John Daniel

David Joseph Storms

Gowshihan Sriharan

Dave Storms

David Storms

Jeffrey Robertson

Joshua Jayne

- NCS Multistage reported **revenue of $46,500,000** and **adjusted EBITDA of $7,000,000** for Q3 2025, both exceeding the midpoint of their guidance.  **[0001692427_2215983_1]** **[0001692427_2215983_4]**  Diluted earnings per share was **$1.37**.  **[0001692427_2215983_4]** 
- For the first nine months of 2025, revenue increased **13%** year-over-year to **$133,000,000**, and adjusted EBITDA grew **24%** to **$17,500,000**.  **[0001692427_2215983_1]**  The company maintained a strong balance sheet with **$25,300,000** in cash and **$44,700,000** in total liquidity as of September 30, 2025.  **[0001692427_2215983_4]** 
- NCS Multistage raised its full-year 2025 free cash flow guidance (after distributions to non-controlling interest) to **$11,000,000 to $13,000,000**, reflecting an increase of **$3,000,000** at the midpoint.  **[0001692427_2215983_5]** 
- The integration of the ResMetrix acquisition, completed in late July 2025, is progressing well with an expected **$1,000,000** in synergies.  **[0001692427_2215983_1]** **[0001692427_2215983_7]**  The company issued Q4 2025 revenue guidance of **$41,000,000 to $45,000,000** and full-year 2025 revenue guidance of **$174,000,000 to $178,000,000**.  **[0001692427_2215983_4]** **[0001692427_2215983_5]**

NCS Multistage Reports Strong Q3 2025 Results and Raises Full-Year Free Cash Flow Guidance

- NCS Multistage reported **Q3 2025 revenue of $46.5 million**, a **6% year-over-year improvement**, and **adjusted EBITDA of $7 million**, both exceeding the midpoint of their guidance.  **[0001692427_2216052_4]**  For the first nine months of 2025, revenue reached **$133 million**, up **13%** year-over-year, with adjusted EBITDA increasing **24%** to **$17.5 million**.  **[0001692427_2216052_1]** 
- The company provided **Q4 2025 revenue guidance of $41 million to $45 million** and **adjusted EBITDA guidance of $5 million to $6.5 million**.  **[0001692427_2216052_4]**  Full-year 2025 revenue is now projected at **$174 million to $178 million**, representing **8% year-over-year growth**, with pro forma combined adjusted EBITDA expected between **$22.5 million and $24 million**.  **[0001692427_2216052_5]** 
- NCS Multistage generated **$6.8 million in free cash flow** (after distributions to non-controlling interest) for the first nine months of 2025, significantly improving from the prior year and contributing to a cash balance of **$25.3 million** as of September 30, 2025.  **[0001692427_2216052_1]** **[0001692427_2216052_4]**  Full-year free cash flow guidance (excluding cash paid for Resmetrics) was increased to **$11 million to $13 million**.  **[0001692427_2216052_5]** 
- The integration of **Resmetrics**, acquired in late July 2025, is progressing well, with anticipated synergies of approximately **$1.5 million** at the midpoint.  **[0001692427_2216052_1]** **[0001692427_2216052_7]** 
- The Federal Court of Appeal in Canada **overturned a prior judgment against NCS**, setting aside a finding of infringement and remanding the matter for reconsideration.  **[0001692427_2216052_3]**

NCS Multistage Reports Strong Q3 2025 Results and Updates Full-Year Guidance

- NCS Multistage Holdings, Inc. reported **total revenues of $46.5 million** for the third quarter of 2025, marking a **6% year-over-year improvement**.  **[1692427_0001437749-25-032188_ex_847913.htm:0]** 
- **Net income was $3.8 million** and **diluted earnings per share were $1.37** for Q3 2025, compared to net income of $4.1 million and diluted EPS of $1.60 in the same quarter of 2024.  **[1692427_0001437749-25-032188_ex_847913.htm:0]** 
- **Adjusted EBITDA was $7.0 million**, consistent with the third quarter of 2024.  **[1692427_0001437749-25-032188_ex_847913.htm:0]** 
- As of September 30, 2025, the company had **$25.3 million in cash** and **$7.4 million of total debt**.  **[1692427_0001437749-25-032188_ex_847913.htm:0]** 
- In October 2025, the Federal Court of Appeal of Canada overturned a prior judgment in a patent dispute, reducing the cost award against the Company from approximately $1.8 million to **$0.9 million**.  **[1692427_0001437749-25-032188_ex_847913.htm:2]**

NCS Multistage Holdings, Inc. Announces Q3 2025 Results

- NCSM reported **Q3 2025 total revenue of $46.5 million**, a **6% increase** compared to Q3 2024, with **net income of $3.8 million** and **Adjusted EBITDA of $7.0 million**.  **[0001692427_2216650:11]**  For the nine months ended September 30, 2025, revenue was **$133.0 million** and Adjusted EBITDA was **$17.5 million**.  **[0001692427_2216650:11]** **[0001692427_2216650:16]** **[0001692427_2216650:15]** 
- The company provided **Full Year 2025 financial guidance**, projecting total revenue between **$174 million and $178 million** (a 6% year-over-year increase at the midpoint) and Adjusted EBITDA between **$22.5 million and $24.0 million**.  **[0001692427_2216650:11]** **[0001692427_2216650:12]** 
- NCSM completed the **strategic acquisition of Tracer Diagnostics**, which has delivered revenue growth, margin expansion, and free cash flow in 2024 and 2025, expanding its service offering and footprint in strategic regions.  **[0001692427_2216650:9]**  The company has also diversified its business through organic sales, new product development, and the **Repeat Precision joint venture**.  **[0001692427_2216650:10]** 
- As of September 30, 2025, NCSM maintains a **strong balance sheet** with **$25.3 million in cash** and **$7.4 million in total debt**.  **[0001692427_2216650:11]**  The company's Enterprise Value / 2025E EBITDA Multiple is **4.7x**, trading at a **~12% discount** to the peer median multiple.  **[0001692427_2216650:12]**

NCS Multistage Holdings (NCSM)