What were the key takeaways from NCS Multistage’s earnings call?

Did NCS Multistage beat or miss consensus estimates last quarter?

What factors drove the changes in NCS Multistage's revenue and profit?

What were the key takeaways from NCS Multistage's earnings call?

What is NCS Multistage's gross profit margin?

What is the market's earnings forecast for NCS Multistage next quarter?

What guidance did NCS Multistage's management provide for the next earnings period?

What is NCS Multistage's latest dividend and current dividend yield?

**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.

**【CEO Summary Section】**
- Q3 2025 revenue of $46.5 million exceeded guidance, driven by 37% year-over-year growth in U.S. operations and 38% increase in international markets.
- Emphasized successful integration of ResMetrix, with $1 million in cost synergies and expanded Middle East market presence.
- Highlighted new product developments, such as deepwater fracturing systems, targeting 2026 deployments in the Gulf of America.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $7 million for Q3, with free cash flow of $6.8 million year-to-date.
- Projected 2025 revenue of $174-$178 million, with 8% growth driven by organic initiatives and ResMetrix contributions.
- Free cash flow after distributions expected to reach $11-$13 million, yielding 11% of market cap.

**【Q&A Key Highlights】**
- Customers in Canada showing cautious spending, but NCS maintaining market share through value-based pricing.
- North Sea pipeline includes confirmed orders for 2026, with potential for new product applications.
- Middle East tracer diagnostics contracts provide recurring revenue visibility, though project-based execution remains lumpy.
- Integration of ResMetrix on track for early 2026 completion, with $1.5 million in cost savings opportunities.


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