Financial Data and Key Metrics Changes - The company's Q1 2025 revenue was $50 million, exceeding the high end of the guided range by $4 million, marking the highest quarterly revenue since Q1 2020 [4][12] - Adjusted gross margin improved to 44%, up from 40% year-over-year, benefiting from operating leverage and higher margin international activity [5][12] - Adjusted EBITDA for Q1 2025 was $8.2 million, surpassing the estimated range of $4.5 million to $6.5 million, and representing a year-over-year increase of $2.1 million [5][12] Business Line Data and Key Metrics Changes - Revenue in Canada for Q1 2025 was $38 million, a 19% increase compared to Q1 2024, driven by the adoption of fracturing systems [6][12] - International revenue increased by 34%, primarily due to activity in the Middle East and North Sea, while U.S. revenue declined by 6% [12] Market Data and Key Metrics Changes - The average rig count in Canada increased by 3%, but the company's revenue growth outpaced this, indicating strong market performance [6] - The company anticipates a seasonal decline in Canadian revenue for Q2 2025 due to spring breakup, projecting total revenue in the range of $26 million to $29 million [15] Company Strategy and Development Direction - The company aims to build on its leading market positions, capitalize on international opportunities, and commercialize innovative solutions to customer challenges [6][8] - The company is focusing on expanding its presence in international markets, particularly in the North Sea and the Middle East, and plans to establish a local entity in the UK [6][29] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half of 2025 due to geopolitical uncertainties and potential impacts from tariffs, while maintaining a revenue guidance of $165 million to $175 million for the year [17][19] - The company expects to generate positive free cash flow in 2025, strengthening its balance sheet and providing opportunities for strategic investments [19][22] Other Important Information - The company reported a net income of $4.1 million for Q1 2025, with diluted earnings per share of $1.51, an improvement from $2.1 million and $0.82 per share in Q1 2024 [12] - The company maintains a strong liquidity position with $23 million in cash and total liquidity of approximately $50 million [22] Q&A Session Summary Question: Are there any capacity constraints to be aware of? - Management indicated no significant breakpoints in capacity, citing a robust supply chain and infrastructure to support growth [27][29] Question: What is the current sales pipeline like? - Management noted ongoing scenario planning among customers and anticipated decisions that could affect market activity, particularly in North America [30][32] Question: How does the company view M&A opportunities? - Management is open to evaluating M&A opportunities but also sees strong internal investment potential if suitable external opportunities do not arise [39][40] Question: How is the pricing environment affected by tariffs and commodity prices? - Management acknowledged challenges in passing through increased costs due to low commodity prices but emphasized the differentiation of their products [54][56]

[NCS Multistage Holdings, Inc. First Quarter 2025 Results](index=1&type=section&id=NCS%20Multistage%20Holdings%2C%20Inc.%20First%20Quarter%202025%20Results) [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) NCS reported strong Q1 2025 results, with revenue reaching **$50.0 million**, net income **$4.1 million**, and Adjusted EBITDA **$8.2 million** Q1 2025 Key Financial Metrics (YoY, in millions) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $50.0 | $43.9 | +14% | | Net Income | $4.1 | $2.1 | +95% | | Diluted EPS | $1.51 | $0.82 | +84% | | Adjusted EBITDA | $8.2 | $6.1 | +35% | | Adjusted Gross Margin | 44% | 40% | +400 bps | - The CEO noted that Q1 2025 total revenues and Adjusted EBITDA surpassed prior guidance, primarily led by strong performance in Canada[3](index=3&type=chunk) - The company's cash balance was **$23.0 million** with a total liquidity of **$49.8 million** as of March 31, 2025, an increase of **$15.4 million** from the previous year[8](index=8&type=chunk) - NCS has not experienced a significant impact from global trade tensions but acknowledges potential risks to commodity prices and activity levels for the second half of 2025 if tensions escalate[9](index=9&type=chunk) [Detailed Financial Review](index=2&type=section&id=Financial%20Review) Q1 2025 revenues increased 14% to **$50.0 million**, driven by Canadian and international sales, improving gross margin to 42% and net income to **$4.1 million** - YoY revenue growth was driven by increased Canadian product sales and higher services revenue across all geographic regions, partially offset by a decline in U.S. product sales due to project delays[12](index=12&type=chunk) - Sequentially, total revenues increased by 11% from Q4 2024, with a 26% rise in Canada offset by declines of 34% in international revenue and 13% in U.S. revenue[13](index=13&type=chunk) - Gross margin improved to **42%** (Adjusted Gross Margin to **44%**) due to higher-margin international work in the Middle East and North Sea, increased Canadian sales, and supply chain efficiencies[14](index=14&type=chunk) - SG&A expenses increased by **$2.4 million** YoY to **$16.2 million**, reflecting higher annual incentive bonus accruals, professional fees, and share-based compensation expense[15](index=15&type=chunk) [Liquidity and Capital Position](index=2&type=section&id=Liquidity%20and%20Capital%20Position) NCS maintained a strong balance sheet as of March 31, 2025, with **$23.0 million** cash, **$49.8 million** total liquidity, and **$64.4 million** net working capital Liquidity and Debt Profile (as of March 31, 2025, in millions) | Metric | Value | | :--- | :--- | | Cash | $23.0 | | Total Indebtedness | $7.6 | | ABL Facility Availability | $26.8 | | Total Liquidity | $49.8 | | Working Capital | $85.2 | - Net working capital increased to **$64.4 million** at the end of Q1 2025 from **$56.4 million** at year-end 2024, mainly due to higher accounts receivable and lower accrued expenses after paying 2024 incentive bonuses[21](index=21&type=chunk) - Cash flow from operating activities was a use of **$(1.6) million**, a **$0.2 million** improvement from Q1 2024 Free cash flow was a use of **$(2.1) million**[19](index=19&type=chunk) - Net capital expenditures were **$0.5 million** for the first quarter of 2025, compared to **$0.1 million** in the same period of 2024[22](index=22&type=chunk) [Geographic Performance](index=8&type=section&id=Geographic%20Performance) Canada led Q1 2025 performance with 19% revenue growth to **$37.7 million**, comprising 75% of total revenue, while U.S. revenue declined and international grew 34% Revenues by Geographic Area (in thousands) | Region | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | United States | $9,372 | $10,011 | -6.4% | | Canada | $37,718 | $31,669 | +19.1% | | Other Countries | $2,915 | $2,178 | +33.8% | | **Total Revenues** | **$50,005** | **$43,858** | **+14.0%** | - Canada's contribution to total revenue increased to **75.4%** in Q1 2025 from **72.2%** in Q1 2024[36](index=36&type=chunk) - The increase in international service revenues was driven by Middle East tracer diagnostics projects and North Sea fracturing systems sales and services[12](index=12&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Q1 2025 financial statements detail 14% revenue growth to **$50.0 million**, net income of **$4.5 million**, total assets of **$155.1 million**, and total equity of **$120.8 million** [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 Statement of Operations Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $50,005 | $43,858 | | Gross Profit | $21,140 | $16,955 | | 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 Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $22,997 | $25,880 | | 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 Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 Cash Flow Highlights (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) | | Net change in cash | $(2,883) | $(2,716) | | Cash at end of period | $22,997 | $14,004 | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) NCS provides non-GAAP measures including Adjusted Gross Profit, Adjusted EBITDA, Free Cash Flow, and Net Working Capital to assess core business performance [Reconciliation of Adjusted Gross Profit](index=10&type=section&id=Reconciliation%20of%20Adjusted%20Gross%20Profit) Adjusted Gross Profit Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gross Profit (GAAP) | $21,140 | $16,955 | | Gross Margin (GAAP) | 42% | 39% | | Add: D&A in cost of sales | $715 | $616 | | **Adjusted Gross Profit** | **$21,855** | **$17,571** | | **Adjusted Gross Margin** | **44%** | **40%** | [Reconciliation of Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income (GAAP) | $4,454 | $2,553 | | D&A, Interest, Taxes | $1,884 | $1,827 | | EBITDA | $6,540 | $4,380 | | Adjustments (Share-based comp, etc.) | $1,674 | $1,697 | | **Adjusted EBITDA** | **$8,214** | **$6,077** | | **Adjusted EBITDA Margin** | **16%** | **14%** | [Reconciliation of Free Cash Flow](index=12&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow) Free Cash Flow Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,645) | $(1,880) | | Less: Purchases of property & equipment | $(464) | $(312) | | Plus: Proceeds from sales of property & equipment | $13 | $176 | | **Free Cash Flow** | **$(2,096)** | **$(2,016)** | [Reconciliation of Net Working Capital](index=9&type=section&id=Reconciliation%20of%20Net%20Working%20Capital) Net Working Capital Reconciliation (in thousands) | Line Item | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Working capital (GAAP) | $85,176 | $80,151 | | Less: Cash and cash equivalents | $(22,997) | $(25,880) | | Add: Current maturities of long term debt | $2,250 | $2,141 | | **Net working capital** | **$64,429** | **$56,412** |

Core Viewpoint - NCS Multistage Holdings, Inc. reported strong financial results for the first quarter of 2025, with total revenues and Adjusted EBITDA exceeding expectations, primarily driven by performance in Canada [3][4]. Financial Performance - Total revenues reached $50.0 million, marking a 14% increase year-over-year and an 11% increase sequentially, the highest quarterly revenue since Q1 2020 [4][12]. - Adjusted EBITDA was $8.2 million, reflecting a 35% year-over-year improvement, with an Adjusted EBITDA margin of 16%, up from 14% in Q1 2024 [6][19]. - Net income attributable to NCS was $4.1 million, or $1.51 per diluted share, compared to $2.1 million and $0.82 per diluted share in the same period of 2024 [7][18]. Revenue Breakdown - Revenue growth was primarily driven by increased Canadian product sales and service revenue across all geographic regions, despite a decline in U.S. product sales due to project delays [13]. - Canadian revenues increased by 26% compared to Q4 2024, while international revenues declined by 34%, mainly due to the timing of service work in the Middle East [14]. Margin and Cost Analysis - Adjusted gross margin improved to 44% from 40% year-over-year, benefiting from higher-margin international work and efficiencies in supply chain and manufacturing [5][15]. - Selling, general and administrative expenses rose to $16.2 million, an increase of $2.4 million year-over-year, attributed to higher bonuses and professional fees [16]. Liquidity and Capital Expenditures - As of March 31, 2025, the company had a cash balance of $23.0 million and a net cash position of $15.4 million, with total liquidity of $49.8 million [8][21]. - Capital expenditures for the quarter were $0.5 million, up from $0.1 million in the same period of 2024 [23]. Market Outlook - The company has not faced significant impacts from global trade tensions but acknowledges potential risks to commodity prices and drilling activity due to escalating trade issues and tariffs [9]. - The CEO expressed cautious optimism for the remainder of 2025, emphasizing the company's strong balance sheet and strategic positioning [10].

Core Viewpoint - NCS Multistage Holdings, Inc. will discuss its first quarter 2025 results in a conference call scheduled for May 1, 2025, at 7:30 a.m. Central Time [1] Company Overview - NCS Multistage Holdings, Inc. is a leading provider of engineered products and support services for optimizing oil and natural gas well construction, completions, and field development strategies [3] - The company primarily serves exploration and production companies for both onshore and offshore wells, focusing on those drilled with horizontal laterals in unconventional and conventional formations [3] - NCS's products and services are utilized across North America and selected international markets, including the North Sea, Middle East, Argentina, and China [3] - The company's common stock is traded on the Nasdaq Capital Market under the symbol "NCSM" [3]

Company Overview - NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services for optimizing oil and natural gas well construction, completions, and field development strategies [2] - The company primarily serves exploration and production companies for both onshore and offshore wells, focusing on those drilled with horizontal laterals in unconventional and conventional formations [2] - NCS's products and services are utilized across North America and selected international markets, including the North Sea, Middle East, Argentina, and China [2] - The company's common stock is traded on the Nasdaq Capital Market under the symbol "NCSM" [2] Upcoming Events - Ryan Hummer, the Chief Executive Officer of NCS, is scheduled to present at the Emerging Growth Conference on March 27, 2025, at 11:35 a.m. Central Time [1] - Interested parties can register for the presentation via a provided link, and a webcast will be available on the company's website for approximately 90 days following the event [1]

Core Insights - NCS Multistage Holdings, Inc. (NCSM) reported a 28% year-over-year increase in total revenues for Q4 2024, reaching $45.0 million [1][6] - The growth was primarily driven by a significant rise in international revenues, particularly from the Middle East tracer diagnostics projects, and a 19.5% increase in Canada [1] - U.S. results were mixed, with product sales increasing by 29.1% while services revenues decreased by 9.5% [1] - The company expects modest revenue growth through FY25 despite potential tariff increases [1] - Consolidated gross margins improved from 36.6% in Q4 2023 to 43.1% in Q4 2024 [1] Financial Performance - Total revenues for Q4 2024 were $45.0 million, marking a 28% year-over-year improvement [6] - The liquidity position of the company increased to $46.0 million from $37.0 million in Q3 2024 [6] - Adjusted EBITDA for the quarter was $8.2 million, reflecting a $5.7 million year-over-year improvement [6]

Financial Data and Key Metrics Changes - In Q4 2024, total revenues were $45.0 million, a 20% increase year-over-year, with international revenue up by 280%, Canada up by 20%, and the U.S. up by 18% [21][22] - For the full year 2024, revenues reached $162.6 million, a 14% increase compared to 2023, with adjusted gross margin improving to 41% from 39% [23] - Adjusted EBITDA for Q4 2024 was $8.2 million, up from $2.5 million in Q4 2023, while full-year adjusted EBITDA was $22.3 million, significantly higher than $11.9 million in 2023 [26][27] Business Line Data and Key Metrics Changes - The company achieved its highest ever revenue outside of North America in 2024, with international revenue doubling from 5% to 10% of total revenue [12] - Adjusted gross profit for Q4 2024 was $19.4 million, with an adjusted gross margin of 43%, up from 37% in Q4 2023, driven by higher margin international revenues [22] Market Data and Key Metrics Changes - The company reported a significant increase in international revenue, which reached an all-time high of $16.5 million in 2024 [23] - The U.S. revenue for Q1 2025 is expected to be between $8 million and $9 million, while Canadian revenue is projected to be between $32 million and $34 million [28] Company Strategy and Development Direction - The company aims to grow revenue in excess of underlying market activity in 2025, focusing on international markets and new technology introductions [18] - Strategic objectives include enhancing operational efficiency, improving employee engagement, and generating free cash flow [19] - The company is actively looking for M&A opportunities to integrate small tech-related businesses that align with its strategic goals [56] Management's Comments on Operating Environment and Future Outlook - Management expects customer activity in 2025 to be flat to down in the U.S., with slight increases in Canada and core international markets [30] - The strengthening of the U.S. dollar is anticipated to negatively impact revenue and adjusted EBITDA for 2025 [31] - The company is monitoring potential trade actions and has plans to mitigate impacts from increased tariffs [33] Other Important Information - The company ended 2024 with a cash balance of nearly $26 million and expects to generate positive free cash flow in 2025 [36][37] - Capital expenditures for 2025 are expected to be between $1.5 million and $2 million, with free cash flow after distributions projected at $7 million to $10 million [34] Q&A Session Summary Question: Insights on the cadence for the year and spring breakup in Canada - Management expects 2025 seasonality to mimic 2024, with typical activity patterns anticipated [43][44] Question: Factors driving margin expansion - Margin expansion was driven by international growth, operating leverage, and cost reduction actions taken in 2023 [48][50] Question: Interest in small tech-related businesses for M&A - The company is actively looking for M&A opportunities that align strategically and operationally [56][58] Question: R&D developments and upcoming market introductions - Exciting technologies are in development, with some nearing prototype stage and potential market introduction [60][61]

Financial Data and Key Metrics Changes - For Q4 2024, total revenues were $45 million, a 20% increase year-over-year, with contributions from all regions [21] - Full year 2024 revenues reached $162.6 million, a 14% improvement compared to 2023 [23] - Adjusted gross margin for Q4 2024 was 43%, up from 37% in Q4 2023, driven by higher margin international revenues [22] - Adjusted EBITDA for Q4 2024 was $8.2 million, significantly up from $2.5 million in Q4 2023 [26] - Full year adjusted EBITDA was $22.3 million, a substantial increase from $11.9 million in 2023 [27] Business Line Data and Key Metrics Changes - International revenue doubled from 5% to 10% of total revenue in 2024, reaching an all-time high of $16.5 million [12][23] - The company advanced the use of its fracturing systems technology, particularly in the North Sea and deepwater applications [11] Market Data and Key Metrics Changes - Canadian revenue increased by 20%, while U.S. revenue grew by 18% in Q4 2024 [21] - International revenue saw a remarkable increase of 280% year-over-year [21] Company Strategy and Development Direction - The company aims to grow revenue in excess of underlying market activity in 2025, focusing on Canada, the U.S., and international markets [18] - Strategic objectives include obtaining field trials for new technology and driving commercial success in new markets [18] - The company is actively pursuing M&A opportunities to enhance its technology and market presence [56] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 customer activity in the U.S. to be flat to down, with slight increases in Canada and core international markets [30] - The strengthening U.S. dollar is anticipated to negatively impact revenue and adjusted EBITDA in 2025 [31] - The company plans to maintain a strong balance sheet and liquidity position, expecting to generate positive free cash flow in 2025 [36][37] Other Important Information - The company ended 2024 with a cash balance of nearly $26 million and a positive net cash position of $17.7 million [27][36] - Adjusted gross margin for the full year 2024 improved to 41% from 39% in 2023 [23] Q&A Session Summary Question: Insights on the cadence for the year and spring breakup in Canada - Management expects 2025 seasonality to mimic 2024, with typical activity patterns anticipated [43][44] Question: Factors driving margin expansion - Margin expansion was driven by international growth, operating leverage, and cost reduction actions taken in 2023 [48][50] Question: M&A opportunities and technology integration - The company is actively looking for small tech-related businesses that can complement its operations and enhance growth [56] Question: R&D developments and upcoming products - Exciting technologies are in development, with some nearing the prototype stage for market introduction [60]

Financial Performance - As of March 7, 2025, the company's share price was $25.49, with 2.6 million diluted shares outstanding, resulting in an equity value of $67 million[10] - The company's enterprise value is $66.5 million, calculated with total debt of $8.1 million, non-controlling interest of $17.3 million, and cash of $25.9 million[10] - FY 2024 Adjusted EBITDA Less Share-based Compensation was $19.5 million, and Free Cash Flow was $11.9 million[10] - The company's net debt (cash) is $(17.7) million, with a total debt to total book capitalization ratio of 6.6%, and net working capital of $56.4 million[10] - Q4 2024 total revenue was $45 million, a 28% increase compared to Q4 2023, with a 43% adjusted gross margin, up from 37% in Q4 2023[39] - The company's net income attributable to NCS was $3.5 million, with earnings per diluted share of $1.32, and adjusted EBITDA of $8.2 million, an increase of $5.7 million compared to Q4 2023[39] - Full year 2025 financial guidance includes total revenue of $165-$175 million, a year-over-year increase of 5% at the midpoint, and adjusted EBITDA of $20-$23 million[42] Business Strategy and Operations - The company has expanded its addressable market, with revenue increasing from $98 million in 2016 to $163 million in 2024, and customer base growing from over 140 to over 200[30] - The company is focused on leveraging its market positions, expanding internationally, and providing innovative solutions to customer challenges[34]

Revenue and Market Performance - Approximately 63% of revenues in 2024 and 69% in 2023 were derived from operations in Canada, indicating a significant reliance on the Canadian market[291] - Total revenues for 2024 increased to $162,557,000, up 14.1% from $142,471,000 in 2023[308] - Product sales in the United States increased to $34,082,000 in 2024 from $26,613,000 in 2023, representing a growth of 28.0%[374] - Total revenues from Canada rose to $102,435,000 in 2024, up from $98,107,000 in 2023, marking a 4.0% increase[374] Financial Performance - Net income attributable to NCS Multistage Holdings, Inc. for 2024 was $6,593,000, compared to a net loss of $3,153,000 in 2023[308] - Basic earnings per share for 2024 was $2.60, a significant improvement from a loss of $1.27 per share in 2023[308] - Comprehensive income attributable to NCS Multistage Holdings, Inc. for 2024 was $4,741,000, compared to a loss of $3,288,000 in 2023[311] - Net income for 2024 was $8,138,000, a significant improvement from a net loss of $3,111,000 in 2023[316] Assets and Liabilities - Total current assets rose to $105,570,000 in 2024, compared to $103,217,000 in 2023, reflecting a 2.3% increase[306] - Total liabilities decreased to $36,703,000 in 2024, down from $42,639,000 in 2023, representing a reduction of 13.9%[306] - Total stockholders' equity increased to $116,109,000 in 2024, up from $109,393,000 in 2023, marking a growth of 6.5%[306] - The net property and equipment value decreased to $21,283,000 in 2024 from $23,336,000 in 2023, a decline of 8.8%[389] Cash Flow and Operating Activities - Net cash provided by operating activities increased to $12,725,000 in 2024, compared to $4,774,000 in 2023, reflecting a 167% increase[316] - Cash and cash equivalents increased to $25,880,000 in 2024 from $16,720,000 in 2023, a growth of 54.8%[306] - Total cash used in financing activities was $4,269,000 in 2024, up from $2,441,000 in 2023, reflecting increased financial obligations[316] Expenses and Costs - The company reported a total cost of sales of $95,096,000 in 2024, up from $86,868,000 in 2023, reflecting an increase of 9.5%[308] - The company reported a total of $57,820,000 in SG&A expenses for 2024, compared to $56,518,000 in 2023, reflecting a 2.3% increase[374] - Depreciation and amortization expenses increased to $5,316,000 in 2024 from $4,616,000 in 2023, a rise of 15%[316] Risks and Challenges - The company is exposed to credit risk due to the concentration of customers in the E&P industry, which may be similarly affected by economic and regulatory changes[294] - The company anticipates challenges in successfully implementing its strategy to increase sales in U.S. and international markets[12] - The company faces risks related to the inability to develop and implement new technologies that align with customer needs, particularly in non-traditional energy markets[14] - The company has identified potential risks from significant competition leading to pricing pressures and reduced market share[12] Debt and Financing - The company had no outstanding indebtedness under the ABL Facility or the Repeat Precision Promissory Note as of December 31, 2024[293] - Long-term debt as of December 31, 2024 was $6,001,000, slightly decreased from $6,344,000 in 2023, with total debt at $8,142,000[402] - The ABL Facility has an aggregate principal amount of $35 million, with an available borrowing base of $20.1 million as of December 31, 2024[405] Legal and Regulatory Matters - The company was ordered to pay approximately $1.8 million in costs to Kobold Corporation due to a patent infringement ruling, which was paid in November 2023[419] - The company expects to appeal the Canada Court decision regarding the patent infringement, with the appeal anticipated to be heard in early 2025[420] - NCS received jury awards of approximately $0.5 million and $1.9 million in damages against Nine Energy Services and TCO AS, respectively, related to patent infringement claims[422] Shareholder and Equity Information - Total share-based compensation expense for the year ended December 31, 2024, was $5.213 million, a slight decrease from $5.365 million in 2023[444] - The maximum aggregate number of shares available under the 2017 Equity Incentive Plan is 626,626 shares, with 185,281 shares available for future issuance as of December 31, 2024[431] - As of December 31, 2024, there was $1.1 million of total unrecognized compensation cost related to performance stock units (PSUs), expected to be recognized over a weighted average period of two years[440]