NCS Multistage Holdings, Inc. reported a total revenue of $46.5 million for the third quarter of 2025, reflecting a 5.8% increase from $44.0 million in the same period of 2024. The growth was driven by a 24.2% rise in service revenues, which reached $15.3 million, primarily due to increased demand for tracer diagnostics services, including contributions from the recently acquired Reservoir Metrics, LLC. However, product sales saw a slight decline, totaling $31.2 million compared to $31.7 million in the prior year, attributed to lower sales in Canada amid reduced rig activity.
For the nine months ended September 30, 2025, NCS Multistage reported revenues of $133.0 million, up 13.1% from $117.6 million in the same period of 2024. This increase was largely fueled by a 14.1% rise in product sales, which amounted to $94.1 million, and a 10.9% increase in service revenues to $38.9 million. The company noted that the U.S. market contributed significantly to this growth, particularly in fracturing systems and tracer diagnostics, while international sales also showed improvement.
The company’s net income for the third quarter of 2025 was $4.2 million, down from $4.7 million in the previous year, reflecting a 9.8% decrease. For the nine-month period, net income surged to $10.4 million, a substantial increase from $4.4 million in 2024, driven by improved operational efficiency and the impact of the ResMetrics acquisition. The earnings per share for the third quarter were $1.47, compared to $1.63 in the same quarter of 2024.
In terms of operational developments, NCS Multistage completed the acquisition of Reservoir Metrics on July 31, 2025, for $7.1 million, which is expected to enhance its tracer diagnostics offerings. The acquisition included $5.8 million in cash and contingent consideration based on future trade tariffs. The company also reported a slight increase in total assets to $162.0 million as of September 30, 2025, up from $152.8 million at the end of 2024, with total liabilities decreasing to $34.9 million from $36.7 million.
Looking ahead, NCS Multistage anticipates a decline in drilling and completion activity in both Canada and the U.S. for the remainder of 2025, influenced by conservative production growth targets and ongoing market consolidation. The company expects Canadian activity to decrease by 3% to 5% and U.S. activity to decline by 6% to 8% compared to 2024. Despite these challenges, NCS Multistage remains focused on leveraging its recent acquisitions and expanding its service offerings to navigate the evolving market landscape.
About NCS Multistage Holdings, Inc.
NCS Multistage Holdings, Inc. provides engineered products and services for oil and natural gas well construction, completions, and field development. Its core offerings include fracturing systems, well construction tools, tracer diagnostics, and enhanced recovery solutions, primarily serving E&P companies in North America and select international markets. The company emphasizes innovation, technical expertise, and operational efficiency to optimize well performance and profitability.
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