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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.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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