NCS Multistage (NCSM) investor relations material

Executive summary

• Total revenues reached $38.4 million, up 5% year-over-year, driven by strong U.S. product and service performance, especially from Repeat Precision and tracer diagnostics.

• Net loss was $(4.6) million, reversing from net income of $0.9 million in the prior year quarter; loss per share was $(1.71) compared to $0.34 EPS last year.

• Adjusted EBITDA was $1.9 million, down from $2.2 million year-over-year, with margin declining to 5% from 6%.

• The company is progressing toward a merger with Weatherford, expected to close in the second half of 2026.

Financial highlights

• Gross profit was $13.1 million (gross margin 34%), slightly up from $12.3 million (34%) year-over-year.

• Adjusted gross profit was $13.9 million (36% margin), up from $13.0 million (36%) in the prior year.

• Cash flow from operations for the first half was a use of $(0.6) million, compared to a source of $1.9 million last year.

• Free cash flow less distributions to non-controlling interest was $(1.6) million for the first half, versus $0.5 million last year.

• Cash and equivalents stood at $31.3 million, with $7.5 million in total debt, all finance lease obligations.

Outlook and guidance

• The merger with Weatherford is expected to close in the second half of 2026, pending regulatory approvals.

• Forward-looking statements highlight risks from oil and gas market volatility, regulatory changes, and merger completion uncertainties.