NCS Multistage Holdings, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total revenues reaching $183.6 million, up from $162.6 million in 2024, marking a growth of approximately 13%. The company's net income attributable to shareholders surged to $23.7 million, a substantial increase from $6.6 million in the previous year, reflecting a 260% rise. This growth was primarily driven by increased product sales across all regions and a notable rise in service revenue, particularly in the United States, where fracturing systems sales were bolstered by two large projects.
The company experienced notable operational changes, including the acquisition of Reservoir Metrics, LLC on July 31, 2025, for $7.1 million. This acquisition is expected to enhance NCS's tracer diagnostics capabilities and expand its customer base. The company also reported that it served over 230 customers in 2025, including major oil and gas companies, and noted a slight decline in Canadian rig counts, which did not significantly impact overall revenue due to increased activity in other regions.
Geographically, Canada accounted for approximately 58% of total revenue, while the United States contributed about 32%. The company reported a 33.5% increase in U.S. revenues, driven by a rise in both product and service sales. In contrast, international service revenue saw a decline, attributed to fewer large projects compared to the previous year. The company’s operational metrics indicated a total employee headcount of 272, with a significant portion of its workforce based in the U.S. and Canada.
Looking ahead, NCS Multistage Holdings anticipates stable activity levels in Canada for 2026, while the U.S. market may experience a slight decline due to conservative oil production growth targets and ongoing consolidation within the exploration and production sector. The company remains cautious about the potential impacts of geopolitical tensions and fluctuating commodity prices on its operations. Despite these challenges, NCS is focused on maintaining its market position and exploring further growth opportunities through strategic acquisitions and product innovations.
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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