NCS Multistage Holdings, Inc.

Listed Company

NCSMCIK 0001692427NasdaqNon-AcceleratedSmaller ReportingOil & Gas Field Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$183.63M

Net Income

$23.75M

Total Assets

$181.20M

Equity

$126.24M

Shares Out

2.62M

Op. Cash Flow

$22.18M

Business

NCS Multistage Holdings, Inc. provides highly engineered products and support services that optimize oil and natural gas well construction, completions and field development strategies. Its main offerings include fracturing systems for pinpoint stimulation (casing‑installed sliding sleeves, downhole frac isolation assemblies and sand jet perforating), enhanced recovery devices, tracer diagnostics, and well construction products, supplemented by Repeat Precision’s composite and dissolvable frac plugs and perforating guns. The company operates through core product lines and a consolidated joint venture (Repeat Precision). It sells directly to E&P companies and to oilfield service distributors across North America and selected international markets (including the North Sea, Middle East, Argentina and China), often coordinating with coiled tubing and pressure‑pumping service providers.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	184	163	142	—	—
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	108	95	87	—	—
Selling, general and administrative expenses	59	58	57	58	49
Depreciation	5	5	4	4	4
Amortization	894,000	716,000	669,000	—	—
Change in fair value of contingent consideration	156,000	0	—	—	—
Income from operations	11	4	−6	−2	−5
Interest expense, net	−251,000	−414,000	−586,000	−1	−733,000
Provision for litigation, net of recoveries	881,000	0	−2	—	—
Other income, net	5	7	4	3	2
Foreign currency exchange gain (loss)	891,000	−3	462,000	−283,000	283,000
Total other income	6	4	2	2	2
Income before income tax	17	8	−3	−601,000	−4
Income tax (benefit) expense	−9	100,000	−200,000	351,000	263,000
Net income	26	8	−3	−952,000	−4
Net income attributable to non-controlling interest	2	2	42,000	150,000	955,000
Net income attributable to NCS Multistage Holdings, Inc.	24	7	−3	−1	−5
Basic earnings per common share attributable to NCS Multistage Holdings, Inc. (in dollars per share)	9.17	2.6	−1.27	−0.45	−1.98
Diluted earnings per common share attributable to NCS Multistage Holdings, Inc. (in dollars per share)	8.65	2.55	−1.27	−0.45	−1.98
Basic (in shares)	3	3	2	2	2
Diluted (in shares)	3	3	2	2	2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	37	26	17	16	22
Accounts receivabletrade, net	41	32	24	28	24
Inventories, net	39	41	42	37	34
Prepaid expenses and other current assets	2	2	2	3	3
Other current receivables	4	5	4	4	5
Total current assets	122	106	103	88	88
Property and equipment, net	20	21	23	—	—
Goodwill	16	15	15	15	15
Identifiable intangibles, net	6	4	4	5	6
Operating lease assets	5	6	5	5	5
Deposits and other assets	586,000	712,000	937,000	—	—
Deferred income taxes, net	12	424,000	66,000	46,000	236,000
Total noncurrent assets	59	47	49	51	54
Total assets	181	153	152	139	142
Accounts payabletrade	9	9	6	8	8
Accrued expenses	9	8	4	4	6
Income taxes payable	1	683,000	364,000	468,000	294,000
Operating lease liabilities	2	2	2	1	2
Contingent purchase consideration	1	0	—	—	—
Current maturities of long-term debt	2	2	2	1	1
Other current liabilities	4	4	3	3	3
Total current liabilities	29	25	32	18	20
Long-term debt, less current maturities	5	6	6	6	6
Operating lease liabilities, long-term	4	5	4	4	4
Other long-term liabilities	202,000	206,000	213,000	1	2
Deferred income taxes, net	398,000	186,000	249,000	199,000	114,000
Total noncurrent liabilities	10	11	11	12	12
Total liabilities	38	37	43	29	32
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	—	—
Common stock, $0.01 par value, 11,250,000 shares authorized, 2,613,603 shares issued and 2,545,535 shares outstanding at December 31, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024	26,000	26,000	25,000	24,000	24,000
Additional paid-in capital	450	447	445	440	437
Accumulated other comprehensive loss	−86	−88	−86	−86	−82
Retained deficit	−235	−259	−266	−262	−261
Treasury stock, at cost; 68,068 shares at December 31, 2025 and 56,549 shares at December 31, 2024	−2	−2	−2	—	—
Total stockholders equity	126	99	92	91	93
Non-controlling interest	17	17	18	18	18
Total equity	143	116	109	109	111
Total liabilities and stockholders' equity	181	153	152	139	142

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	6	5	5	4	5
Amortization of deferred loan cost	215,000	208,000	204,000	231,000	281,000
Share-based compensation	6	5	5	6	7
Provision for inventory obsolescence	857,000	1	1	3	2
Deferred income tax benefit	−11	−380,000	152,000	266,000	96,000
Gain on sale of property and equipment	−496,000	−506,000	258,000	−361,000	−378,000
(Recovery of) provision for credit losses	−28,000	41,000	162,000	−61,000	—
Net foreign currency unrealized (gain) loss	−2	2	−485,000	—	—
Proceeds from note receivable	0	61,000	546,000	—	—
Accounts receivabletrade	−5	−9	4	—	—
Inventories, net	2	−3	−6	−8	−939,000
Prepaid expenses and other assets	4	−1	3	1	−437,000
Accounts payabletrade	427,000	3	−1	1	3
Accrued expenses	719,000	5	−649,000	−2	3
Other liabilities	−6	−3	−3	−3	−3
Income taxes receivable/payable	134,000	34,000	−209,000	364,000	4
Net cash provided by operating activities	22	13	5	−1	12
Purchases of property and equipment	−1	−1	−2	−1	−495,000
Purchase and development of software and technology	−106,000	−70,000	−310,000	—	—
Proceeds from sales of property and equipment	772,000	592,000	509,000	433,000	389,000
Acquisition of business, net of cash acquired	−6	0	—	—	—
Proceeds from company-owned life insurance policy	0	1	0	—	—
Net cash (used in) provided by investing activities	−6	479,000	−2	−698,000	−444,000
Payments on finance leases	−2	−2	−2	—	—
Line of credit borrowings	2	3	12	12	360,000
Payments of line of credit borrowings	−2	−3	−12	−12	−360,000
Treasury shares withheld	−326,000	−267,000	−287,000	—	—
Distribution to non-controlling interest	−3	−2	−500,000	—	−3
Payment of deferred loan cost related to ABL Facility	−55,000	0	—	—	—
Net cash used in financing activities	−5	−4	−2	−3	−4
Net change in cash and cash equivalents	11	9	486,000	−6	7
Effect of exchange rate changes on cash and cash equivalents	266,000	225,000	−164,000	−1	−251,000
Cash paid for interest (net of interest received and amounts capitalized)	75,000	173,000	377,000	557,000	423,000
Cash paid for income taxes (net of refunds)	2	431,000	−144,000	−303,000	−4
Assets obtained in exchange for new finance lease liabilities	2	2	2	2	4
Assets obtained in exchange for new operating lease liabilities	405,000	3	2	1	2
Debt assumed in acquisition of business	324,000	0	—	—	—

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