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NCS Multistage (NCSM) investor relations material

NCS Multistage Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 revenue reached $46.5 million, up 6% year-over-year, driven by strong U.S. and international growth and the successful integration of ResMetrics tracer diagnostics business.

  • Net income for Q3 2025 was $3.8 million ($1.37 per diluted share), down from $4.1 million ($1.60 per share) in Q3 2024.

  • Adjusted EBITDA for Q3 was $7.0 million, consistent with the prior year and above guidance midpoint.

  • Cash balance exceeded $25 million as of September 30, 2025, with total liquidity of $44.7 million.

  • The company completed the acquisition of Reservoir Metrics, LLC (ResMetrics) in July 2025, expanding tracer diagnostics offerings.

Financial highlights

  • Q3 revenue of $46.5 million, up 6% year-over-year, with U.S. and international revenues up 37% and 38% respectively; Canada down 19%.

  • Adjusted gross profit was $19.4 million (42% margin), consistent with prior year.

  • Net income for Q3 was $3.8 million, or $1.37 per diluted share, compared to $4.1 million, or $1.60 per share, last year.

  • Cash from operations for the first nine months was $9.0 million, up $7.0 million year-over-year.

  • Free cash flow after distributions to non-controlling interest improved to $6.8 million for the nine months.

Outlook and guidance

  • Q4 2025 revenue expected between $41 million-$45 million; adjusted gross margin 40%-42%; adjusted EBITDA $5 million-$6.5 million.

  • Full-year 2025 revenue guidance is $174 million-$178 million (8% growth: 5% organic, 3% ResMetrics); adjusted EBITDA $22.5 million-$24 million.

  • Free cash flow after distributions to non-controlling interest expected at $11 million-$13 million for 2025.

  • Management expects Canadian activity to decline 3–5% for 2025, with a sharper drop in the second half; U.S. activity is forecasted to decline 6–8% year-over-year.

  • International activity is expected to increase modestly in the regions where the company operates.

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Frequently asked questions

NCS Multistage Holdings, Inc. is a provider of engineered products and support services for the oil and gas industry, specializing in multistage completions. The company offers fracturing systems, liner hangers, and related technologies designed to optimize well construction, reservoir performance, and production efficiency. Its solutions are primarily used in unconventional oil and gas reservoirs, including shale plays, to enhance resource recovery. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.

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