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.
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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.
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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.
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