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[Form 3] PARAMOUNT GROUP, INC. Initial Statement of Beneficial Ownership

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3
Rhea-AI Filing Summary

NCSM’s Q2-25 10-Q shows a clear YoY turnaround. Revenue rose 23% to $36.5 mm, driven by a 46% jump in product sales that offset an 19% decline in service revenue. Consolidated gross profit improved $2.5 mm and the operating loss narrowed to $2.0 mm from $4.2 mm. A $1.0 mm deferred-tax benefit plus FX gains lifted net income attributable to NCS to $0.9 mm ($0.34 diluted EPS) versus a $3.1 mm loss (-$1.21) last year.

For the six months, revenue climbed 18% to $86.5 mm and net income swung to $5.0 mm ($1.84 diluted EPS). Canada contributed 49% of Q2 sales, the U.S. 37%, and other markets 14%.

Balance sheet. Cash remained healthy at $25.4 mm; NCS drew no amounts on its $35 mm ABL facility. Total debt consists solely of $7.7 mm of finance leases. Equity increased to $124.0 mm.

Cash flow. H1 operating cash inflow fell to $1.9 mm from $4.1 mm on higher working-capital needs; capex was modest at $0.7 mm.

Strategic update. On 31-Jul-25 NCS closed the $5.9 mm cash acquisition of Reservoir Metrics to expand tracer diagnostics, with an earn-out of up to $1.3 mm.

Risks & Outlook. Management cites stable Canadian activity, softer U.S. completions, potential international growth, and cost headwinds from steel/chemical tariffs. Ongoing Canadian patent appeals and U.S. litigation could affect future results but no gain/loss has been booked.

Il 10-Q del Q2-25 di NCSM mostra un chiaro miglioramento anno su anno. I ricavi sono aumentati del 23% a 36,5 milioni di dollari, trainati da un balzo del 46% nelle vendite di prodotti che ha compensato un calo del 19% nei ricavi dei servizi. Il margine lordo consolidato è migliorato di 2,5 milioni di dollari e la perdita operativa si è ridotta a 2,0 milioni di dollari da 4,2 milioni. Un beneficio fiscale differito di 1,0 milione di dollari più guadagni da cambio hanno portato l’utile netto attribuibile a NCS a 0,9 milioni di dollari (EPS diluito di 0,34$) rispetto a una perdita di 3,1 milioni (-1,21$) dell’anno precedente.

Nei sei mesi, i ricavi sono saliti del 18% a 86,5 milioni di dollari e l’utile netto è passato a 5,0 milioni di dollari (EPS diluito di 1,84$). Il Canada ha contribuito per il 49% alle vendite del Q2, gli Stati Uniti per il 37% e gli altri mercati per il 14%.

Bilancio. La liquidità è rimasta solida a 25,4 milioni di dollari; NCS non ha utilizzato la linea di credito ABL da 35 milioni di dollari. Il debito totale consiste esclusivamente in 7,7 milioni di dollari di leasing finanziari. Il patrimonio netto è salito a 124,0 milioni di dollari.

Flusso di cassa. Il flusso di cassa operativo nel primo semestre è sceso a 1,9 milioni di dollari da 4,1 milioni per maggiori esigenze di capitale circolante; gli investimenti in capitale sono stati contenuti a 0,7 milioni di dollari.

Aggiornamento strategico. Il 31 luglio 2025 NCS ha completato l’acquisizione in contanti da 5,9 milioni di dollari di Reservoir Metrics per espandere la diagnostica dei traccianti, con un possibile earn-out fino a 1,3 milioni di dollari.

Rischi e prospettive. La direzione segnala un’attività stabile in Canada, un rallentamento nelle completions negli USA, potenziale crescita internazionale e pressioni sui costi dovute a tariffe su acciaio e prodotti chimici. Le controversie in corso sui brevetti in Canada e le cause legali negli USA potrebbero influenzare i risultati futuri, ma non sono state registrate perdite o guadagni finora.

El 10-Q del segundo trimestre de 2025 de NCSM muestra una clara recuperación interanual. Los ingresos aumentaron un 23% hasta 36,5 millones de dólares, impulsados por un salto del 46% en las ventas de productos que compensó una caída del 19% en los ingresos por servicios. El beneficio bruto consolidado mejoró en 2,5 millones y la pérdida operativa se redujo a 2,0 millones desde 4,2 millones. Un beneficio fiscal diferido de 1,0 millón más ganancias por tipo de cambio elevaron el ingreso neto atribuible a NCS a 0,9 millones de dólares (EPS diluido de 0,34$) frente a una pérdida de 3,1 millones (-1,21$) del año anterior.

En los seis meses, los ingresos subieron un 18% hasta 86,5 millones y el ingreso neto pasó a 5,0 millones de dólares (EPS diluido de 1,84$). Canadá aportó el 49% de las ventas del segundo trimestre, EE.UU. el 37% y otros mercados el 14%.

Balance. El efectivo se mantuvo saludable en 25,4 millones; NCS no utilizó su línea de crédito ABL de 35 millones. La deuda total consiste únicamente en 7,7 millones en arrendamientos financieros. El patrimonio neto aumentó a 124,0 millones.

Flujo de caja. El flujo operativo del primer semestre cayó a 1,9 millones desde 4,1 millones debido a mayores necesidades de capital de trabajo; la inversión en activos fijos fue modesta, con 0,7 millones.

Actualización estratégica. El 31 de julio de 2025, NCS cerró la adquisición en efectivo de Reservoir Metrics por 5,9 millones para ampliar el diagnóstico de trazadores, con un earn-out de hasta 1,3 millones.

Riesgos y perspectivas. La dirección menciona una actividad estable en Canadá, una desaceleración en las completaciones en EE.UU., potencial crecimiento internacional y presiones de costos por tarifas al acero y químicos. Las apelaciones de patentes en Canadá y litigios en EE.UU. podrían afectar resultados futuros, pero no se ha registrado ganancia o pérdida alguna.

NCSM의 2025년 2분기 10-Q 보고서는 명확한 전년 대비 반전을 보여줍니다. 매출은 23% 증가한 3,650만 달러를 기록했으며, 제품 판매가 46% 급증해 서비스 매출 19% 감소를 상쇄했습니다. 연결 총이익은 250만 달러 개선되었고, 영업손실은 420만 달러에서 200만 달러로 축소되었습니다. 100만 달러의 이연 세금 혜택과 환율 이익 덕분에 NCS에 귀속되는 순이익은 90만 달러(희석 주당순이익 0.34달러)로 전년 310만 달러 손실(-1.21달러)에서 흑자 전환했습니다.

상반기 매출은 18% 증가한 8,650만 달러, 순이익은 500만 달러(희석 주당순이익 1.84달러)로 전환되었습니다. 2분기 매출의 49%는 캐나다, 37%는 미국, 14%는 기타 시장에서 발생했습니다.

재무상태. 현금은 2,540만 달러로 건전한 수준을 유지했으며, NCS는 3,500만 달러 ABL 대출 한도에서 단 한 푼도 인출하지 않았습니다. 총 부채는 770만 달러의 금융리스로만 구성되어 있습니다. 자본총계는 1억 2,400만 달러로 증가했습니다.

현금흐름. 상반기 영업현금흐름은 운전자본 증가로 인해 410만 달러에서 190만 달러로 감소했으며, 자본적지출은 70만 달러로 소폭이었습니다.

전략 업데이트. 2025년 7월 31일 NCS는 트레이서 진단을 확장하기 위해 590만 달러 현금으로 Reservoir Metrics를 인수했으며, 최대 130만 달러의 추가 성과금(earn-out)이 포함되어 있습니다.

위험 및 전망. 경영진은 캐나다 활동은 안정적이며, 미국 완공 작업은 다소 둔화되고, 국제적 성장 가능성과 철강/화학 관세로 인한 비용 압박을 언급했습니다. 캐나다 특허 항소와 미국 소송이 향후 실적에 영향을 줄 수 있으나, 현재까지 손익은 반영되지 않았습니다.

Le rapport 10-Q du deuxième trimestre 2025 de NCSM montre un net retournement en glissement annuel. Le chiffre d'affaires a augmenté de 23 % pour atteindre 36,5 millions de dollars, porté par une hausse de 46 % des ventes de produits qui a compensé une baisse de 19 % des revenus de services. La marge brute consolidée s’est améliorée de 2,5 millions de dollars et la perte opérationnelle s’est réduite à 2,0 millions contre 4,2 millions. Un avantage fiscal différé de 1,0 million de dollars ainsi que des gains de change ont porté le résultat net attribuable à NCS à 0,9 million de dollars (BPA dilué de 0,34$) contre une perte de 3,1 millions (-1,21$) l’an dernier.

Sur six mois, le chiffre d’affaires a progressé de 18 % à 86,5 millions et le résultat net est passé à 5,0 millions de dollars (BPA dilué de 1,84$). Le Canada a contribué à 49 % des ventes du deuxième trimestre, les États-Unis à 37 % et les autres marchés à 14 %.

Bilan. La trésorerie est restée solide à 25,4 millions de dollars ; NCS n’a tiré aucun montant sur sa facilité de crédit ABL de 35 millions. La dette totale se compose uniquement de 7,7 millions de dollars de contrats de location-financement. Les capitaux propres ont augmenté à 124,0 millions.

Flux de trésorerie. Les flux de trésorerie opérationnels du premier semestre ont chuté à 1,9 million contre 4,1 millions en raison d’un besoin accru en fonds de roulement ; les dépenses d’investissement ont été modestes à 0,7 million.

Mise à jour stratégique. Le 31 juillet 2025, NCS a finalisé l’acquisition en numéraire de Reservoir Metrics pour 5,9 millions afin d’élargir le diagnostic des traceurs, avec un complément de prix pouvant atteindre 1,3 million.

Risques et perspectives. La direction évoque une activité stable au Canada, un ralentissement des opérations de complétion aux États-Unis, une croissance internationale potentielle et des pressions sur les coûts liées aux tarifs sur l’acier et les produits chimiques. Les appels en cours concernant des brevets au Canada et les litiges aux États-Unis pourraient affecter les résultats futurs, mais aucun gain ou perte n’a été comptabilisé à ce jour.

Der 10-Q-Bericht von NCSM für das 2. Quartal 2025 zeigt eine klare Jahressteigerung. Der Umsatz stieg um 23 % auf 36,5 Mio. USD, angetrieben durch einen 46 %igen Anstieg der Produktverkäufe, der einen Rückgang der Serviceerlöse um 19 % ausglich. Der konsolidierte Bruttogewinn verbesserte sich um 2,5 Mio. USD, und der operative Verlust verringerte sich von 4,2 Mio. USD auf 2,0 Mio. USD. Ein latenter Steuerertrag von 1,0 Mio. USD sowie Wechselkursgewinne hoben den auf NCS entfallenden Nettogewinn auf 0,9 Mio. USD (verwässertes EPS von 0,34 USD) gegenüber einem Verlust von 3,1 Mio. USD (-1,21 USD) im Vorjahr.

Für die ersten sechs Monate stiegen die Umsätze um 18 % auf 86,5 Mio. USD, und der Nettogewinn drehte auf 5,0 Mio. USD (verwässertes EPS von 1,84 USD) ins Plus. Kanada trug 49 % zum Umsatz im Q2 bei, die USA 37 % und andere Märkte 14 %.

Bilanz. Die Liquidität blieb mit 25,4 Mio. USD gesund; NCS zog keine Beträge aus der 35 Mio. USD ABL-Kreditlinie ab. Die Gesamtverschuldung besteht ausschließlich aus Finanzierungsleasingverbindlichkeiten in Höhe von 7,7 Mio. USD. Das Eigenkapital stieg auf 124,0 Mio. USD.

Cashflow. Der operative Cashflow im ersten Halbjahr sank aufgrund höherer Working-Capital-Bedürfnisse von 4,1 Mio. USD auf 1,9 Mio. USD; die Investitionsausgaben waren mit 0,7 Mio. USD moderat.

Strategisches Update. Am 31. Juli 2025 schloss NCS die Barübernahme von Reservoir Metrics für 5,9 Mio. USD ab, um die Tracer-Diagnostik zu erweitern, mit einer Earn-out-Zahlung von bis zu 1,3 Mio. USD.

Risiken & Ausblick. Das Management nennt stabile Aktivitäten in Kanada, eine schwächere Fertigstellung in den USA, potenzielles internationales Wachstum sowie Kostenbelastungen durch Stahl- und Chemiezölle. Laufende Patentberufungen in Kanada und Rechtsstreitigkeiten in den USA könnten zukünftige Ergebnisse beeinflussen, aber bisher wurden keine Gewinne oder Verluste verbucht.

Positive
  • Revenue up 23% YoY in Q2-25, with product sales +46%.
  • Return to profitability: $0.9 mm net income vs. $3.1 mm loss prior year; diluted EPS $0.34.
  • Strong liquidity: $25.4 mm cash, no ABL borrowings, net leverage ≈0.
  • Equity grew to $124 mm; book value strengthened.
  • Accretive bolt-on acquisition of Reservoir Metrics for $5.9 mm expands tracer diagnostics.
Negative
  • Service revenue fell 19% YoY, signaling softer utilization.
  • Operating cash flow down to $1.9 mm from $4.1 mm due to working-capital build.
  • Ongoing litigation in Canada (Kobold) and U.S. appeals create financial uncertainty.
  • Tariff exposure on steel and Chinese chemicals could squeeze margins.
  • Seasonal and macro headwinds expected to reduce U.S. activity in H2-25.

Insights

TL;DR – Swing to profitability, solid liquidity, modest acquisition; overall positive.

Revenue growth was volume-led, with Canadian product sales the standout. The mix shift lifted gross profit despite service softness. Net income turned positive for both the quarter and YTD, aided by a $1.4 mm valuation-allowance release. Cash of $25 mm covers short-term needs and there is no ABL draw, leaving ample headroom. The small $5.9 mm Reservoir Metrics deal is easily financed and deepens the high-margin tracer line. Net leverage is effectively zero, giving flexibility should market conditions worsen. Guidance commentary suggests flat-to-down U.S. activity but stable Canada, implying H2 revenue may seasonally improve yet trail H1 levels. Overall, the filing signals improving fundamentals and prudent capital deployment.

TL;DR – Litigation and tariff exposure temper otherwise improving fundamentals.

While metrics improved, several contingencies persist. Canadian patent disputes with Kobold could ultimately impose damages or product constraints; timing remains uncertain. U.S. litigation wins against Nine and TCO are under appeal, so gains are non-cash for now. Tariff volatility—steel, aluminum and China-sourced chemicals—could pressure margins given limited pricing power in competitive markets. Operating cash flow weakened on higher inventories and receivables, a trend to monitor if activity slows. Nevertheless, zero revolver borrowings and modest capex reduce liquidity risk.

Il 10-Q del Q2-25 di NCSM mostra un chiaro miglioramento anno su anno. I ricavi sono aumentati del 23% a 36,5 milioni di dollari, trainati da un balzo del 46% nelle vendite di prodotti che ha compensato un calo del 19% nei ricavi dei servizi. Il margine lordo consolidato è migliorato di 2,5 milioni di dollari e la perdita operativa si è ridotta a 2,0 milioni di dollari da 4,2 milioni. Un beneficio fiscale differito di 1,0 milione di dollari più guadagni da cambio hanno portato l’utile netto attribuibile a NCS a 0,9 milioni di dollari (EPS diluito di 0,34$) rispetto a una perdita di 3,1 milioni (-1,21$) dell’anno precedente.

Nei sei mesi, i ricavi sono saliti del 18% a 86,5 milioni di dollari e l’utile netto è passato a 5,0 milioni di dollari (EPS diluito di 1,84$). Il Canada ha contribuito per il 49% alle vendite del Q2, gli Stati Uniti per il 37% e gli altri mercati per il 14%.

Bilancio. La liquidità è rimasta solida a 25,4 milioni di dollari; NCS non ha utilizzato la linea di credito ABL da 35 milioni di dollari. Il debito totale consiste esclusivamente in 7,7 milioni di dollari di leasing finanziari. Il patrimonio netto è salito a 124,0 milioni di dollari.

Flusso di cassa. Il flusso di cassa operativo nel primo semestre è sceso a 1,9 milioni di dollari da 4,1 milioni per maggiori esigenze di capitale circolante; gli investimenti in capitale sono stati contenuti a 0,7 milioni di dollari.

Aggiornamento strategico. Il 31 luglio 2025 NCS ha completato l’acquisizione in contanti da 5,9 milioni di dollari di Reservoir Metrics per espandere la diagnostica dei traccianti, con un possibile earn-out fino a 1,3 milioni di dollari.

Rischi e prospettive. La direzione segnala un’attività stabile in Canada, un rallentamento nelle completions negli USA, potenziale crescita internazionale e pressioni sui costi dovute a tariffe su acciaio e prodotti chimici. Le controversie in corso sui brevetti in Canada e le cause legali negli USA potrebbero influenzare i risultati futuri, ma non sono state registrate perdite o guadagni finora.

El 10-Q del segundo trimestre de 2025 de NCSM muestra una clara recuperación interanual. Los ingresos aumentaron un 23% hasta 36,5 millones de dólares, impulsados por un salto del 46% en las ventas de productos que compensó una caída del 19% en los ingresos por servicios. El beneficio bruto consolidado mejoró en 2,5 millones y la pérdida operativa se redujo a 2,0 millones desde 4,2 millones. Un beneficio fiscal diferido de 1,0 millón más ganancias por tipo de cambio elevaron el ingreso neto atribuible a NCS a 0,9 millones de dólares (EPS diluido de 0,34$) frente a una pérdida de 3,1 millones (-1,21$) del año anterior.

En los seis meses, los ingresos subieron un 18% hasta 86,5 millones y el ingreso neto pasó a 5,0 millones de dólares (EPS diluido de 1,84$). Canadá aportó el 49% de las ventas del segundo trimestre, EE.UU. el 37% y otros mercados el 14%.

Balance. El efectivo se mantuvo saludable en 25,4 millones; NCS no utilizó su línea de crédito ABL de 35 millones. La deuda total consiste únicamente en 7,7 millones en arrendamientos financieros. El patrimonio neto aumentó a 124,0 millones.

Flujo de caja. El flujo operativo del primer semestre cayó a 1,9 millones desde 4,1 millones debido a mayores necesidades de capital de trabajo; la inversión en activos fijos fue modesta, con 0,7 millones.

Actualización estratégica. El 31 de julio de 2025, NCS cerró la adquisición en efectivo de Reservoir Metrics por 5,9 millones para ampliar el diagnóstico de trazadores, con un earn-out de hasta 1,3 millones.

Riesgos y perspectivas. La dirección menciona una actividad estable en Canadá, una desaceleración en las completaciones en EE.UU., potencial crecimiento internacional y presiones de costos por tarifas al acero y químicos. Las apelaciones de patentes en Canadá y litigios en EE.UU. podrían afectar resultados futuros, pero no se ha registrado ganancia o pérdida alguna.

NCSM의 2025년 2분기 10-Q 보고서는 명확한 전년 대비 반전을 보여줍니다. 매출은 23% 증가한 3,650만 달러를 기록했으며, 제품 판매가 46% 급증해 서비스 매출 19% 감소를 상쇄했습니다. 연결 총이익은 250만 달러 개선되었고, 영업손실은 420만 달러에서 200만 달러로 축소되었습니다. 100만 달러의 이연 세금 혜택과 환율 이익 덕분에 NCS에 귀속되는 순이익은 90만 달러(희석 주당순이익 0.34달러)로 전년 310만 달러 손실(-1.21달러)에서 흑자 전환했습니다.

상반기 매출은 18% 증가한 8,650만 달러, 순이익은 500만 달러(희석 주당순이익 1.84달러)로 전환되었습니다. 2분기 매출의 49%는 캐나다, 37%는 미국, 14%는 기타 시장에서 발생했습니다.

재무상태. 현금은 2,540만 달러로 건전한 수준을 유지했으며, NCS는 3,500만 달러 ABL 대출 한도에서 단 한 푼도 인출하지 않았습니다. 총 부채는 770만 달러의 금융리스로만 구성되어 있습니다. 자본총계는 1억 2,400만 달러로 증가했습니다.

현금흐름. 상반기 영업현금흐름은 운전자본 증가로 인해 410만 달러에서 190만 달러로 감소했으며, 자본적지출은 70만 달러로 소폭이었습니다.

전략 업데이트. 2025년 7월 31일 NCS는 트레이서 진단을 확장하기 위해 590만 달러 현금으로 Reservoir Metrics를 인수했으며, 최대 130만 달러의 추가 성과금(earn-out)이 포함되어 있습니다.

위험 및 전망. 경영진은 캐나다 활동은 안정적이며, 미국 완공 작업은 다소 둔화되고, 국제적 성장 가능성과 철강/화학 관세로 인한 비용 압박을 언급했습니다. 캐나다 특허 항소와 미국 소송이 향후 실적에 영향을 줄 수 있으나, 현재까지 손익은 반영되지 않았습니다.

Le rapport 10-Q du deuxième trimestre 2025 de NCSM montre un net retournement en glissement annuel. Le chiffre d'affaires a augmenté de 23 % pour atteindre 36,5 millions de dollars, porté par une hausse de 46 % des ventes de produits qui a compensé une baisse de 19 % des revenus de services. La marge brute consolidée s’est améliorée de 2,5 millions de dollars et la perte opérationnelle s’est réduite à 2,0 millions contre 4,2 millions. Un avantage fiscal différé de 1,0 million de dollars ainsi que des gains de change ont porté le résultat net attribuable à NCS à 0,9 million de dollars (BPA dilué de 0,34$) contre une perte de 3,1 millions (-1,21$) l’an dernier.

Sur six mois, le chiffre d’affaires a progressé de 18 % à 86,5 millions et le résultat net est passé à 5,0 millions de dollars (BPA dilué de 1,84$). Le Canada a contribué à 49 % des ventes du deuxième trimestre, les États-Unis à 37 % et les autres marchés à 14 %.

Bilan. La trésorerie est restée solide à 25,4 millions de dollars ; NCS n’a tiré aucun montant sur sa facilité de crédit ABL de 35 millions. La dette totale se compose uniquement de 7,7 millions de dollars de contrats de location-financement. Les capitaux propres ont augmenté à 124,0 millions.

Flux de trésorerie. Les flux de trésorerie opérationnels du premier semestre ont chuté à 1,9 million contre 4,1 millions en raison d’un besoin accru en fonds de roulement ; les dépenses d’investissement ont été modestes à 0,7 million.

Mise à jour stratégique. Le 31 juillet 2025, NCS a finalisé l’acquisition en numéraire de Reservoir Metrics pour 5,9 millions afin d’élargir le diagnostic des traceurs, avec un complément de prix pouvant atteindre 1,3 million.

Risques et perspectives. La direction évoque une activité stable au Canada, un ralentissement des opérations de complétion aux États-Unis, une croissance internationale potentielle et des pressions sur les coûts liées aux tarifs sur l’acier et les produits chimiques. Les appels en cours concernant des brevets au Canada et les litiges aux États-Unis pourraient affecter les résultats futurs, mais aucun gain ou perte n’a été comptabilisé à ce jour.

Der 10-Q-Bericht von NCSM für das 2. Quartal 2025 zeigt eine klare Jahressteigerung. Der Umsatz stieg um 23 % auf 36,5 Mio. USD, angetrieben durch einen 46 %igen Anstieg der Produktverkäufe, der einen Rückgang der Serviceerlöse um 19 % ausglich. Der konsolidierte Bruttogewinn verbesserte sich um 2,5 Mio. USD, und der operative Verlust verringerte sich von 4,2 Mio. USD auf 2,0 Mio. USD. Ein latenter Steuerertrag von 1,0 Mio. USD sowie Wechselkursgewinne hoben den auf NCS entfallenden Nettogewinn auf 0,9 Mio. USD (verwässertes EPS von 0,34 USD) gegenüber einem Verlust von 3,1 Mio. USD (-1,21 USD) im Vorjahr.

Für die ersten sechs Monate stiegen die Umsätze um 18 % auf 86,5 Mio. USD, und der Nettogewinn drehte auf 5,0 Mio. USD (verwässertes EPS von 1,84 USD) ins Plus. Kanada trug 49 % zum Umsatz im Q2 bei, die USA 37 % und andere Märkte 14 %.

Bilanz. Die Liquidität blieb mit 25,4 Mio. USD gesund; NCS zog keine Beträge aus der 35 Mio. USD ABL-Kreditlinie ab. Die Gesamtverschuldung besteht ausschließlich aus Finanzierungsleasingverbindlichkeiten in Höhe von 7,7 Mio. USD. Das Eigenkapital stieg auf 124,0 Mio. USD.

Cashflow. Der operative Cashflow im ersten Halbjahr sank aufgrund höherer Working-Capital-Bedürfnisse von 4,1 Mio. USD auf 1,9 Mio. USD; die Investitionsausgaben waren mit 0,7 Mio. USD moderat.

Strategisches Update. Am 31. Juli 2025 schloss NCS die Barübernahme von Reservoir Metrics für 5,9 Mio. USD ab, um die Tracer-Diagnostik zu erweitern, mit einer Earn-out-Zahlung von bis zu 1,3 Mio. USD.

Risiken & Ausblick. Das Management nennt stabile Aktivitäten in Kanada, eine schwächere Fertigstellung in den USA, potenzielles internationales Wachstum sowie Kostenbelastungen durch Stahl- und Chemiezölle. Laufende Patentberufungen in Kanada und Rechtsstreitigkeiten in den USA könnten zukünftige Ergebnisse beeinflussen, aber bisher wurden keine Gewinne oder Verluste verbucht.

SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
Dembo Timothy Carey

(Last) (First) (Middle)
C/O PARAMOUNT GROUP, INC.
1633 BROADWAY

(Street)
NEW YORK NY 10019

(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
07/29/2025
3. Issuer Name and Ticker or Trading Symbol
Paramount Group, Inc. [ PGRE ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
See Remarks
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock 2,511 D
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Common OP Units (1) (1) Common Stock 684 (1) D
LTIP Units (2) (2)(3) Common Stock 6,119 (3) D
LTIP Units (4) (3)(4) Common Stock 684 (3) D
LTIP Units (5) (3)(5) Common Stock 11,073 (3) D
LTIP Units (6) (3)(6) Common Stock 53,067 (3) D
Explanation of Responses:
1. Represents common units of limited partnership interest ("OP Units") in Paramount Group Operating Partnership LP (the "Operating Partnership"). Each OP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer may, at its election, acquire each OP Unit so presented for one share of common stock. These redemption rights have no expiration date.
2. Represents LTIP Units issued pursuant to the Issuer's Amended and Restated 2014 Equity Incentive Plan (the "2014 Plan"). Of the 6,119 LTIP Units, 4,589 LTIP Units vested in equal installments on each of February 15, 2023, 2024, and 2025. The remaining 1,530 LTIP Units will vest on February 15, 2026, subject to continued employment.
3. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit will be converted automatically into an OP Unit in the Operating Partnership. Each OP Unit acquired upon conversion of a vested LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer may, at its election, acquire each OP Unit so presented for one share of common stock. LTIP Units are generally not convertible without the consent of the Issuer until two years from the date of the grant. The rights to convert vested LTIP Units into OP Units and redeem OP Units do not have expiration dates.
4. Represents the unvested portion of the LTIP Units earned upon the achievement of the performance hurdles pursuant to the Paramount Group, Inc. 2022 Performance Program issued pursuant to the 2014 Plan. These LTIP Units will vest on December 31, 2025, subject to continued employment.
5. Represents LTIP Units issued pursuant to the 2014 Plan. Of the 11,073 LTIP Units, 5,536 LTIP Units vested in equal installments on each of February 15, 2024 and 2025. The remaining 5,537 LTIP Units will vest in two equal installments on each of February 15, 2026 and February 15, 2027, subject to continued employment.
6. Represents LTIP Units issued pursuant to the 2014 Plan. The LTIP Units will vest in two equal installments on each of October 1, 2026 and October 1, 2027, subject to continued employment.
Remarks:
Senior Vice President, General Counsel and Secretary
/s/ Timothy Dembo 08/01/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What were NCSM’s Q2 2025 revenues and how did they compare YoY?

$36.5 million, up 23% versus Q2 2024.

Did NCSM report a profit in Q2 2025?

Yes, net income attributable to NCS was $0.9 million or $0.34 diluted EPS, versus a $3.1 million loss last year.

How much cash and debt does NCSM have?

$25.4 million in cash and $7.7 million of finance-lease debt; no borrowings on the $35 million ABL facility.

What is the status of the Reservoir Metrics acquisition?

Closed on 31 July 2025 for $5.9 million cash plus up to $1.3 million earn-out, enhancing tracer diagnostics.

What legal matters could impact future results?

Patent appeals with Kobold in Canada and ongoing U.S. cases with Nine and TCO remain unresolved; no damages or gains are reflected yet.

Which geography contributed the largest share of Q2 2025 revenue?

Canada at 49%, followed by the United States at 37%.
Paramount Group Inc

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