NCS Multistage Holdings, Inc. reported first‑quarter 2026 revenue of $45.6 million, an 8.8% decline from $50.0 million in the same period a year earlier. Adjusted EBITDA fell to $5.6 million, giving a 12% margin versus 16% in Q1 2025. The company’s adjusted gross profit was $18.2 million, a 40% margin compared with 44% a year ago.
The company posted a net loss of $0.14 per share, missing the consensus estimate of $1.33. Free cash flow after distributions improved to $0.7 million from a $2.1 million loss in Q1 2025, a $2.8 million year‑over‑year gain. Net cash at quarter‑end was $27 million, with an additional $18.5 million available under its undrawn asset‑based revolving credit facility, bringing total liquidity to $34.5 million.
U.S. revenue grew 6% versus Q4 2025 and more than doubled year‑over‑year, driven by Repeat Precision product sales and tracer diagnostics services. In contrast, lower activity in Canada and project delays in the Middle East weighed on overall revenue. CEO Ryan Hummer said, "Solid execution and momentum in the United States in the first quarter, including the contribution from ResMetrics, partially offset the impact of lower year‑over‑year industry activity levels in North America, customer‑specific job deferrals in Canada in March, and other timing‑related delays in certain international projects."
Management maintained its full‑year 2026 adjusted EBITDA guidance of $26 million to $29 million and modestly increased the midpoint of its revenue guidance while keeping the EBITDA range unchanged. Hummer added, "As we look forward to the remainder of the year, we're modestly increasing the midpoint of our revenue guidance for full year 2026 and maintaining our adjusted EBITDA guidance despite the challenges encountered late in the first quarter." The company also highlighted a large customer order for a multi‑well, multi‑basin fracturing project in the Permian and Rockies, and announced investment in additional machining assets at Repeat Precision to boost capacity by roughly 25%.
Shares fell 7.9% to 8% in after‑hours trading following the release, reflecting investors’ reaction to the revenue and earnings miss, margin compression, and the company’s cautious outlook for the remainder of the year.
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