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NCS Multistage Holdings, Inc. filings document operating results and financial condition for an oilfield products and services company serving well construction, completions and field development markets. Form 8-K reports furnish earnings releases with revenue, income or loss, adjusted EBITDA, cash flow, cash balances, debt and related period comparisons.
Proxy materials describe board matters, executive compensation, equity awards and pay-versus-performance disclosures. The filing record also ties governance and capital-structure information to NCSM's common stock and its recurring exposure to customer activity, regional timing, product demand and international project work.
Weatherford International has entered into a definitive agreement to acquire NCS Multistage, with NCS stockholders able to elect either Weatherford shares or a mix of shares and cash. On a blended basis the consideration equals 0.463 shares of Weatherford common stock per NCS Multistage share, with up to 19.99% of the equity consideration payable in cash. The Boards of both companies and a controlling NCS stockholder have approved the transaction.
The deal is expected to close in the second half of 2026, to be accretive to adjusted Free Cash Flow per share, and to deliver at least $15 million of annual cost synergies to be realized within 18 months of closing. The companies will file a Form S-4 and Schedule 14C and will remain separate until closing.
NCS Multistage Holdings, Inc. reported results from its 2026 Annual Meeting of Stockholders. Total votes eligible were 2,624,523, and 2,228,707 votes were cast, representing approximately 84.9% of the eligible votes.
Stockholders elected Class III directors John Deane and W. Matt Ralls to serve until the 2029 Annual Meeting. Deane received 1,800,311 votes for and 142,468 withheld, while Ralls received 1,858,268 votes for and 84,511 withheld, with 285,928 broker non-votes for each nominee.
Stockholders also ratified the appointment of Grant Thornton LLP as independent registered public accounting firm for the year ending December 31, 2026, with 2,226,925 votes for, 849 against, and 933 abstentions. On an advisory basis, compensation of the named executive officers was approved with 1,938,033 votes for, 3,111 against, 1,635 abstentions, and 285,928 broker non-votes.
NCS Multistage Holdings, Inc. reported lower activity and mixed results for the quarter ended March 31, 2026. Revenue declined to $45.6 million from $50.0 million, mainly due to weaker Canadian completions and timing-driven softness in international tracer diagnostics, partly offset by stronger U.S. sales, including Repeat Precision products and tracer services.
Higher-cost mix and lower volumes reduced gross margin to 38.1% from 42.3%. Net income was $1.7 million, but after a larger non‑controlling interest share, NCS recorded a net loss attributable to common shareholders of $0.4 million, or $(0.14) per diluted share, versus earnings of $1.51 a year earlier. Operating cash flow improved to $1.3 million, and the company ended the quarter with $34.5 million in cash and no borrowings on its $35 million asset‑based facility.
The company closed the purchase price allocation for its 2025 ResMetrics acquisition, which contributed $1.8 million of revenue but a small loss before tax. NCS also highlighted ongoing patent litigation outcomes and appeals, and disclosed Canadian federal and provincial income tax reassessments totaling about CAD $27.2 million including interest and penalties, which management is contesting without recording a liability.
NCS Multistage Holdings, Inc. reported softer first quarter 2026 results, moving to a small net loss despite positive cash generation. Total revenues were $45.6 million for the quarter ended March 31, 2026, down from $50.0 million a year earlier, mainly from weaker Canadian and international activity.
Gross profit was $17.4 million, a 38% gross margin, compared with $21.1 million and a 42% margin in the prior-year quarter. Net loss attributable to NCS was $(0.4) million, or $(0.14) per share, versus net income of $4.1 million, or $1.51 per diluted share. Adjusted EBITDA declined to $5.6 million, a 12% margin, from $8.2 million and a 16% margin.
The company emphasized cost control and cash generation, with SG&A reduced to $15.7 million and operating activities providing $1.3 million of cash versus a use in the prior year. Free cash flow was $0.7 million. NCS ended the quarter with $34.5 million in cash, $7.2 million of finance-lease debt, working capital of $95.1 million and an undrawn ABL borrowing base of $18.5 million, supporting its view of a strong balance sheet and capacity to fund growth initiatives.
NCS Multistage Holdings, Inc. is asking stockholders to vote at its 2026 annual meeting on electing two Class III directors, ratifying Grant Thornton LLP as auditor, and approving an advisory say-on-pay resolution on executive compensation.
The May 27, 2026 meeting in Houston is open to holders of common stock as of March 30, 2026, when 2,624,523 shares were outstanding. Advent-affiliated funds hold a controlling 56.3% voting stake, so they effectively determine board elections. The proxy describes a compensation program emphasizing performance-based cash bonuses and equity awards, plus standard governance policies on audit oversight, cybersecurity, ESG, insider trading, and clawbacks.
NCS Multistage Holdings, Inc. provides engineered products and services that optimize oil and gas well construction, completion and field development, focused on horizontal, often unconventional, wells.
For the year ended December 31, 2025, revenue was $183.6 million, up from $162.6 million in 2024. Net income attributable to NCS Multistage Holdings, Inc. rose to $23.7 million from $6.6 million, while total assets increased to $181.2 million from $152.8 million.
About 60% of 2025 revenue came from fracturing systems and enhanced recovery, ~20% from Repeat Precision and ~10% each from well construction products and tracer diagnostics. Geographically, Canada contributed approximately 58% of 2025 revenue, the United States 32% and other international markets 10%. The company owns a 50% controlling interest in Repeat Precision and acquired Reservoir Metrics, LLC on July 31, 2025 to expand tracer diagnostics.
As of March 3, 2026, NCS had 2,545,535 common shares outstanding and, as of December 31, 2025, 272 full-time employees plus 216 employees at Repeat Precision. Key risks include commodity price cyclicality, customer concentration (one combined customer represented 18% of 2025 revenue), Canadian dollar exposure, supply chain and tariff pressures, extensive environmental and hydraulic fracturing regulation, patent litigation in Canada and a Canadian Notice of Reassessment totaling about $13.5 million.
NCS Multistage Holdings, Inc. reported significantly stronger results for the quarter and year ended December 31, 2025. Full-year revenue reached $183.6 million, up 13% from 2024, driven by higher product sales in all regions and stronger services in the United States and Canada.
Full-year net income rose to $23.7 million, or $8.65 per diluted share, helped by a $9.2 million income tax benefit from reversing most deferred tax valuation allowances. Adjusted EBITDA increased to $26.7 million with a 15% margin, while free cash flow after distributions to non-controlling interest nearly doubled to $18.9 million.
The company ended 2025 with $36.7 million in cash and $7.6 million of finance-lease-related debt, reflecting a net cash position and expanded financial flexibility. Management highlighted the contribution from the ResMetrics acquisition and expects a challenging 2026 activity environment but aims to outperform markets through share gains and international growth.
NCS Multistage Holdings VP & Controller Dewayne Williams reported several equity-related transactions. On March 3, 2026, he received 1,366 equivalent stock units and 1,366 shares of common stock as grants at no cost. On February 28, 2026, he exercised 4,535 equivalent stock units into the same number of common shares and then surrendered 4,535 shares to cover tax obligations and disposed of an additional 301 shares to the issuer at $39.84 per share. Footnotes state the equivalent stock units are cash-settled instruments economically equal to one share, with payouts capped by the Compensation, Nominating and Governance Committee, and that his remaining holdings include restricted stock units and equivalent stock units vesting in installments beginning on February 28, 2027.
NCS Multistage Holdings Executive VP, GC and Secretary Lev Ori reported a mix of equity awards, conversions, and related share dispositions. On February 28, 2026, 5,289 equivalent stock units vested and were exercised into the same number of common shares. A portion of these shares, including 5,289 shares at $39.84 per share and an additional 374 shares, was surrendered to the company to cover tax obligations and issuer-related dispositions tied to vesting.
On March 2, 2026, Ori received a grant of 6,853 common shares and disposed of 1,730 shares to the issuer at $40.93 per share. On March 3, 2026, he was granted 1,940 equivalent stock units settling in cash, 3,921 performance stock units linked to relative total shareholder return that may settle for between zero and 1.25 shares each in the first quarter of 2029, and 1,940 common shares. Following these transactions, Ori directly held 14,387 common shares and 3,921 performance stock units, alongside additional unvested equivalent and restricted stock units.