Fourth Quarter Results Total revenues of $50.6 million, a 13% year-over-year improvement and exceeding the high end of prior guidance Operating income of $5.2 million increased 78% year-over-year, outpacing revenue growth Net income of $15.0 million ($5.34 per diluted share), including a net positive impact of $9.8 million related to the release of our deferred tax valuation allowance Adjusted EBITDA of $9.2 million, compared to $8.2 million in the fourth quarter of 2024 and exceeding the high end of prior guidance $36.7 million in cash and $7.6 million in debt as of December 31, 2025 Full Year Results Total revenues of $183.6 million, a 13% improvement over 2024 Operating income more than doubled to $10.5 million from $4.3 million in 2024 Net income of $23.7 million ($8.65 per diluted share), including a net positive impact of $11.5 million related to the release of our deferred tax valuation allowance Adjusted EBITDA of $26.7 million, compared to $22.3 million in 2024 Cash flows from operating activities of $22.2 million and free cash flow after distributions to non-controlling interest of $18.9 million, an increase of $9.5 million and $9.0 million, respectively, compared to 2024, with free cash flow after distributions to non-controlling interest exceeding the high end of prior guidance HOUSTON, March 04, 2026 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter and year ended December 31, 2025. Review and Outlook NCS's Chief Executive Officer, Ryan Hummer commented, “Our performance in the fourth quarter concluded an important year for NCS, in which we grew revenue in each of our geographic markets, expanded our Adjusted EBITDA margin and improved our free cash flow generation.
