NCS Multistage Holdings, Inc. announced a strong start to 2025, with total revenues of $50.0 million for the first quarter ended March 31, 2025. This represents a 14% increase year-over-year compared to $43.9 million in Q1 2024, and is the highest quarterly revenue since the first quarter of 2020. The growth was primarily driven by increased Canadian product sales and services revenue across all geographic regions.
The company's adjusted gross margin improved to 44% for the quarter, up from 40% in the same period last year, benefiting from higher revenue and increased higher-margin international work. Adjusted EBITDA for the first quarter was $8.2 million, a 35% improvement compared to $6.1 million in Q1 2024, demonstrating operating leverage. Net income attributable to NCS was $4.1 million, or $1.51 per diluted share, a meaningful improvement from $2.1 million, or $0.82 per diluted share, in Q1 2024.
As of March 31, 2025, NCS maintained a robust financial position with a cash balance of $23.0 million and a net cash position of $15.4 million. Total liquidity stood at $49.8 million, inclusive of cash and availability under its undrawn revolving credit facility. This represents an increase of $15.4 million compared to one year ago.
For the remainder of 2025, NCS remains cautiously optimistic, while acknowledging potential risks from escalating global trade tensions and additional U.S. tariffs. These factors could impact commodity prices and potentially lead to a more pronounced decrease in drilling and completion activity in the second half and full year 2025. The company is evaluating options to mitigate potential cost increases from tariffs on Chinese products and steel imports.
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