Stonegate Updates Coverage on NCS Multistage Holdings, Inc. (NCSM) 2025 Q1

Dallas, Texas–(Newsfile Corp. – May 2, 2025) – NCS Multistage Holdings, Inc. (NASDAQ: NCSM): Stonegate Capital Partners updates their coverage on NCS Multistage Holdings, Inc. (NASDAQ: NCSM). In 1Q25, NCSM reported total revenues of $50.0M, a 14% year-over-year increase and its highest quarterly revenue since 1Q20. Growth was primarily driven by increased product sales in Canada and services revenue across all geographies, partially offset by a decline in U.S. product sales due to project delays. Canadian activity remained robust, particularly for fracturing system completions, while international revenue was supported by continued tracer diagnostics work in the Middle East and product and service sales in the North Sea. Compared to 4Q24, total revenues rose 11%, with a 26% sequential increase in Canadian sales offsetting a 34% decline in international revenue due to timing of tracer work and a 13% drop in U.S. revenue. Going forward we expect that the Company will continue to see modest revenue growth through FY25 despite the threat of increasing tariffs. Consolidated gross margins expanded from 40.1% in 1Q24 to 43.7% in 1Q25.

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Key Takeaways:

• Total revenues of $50.0M, a 14% year-over-year improvement.
• NCSM reported a liquidity position of $49.8M, an increase from $34.4M (1Q24).
• Adjusted EBITDA of$8.2M, a $2.1M year-over-year improvement.

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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.

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