,146			818,147
Office equipment (furniture and fixtures) and tools	3 to 10		14,930			14,785
Vehicles and cranes	5 to 10		8,944			9,364
Property plant and equipment, gross	5 to 10		8,944			9,364
Less: Accumulated depreciation			(538,331	)		(522,072	)
Land			11,664			11,664
Capital work in progress			66,213			76,629
Total		$	476,154		$	465,454

~~Second~~The ~~Closing.~~Company ~~Upon~~recorded ~~approval~~depreciation byexpense ~~the shareholders~~ of ~~the~~$29.1 ~~Company,~~million ~~the~~and ~~Company~~$29.5 ~~agrees~~million tofor ~~buy~~ the ~~remaining~~three-month ~~outstanding~~period ~~NPS~~ended ~~shares by~~March ~~(i)~~31, ~~paying the remaining $292~~2026,~~800,000~~ ~~cash required~~ and ~~(ii) issuing ordinary shares of~~ the ~~Company’s ordinary shares~~three-month ~~valued~~period atended ~~$10.00~~March ~~per~~31, ~~share~~2025, ~~for~~respectively, ~~the~~within ~~balance~~Cost of ~~the~~Services ~~purchase~~in ~~price,~~the ~~adjusted~~Consolidated ~~for~~Statements ~~any~~of ~~NPS Leakage~~Operations.

~~Contemporaneously on the closing date, HIC shall transfer the 83,660,878 NPS shares it acquired from Selling Stockholders to the Company in exchange for the Company’s shares valued at $11~~6.~~244 per share, which will result in issuance of 13,340,448 of the Company’s~~ shares to HIC. In addition, the Company shall pay HIC an amount of interest accrued from the date of the payment of the $150,000,000 to the Selling Stockholders until the closing date up to $4.7 million in cash or ordinary shares at a value of $11.244 equal to 418,001 ordinary shares.DEBT

~~Earnout Consideration. Potential earn~~Long-~~out mechanisms enable the Selling Stockholders to receive additional consideration after the~~term ~~closing date as follows:~~debt

~~● Cash Earn-Out: the~~ The Company agreed to pay an additional $7,572,444 in cash payable upon renewal of a major customer contract by NPS or its subsidiaries, provided the renewal is on materially the same terms. Such customer contract will not be deemed to be renewed on materially the same terms if some services are excluded or prices are materially reduced from the prior year upon renewal. ● Equity Stock Earn-Out: Up to 1,671,704 shares of the Company’s stock would be issued to the Selling Stockholders that exchange their shares for the Company’s stock, if the 2018 EBITDA of the Company satisfies scheduled financial thresholds. ● Second Equity Stock Earnlong-~~Out:~~term Updebt toobligations anconsist ~~additional 1,671,704 shares~~ of the ~~Company’s~~following ~~stock~~(in ~~would~~US$ ~~be issued to the Selling Stockholders if the 2018 EBITDA of the Company satisfies scheduled thresholds higher than first Equity Stock Earn-Out financial thresholds.~~thousands):

~~The Company~~SCHEDULE isOF ~~also~~LONG ~~required~~TERM toDEBT make additional payments for delays in receiving shareholder approval (“Ticker Fee”) to complete the Transactions beyond December 31, 2017 as per the NPS SPA. The amount of the Ticker Fee is being discussed with NPS Selling Stockholders. Pursuant to these discussions, the Selling Shareholders have agreed to waive the Ticker Fee associated with the HIC payment of $150,000,000 which was made on January 14, 2018 to purchase 83,660,878 NPS Shares. For the remaining cash payments, the Company has proposed an 8-week suspension of the Ticker Fee which would postpone its application to start from March 1, 2018. Based on the 8-week suspension, the Ticker Fee is estimated to total $11,200,606 based on completing the Transactions on May 15, 2018. There is no Ticker Fee on the equity portion of the consideration received by the reinvesting Selling Stockholders.OBLIGATIONS

Gulf Energy SPA

	March 31, 2026			December 31, 2025

Secured Term Loan	$	241,875		$	258,000
Secured Revolving Credit Facility		-			-
Long-term debt obligations		-			-
Less: unamortized debt issuance costs		(1,833	)		(2,122	)
Total loans and borrowings		240,042			255,878
Less: current installments		(64,500	)		(64,500	)
Long-term debt, net of unamortized debt issuance costs and excluding current installments	$	175,542		$	191,378

~~Pursuant~~2021 toSecured aFacilities ~~Stock Purchase~~ Agreement with Gulf Energy (the “Gulf Energy SPA”), the Company contracted to acquire 61% of the outstanding shares of Gulf Energy for a valuation of $184,800,000 through a stock exchange for the Company’s ordinary shares valued at $10.00 per share, to occur within one year of the signing of the Gulf Energy SPA or at such later time as mutually agreed upon by the parties.. The Gulf Energy SPA was entered upon approval by the Company’s Board of Directors subject to approval by the shareholders of the Company authorizing the Transactions. The Gulf Energy SPA provides that the purchase price shall be reduced to the extent that the “Net Debt” in the company (i.e. bank debt less cash) exceeds $47,200,000 at the closing date and to the extent of any Gulf Energy Leakage (as defined in the Gulf Energy SPA). The Gulf Energy SPA contains substantial seller warranties regarding the stock and the financial condition of Gulf Energy.

~~Contribution~~On November 4, 2021, the Company entered into an $860 million Secured Facilities Agreement (the “2021 Secured Facilities Agreement”). At inception, the 2021 Secured Facilities Agreement consisted of ~~SV3’s~~a 27$430 million term loan due by November 4, 2027 (the “Term Loan” or “Secured Term Loan”), a $80.3%0 ~~Shares~~million revolving credit facility due by November 4, 2025 (“RCF” or “Secured Revolving Credit Facility”), and a $350 million working capital facility that renews annually or bi-annually by mutual agreement between the lenders and the Company. The Secured Revolving Credit Facility was extended from November 4, 2025, to February 4, 2026, by mutual agreement of the Company and its lenders. Following February 4, 2026, the Company did not extend its Secured Revolving Credit Facility, as operating cash flow, together with available cash and cash equivalents, is sufficient to support working capital, capital expenditures, and debt repayment obligations. The Company is currently working with its lenders to refinance and extend the 2021 Secured Facilities Agreement.

SV3 Holdings, Pte Ltd (“SV3”) and the Company entered into a Contribution Agreement (the “SV3 Contribution Agreement”) to which SV3 agreed to contribute its 27.3% of Gulf Energy shares to the Company in exchange for the Company’s ordinary shares at an agreed valuation of $10.00 per share for the net price paid by SV3 to acquire the Gulf Energy shares, which amounted to 136,500 shares of Gulf Energy stock, or 27.3% of the outstanding stock of Gulf Energy, for $68,250,000.

Minority Interests Acquisitions/ Shares Exchange Agreement

In addition, the Sponsor contracted with Mubadarah Investments LLC (the “Seller”) and National Bank of Oman (“NBO”) to acquire for cash 58,500 shares of Gulf Energy, which is 11.7% of the outstanding stock of Gulf Energy, for a total purchase price of $29,250,000. The Sponsor contracted with the Seller for $16,750,000, or 6.7% of Gulf Energy. The Sponsor also contracted to acquire 5% of the Gulf Energy shares from NBO for $12,500,000 and completed that purchase on or about October 8, 2017. The Sponsor organized financing of the acquisition of the 11.7% through agreements (“Loan Contracts”) with a series of private investment, private equity lenders (“Investors”).

Each Investor has agreed that the Sponsor can assign the Loan Contracts to the Company if the shareholders of the Company approve the Transactions. Each Investor agreed to accept in repayment of the Loan Contracts either the Company’s ordinary shares at a value of $10.00 per share, payment in cash, or Gulf Energy shares acquired with their respective advances.

~~NATIONAL~~Borrowings ~~ENERGY~~under ~~SERVICES~~the ~~REUNITED~~Term ~~CORP~~Loan incur, and prior borrowings under the RCF incurred, interest based on the secured overnight financing rate (“SOFR”) for U.S. ~~AND~~dollar-denominated ~~SUBSIDIARIES~~borrowings or the Saudi Arabian Interbank Offered Rate (“SAIBOR”) for Saudi Arabia Riyal borrowings plus 2.6% to 3.0% per annum, varying based on the Company’s Net Debt / EBITDA ratio as defined in the 2021 Secured Facilities Agreement. As of March 31, 2026, and December 31, 2025, this resulted in interest rates of 6.52% and 7.13%, respectively, for U.S. dollar-denominated borrowings, and interest rates of 7.44% and 7.61%, respectively, for Saudi Arabian Riyal borrowings. As of March 31, 2026, and December 31, 2025, the Company had drawn $241.9 million and $258.0 million, respectively, of the Term Loan, and $0.0 (zero) million and $0.0 (zero) million, respectively, of the RCF. Additionally, as of March 31, 2026, and December 31, 2025, the Company had $0.0 (zero) million and $59.2 million, respectively, available to be drawn under the RCF.

~~NOTES~~The TO2021 ~~CONDENSED~~Secured ~~CONSOLIDATED~~Facilities ~~FINANCIAL~~Agreement ~~STATEMENTS~~also includes a working capital facility of $259 million and $325 million as of March 31, 2026, and December 31, 2025, respectively, for issuance of letters of guarantee, letters of credit and refinancing letters of credit into debt over a period of no more than two years, which carries an interest rate equal to SOFR for U.S. dollar-denominated borrowings, or SAIBOR for Saudi Arabia Riyal borrowings, for the applicable interest period, plus a margin of 1.25% to 1.5% per annum. The working capital facility decreased by $66.0 million during the quarter ended March 31, 2026, due to the scheduled expiration of one tranche of availability within the lender syndicate. As of March 31, 2026, and December 31, 2025, this resulted in interest rates of 6.52% and 7.13%, respectively, for U.S. dollar-denominated borrowings, and interest rates of 7.44% and 8.18%, respectively, for Saudi Arabian Riyal borrowings. The working capital facility requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of 0.3125% (25% of the margin) on the facility lender’s available commitment for the relevant quarter. As of March 31, 2026, and December 31, 2025, the Company had utilized $241.7 million and $243.8 million, respectively, under this working capital facility and the balance of $17.3 million and $81.2 million, respectively, was available to the Company.

~~MARCH~~The 2021 Secured Facilities Agreement includes covenants that specify maximum leverage (Net Debt / EBITDA) up to 3.50, minimum debt service coverage ratio (Cash Flow / Debt Service) of at least 1.25, and interest coverage (EBITDA / Interest) of at least 4.00. As of March 31, ~~2018~~2026, and December 31, 2025, the Company was in compliance with all financial and non-financial covenants under the 2021 Secured Facilities Agreement.

~~(Unaudited)~~Short-term debt

The Company ~~executed with the Sponsor a Shares Exchange Agreement pursuant to which, subject to receiving approval by the Company~~’s ~~shareholders~~ ~~for~~short-term ~~the~~debt ~~Transactions,~~obligations ~~the~~consist ~~Sponsor agreed to assign all 58,500 shares~~ of ~~Gulf Energy acquired to~~ the ~~Company,~~following ~~and the~~(in ~~Company~~US$ will at that time assume the obligation to satisfy the Loan Contracts. Unless any Investor elects not to accept the Company’s shares to satisfy the debt, the Company will issue its ordinary shares to the Investors to satisfy the debt.thousands):

~~The Company’s~~ SCHEDULE ~~obligation~~OF toSHORT ~~perform~~TERM ~~under~~DEBT all of the Transactions documents is subject to an affirmative vote by a majority of its shareholders to approve the Transactions. The Transactions will qualify as a Business Combination within the Combination Period. OBLIGATIONS

Backstop Commitment

	March 31, 2026		December 31, 2025

Other short-term borrowings from working capital facilities	$	47,353	$	54,250
Less: unamortized debt issuance costs		-		-
Short-term debt, excluding current installments of long-term debt	$	47,353	$	54,250

~~On April 27, 2018 the Company entered into~~Short-term aborrowings ~~forward~~primarily ~~purchase~~consist agreement (the “Forward Purchase Agreement”) with MEA Energy Investment Company 2 Ltd., a Cayman Islands company (“Backstop Investor”) pursuant to which the Company agreed to sell up to $150 million (the “Backstop Commitment”) of ~~the~~financing ~~Company’s~~for ~~ordinary~~capital ~~shares~~equipment toand ~~the~~inventory ~~Backstop Investor (see Note 11)~~purchases.

~~NOTE~~Other 9.debt ~~SHAREHOLDERS’ EQUITY~~information

~~Preferred~~Scheduled ~~Shares~~principal —payments ~~The Company is authorized to issue an unlimited number~~ of nolong-term ~~par~~debt ~~value~~for ~~preferred~~periods ~~shares,~~subsequent ~~divided into five classes, Class A through Class E, each with such designation, rights and preferences as may be determined by a resolution of the Company’s board of directors~~ to amend the Amended and Restated Memorandum and Articles of Association to create such designations, rights and preferences. The Company has five classes of preferred shares to give the Company flexibility as to the terms on which each Class is issued. All shares of a single class must be issued with the same rights and obligations. Accordingly, starting with five classes of preferred shares will allow the Company to issue shares at different times on different terms. At March 31, ~~2018~~ ~~and December 31~~2026, ~~2017, there~~ are noas ~~preferred~~follows ~~shares~~(in ~~designated,~~US$ ~~issued or outstanding.~~thousands):

~~Ordinary Shares~~ SCHEDULE —PRINCIPAL ~~The~~PAYMENTS ~~Company~~OF isLONG ~~authorized~~TERM to issue an unlimited number of no par value ordinary shares. Holders of the Company’s ordinary shares are entitled to one vote for each share. At March 31, 2018 and December 31, 2017, there were 11,730,425 ordinary shares issued and outstanding (excluding 16,921,700 ordinary shares subject to possible redemption).DEBT

Warrants — Public Warrants may only be exercised for a whole number of shares. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, the warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public Warrants on a cashless basis in the same manner as if the Company called the warrants for redemption and required all holders to exercise their warrants on a “cashless basis.” The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.


2026	$	48,375
2027		193,500
2028		-
2029		-
2030		-
Total long-term debt	$	241,875

The Company may call the warrants for redemption (excluding the Private Warrants):

● in whole and not in part; ● at a price of $.01 per warrant; ● at any time during the exercise period; ● upon a minimum of 30 days’ prior written notice of redemption; ● if, and only if, the last sale price of the ordinary shares equals or exceeds $21.00 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption.

~~NATIONAL~~7. ~~ENERGY~~INCOME ~~SERVICES REUNITED CORP. AND SUBSIDIARIES~~TAXES

~~NOTES~~NESR is a holding company TOincorporated ~~CONDENSED~~in ~~CONSOLIDATED~~the ~~FINANCIAL~~British ~~STATEMENTS~~Virgin Islands (“BVI”), which imposes a 0% statutory corporate income tax rate on income generated outside the jurisdiction. NESR’s subsidiaries operate across multiple tax jurisdictions in the MENA region, where statutory tax rates generally range from 0% to 35%. However, the adoption of Domestic Minimum Top-Up Taxes (DMTT) under the OECD Pillar Two framework has, in many cases, resulted in effective tax rates exceeding local statutory minimums.

~~MARCH~~The Company recorded income tax expense of $7.1 million with an effective tax rate of 23.0%, and $3.3 million with an effective tax rate of 24.2%, for the three-month periods ended March 31, ~~2018~~2026, and March 31, 2025, respectively, in the Consolidated Statements of Operations.

~~(Unaudited)~~The period-on-period decrease in the effective tax rate is primarily driven by changes in geographic earnings mix, as well as higher pre-tax income relative to adjustments related to the Company’s uncertain tax positions and unrecognized tax benefits.

~~If the Company calls the warrants for redemption,~~8. ~~management~~COMMITMENTS ~~will~~AND ~~have the option to require all holders that wish to exercise the warrants to do so on a “cashless basis,” as described in the warrant agreement.~~CONTINGENCIES

~~The exercise price and number of ordinary~~Capital ~~shares~~expenditure issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.commitments

~~NOTE~~The Company was committed 10to incur capital expenditures of $75.8 ~~FAIR~~million ~~VALUE~~and ~~MEASUREMENTS~~$45.6 million at March 31, 2026, and December 31, 2025, respectively. Substantially all of the commitments outstanding as of March 31, 2026, are expected to be settled during 2026 and 2027.

~~The~~Other Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.commitments

The ~~fair~~ ~~value of the~~ Company’s ~~financial~~purchases ~~assets and liabilities reflects management’s estimate of amounts that the Company~~certain ~~would~~property, ~~have~~plant, ~~received~~and inequipment ~~connection~~using ~~with~~seller-provided ~~the~~installment ~~sale~~financing ~~of the assets or paid in connection~~ with ~~the~~payment ~~transfer~~terms ofextending ~~the~~to ~~liabilities~~24 ~~in an orderly transaction between market participants at the measurement date~~months. InAs ~~connection with measuring the fair value~~ of ~~its~~March ~~assets~~31, ~~and liabilities~~2026, ~~the~~and ~~Company~~December ~~seeks~~31, to2025, ~~maximize~~ the ~~use~~Company ofrecorded ~~observable inputs (market data obtained from independent sources) and~~$5.2 tomillion ~~minimize the use of unobservable inputs (internal assumptions about how market participants would price assets~~ and ~~liabilities)~~$2.1 ~~The~~million, ~~following~~respectively, ~~fair~~in ~~value~~Accounts ~~hierarchy~~payable isfor ~~used~~amounts todue ~~classify~~using ~~assets~~seller-provided ~~and~~installment ~~liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:~~financing.

Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
Level 3:	Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The Company had outstanding letters of credit amounting to $7.2 million and $6.6 million as of March 31, 2026, and December 31, 2025, respectively.

~~The~~In the normal course of business ~~following~~with ~~table~~customers, ~~presents~~vendors ~~information~~and ~~about~~others, the Company’s ~~assets~~has entered into off-balance sheet arrangements, such as surety bonds for performance, and ~~liabilities~~other ~~that~~bank ~~are~~issued ~~measured~~guarantees atwhich ~~fair~~totaled ~~value~~$193.3 onmillion aand ~~recurring~~$187.1 million as of March 31, 2026, and December 31, 2025, respectively. ~~basis~~The Company has also entered into cash margin guarantees totaling $16.0 million and $14.9 million at March 31, ~~2018~~2026, and December 31, 2025, ~~2017~~respectively. A liability is accrued when a loss is both probable and ~~indicates~~can ~~the~~be ~~fair~~reasonably ~~value~~estimated. ~~hierarchy~~Cash margin guarantees totaling $8.7 million and $7.9 million have been secured by restricted cash deposits at March 31, 2026, and December 31, 2025, respectively. None of the ~~valuation~~off-balance ~~inputs~~sheet ~~the~~arrangements ~~Company~~either ~~utilized~~ has, or is likely to ~~determine~~have, ~~such~~a ~~fair~~material ~~value:~~effect on the Company’s consolidated financial statements.

Description	Level		March 31, 2018		December 31, 2017
Assets:
Cash and marketable securities held in Trust Account		1	$	231,258,235	$	230,554,024
Liabilities:
Deferred underwriting fees		1	$	9,018,215	$	9,022,229

Legal proceedings

~~NOTE~~In the first quarter of 2024, the Company lost control (i.e., ceased to be the primary beneficiary) of a subsidiary in Qatar following a judgment from a lawsuit concerning the ownership and historical profits of this entity. Neither the deconsolidation event nor any potential losses associated with these historical profits were deemed material to the Company’s financial position or results of operations. Subsequent to the judgment, the plaintiff initiated similar actions against other unrelated Company entities in both Qatar and the United Arab Emirates. Based on the advice of legal counsel in each jurisdiction, the Company believes it has strong grounds to defend its positions in both jurisdictions; however, the ultimate outcome of these proceedings cannot be determined at this time. The Company currently estimates that a loss in the range of $1.2 million to $11.8 million ~~SUBSEQUENT~~(43.1 million ~~EVENTS~~Qatari Riyals), for which it is jointly and severally liable with a co-defendant, could be incurred in connection with these matters.

~~The~~Additionally, the Company ~~evaluates~~is ~~subsequent~~involved ~~events~~in ~~and transactions~~certain ~~that~~legal ~~occur~~proceedings ~~after~~which arise in the ~~balance~~ordinary ~~sheet~~course ~~date~~of upbusiness and the outcomes of which are currently subject to uncertainties and therefore the ~~date~~probability ~~that~~of a loss, if any, being sustained and an estimate of the ~~condensed~~amount ~~consolidated~~of ~~financial~~any ~~statements~~loss ~~were~~are ~~issued~~difficult to ascertain. ~~Other~~Consequently, ~~than~~it asis ~~described~~not ~~below~~possible to make a reasonable estimate of the expected financial effect, if any, that will result from ultimate resolution of these disputes. The Company is contesting these claims/disputes and the Company’s ~~did~~management currently believes that it is not ~~identify~~required to recognize a provision because they are not probable or reasonably estimable and any ~~subsequent~~impacts are ~~events~~not ~~that~~expected ~~would~~to have ~~required~~a ~~adjustment or~~material ~~disclosure~~impact inon the ~~condensed~~Company’s ~~consolidated~~business, financial ~~statements~~condition, results of operations, or liquidity.

Backstop Commitment

On April 27, 2018 the Company entered into a Forward Purchase Agreement with the Backstop Investor pursuant to which the Company agreed to sell up to $150 million (the “Backstop Commitment”) of the Company’s ordinary shares to the Backstop Investor. Such Backstop Commitment will consist of (i) a primary placement to occur concurrently with the closing of the Business Combination, pursuant to which the Company will sell 7,000,000 ordinary shares at $10.00 per share for a total drawdown of $70 million and (ii) at the Company’s election, a secondary placement, pursuant to which the Company will have the option to draw, in one or more installments, up to an additional $80 million by selling up to 7,114,906 shares at $11.244 per share, as needed. The funds will be used to replace capital removed by shareholder redemptions, to help fund the cash portion of the consideration to the NPS Selling Stockholders and transaction expenses in the Business Combination, or for other corporate purposes, such that the Company meets its minimum cash requirements immediately following the Business Combination.

~~Item 2~~9. EARNINGS ~~Management’s~~PER ~~Discussion and Analysis of Financial Condition and Results of Operations~~SHARE

~~References~~The infollowing ~~this~~tables ~~report~~provide ~~(the~~a ~~“Quarterly~~reconciliation ~~Report”)~~of ~~to “we,” “us” or~~ the ~~“Company”~~data ~~refer~~used ~~to National~~in ~~Energy Services Reunited Corp. References to our “management” or our “management team” refer to our officers and directors, and references to~~ the ~~“sponsor”~~calculation ~~refer to NESR Holdings, Ltd. The following discussion and analysis~~ of ~~the~~basic ~~Company’s financial condition~~ and ~~results~~diluted ofordinary ~~operations~~shares ~~should~~outstanding befor ~~read in conjunction with~~ the ~~consolidated financial~~three-month ~~statements~~periods ~~and~~ended ~~the~~March ~~notes~~31, ~~thereto~~2026, ~~contained elsewhere in this Quarterly Report. Certain information contained in the discussion~~ and ~~analysis~~March ~~set~~31, ~~forth~~2025, ~~below includes forward-looking statements that involve risks and uncertainties~~respectively.

~~Special Note~~ SCHEDULE ~~Regarding~~OF ~~Forward-Looking~~RECONCILIATION ~~Statements~~OF BASIC AND DILUTED COMMON SHARES OUTSTANDING

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC and in the Definitive Proxy Statement filed by the Company on May 7, 2018 (the “Proxy Statement”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Date	Transaction Detail	Change in Shares		Three-month period ended March 31, 2026, Weighted Average Ordinary Shares Outstanding
January 1, 2026	Beginning Balance				100,787,173
January 15, 2026	Equity-classified Restricted Stock Issuance		833		694
January 30, 2026	Equity-classified Restricted Stock Issuance		7,332		4,888
February 25, 2026	Equity-classified Restricted Stock Issuance		1,666		629
March 13, 2026	Equity-classified Restricted Stock Issuance		250		50
March 13, 2026	Settlement of liability-classified share-based compensation		50,001		10,001
March 31, 2026	Ending Balance				100,803,435

Overview

Date	Transaction Detail	Change in Shares		Three-month period ended March 31, 2025, Weighted Average Ordinary Shares Outstanding
January 1, 2025	Beginning Balance				96,045,856
January 6, 2025	Settlement of liability-classified share-based compensation		61,353		57,263
February 17, 2025	Equity-classified Restricted Stock Issuance		666		311
February 27, 2025	Equity-classified Restricted Stock Issuance		1,000		356
March 17, 2025	Equity-classified Restricted Stock Issuance		12,430		1,934
March 18, 2025	Equity-classified Restricted Stock Issuance		231,661		33,461
March 31, 2025	Ending Balance				96,139,181

We are a blank check company incorporated on January 23, 2017 in the British Virgin Islands and formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses. We intend to effectuate our initial business combination using cash from the proceeds of our initial public offering (“Initial Public Offering”) and the sale of the private warrants that occurred simultaneously with the completion of our IPO, our capital stock, debt or a combination of cash, stock and debt.

The issuance of additional ordinary shares or preferred stock:

● may significantly reduce the equity interest of our shareholders; ● may subordinate the rights of holders of ordinary shares if we issue shares of preferred stock with rights senior to those afforded to our ordinary shares; ● will likely cause a change in control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely will also result in the resignation or removal of our present officers and directors; and ● may adversely affect prevailing market prices for our securities.

Similarly, if we issue debt securities, it could result in:

● default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to pay our debt obligations; ● acceleration of our obligations to repay the indebtedness even if we have made all principal and interest payments when due if the debt security contains covenants that required the maintenance of certain financial ratios or reserves and we breach any such covenant without a waiver or renegotiation of that covenant; ● our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; and ● our inability to obtain additional financing, if necessary, if the debt security contains covenants restricting our ability to obtain additional financing while such security is outstanding.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to raise capital or to complete a business combination will be successful.

Recent Events

On November 12, 2017, we announced that we had entered into definitive agreements to acquire GES and NPS, leading regional oilfield services companies offering a mix of drilling, completion and production services and equipment in the Middle East and North Africa (“MENA”) and Asia Pacific regions. Following closing, our primary operating locations will be in Dammam, Saudi Arabia, Muscat, Oman and Dubai, UAE with local headquarters in Houston, Texas. We will employ more than 3,000 people in more than a dozen countries across the region. The transaction is subject to stockholder approval and other customary closing conditions. See our Current Report on Form 8-K filed with the SEC on November 16, 2017 for further information.

~~On April 27, 2018, in~~The ~~connection~~following ~~with~~tables ~~its~~provide ~~proposed~~the ~~acquisitions~~computation of ~~Gulf~~basic ~~Energy SAOC (“GES”)~~ and ~~National~~diluted ~~Petroleum~~earnings ~~Services~~per ~~(“NPS”) (such~~share ~~acquisitions, the “Business Combination”), National Energy Services Reunited Corp.~~ (~~the~~ “~~Company~~EPS” ~~or “NESR”~~) ~~entered~~for ~~into a forward purchase agreement (~~the ~~“Forward~~three-month ~~Purchase Agreement”) with MEA~~periods ~~Energy~~ended ~~Investment~~March ~~Company~~31, ~~2 Ltd.~~2026, aand ~~Cayman~~March ~~Islands~~31, ~~company~~2025, ~~(the “Investor”)~~respectively.

~~Pursuant~~ SCHEDULE toOF ~~the~~BASIC ~~Forward Purchase~~AND ~~Agreement,~~DILUTED ~~the~~EARNINGS ~~Company~~PER ~~agreed~~COMMON to sell the Company’s ordinary shares (“Shares”) at the closing of the Business Combination to the Investor or its designees and commonly controlled affiliates, including co-investment funds controlled by Investor or its affiliates. The Company agreed to sell Shares for a total price of up to $150 million, consisting of (i) a primary placement, pursuant to which the Company agreed to sell 7,000,000 Shares at $10.00 per share for a total drawdown of $70 million; and (ii) at the Company’s election, a secondary placement, pursuant to which the Company will have the option to draw, in one or more installments, up to an additional $80 million by selling up to 7,114,906 Shares at $11.244 per share. The proceeds in the secondary placement may be taken, drawing at least $30 million on the first draw and at least $12.5 million in subsequent draws. All draw notices must be given with 3-10 business days’ advance written notice, with the applicable closing to occur on or within 3 months after the Business Combination. Such proceeds will (i) offset any capital used for shareholder redemptions; (ii) fund the cash portion of the consideration to certain shareholders of NPS and transaction expenses in connection with the Business Combination; or (iii) be used for other corporate purposes, including satisfaction of its minimum cash requirements immediately following the Business Combination.SHARE

We intend to hold a special meeting of shareholders to approve the Business Combination. On May 8, 2018 we filed a definitive proxy statement (the “Proxy Statement”) on Schedule 14A containing information about the Business Combination. If the Business Combination is approved, then concurrently with the Business Combination, we will provide our shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account. The description of the Business Combination is qualified in its entirety by reference to the full text of the Stock Purchase Agreement for shares of NPS and the Agreement for the Sale and Purchase of Shares in GES, along with related contracts (collectively, the “Definitive Agreements”), which were filed with the SEC on the Company’s Current Report on Form 8-K filed on November 16, 2017 and the Proxy Statement filed on May 8, 2018. You are urged to read the entirety of the Definitive Agreements and the other exhibits attached thereto.

	For the three-month period ended
	March 31, 2026							March 31, 2025
	Net income to Ordinary Shareholders		Weighted-average ordinary shares outstanding		EPS			Net income to Ordinary Shareholders		Weighted-average ordinary shares outstanding		EPS

Basic EPS - ordinary shares	$	23,827		100,803,435	$	0.24		$	10,391		96,139,181	$	0.11
Restricted stock units		-		2,128,115		(0.01	)		-		571,303		(0.00	)
Antidilution sequencing - subtotal		23,827		102,931,550		0.23			10,391		96,710,484		0.11
35,540,380 warrants @ $5.75 per half share		-		-		-			-		-		-
Diluted EPS - ordinary shares	$	23,827		102,931,550	$	0.23		$	10,391		96,710,484	$	0.11

~~Results~~Prior to the announcement of ~~Operations~~the exchange offer on May 30, 2025, potentially dilutive warrants had no impact on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive for the three-month period ended March 31, 2025.

~~We have~~In ~~neither~~addition ~~engaged in any operations nor generated any revenues~~ to ~~date.~~the ~~Our only activities from January 23~~warrants, ~~2017 (inception)~~ ~~through~~the ~~March~~Company 31excluded 896,880 ~~2018 were organizational activities~~ and ~~those necessary to consummate the IPO~~2, ~~described below~~019,453 ~~identifying a~~weighted-average ~~target~~restricted ~~company~~stock ~~for~~units afrom ~~business~~dilutive ~~combination~~ordinary ~~and~~shares ~~activities~~for ~~in connection with~~ the ~~proposed~~three-month ~~business combination. We do not expect~~periods toended ~~generate~~March ~~any~~31, ~~operating~~2026, ~~revenues~~and ~~until~~2025, ~~after~~respectively, ~~the~~as ~~completion~~they ofwere ~~our~~assumed ~~business~~to ~~combination.~~be Werepurchased ~~expect~~due to ~~generate non-operating income in~~ the ~~form~~impact of ~~interest~~unrecognized ~~income~~share-based ~~on cash and marketable securities held after the Initial Public Offering. We expect to incur~~compensation ~~increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses~~cost.

~~For~~10. ~~the~~REPORTABLE three months ended March 31, 2018, we had net loss of $1,851,707, consisting of target identification and operating costs of $2,559,932, an unrealized loss on marketable securities held in our Trust Account of $29,583 and the change in the fair value of the deferred underwriting fee liability of $4,014, offset by interest income on marketable securities held in our Trust Account of $733,794.SEGMENTS

~~For~~The Company determines its operating segments using the ~~period~~management ~~from~~approach, ~~January~~under 23which its Chief Executive Officer, ~~2017~~as ~~(inception)~~the Company’s ~~through~~chief ~~March~~operating 31decision maker, ~~2017~~regularly reviews financial information to allocate resources and assess performance. The Company has identified two reportable segments, weProduction ~~had~~Services aand ~~net~~Drilling ~~loss~~and ofEvaluation $5Services,~~744,~~ which ~~consisted~~provide a range of oilfield services to oil and natural gas customers across the well lifecycle. Segment performance is evaluated primarily based on revenue and segment operating income (loss), excluding corporate-level expenses such as overhead, share-based compensation, and ~~formation~~transaction-related costs. The Company’s operations are primarily located in the MENA region.

Liquidity and Capital Resources

On May 17, 2017, we consummated the Initial Public Offering of 21,000,000 Units, at a price of $10.00 per Unit, generating gross proceeds of $210,000,000. Simultaneously with the closing of the IPO, we consummated the sale of 11,850,000 Private Warrants to our Sponsor at a price of $0.50 per warrant, generating gross proceeds of $5,925,000.

On May 30, 2017, in connection with the underwriters’ partial exercise of their over-allotment option, we consummated the sale of an additional 1,921,700 Units and the sale of an additional 768,680 Private Warrants, generating total gross proceeds of $19,601,340.

Following the Initial Public Offering and the partial exercise of the over-allotment option, a total of $229,217,000 was placed in the Trust Account. We incurred $13,761,498 in Initial Public Offering related costs, including $4,014,340 of underwriting fees, $9,032,265 of deferred underwriting fees and $714,893 of other costs.

As of March 31, 2018, we had cash and marketable securities held in the Trust Account of $231,258,235, substantially all of which is invested in U.S. treasury bills with a maturity of 180 days or less. Interest income earned on the balance in the trust account may be available to us to pay taxes. Through March 31, 2018, we have not withdrawn interest income from the Trust Account.

As of March 31, 2018, we had cash of $120,476 held outside the Trust Account, which is available for use by us to cover the costs associated with identifying a target business, negotiating a business combination, due diligence procedures and other general corporate uses. In addition, as of March 31, 2018, we had accounts payable and accrued expenses of $5,437,191. We have entered into a fee arrangement with a service provider pursuant to which certain fees incurred by us in connection with a potential Business Combination will be deferred and become payable only if we consummate a Business Combination. If a Business Combination does not occur, we will not be required to pay these contingent fees. As of March 31, 2018, the amount of these contingent fees was approximately $1,382,000. To the extent a Business Combination is consummated, we anticipate incurring a significant amount of additional costs. There can be no assurances that we will complete any Business Combination.

For the period three months ended March 31, 2018, cash used in operating activities amounted to $620,620, mainly resulting from net loss of $1,851,707 and interest earned on marketable securities held in the Trust Account of $733,794, offset by the change in the fair value of the deferred underwriting fee liability of $4,014 and an unrealized loss on marketable securities held in the Trust Account of $29,583. Changes in our operating assets and liabilities provided cash of $1,939,312.

~~We intend~~ SCHEDULE toOF ~~use~~SEGMENT ~~substantially~~REPORTING all of the net proceeds of the Initial Public Offering, including the funds held in the Trust Account, to acquire a target business or businesses and to pay our expenses relating thereto. To the extent that our shares are used in whole or in part as consideration to effect our initial Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’s operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred prior to the completion of our initial Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.INFORMATION

WeRevenue ~~intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and~~ from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.operations

In order to finance transaction costs in connection with a Business Combination, our Sponsor or certain of our officers, directors and affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay such loaned amounts out of the proceeds of the Trust Account released to us. In the event that a Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be converted into Private Warrants of the post business combination entity at a price of $0.50 per warrant at the option of the lender. The terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans.

	March 31, 2026		March 31, 2025
	For the three-month period ended
(in US$ thousands)	March 31, 2026		March 31, 2025
Reportable Segment:
Production Services	$	241,045	$	188,087
Drilling and Evaluation Services		163,541		115,015
Total external revenue	$	404,586	$	303,102

AsLong-lived of March 31, 2018, we had $120,476 in cash and a working capital deficit of $5,165,916. We have not generated operating revenues, nor do we expect to generate operating revenues until the consummation of an initial Business Combination. Our Sponsor or certain of our officers and directors are not under any obligation to advance us funds, or to invest in us. Accordingly, we may not be able to obtain additional financing. If we are unable to raise additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. We cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all. These conditions raise substantial doubt about our ability to continue as a going concern.assets

Off-balance sheet financing arrangements

	March 31, 2026		December 31, 2025
	As of
(in US$ thousands)	March 31, 2026		December 31, 2025
Reportable Segment:
Production Services	$	223,324	$	222,306
Drilling and Evaluation Services		197,832		186,738
Total Reportable Segments		421,156		409,044
Unallocated assets		54,998		56,410
Total long-lived assets	$	476,154	$	465,454

WeUnallocated ~~have no obligations,~~ assets ormainly ~~liabilities~~comprise ~~which~~buildings ~~would~~and beleasehold ~~considered~~improvements ~~off-balance sheet arrangements. We do not participate~~ in ~~transactions~~ ~~that~~the ~~create~~countries ~~relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities,~~ which ~~would~~support ~~have~~both ~~been~~segments ~~established~~in ~~for~~ the ~~purpose~~normal ~~of facilitating off-balance sheet arrangements. We have not entered~~course ~~into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments~~ of ~~other entities, or purchased any non-financial assets~~business.

~~Contractual~~Total ~~obligations~~segment operating income

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the Sponsor a monthly fee of $10,000 for office space, utilities and administrative support provided to the Company. We began incurring these fees on May 17, 2017 and will continue to incur these fees monthly until the earlier of the completion of the Business Combination and the Company’s liquidation.

	March 31, 2026			March 31, 2025
	For the three-month period ended
(in US$ thousands)	March 31, 2026			March 31, 2025
Reportable Segment:
Production Services	$	32,737		$	20,029
Drilling and Evaluation Services		18,182			16,147
Total Reportable Segments		50,919			36,176
Unallocated expenses		(14,884	)		(15,235	)
Total operating income		36,035			20,941
Interest expense, net		(6,543	)		(8,284	)
Other income, net		1,449			1,059
Income before income tax	$	30,941		$	13,716

~~Critical~~Unallocated ~~Accounting~~expenses ~~Policies~~for the three-month periods ended March 31, 2026, and March 31, 2025, respectively, mainly include corporate selling, general, and administrative expenses (inclusive of amortization), offset in small part by a portion of these costs that are allocated to the reportable segments. As described elsewhere, corporate selling, general, and administrative expenses are primarily comprised of payroll and compensation costs for headquarters’ employees, professional and legal expenses relating to audit firms, consulting firms and legal counsel, and depreciation charges on headquarters’ offices and leasehold improvements.

~~The~~Significant ~~preparation~~segment ofexpenses, ~~financial~~which ~~statements~~represent ~~and related disclosures in conformity with accounting principles generally accepted in~~ the ~~United~~ ~~States~~difference ofbetween ~~America~~segment ~~(“GAAP”)~~revenue ~~requires management to make estimates~~ and ~~assumptions~~pre-tax ~~that~~segment ~~affect the reported amounts of assets and liabilities~~income, ~~disclosure~~consist of ~~contingent assets and liabilities at~~ the ~~date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. The Company has identified the~~ following ~~critical accounting policy~~:

~~Ordinary shares~~SCHEDULE ~~subject~~OF toSEGMENT ~~possible redemption~~EXPENSES

We account for our ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. Our ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, at March 31, 2018 and December 31, 2017, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of our condensed consolidated balance sheet.

	March 31, 2026		March 31, 2025
	For the three-month period ended
(in US$ thousands)	March 31, 2026		March 31, 2025

Production Services:
Compensation	$	49,093	$	47,025
Cost of products, materials, and supplies		82,560		53,017
Transport and rental		34,296		28,316
Depreciation and amortization		16,140		20,232
Other		26,219		19,462
Total	$	208,308	$	168,052

	March 31, 2026		March 31, 2025
	For the three-month period ended
(in US$ thousands)	March 31, 2026		March 31, 2025

Drilling and Evaluation Services:
Compensation	$	46,704	$	36,658
Cost of products, materials, and supplies		23,166		17,932
Transport and rental		41,474		22,287
Depreciation and amortization		13,120		11,405
Other		20,895		10,592
Total	$	145,359	$	98,874

~~Recent~~Other ~~accounting~~segment ~~pronouncements~~expenses include mobilization, occupancy, professional, and other costs.

~~Management~~Revenue ~~does~~by ~~not~~geographic ~~believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements.~~area

	March 31, 2026		March 31, 2025
	For the three-month period ended
(in US$ thousands)	March 31, 2026		March 31, 2025
Geographic Area:
Domestic (British Virgin Islands)	$	-	$	-
MENA		402,805		301,458
Rest of World		1,781		1,644
Total revenue	$	404,586	$	303,102

Long-lived assets by geographic area

	March 31, 2026		December 31, 2025
	As of
(in US$ thousands)	March 31, 2026		December 31, 2025
Geographic area:
Domestic (British Virgin Islands)	$	-	$	-
MENA		468,347		457,124
Rest of World		7,807		8,330
Total long-lived assets	$	476,154	$	465,454

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q (“Quarterly Report”). In addition, such analysis should be read in conjunction with the audited consolidated financial statements, the related notes, and the other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Annual Report”). The following discussion and analysis contain forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. Please read “Cautionary Note Regarding Forward-Looking Statements” below.

National Energy Services Reunited Corp. (the “Company,” “NESR,” “we,” “our,” “us” or similar terms) is one of the largest oilfield services providers in the Middle East and North Africa (“MENA”) region. The Company’s business consists primarily of upstream and midstream oilfield services with oil and natural gas companies as customers. NESR’s revenues are primarily derived by providing production services (“Production Services”) such as hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance, artificial lift services, completions and integrated production management. NESR also provides drilling and evaluation services (“Drilling and Evaluation Services”) such as rigs and integrated services, fishing and downhole tools, thru-tubing intervention, tubular running services, directional drilling, drilling and completion fluids, pressure control, well testing services, wireline logging services, and slickline services. NESR has significant operations throughout the MENA region including Saudi Arabia, Oman, Kuwait, United Arab Emirates (“UAE”), Iraq, Algeria, Egypt and Libya.

EXECUTIVE OVERVIEW

Drivers of Our Financial Condition and Results of Operations

As of the end of the three-month period covered by this Quarterly Report, the ongoing conflict between the United States, Israel and Iran has contributed to heightened volatility in global crude oil markets and increased upstream activity across the MENA region, as reflected in the increase in Brent crude prices and the regional rig count discussed below. While these conditions have favorably impacted customer demand for our services during the period, the duration, scope and ultimate trajectory of the conflict remain uncertain, and a de-escalation, a further escalation, or related sanctions, supply disruptions or geopolitical responses could materially affect commodity prices, customer capital spending and our results of operations and financial condition in future periods. For a full discussion of the drivers of our financial condition and results of operations, see the section entitled “Drivers of Our Financial Condition and Results of Operations” in Part II, Item 7 of our 2025 Annual Report.

Key Performance Indicators

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes regarding our key performance indicators except as provided in the following table which shows rig count (Source: Baker Hughes Published Rig Count Data) and oil prices (Source: U.S. Energy Information Administration - Brent – Europe) as of the dates indicated. For a full discussion of our key performance indicators, see the section entitled “Key Performance Indicators” in Part II, Item 7 of our 2025 Annual Report.

	As of
	March 31, 2026		December 31, 2025
Rig count:
MENA		555		565
Rest of World – outside of North America		507		500
Total International Rig Count		1,062		1,065

Brent Crude (per barrel)	$	126.69	$	61.35

RESULTS OF OPERATIONS

We operate our business through two operating segments and report our results of operations through two reporting segments, Production Services and Drilling and Evaluation Services, which aggregate services performed during distinct stages of a typical life cycle of an oil well.

Production Services. Our Production Services segment includes the results of operations from services that are generally offered and performed during the production stage of a well’s lifecycle. These services mainly include hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance, artificial lift services, completions and integrated production management. Our Production Services accounted for 60% and 62% of our revenues for the three-month periods ended March 31, 2026, and March 31, 2025, respectively.

Drilling and Evaluation Services. Our Drilling and Evaluation Services segment includes the results of operations from services that are generally offered and performed during pre-production stages of a well’s lifecycle and related mainly to the operation of oil rigs. The services mainly include rigs and integrated services, fishing and downhole tools, thru-tubing intervention, tubular running services, directional drilling, drilling and completion fluids, pressure control, well testing services, wireline logging services and slickline services. Our Drilling and Evaluation Services accounted for 40% and 38% of our revenues for the three-month periods ended March 31, 2026, and March 31, 2025, respectively.

For a full discussion of our reportable segments, see the section entitled “Business” in Part I, Item 1 of our 2025 Annual Report.

Key Components of Revenues and Expenses

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to our key components of revenues and expenses. See the section entitled “Key Components of Revenues and Expenses” in Part II, Item 7 of our 2025 Annual Report for more information.

2026 compared to 2025

The following table presents our Consolidated Statements of Operations (Unaudited) data for the periods indicated (in US$ thousands):

	For the three-month period ended
Description	March 31, 2026			March 31, 2025

Revenues	$	404,586		$	303,102
Cost of services		(352,755	)		(265,647	)
Gross profit		51,831			37,455
Selling, general, and administrative expenses (excluding Amortization)		(11,103	)		(11,821	)
Amortization		(4,693	)		(4,693	)
Operating income		36,035			20,941
Interest expense, net		(6,543	)		(8,284	)
Other income, net		1,449			1,059
Income before income tax		30,941			13,716
Income tax expense		(7,114	)		(3,325	)
Net income	$	23,827		$	10,391

Revenue. Revenue was $404.6 million for the three-month period ended March 31, 2026, compared to $303.1 million for the three-month period ended March 31, 2025.

The table below presents our revenue by segment for the periods indicated (in US$ thousands):

	For the three-month period ended
	March 31, 2026		March 31, 2025
Reportable Segment:
Production Services	$	241,045	$	188,087
Drilling and Evaluation Services		163,541		115,015
Total revenue	$	404,586	$	303,102

Production Services revenue was $241.0 million for the three-month period ended March 31, 2026, compared to $188.1 million for the three-month period ended March 31, 2025. The change in revenue was primarily due to increased hydraulic fracturing stages in Saudi Arabia.

Drilling and Evaluation Services revenue was $163.5 million for the three-month period ended March 31, 2026, compared to $115.0 million for the three-month period ended March 31, 2025. The change in revenue was primarily due to increased well testing activity in Saudi Arabia.

Cost of services. Cost of services was $352.8 million for the three-month period ended March 31, 2026, compared to $265.6 million for the three-month period ended March 31, 2025. Cost of services as a percentage of total revenue was 87.2% and 87.6% for the three-month periods ended March 31, 2026, and March 31, 2025, respectively. The change in cost of services as a percentage of total revenue is mainly due to increased activity levels in the period ended March 31, 2026, as compared to the prior year period, reflecting improved cost absorption as revenue scaled. Cost of services included depreciation expense of $29.1 million, and $29.5 million for the three-month period ended March 31, 2026, and March 31, 2025, respectively.

Gross profit. Gross profit was $51.8 million for the three-month period ended March 31, 2026, compared to $37.5 million for the three-month period ended March 31, 2025. Gross profit as a percentage of total revenue was 12.8% and 12.4% for the three-month period ended March 31, 2026, and the three-month period ended March 31, 2025, respectively. The change in trend is described under “Revenue” and “Cost of services.”

SG&A expense. SG&A expense, which represents costs associated with managing and supporting our operations, was $11.1 million for the three-month period ended March 31, 2026, compared to $11.8 million for the three-month period ended March 31, 2025. SG&A expense as a percentage of total revenue was 2.7% and 3.9% for the three-month period ended March 31, 2026, and March 31, 2025, respectively. The period-over-period decrease in SG&A expense was primarily attributable to lower spending on activities related to the remediation of the Company’s material weakness, as the Company completed remediation as of June 30, 2025 and therefore incurred significant remediation-related costs during the quarter ended March 31, 2025.

Amortization expense. Amortization expense was $4.7 million for the three-month period ended March 31, 2026, compared to $4.7 million for the three-month period ended March 31, 2025. Amortization expense is driven mainly by acquired intangible assets resulting from acquisitions.

Interest expense, net. Interest expense, net, was $6.5 million for the three-month period ended March 31, 2026, compared to $8.3 million for the three-month period ended March 31, 2025. Interest expense, net, decreased period-over-period, due to lower debt levels during 2026 as compared to 2025.

Other income, net. Other income, net, was $1.4 million for the three-month period ended March 31, 2026, compared to $1.1 million for the three-month period ended March 31, 2025.

Income tax expense. Income tax expense was $7.1 million for the three-month period ended March 31, 2026, compared to $3.3 million for the three-month period ended March 31, 2025. The decrease in effective tax rate period-on-period is primarily attributable to changes in geographic earnings mix, as well as higher pre-tax income relative to adjustments related to the Company’s uncertain tax positions and unrecognized tax benefits. See Note 7, Income Taxes, to our consolidated financial statements included in Item 1, “Financial Statements,” of this Quarterly Report.

Net income. Net income was $23.8 million for the three-month period ended March 31, 2026, compared to $10.4 million for the three-month period ended March 31, 2025.

Supplemental Segment Operating Income Discussion

	For the three-month period ended
(in US$ thousands)	March 31, 2026		March 31, 2025
Reportable Segment:
Production Services	$	32,737	$	20,029
Drilling and Evaluation Services		18,182		16,147

Production Services operating income was $32.7 million for the three-month period ended March 31, 2026, compared to $20.0 million for the three-month period ended March 31, 2025. The change in Supplemental Segment Operating Income was primarily due to increased hydraulic fracturing stages in Saudi Arabia with a significant portion of incremental revenue translating into segment operating income.

Drilling and Evaluation operating income was $18.2 million for the three-month period ended March 31, 2026, compared to $16.1 million for the three-month period ended March 31, 2025. The change in Supplemental Segment Operating Income was primarily due to additional well testing activity in Saudi Arabia with a share of incremental revenue contributing to segment operating income.

LIQUIDITY AND CAPITAL RESOURCES

Our objective in financing our business is to maintain sufficient liquidity, adequate financial resources and financial flexibility to fund the requirements of our business. We had cash and cash equivalents of $93.0 million as of March 31, 2026, and $124.8 million as of December 31, 2025. Our outstanding borrowings were $287.4 million as of March 31, 2026, and $310.1 million as of December 31, 2025. Current available borrowing capacity totaled $21.7 million and $146.9 million, as of March 31, 2026, and December 31, 2025, respectively. Borrowing capacity decreased in the quarter ended March 31, 2026, reflecting the Company’s decision not to extend its $59.2 million Secured Revolving Credit Facility beyond February 4, 2026, given sufficient operating cash flow and liquidity, as well as a $66.0 million reduction in the working capital facility following the scheduled expiration of one tranche of availability within the lender syndicate. The Company is currently working with its lenders to refinance and extend the 2021 Secured Facilities Agreement. We believe that our cash on hand, cash flows generated from operations, and liquidity available through our credit facilities will provide sufficient liquidity to manage our global cash needs. See “Capital Requirements” below.

Cash Flows

Cash flows provided by (used in) each type of activity were as follows for the periods presented (in US$ thousands):

	For the three-month period ended
	March 31, 2026			March 31, 2025

Cash provided by (used in):
Operating Activities	$	30,745		$	20,485
Investing Activities		(36,435	)		(31,487	)
Financing Activities		(25,301	)		(18,259	)
Effect of exchange rate changes on cash		-			-
Net change in cash and cash equivalents	$	(30,991	)	$	(29,261	)

Operating Activities

Cash flows provided by operating activities were $30.7 million for the three-month period ended March 31, 2026, compared to cash flows provided by operating activities of $20.5 million for the three-month period ended March 31, 2025. The difference between periods was primarily driven by improved net income, and partially offset by increases in working capital to fund higher activity levels in the business.

Investing Activities

Cash flows used in investing activities were $36.4 million for the three-month period ended March 31, 2026, compared to cash flows used in investing activities of $31.5 million for the three-month period ended March 31, 2025. The difference between periods was primarily due to higher cash paid for capital expenditures period-over-period. Our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations.

Financing Activities

Cash flows used in financing activities were $25.3 million for the three-month period ended March 31, 2026, compared to cash flows used in financing activities of $18.3 million for the three-month period ended March 31, 2025. The difference between periods was primarily attributable to lower short-term borrowings, as seasonal working capital requirements were funded internally.

Credit Facilities

Our principal credit facilities and instruments outstanding or available as of March 31, 2026, are discussed in Note 6, Debt, to the consolidated financial statements included in Item 1, “Financial Statements,” of this Quarterly Report.

Capital Requirements

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to our capital requirements. See the section entitled “Capital Requirements” in Part II, Item 7 of our 2025 Annual Report for more information.

Off-Balance Sheet Arrangements

Our off-balance sheet arrangements, including letters of credit and guarantees, are discussed in Note 8, Commitments and Contingencies, to the consolidated financial statements included in Item 1, “Financial Statements,” of this Quarterly Report.

Contractual Obligations and Commitments

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to our contractual obligations. See the section entitled “Contractual Obligations and Commitments” in Part II, Item 7 of our 2025 Annual Report for more information.

Other Factors Affecting Liquidity

Shelf registration statement. The Company does not have any effective shelf registration statements as of March 31, 2026.

Capital expenditure commitments. The Company was committed to incur capital expenditures of $75.8 million and $45.6 million at March 31, 2026, and December 31, 2025, respectively. Substantially all of the commitments outstanding as of December 31, 2025, are expected to be settled during 2026.

Capital return program. In May 2026, the Company approved a capital return program consisting of (i) a quarterly cash dividend, anticipated to commence in the fourth quarter of 2026, at an expected rate of $0.10 per Ordinary Share, and (ii) authorization for the repurchase of up to $50.0 million of the Company’s Ordinary Shares from time to time through open market transactions, privately negotiated transactions, or otherwise, at prevailing market prices and subject to market conditions, applicable legal requirements, and liquidity considerations.

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to other factors affecting our liquidity except as described above. See the section entitled “Other Factors Affecting Liquidity” in Part II, Item 7 of our 2025 Annual Report for more information.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to our critical accounting policies and estimates. See the section entitled “Critical Accounting Policies and Estimates” in Part II, Item 7 of our 2025 Annual Report for more information.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Any and all statements contained in this Quarterly Report that are not statements of historical fact may be deemed forward-looking statements. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this Quarterly Report may include, without limitation, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, our future financial performance, including any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), expansion plans and opportunities, completion and integration of acquisitions and the assumptions underlying or relating to any such statement.

The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon our current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which we have no control over, including the impact of the extent of any material weakness or significant deficiencies in our internal control over financial reporting. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation:

	●	Changing commodity prices, market volatility and other market trends that affect our customers’ demand for our services;

	●	Public health crises and other catastrophic events;

	●	The level of capital spending by our customers;

	●	Political, market, financial and regulatory risks, including those related to the geographic concentration of our operations and customers;

	●	Our operations, including maintenance, upgrades and refurbishment of our assets, may require significant capital expenditures, which may or may not be available to us;

	●	Operating hazards inherent in our industry and the ability to secure sufficient indemnities and insurance;

	●	Our ability to successfully integrate acquisitions;

	●	Conditions in the Middle East, including current uncertainty and instability resulting from the conflict between the United States, Israel and Iran, as well as other regional hostilities that could adversely affect our business; and

	●	Other risks and uncertainties set forth in Part I, Item 1A, “Risk Factors,” included in this Quarterly Report and our 2025 Annual Report.

Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this Quarterly Report to reflect any new information or future events or circumstances or otherwise, except as required by law. Readers should read this Quarterly Report in conjunction with other documents which the Company may file or furnish from time to time with the SEC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

~~Not~~As of the end of the three-month period covered by this Quarterly Report, ~~applicable~~there have been no material changes to our market risk. See the section entitled “Quantitative and Qualitative Disclosures about Market Risk” in Part II, Item 7A of our 2025 Annual Report for more information.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

~~As required~~Our bymanagement, ~~Rules~~with ~~13a-15 and 15d-15 under~~ the ~~Exchange~~participation ~~Act,~~of our Chief Executive Officer and Chief Financial Officer, ~~carried~~has ~~out an~~evaluated ~~evaluation of~~ the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of ~~March~~the ~~31,~~end ~~2018~~of the three-month period covered by this Quarterly Report. Based on ~~upon~~such ~~their~~ evaluation, ~~our~~the Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls ~~and~~ and procedures ~~(as~~were ~~defined~~effective inat ~~Rules 13a-15(e) and 15d-15(e) under~~ the ~~Exchange~~reasonable ~~Act)~~assurance ~~were effective~~level.

~~Changes~~ No changes in ~~Internal~~our ~~Control~~internal ~~Over~~control ~~Financial~~over ~~Reporting~~financial reporting occurred during the three-month period covered by this Quarterly Report that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.25

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Our legal proceedings as of the end of the three-month period covered by this Quarterly Report on Form 10-Q (“Quarterly Report”) are discussed in Note 8, Commitments and Contingencies, to the consolidated financial statements included in Item 1, “Financial Statements,” of this Quarterly Report.

ITEM 1A. RISK FACTORS

There are several factors that affect our business and operations, many of which are beyond our control. In addition to information set forth in this Quarterly Report, careful consideration should be given to the risk factors discussed under the caption “Risk Factors” in Part I, Item IA of our 2025 Annual Report, which could have a material impact on our business, financial condition or results of operations and are hereby incorporated by reference into this Quarterly Report. Such risks are not the only risks we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also have a material impact on our business, financial condition or results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 1A3. ~~RISK~~DEFAULTS ~~FACTORS.~~UPON SENIOR SECURITIES

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC or the Proxy Statement. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC or the Proxy Statement.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Unregistered Sales

All unregistered sales and issuances of equity securities for the three months ended March 31, 2018 that are required to be disclosed herein were previously disclosed in a Current Report on Form 8-K filed with the SEC.

Use of Proceeds

For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

~~Not~~During ~~applicable~~the three-month period covered by this Quarterly Report, we had no mine safety violations or other regulatory matters required to be disclosed pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K.

ITEM 5. OTHER INFORMATION.

~~None.~~Rule 10b5-1 Trading Plans

17During the fiscal quarter ended March 31, 2026, Al Nowais Investments LLC, an entity in which Mr. Yousef Al Nowais, director of the Company, has a pecuniary interest, adopted a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K promulgated under the Exchange Act) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Under the trading arrangement, Al Nowais Investments LLC may sell an aggregate of up to 2,679,198 ordinary shares (the “Shares”) of the Company. Any sales under the trading arrangement will be made during the period beginning June 25, 2026, and ending on such date as all of the Shares have been sold or June 25, 2027.

ITEM 6. EXHIBITS.

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibit
3.1		Memorandum and Articles of Association, as amended and restated (incorporated herein by reference to Exhibit 99.2 to the Company’s Periodic Report on Form 6-K (File No. 001-38091) filed on May 21, 2024).
4.1		Specimen Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1/A (File No. 333-217006) filed on April 25, 2017).
4.2		Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated herein by reference to Exhibit 2.5 to the Company’s Annual Report on Form 20-F (File No. 001-38091) filed on December 29, 2023).
4.3		Relationship Agreement, dated June 5, 2018, by and between the Company, NESR Holdings Limited and Hana Investments Co. WLL (incorporated herein by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.4		Registration Rights Agreement, dated June 5, 2018, by and between the Company and Hana Investments Co. WLL (incorporated herein by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.5		Relationship Agreement, dated June 6, 2018, by and between the Company and AL Nowais Investments LLC. (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.6		Amended and Restated Registration Rights Agreement, dated June 6, 2018, by and among the Company, NESR Holdings Ltd., Al Nowais Investments LLC, and NESR SPV Limited (incorporated herein by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.7		Voting Agreement, dated June 6, 2018, by and between the Company, NESR Holdings Ltd. and SV3 Holdings PTE LTD (incorporated herein by reference to Exhibit 10.19 to the Company’s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.8		Registration Rights Agreement dated June 6, 2018 by and between the Company and SV3 Holdings PTE LTD (incorporated herein by reference to Exhibit 10.20 to the Company’s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
10.1		Form of Restricted Stock Unit Award Agreement (incorporated herein by reference to Exhibit 10.1 to the Company’s Annual Report on Form 10-K (File No. 001-38091) filed on March 6, 2026).
10.2		National Energy Services Reunited Corp. Amended and Restated 2018 Long Term Incentive Plan (incorporated herein by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-8 (File No. 333-280902) filed on July 19, 2024).
31.1*		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
31.2*		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
32.1**		Certificate of Chief Executive Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
32.2**		Certificate of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101.INS*		XBRL Instance Document.
101.SCH*		XBRL Taxonomy Extension Schema Document.
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document.
104*		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)

No.		Description of Exhibit
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		XBRL Instance Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		XBRL Taxonomy Extension Schema Document
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

18** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by by the undersigned, thereunto duly authorized.

	NATIONAL ENERGY SERVICES REUNITED CORP.
Date: May 14, 2018		/s/ Sherif Foda
Date: May 11, 2026		/s/ Sherif Foda
	Name:	Sherif Foda
	Title:	Chief Executive Officer
		(Principal Executive Officer)
Date: May 14, 2018		/s/ Thomas Wood
Date: May 11, 2026		/s/ Stefan Angeli
	Name:	~~Thomas~~Stefan ~~Wood~~Angeli
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

1927

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