NCS Multistage Holdings, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $162.6 million, up 14.1% from $142.5 million in 2023. The company achieved a net income of $6.6 million, a substantial recovery from a net loss of $3.2 million in the previous year. This turnaround was attributed to increased sales in both product and service segments, particularly in international markets such as the North Sea and the Middle East, as well as a resilient performance in Canada.
The company's revenue growth was driven by a 12.5% increase in product sales, which totaled $113.0 million, and a 17.8% rise in service revenues, amounting to $49.5 million. Notably, the U.S. market saw a 15.4% increase in total revenues, despite a decline in service revenues, while international sales surged by 151.6%, reflecting strong demand for NCS's fracturing systems and tracer diagnostics services. The company served over 200 customers in 2024, including major oil and gas producers.
Operationally, NCS Multistage has focused on enhancing its product offerings and expanding its market presence. The company continues to innovate in its fracturing systems, which enable efficient pinpoint stimulation of oil and gas wells. Additionally, NCS holds a 50% interest in Repeat Precision, which has contributed to its product line with composite and dissolvable frac plugs. The company has also implemented cost-saving measures, resulting in annualized savings of approximately $4 million in 2024, which helped improve its gross margins to 39.9%, up from 37.5% in 2023.
Looking ahead, NCS Multistage anticipates a mixed outlook for 2025, with stable or slightly increased activity levels expected in Canada, while the U.S. market may experience a modest decline due to conservative production growth targets. The company remains cautious about potential impacts from geopolitical tensions affecting oil prices and ongoing inflationary pressures that could influence operational costs. NCS plans to invest between $1.5 million and $2 million in capital expenditures in 2025 to support its growth initiatives, including upgrades to manufacturing facilities and technology.
About NCS Multistage Holdings, Inc.
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