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

Rhea-AI Summary

NCS Multistage Holdings (NASDAQ: NCSM) reported 3Q25 revenue of $46.5M, a +6.0% year-over-year increase driven by stronger U.S. and international product sales in fracturing systems and wellbore construction.

International revenue rose ~38% y/y and U.S. revenue rose ~36% y/y, helped by a ramp in tracer diagnostics that included ~$2M from the ResMetrics acquisition; Canada was softer but grew 32% sequentially. Adjusted gross margin was 41.7% versus 42.1% in 3Q24. Management expects modest revenue and margin growth through the remainder of FY25, supported by core product resilience and ResMetrics contributions. Reported Adjusted EBITDA was $7.0M and diluted EPS was $1.37.

Positive

• Revenue +6.0% year-over-year to $46.5M
• International revenue ~+38% year-over-year
• U.S. revenue ~+36% year-over-year
• ResMetrics contributed ~$2M to tracer diagnostics in 3Q25
• Adj. EBITDA of $7.0M and diluted EPS of $1.37

Negative

• Adjusted gross margin down to 41.7% from 42.1% in 3Q24
• Softer Canadian product sales due to lower rig counts (partially offset sequentially)

News Market Reaction

-1.74%

1 alert

-1.74% News Effect

-$2M Valuation Impact

$109M Market Cap

0.2x Rel. Volume

On the day this news was published, NCSM declined 1.74%, reflecting a mild negative market reaction. This price movement removed approximately $2M from the company's valuation, bringing the market cap to $109M at that time.

Data tracked by StockTitan Argus on the day of publication.

Dallas, Texas--(Newsfile Corp. - October 30, 2025) - NCS Multistage Holdings, Inc. (NASDAQ: NCSM): Stonegate Capital Partners updates their coverage on NCS Multistage Holdings, Inc. (NASDAQ: NCSM). In 3Q25, NCSM reported total revenues of $46.5M, a 6.0% year-over-year increase, outperforming broader industry activity levels. Growth reflected higher U.S. and international product sales primarily with fracturing systems (including the North Sea) and wellbore construction in the Middle East. This was partially offset by softer Canadian product sales on lower rig counts. International revenue increased ~38.0% y/y while U.S. revenue grew by ~36.0% during the same period as tracer diagnostics ramped (including ~$2M from ResMetrics). Canada grew 32% sequentially as spring break-up effects eased. Adjusted Gross margins came in at 41.7%, down slightly from 42.1% in 3Q24. Going forward, we continue to expect modest revenue and margin growth through the remainer of FY25, supported by resilience in core product lines and contributions from the recent ResMetrics acquisition.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Third quarter revenue increased 6% y/y to $46.5M, supported by stronger U.S. and international activity (fracturing systems and wellbore construction), partially offset by softer Canada.
• As of 3Q25, Adj. EBITDA was $7.0M; diluted EPS was $1.37.
• ResMetrics contributed ~$2M to U.S. tracer diagnostics in 3Q25; integration is ahead of plan.

Click image above to view full announcement.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272636

FAQ

What were NCSM 3Q25 total revenues and year-over-year growth?

NCSM reported $46.5M in 3Q25 revenue, a 6.0% increase year-over-year.

How much did ResMetrics contribute to NCSM's 3Q25 results (NCSM)?

ResMetrics contributed approximately $2M to U.S. tracer diagnostics in 3Q25.

What were NCSM's 3Q25 adjusted EBITDA and diluted EPS (NCSM)?

Adjusted EBITDA was $7.0M and diluted EPS was $1.37 for 3Q25.

How did NCSM's international and U.S. revenues perform in 3Q25 (NCSM)?

International revenue rose ~38% y/y and U.S. revenue rose ~36% y/y in 3Q25.

What margin trend did NCSM report in 3Q25 (NCSM)?

Adjusted gross margin was 41.7% in 3Q25, slightly below 42.1% in 3Q24.

What is NCSM's guidance outlook for the remainder of FY25 (NCSM)?

The company expects modest revenue and margin growth through the remainder of FY25, supported by core product resilience and ResMetrics contributions.