[Music] How do we live. How do I live the modern citizen of today. We wake up in the morning.We start the coffee machine or the teapot. We open the fridge. We make breakfast.jump in the car or in the public transportation, the traum, the trolley, the metro and in the weekend we are going to malls, coffee shops, cinemas. Meanwhile, all the time using our handheld devices to communicate our PCs with a number of like us around the world via social medias, posts, reals, males. But then sometimes the power that ...

Financial Data and Key Metrics Changes - The company's Q3 2025 revenue was $46.5 million, a 6% year-over-year improvement, exceeding the midpoint of guidance [18] - Adjusted EBITDA for the first nine months of 2025 was $17.5 million, representing a 24% increase year-over-year [7] - Free cash flow after distributions to non-controlling interest improved by $6.5 million compared to the same period in 2024, totaling $6.8 million for the first nine months of 2025 [7][20] - Net income for Q3 2025 was $3.8 million, or diluted earnings per share of $1.37, compared to $4.1 million or $1.60 per share in the same quarter last year [19] Business Line Data and Key Metrics Changes - U.S. revenue increased by 26% sequentially and 54% year-over-year, with a 37% increase when excluding Resmetrics [6][18] - Canadian revenue increased by 9% for the first nine months of 2025 despite a 6% decline in average rig count [10] - International revenue reached 10% of total revenue in 2024, with continued growth expected [10] Market Data and Key Metrics Changes - Canadian revenue saw a 19% decline in Q3 2025 due to a general slowdown in activity levels and lower rig counts [18] - U.S. and international revenues increased by 37% and 38% respectively for Q3 2025, driven by increased fracturing system sales [18] Company Strategy and Development Direction - The company aims to build upon its leading market positions, particularly in fracturing systems and tracer diagnostics [9] - The strategy includes capitalizing on high-margin growth opportunities worldwide, with a focus on the North Sea and other international markets [10][11] - The company is committed to commercializing innovative solutions to complex customer challenges, with ongoing product development and field trials [12] Management's Comments on Operating Environment and Future Outlook - Management expressed caution moving into Q4 2025 due to challenging market conditions, including a stagnating U.S. rig count and activity declines in Canada [22] - The company expects annual revenue for 2025 to be between $174 million and $178 million, representing 8% year-over-year growth [22] - Free cash flow guidance for the year has been increased to $11 to $13 million, reflecting more favorable working capital balances [24] Other Important Information - The integration of Resmetrics is progressing well, with early successes noted in operational and financial performance [14][15] - A recent legal matter in Canada was resolved favorably for the company, with the Federal Court of Appeal overturning a prior judgment against NCS [16] Q&A Session Summary Question: What does the opportunity set look like for Resmetrics in the Middle East going forward? - Management highlighted that Resmetrics brought long-term contracts and expanded market presence in the Middle East, particularly in Oman and Saudi Arabia [31] Question: Would free cash flow remain similar in a flat growth environment in 2026? - Management indicated that they typically convert 50% to 60% of adjusted EBITDA to free cash flow, suggesting a stable profile in a flat growth scenario [33] Question: How is the integration of Resmetrics progressing and what synergies are expected? - Integration is on track, with expected synergies of $1.5 million from improved efficiencies in operations and cost of sales [41][42] Question: What is the outlook for the North Sea market and new product developments? - The North Sea remains a strong market, with ongoing projects and new product developments expected to enhance opportunities [44][46] Question: How is the competitive environment in international markets, particularly in the Middle East? - Management noted that competition varies by market, with a focus on delivering value through insights and reports to customers [67]