NCS Multistage Holdings, Inc. (NASDAQ: NCSM) has reported a notable 22.8% year-over-year increase in total revenues for the second quarter of 2025, reaching $36.5M. This performance outpaces broader industry activity levels, with growth primarily fueled by heightened fracturing systems activity and frac plug sales in Canada and the U.S. Despite a seasonal revenue decline in Canada, the company's U.S. revenues saw a 45% sequential increase as delayed projects resumed. Internationally, revenues experienced a year-over-year decline but showed a significant sequential uptick, supported by increased equipment sales in the North Sea.
The company's adjusted gross margins stood at 35.7%, a decrease from 40.3% in the same quarter the previous year. However, NCSM anticipates modest revenue and margin growth through FY25, bolstered by the resilience of its core product lines and the recent acquisition of ResMetrics LLC. This strategic move, finalized on July 31, 2025, for $5.9M plus potential earn-outs, is expected to contribute $4–5M in revenue and $1–1.5M in EBITDA for the remainder of the fiscal year. ResMetrics enhances NCSM's diagnostics portfolio and expands its footprint in the U.S. and Middle East markets.
Financially, NCSM ended the quarter with a strong liquidity position of $42.6M, including $25.4M in cash and $17.2M available under its undrawn revolving credit facility. The company's balance sheet remains robust, with total debt limited to $7.7M in lease obligations. Looking ahead, NCSM has updated its full-year revenue guidance to $172.0M–$181.0M and adjusted EBITDA guidance to $22.0M–$25.5M, reflecting confidence in its growth trajectory and the strategic benefits of the ResMetrics acquisition.
For more details on NCS Multistage Holdings, Inc.'s performance and strategic initiatives, visit https://www.ncsmultistage.com.
