Business
NCS Multistage Holdings, Inc. Announces Second Quarter 2023 Results
Second Quarter Results Total revenues of $25.4 million, an 8% year-over-year decreaseNet loss of $(32.2) million and loss per share of $(13.02), compared to a
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"Second Quarter Results Total revenues of $25.4 million, an 8% year-over-year decreaseNet loss of $(32.2) million and loss per share of $(13.02), compared to a net loss of $(5.5) million and a loss per share of $(2.25) in the same quarter of 2022Adjusted net loss of $(6.2) million and adjusted loss per share of $(2.50), compared to an adjusted net loss of $(5.1) million and adjusted loss per share of $(2.09)Adjusted EBITDA of $(2.2) million, a decrease of $(0.3) million from the second quarter of 2022$13.7 million in cash and $8.8 million of total debt as of June 30, 2023 HOUSTON, July 31, 2023 (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 ended June 30, 2023. Financial Review Total revenues were $25.4 million for the quarter ended June 30, 2023, which was a decrease of 8% compared to the second quarter of 2022. This decrease reflects lower U.S. product sales and services revenues and lower international services revenues, offset by increases in Canadian product sales and services revenues. Despite the average rig counts remaining relatively stable for the quarters ending June 30, 2023 and 2022, and some favorable pricing for our offerings, the sales of our products in the United States were particularly affected by lower commodity prices, especially natural gas, which had a negative impact on customer activity levels. Improved sales in Canada for the same period were tempered by the effect of the Canadian wildfires in 2023. Compared to the first quarter of 2023, total revenues decreased by 42%, with decreases of 53% and 17% in Canada and the United States, primarily related to the normal seasonal decline in Canada during the second quarter due to the spring break-up, and, to a lesser extent, a declining rig count and lower commodity pricing in the United States, which contributed to a decline in activity levels for some of our customers during the quarter. These sequential revenue decreases were partially offset by an increase of 8% in the international markets. Gross profit, defined as total revenues less total cost of sales exclusive o...