Results missed internal guidance with sharp revenue decline in Canada and project delays. The maintained full-year outlook hinges on H2 2026 recovery, including a large U.S. fracturing systems project ramp. Monitor Q2 for signs of Canadian activity rebound and execution on the domestic project pipeline.
Price Chart
Executive Summary
NCS Multistage reported Q1 2026 revenue of $45.6M, down 8.7% YoY, missing internal guidance. Net loss of $(0.4)M compared to net income of $4.1M in Q1 2025, and adjusted EBITDA fell 32% to $5.6M, driven by lower Canadian activity and delayed international projects.
Key Financial Metrics
Key Facts
- Q1 2026 total revenues of $45.6M, down from $50.0M in Q1 2025
- Net loss attributable to NCSM of $(0.4)M ($(0.14)/diluted share) vs net income of $4.1M ($1.51/diluted share)
- Adjusted EBITDA of $5.6M, down from $8.2M; Adjusted EBITDA margin compressed to 12% from 16%
- Operating cash flow improved to $1.3M vs $(1.6)M in prior year; free cash flow of $0.7M vs $(2.1)M
- U.S. revenue grew 104% to $19.1M, but Canadian revenue fell 38% to $23.2M; international declined
- Ended quarter with $34.5M cash and $27M net cash position, strong liquidity
Financial Impact
Revenue decline of $4.4M YoY, net income swing from +$4.1M to -$0.4M, adjusted EBITDA down $2.6M
Risk Factors
- Further industry downturn in Canada or international markets
- Customer consolidation reducing pro forma activity
- Additional project delays in Middle East tracer diagnostics
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-013883 |
| Document: ncsm20260309_8k.htm | 0001437749-26-013883 |
| Document: 0001437749-26-013883-index-headers.html | 0001437749-26-013883 |
| Document: 0001437749-26-013883-index.html | 0001437749-26-013883 |
| Document: 0001437749-26-013883.txt | 0001437749-26-013883 |
| 8-K Data (Synthetic) | 0001437749-26-013883 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | Court Ruling | — | awaiting T+1 | — | — |
Sep 11, 2026 21d ago | 15-12G | — | awaiting T+1 | — | — |
Sep 9, 2026 23d ago | EFFECT | — | awaiting T+1 | — | — |
Sep 9, 2026 23d ago | EFFECT | — | awaiting T+1 | — | — |
Sep 1, 2026 4w ago | 25-NSE | $53.35 $53.35 | · 0.00% | ▼ −0.44% | — |
Sep 1, 2026 4w ago | 8-K | $53.35 $53.35 | · 0.00% | ▼ −0.44% | — |
Jul 30, 2026 9w ago | Press Release | $47.00 $47.13 | ▼ −0.28% | ▲ +1.15% | — |
Jun 1, 2026 17w ago | 425 | $55.60 $55.72 | ▲ +0.22% | ▲ +0.94% | — |
Jun 1, 2026 17w ago | 425 | $55.60 $55.72 | ▲ +0.22% | ▲ +0.94% | — |
Jun 1, 2026 17w ago | 425 | $55.60 $55.72 | ▲ +0.22% | ▲ +0.94% | — |
US Market Status
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