Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission file number: 001-38071 NCS Multistage Holdings, Inc. (Exact name of registrant as specified in its charter) | Delaware | 46-1527455 | | --- | --- | | (State or other jurisdiction of | (IRS Employer | | incorporatio ...

Ncs Multistage (NCSM 6.08%), a specialist in oilfield services and completion technologies, released its results for the second quarter of fiscal 2025 on July 31, 2025. The most prominent headline from the quarter was a sharp swing to profitability on both the top and bottom line, easily surpassing industry expectations, as GAAP revenue of $36.5 million exceeded the analysts' estimate of $27.74 million by $8.76 million, or 31.6%. The company recorded GAAP earnings per share of $0.34 compared with an analyst ...

Financial Data and Key Metrics Changes - The company's second quarter revenue for 2025 was $36,500,000, representing a year-over-year improvement of 23% [18] - Adjusted EBITDA for the second quarter was $2,200,000, an improvement compared to $900,000 for the same period in 2024 [21] - Net income for the second quarter was $900,000, or diluted earnings per share of $0.34, compared to a net loss of $3,100,000 or a loss per share of $1.21 in the prior year [20] Business Line Data and Key Metrics Changes - Revenue in Canada for 2025 was $56,000,000, increasing 27% compared to the same period in 2024, driven by strong performance in fracturing systems [7] - U.S. revenues improved by 15%, reflecting an increase in fracturing system sales and higher frac plug sales at Repeat Precision [18] - International revenues decreased by 17%, primarily due to the timing of tracer diagnostic projects in the Middle East [18] Market Data and Key Metrics Changes - The Canadian rig count was approximately 10% to 15% below the previous year, impacting the company's performance [34] - The company expects continued success in the North Sea, with an increase in customers from two in 2022 to seven in 2025 [10] Company Strategy and Development Direction - The company aims to build upon its leading market positions, particularly in Canada, and capitalize on international and offshore opportunities [8][9] - The acquisition of ResMetrics is expected to enhance the company's tracer diagnostics capabilities and expand its market presence in the Middle East [15][16] - The company is focused on commercializing innovative solutions to complex customer challenges, with ongoing field trials for new products [11] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half of 2025 due to deteriorating market conditions, including a decline in U.S. rig counts and potential oversupply in the oil market [24] - The company maintains a strong balance sheet and liquidity position, expecting to generate positive free cash flow in 2025 [27] Other Important Information - The total purchase price for ResMetrics is up to $7,150,000, with an earn-out component of up to $1,250,000 to be paid in 2026 [21] - The company expects third quarter total revenue in the range of $42,000,000 to $46,000,000 [22] Q&A Session Summary Question: Opportunities for cross-selling post-acquisition - Management indicated that there are distinct customer bases for ResMetrics and the existing tracer diagnostics business, suggesting potential revenue synergy opportunities as they integrate offerings [30] Question: Targeting new geographies - Management expressed excitement about expanding in the North Sea and the Middle East, while also considering other offshore markets [32] Question: Factors to tighten guidance range - Management noted that the Canadian rig count is a key factor, with a need for it to recover to provide more confidence in tightening guidance [34] Question: Margin improvement opportunities - Management highlighted that operational synergies could lead to cost reductions, but refrained from specifying margin percentages [40] Question: Customer mindset in volatile market conditions - Management observed a cautiously optimistic tone among customers, with a wait-and-see approach regarding oil prices and market conditions [44]

Investor Update July 2025 Disclaimer Forward-Looking Statements The information in this presentation includes "forward-looking statements" that are subject to risks and uncertainties. All statements, other than statements of historical fact included in this presentation, regarding NCS Multistage Holdings, Inc.'s (the "Company," "NCS", "NCSM", "we" or "us") strategy, financial guidance, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of m ...

Exhibit 99.1 NCS Multistage Holdings, Inc. 19350 State Highway 249, Suite 600 Houston, Texas 77070 PRESS RELEASE NCS MULTISTAGE HOLDINGS, INC. ANNOUNCES SECOND QUARTER 2025 RESULTS Second Quarter Results HOUSTON, July 31, 2025 – NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the "Company," "NCS," "we" or "us"), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, toda ...

Second Quarter Results Total revenues of $36.5 million, a 23% year-over-year improvementNet income of $0.9 million and diluted earnings per share of $0.34, which includes a positive impact of $1.4 million related to the release of our deferred tax valuation allowance in CanadaAdjusted EBITDA of $2.2 million, a $1.3 million year-over-year improvement $25.4 million in cash and $7.7 million of total debt as of June 30, 2025 HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (Nasdaq: NCSM) ...

HOUSTON, July 24, 2025 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) will host a conference call to discuss its second quarter 2025 results on Friday, August 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). NCS will issue its second quarter 2025 earnings release the evening prior to the conference call. The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial ...

NCS Multistage (NCSM) Conference May 21, 2025 02:55 PM ET Speaker0 Holdings Inc. Trades on the NASDAQ under the symbol NCSM. Happy to welcome back CEO and director Ryan Hummer. Ryan, thank you for joining us. We won't see you, but we can hear you. The floor is yours. Speaker1 Alright. Thank you, Anna. And, yeah, hope everyone's having a great day. I wanna thank Emerging Growth Conference for inviting us and wanna thank everyone that's taking the time to watch. So we move on to to slide three. We gave a full ...

Core Insights - NCS Multistage Holdings, Inc. (NCSM) reported total revenues of $50.0 million in Q1 2025, marking a 14% year-over-year increase and the highest quarterly revenue since Q1 2020 [1][5] - The growth was primarily driven by increased product sales in Canada and services revenue across all geographies, despite a decline in U.S. product sales due to project delays [1] - The company expects modest revenue growth through FY25, despite potential threats from increasing tariffs [1] Revenue Breakdown - Canadian sales saw a 26% sequential increase, while international revenue experienced a 34% decline due to timing of tracer work and a 13% drop in U.S. revenue compared to Q4 2024 [1] - International revenue was supported by tracer diagnostics work in the Middle East and product and service sales in the North Sea [1] Financial Metrics - Consolidated gross margins improved from 40.1% in Q1 2024 to 43.7% in Q1 2025 [1] - NCSM reported a liquidity position of $49.8 million, up from $34.4 million in Q1 2024 [5] - Adjusted EBITDA reached $8.2 million, reflecting a $2.1 million year-over-year improvement [5]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited condensed consolidated financial statements for Q1 2025 show increased revenue and net income, driven by strong Canadian and international market performance [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $155.1 million, liabilities decreased, and equity rose to $120.8 million as of March 31, 2025 Condensed Consolidated Balance Sheet Highlights (In thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $109,041 | $105,570 | | **Total Assets** | $155,118 | $152,812 | | **Total Current Liabilities** | $23,865 | $25,419 | | **Total Liabilities** | $34,282 | $36,703 | | **Total Equity** | $120,836 | $116,109 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues rose 14.0% to $50.0 million, with net income significantly increasing to $4.1 million, or $1.51 diluted EPS Statements of Operations Highlights (In thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenues** | $50,005 | $43,858 | | **Income from Operations** | $4,289 | $2,501 | | **Net Income** | $4,454 | $2,553 | | **Net Income attributable to NCS** | $4,056 | $2,070 | | **Diluted EPS** | $1.51 | $0.82 | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income attributable to the company for Q1 2025 significantly increased to $4.0 million, primarily due to higher net income Comprehensive Income (In thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $4,454 | $2,553 | | Comprehensive Income | $4,443 | $2,057 | | **Comprehensive Income attributable to NCS** | **$4,045** | **$1,574** | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity increased to $120.8 million by March 31, 2025, primarily due to net income and share-based compensation - Key changes in stockholders' equity for Q1 2025 include a **$4.5 million** increase from net income and a **$0.6 million** increase from share-based compensation[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved slightly in Q1 2025, with overall cash and equivalents decreasing by $2.9 million to $23.0 million Summary of Cash Flows (In thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,645) | $(1,880) | | Net cash used in investing activities | $(451) | $(136) | | Net cash used in financing activities | $(790) | $(630) | | **Net change in cash and cash equivalents** | **$(2,883)** | **$(2,716)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail revenue by geography, debt facilities, and ongoing patent litigation, supporting the unaudited financial statements Revenue by Geographic Area (In thousands) | Region | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | United States | $9,372 | $10,011 | | Canada | $37,718 | $31,669 | | Other Countries | $2,915 | $2,178 | | **Total Revenues** | **$50,005** | **$43,858** | - The company has a **$35.0 million** ABL Facility with an available borrowing base of **$26.8 million** as of March 31, 2025, with no outstanding indebtedness under the facility[47](index=47&type=chunk) - The company is involved in ongoing patent litigation. A Canadian court ruled against NCS, a decision which is under appeal. Separately, NCS received favorable jury verdicts against Nine Energy Services and TCO AS in the U.S., which are also under appeal[57](index=57&type=chunk)[58](index=58&type=chunk)[60](index=60&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, highlighting 14.0% revenue growth, strong liquidity, and market outlook with key risks [Overview and Outlook](index=18&type=section&id=Overview%20and%20Outlook) The 2025 outlook anticipates stable Canadian activity, modest U.S. decline, and international growth, with risks from commodity prices and competition - The 2025 market outlook anticipates stable activity in Canada, a modest decline in the U.S., and increased activity in international markets like the North Sea, Middle East, and Argentina[74](index=74&type=chunk) - The company faces risks from competitive pressures, which constrain pricing, and potential cost increases from tariffs on steel and chemicals from China[77](index=77&type=chunk)[78](index=78&type=chunk) - Geopolitical conflicts in the Middle East and the Russia-Ukraine war, along with global economic concerns, contribute to oil price volatility[76](index=76&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q1 2025 revenues increased 14.0% to $50.0 million, and net income grew 74.5% to $4.5 million, driven by Canadian and international growth Q1 2025 vs. Q1 2024 Operational Results (In thousands) | Metric | Q1 2025 | Q1 2024 | Variance ($) | Variance (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $50,005 | $43,858 | $6,147 | 14.0% | | **Total Gross Profit** | $21,140 | $16,955 | $4,185 | 24.7% | | **Income from Operations** | $4,289 | $2,501 | $1,788 | 71.5% | | **Net Income** | $4,454 | $2,553 | $1,901 | 74.5% | - Revenue growth was driven by a **$6.0 million (19.1%)** increase in Canada and a **$0.7 million (33.8%)** increase in other countries, while U.S. revenue declined by **$0.6 million (6.4%)**[98](index=98&type=chunk) - Gross margin as a percentage of revenue improved from **61.3%** to **57.7%** due to higher-margin international work and supply chain efficiencies[99](index=99&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, liquidity includes $23.0 million cash and $26.8 million available ABL facility, sufficient for future operations - The company's liquidity position as of March 31, 2025 includes **$23.0 million** in cash and **$26.8 million** available under its ABL Facility, with no outstanding borrowings[104](index=104&type=chunk) - Total planned capital expenditures for 2025 are estimated to be between **$1.5 million** and **$1.8 million**[107](index=107&type=chunk) Cash Flow Summary (In thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,645) | $(1,880) | | Net cash used in investing activities | $(451) | $(136) | | Net cash used in financing activities | $(790) | $(630) | [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure has not materially changed since the disclosures in its 2024 Annual Report - There have been no material changes in the company's market risk exposure since December 31, 2024[121](index=121&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025[122](index=122&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[123](index=123&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) For information regarding legal proceedings, refer to Note 10 of the unaudited condensed consolidated financial statements - For information regarding legal proceedings, refer to Note 10 of the unaudited condensed consolidated financial statements[126](index=126&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the 2024 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the 2024 Annual Report[127](index=127&type=chunk) [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025 - No director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2025[128](index=128&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data - The exhibits filed with this report include CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and Inline XBRL documents[129](index=129&type=chunk) Signatures [Signatures](index=32&type=section&id=Signatures) The report was formally signed and submitted by the Chief Financial Officer and Treasurer on May 1, 2025 - The Form 10-Q was signed on May 1, 2025, by Mike Morrison, Chief Financial Officer and Treasurer[133](index=133&type=chunk)