NCSM
NCSM fundamentals
Revenue Growth and Integration Success: Q3 revenue beat expectations at $46.5 million, with 37% U.S. growth and 38% international expansion. ResMetrix integration yields $1 million in synergies and strengthens Middle East market access. Financial Strength: Adjusted EBITDA of $7 million and free cash flow of $6.8 million year-to-date, with 2025 guidance for $11-$13 million free cash flow post-distributions. Product Development Momentum: New deepwater systems and tracer diagnostics solutions poised for 2026 deployments, supported by confirmed North Sea orders. Market Dynamics: Canadian customers cautious but NCS maintains share through value-driven pricing; Middle East contracts provide recurring revenue potential despite project-based execution.
