NCS Multistage Holdings, Inc. Announces Fourth Quarter and Full-Year 2025 Results

Key Financial Highlights

• Adjusted EBITDA: \$9 million for Q4 2025, up from \$8.2 million in Q4 2024, and exceeding the high end of prior guidance.
• Total Revenues: \$50.6 million for Q4 2025, representing a 13% year-over-year improvement.
• Operating Income: More than doubled to \$10.5 million for the full year 2025, compared to \$4.3 million in 2024.
• Net Income: \$15.6 million for the full year 2025. Net income attributable to NCS Multistage Holdings, Inc. reached \$14.96 million, up from \$3.47 million in 2024.
• Earnings Per Share: Basic EPS was \$2.60, and diluted EPS was \$2.55 for 2025, a significant increase from prior year.
• Deferred Tax Valuation Allowance: Net positive impact of \$11.5 million due to release of deferred tax valuation allowance.
• Cash Flow: Net cash provided by operating activities was \$22.2 million. Net cash used in investing activities was \$(6.3) million, and net cash used in financing activities was \$(5.3) million. End-of-year cash and equivalents stood at \$36.7 million.
• Capital Expenditures: \$0.5 million in 2025, down from \$0.8 million in 2024.
• Stockholders’ Equity: Ended 2025 at \$126.2 million.

Strategic Commentary and Outlook

“We enter 2026 in a position of strength, with a clear strategic direction, a differentiated portfolio of products and services, a resilient and proven business model, and a clear focus on long-term value creation,” said Mike Morrison, Chief Financial Officer and Treasurer. The company highlighted continued market share gains, new product adoption, and international expansion, particularly at Repeat Precision. Management also noted headwinds from customer consolidation, primarily in Canada, which could impact pro forma activity levels going forward.

Operational and Geographic Review

• NCS Multistage continues to grow its market share and introduce new products, with international expansion being a key focus.
• Revenues by geographic area further demonstrate the company’s broadening footprint, though exact breakdowns were not disclosed in this summary.
• Investors should note the reduction in activity levels in Canada due to customer consolidation, which may affect future revenue and earnings.

Balance Sheet Details

• Total Assets: \$143.1 million at year-end 2025.
• Noncurrent Assets: \$16.4 million including identifiable intangibles (\$6.0 million) and deposits/other assets (\$0.6 million).
• Liabilities: Total liabilities were \$36.7 million, with noncurrent liabilities making up a significant portion.
• Stockholders’ Equity: \$126.2 million.

Cash Flow Overview

• Operating Cash Flow: \$22.2 million for 2025.
• Investing Cash Flow: \$(6.3) million for 2025, including capital expenditures and proceeds from equipment sales.
• Financing Cash Flow: \$(5.3) million for 2025, including treasury shares withheld and distribution to non-controlling interests.
• Cash at Year-End: \$36.7 million, providing substantial liquidity.

Potential Price Sensitive Information

• Release of Deferred Tax Valuation Allowance: The net positive impact of \$11.5 million is a significant non-recurring event that boosted net income and EPS for the year. Investors should be aware this may not recur in future periods.
• Strong Earnings Growth: The doubling of operating income and the substantial increase in EPS could be viewed positively by investors, potentially impacting share price.
• Market Trends and Headwinds: While NCS Multistage is displaying strong growth, customer consolidation in Canada could pose risks to future performance.

Forward-Looking Statements

This press release contains forward-looking statements regarding future business and financial performance. These statements involve inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As a result, actual results may differ materially from those indicated in these statements.

Disclaimer

The information provided herein is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research and consult with financial advisors before making investment decisions. Past performance is not indicative of future results. All forward-looking statements are subject to risks and uncertainties, including but not limited to market conditions, customer consolidation, and other factors outside the company’s control.

View NCS Multistage Holdings, Inc. Historical chart here