Stonegate Updates Coverage on NCS Multistage Holdings, Inc. (NCSM) 2025 Q2

Dallas, Texas--(Newsfile Corp. - August 4, 2025) - NCS Multistage Holdings, Inc. (NASDAQ: NCSM): Stonegate Capital Partners updates their coverage on NCS Multistage Holdings, Inc. (NASDAQ: NCSM). In 2Q25, NCSM reported total revenues of $36.5M, a 22.8% year-over-year increase, outperforming broader industry activity levels. Growth was primarily driven by increased fracturing systems activity and frac plug sales in both Canada and the U.S., despite a 52% sequential revenue decline in Canada due to spring break-up. International revenues declined year-over-year due to reduced tracer diagnostics work in the Middle East but were up 67.2% sequentially, supported by higher equipment sales in the North Sea. U.S. revenues rose 45% sequentially as previously delayed projects resumed. Adjusted Gross margins came in at 35.7%, down from 40.3% in 2Q24. Going forward, we continue to expect modest revenue and margin growth through FY25, supported by resilience in core product lines and contributions from the recent ResMetrics acquisition.

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Key Takeaways:

• Second quarter revenue rose 23% y/y to $36.5M, driven by strong U.S. and International activity.
• Adj. EBITDA improved to $2.2M; EPS of $0.34 includes $1.4M tax benefit.
• In 2Q25, NCSM closed the acquisition of ResMetrics, adding a high-margin diagnostics business expected to contribute $4-5M in revenue and $1-1.5M in EBITDA in FY25.

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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.

Source: Stonegate, Inc.

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