Stonegate Updates Coverage on NCS Multistage Holdings, Inc. (NASDAQ: NCSM) 2025 Q3

Core Insights - NCS Multistage Holdings, Inc. reported total revenues of $46.5 million in Q3 2025, reflecting a 6.0% year-over-year increase, driven by stronger U.S. and international sales, particularly in fracturing systems and wellbore construction [1][5] - Adjusted Gross margins decreased slightly to 41.7% from 42.1% in Q3 2024, indicating a minor decline in profitability [1][5] - The company expects modest revenue and margin growth for the remainder of FY25, supported by resilience in core product lines and contributions from the recent acquisition of ResMetrics [1] Revenue Breakdown - U.S. revenue grew approximately 36.0% year-over-year, while international revenue saw an increase of around 38.0% during the same period [1][5] - Canadian product sales were softer due to lower rig counts, although Canada experienced a 32% sequential growth as spring break-up effects eased [1][5] Financial Performance - As of Q3 2025, Adjusted EBITDA was reported at $7.0 million, and diluted EPS was $1.37 [5] - The integration of ResMetrics is ahead of plan, contributing approximately $2 million to U.S. tracer diagnostics in Q3 2025 [5]