Core Insights - NCS Multistage Holdings, Inc. (NASDAQ: NCSM) reported a revenue growth of 13% to $183.6 million in FY25, driven by product strength and market momentum despite challenging conditions [1][5] - The company achieved a 20% increase in adjusted EBITDA to $26.7 million, with an EBITDA margin expansion of approximately 80 basis points to 15% [1] - Free cash flow after non-controlling interests nearly doubled to $18.9 million, highlighting the benefits of the company's asset-light model [1] Revenue Growth - Revenue for FY25 reached $183.6 million, reflecting a 13% increase year-over-year [1] - Excluding the contribution from ResMetrics, revenue still increased by 10% [1] Profitability Metrics - Adjusted EBITDA rose by 20% to $26.7 million [1] - EBITDA margin expanded by around 80 basis points to 15% [1] - Adjusted gross margin remained stable at 41% despite service-mix pressures [1] Cash Flow and Financial Health - Free cash flow after non-controlling interests nearly doubled to $18.9 million [1] - The company exited FY25 with a strong balance sheet, enabling continued reinvestment and M&A flexibility [5] Market Performance - The fourth quarter of FY25 significantly exceeded expectations, driven by accelerated U.S. fracturing demand and constructive international markets [5] - The outperformance in FY25 was attributed to share gains, product execution, and the incremental contribution from ResMetrics following its acquisition [5]