Ncs Multistage Holdings, Inc. · NASDAQ:NCSM
Ncs Multistage — Q2 2025 Earnings Presentation
27 slides from Ncs Multistage's earnings presentation, Aug 1, 2025
Slide 1: Investor Update
Investor Update July 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements The information in this presentation includes “forward-looking statements” that are subject to risks and uncertainties. All statements, other than statements of historical fact included in this presentation, regarding NCS Multistage Holdings, Inc.’s (the “Compan
Slide 3: The NCS Investment Proposition
The NCS Investment Proposition • Leadership position in key well construction Trading Statistics and and completion technologies Selected Financial Metrics* (In millions, except per share amounts) • Enabler of capital-efficient unconventional Share Price (7/29/2025) $30.25 resource development Share
Slide 4: Our Technologies
Our Technologies
Slide 5: Fracturing Systems – Pinpoint Stimulation
Fracturing Systems – Pinpoint Stimulation Pinpoint stimulation enables more predictable, repeatable and verifiable completions that maximize reservoir connectivity, as compared to other completion methods Other Completion Methods Pinpoint Stimulation Well 1 Well 2 Well 3 Well 4 Unpredictable frac si
Slide 6: Fracturing Systems
Fracturing Systems InnovusTM Casing-Installed MultiCycle® Frac Sleeve Applications Frac ports Outer barrel Sliding inner barrel Locator profile • Fracturing control • Selective production / injection • Solids control • Water, gas and CO2 injection • Tracer integration InnovusTM Downhole Frac-Isolati
Slide 7: Repeat Precision Joint Venture
Repeat Precision Joint Venture • PurpleSeal & PurpleReign frac plug family of products • 4.5”, 5.5” and 6.0” specifications • All-composite designs and hybrid bridge plug • Dissolvable plug configurable for high & low salinity as well as hot & cool wellbore environments • FracSure Express disposable
Slide 8: Tracer Diagnostics
Tracer Diagnostics Leading provider of chemical and radioactive tracers for well diagnostics and reservoir characterization • Cost-effective and reliable service utilized by E&P companies to optimize completion designs and field development • Growing portfolio of chemical tracers, including: − FFI®
Slide 9: How Customers Utilize Tracers
How Customers Utilize Tracers Common Tracer Uses FirstView 3D interactive animation • Evaluate well spacing and diagnose frac hits • Fast, economical completion design optimization • Verify stage contributions • Evaluate cluster efficiency • Locate wellbore obstructions • Monitor waterflood and gas
Slide 10: Well Construction
Well Construction • Single-source provider of well construction solutions • Proprietary technologies to support casing and liner installation and for initial formation access ⁻ AirLock® casing buoyancy system ⁻ VectrasetTM, VecturonTM and SlimStimTM liner hanger assemblies ⁻ GoPortTM and InnovusTM t
Slide 11: Expanded Addressable Market
Expanded Addressable Market NCS has expanded its addressable market and diversified its business through organic sales and new product development, the Repeat Precision joint venture and the Tracer Diagnostics acquisition 2016 - $98 mm Revenue 2024 - $163 mm Revenue <10% ~20% 140+ 200+ ~10% Customer
Slide 12: ResMetrics Acquisition
ResMetrics Acquisition
Slide 13: ResMetrics Overview and Transaction Rationale
ResMetrics Overview and Transaction Rationale Strategic acquisition of complementary Tracer Diagnostics business ResMetrics Overview Transaction Rationale • Provides advanced reservoir diagnostics using Expanded service offering and larger pro chemical tracers forma tracer portfolio • Fracture Dia
Slide 14: Summary Transaction Terms
Summary Transaction Terms Strategic acquisition of complementary Tracer Diagnostics business Timing • Sign and close on July 31, 2025 • Purchase price of up to $7.15 million (cash-free, debt-free) • $5.90 million in cash and assumed debt at close Consideration • Earnout of up to $1.25 million to be
Slide 15: Growth and Financial Execution
Growth and Financial Execution
Slide 16: Executing on Our Long-Term Strategy
Executing on Our Long-Term Strategy upon our leading market on international and innovative solutions to positions offshore opportunities complex customer challenges Canada Land Rig NCS Canada (USD MM) Count (-1%) Revenue (+27%) NCS International Revenue (USD MM) • Higher temperature solutions • Exp
Slide 17: Q2 and YTD June 2025 Financial Results
Q2 and YTD June 2025 Financial Results Q2 2025 Performance: • Total revenue of $36.5 million, a 23% increase compared to Q2 2024 YTD ‘24 vs. YTD ‘25 Results • U.S. revenue of $13.6 million; Canadian revenue of $18.0 million; International revenue of $4.9 million • Net income, attributable to NCS, of
Slide 18: Q3 2025 and 2025 Full Year Financial Guidance
Q3 2025 and 2025 Full Year Financial Guidance Q3 2025 Financial Guidance1: • Total revenue of $42 - $46 million • Adjusted gross margin of 40% - 42% • Adjusted EBITDA of $5.5 - $7.0 million • Depreciation and amortization expense of $1.4 million Full Year 2025 Financial Guidance1: • Total revenue of
Slide 19: Revenue Profile
Revenue Profile Revenue Contribution – Twelve Months Ended June 30, 2025 By Geography Product and Service Mix 19
Slide 20: Key Market Drivers
Key Market Drivers NCS’s business is most closely levered to drilling and completion activity U.S. Average Horizontal Land Rig Count Canada Average Land Rig Count International Average Land Rig Count Source: Baker Hughes 20
Slide 21: Attractive Financial Profile
Attractive Financial Profile Financial and operating model minimizes capital investment and maximizes free cash flow Revenue (millions) 2 Adjusted Gross Profit1 (millions) and Margin% +13% Adjusted EBITDA* (millions) and Margin% Free Cash Flow* (millions) 2 +49% 1 See Appendix for Adjusted Gross Pro
Slide 22: The NCS Investment Proposition
The NCS Investment Proposition • Leadership position in key well construction Trading Statistics and and completion technologies Selected Financial Metrics* (In millions, except per share amounts) • Enabler of capital-efficient unconventional Share Price (7/29/2025) $30.25 resource development Share
Slide 23: Appendix
Appendix
Slide 24: Employees, Customers, Stakeholders
Employees Customers Stakeholders We will invest in our employees, our We will treat our customers as partners and We will ethically and responsibly increase most important resource, by providing operate in a fair and honest manner. We will stakeholder value by focusing on innovation, coaching and tr
Slide 25: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Year Ended Three Months Six Months December 31, Ended June 30, Ended June 30, ($ in millions) 2020 2021 2022 2023 2024 2024 2025 2024 2025 Net income (loss) $ (39.1) $ (3.8) $ (1.0) $ (3.1) $ 8.1 $ (2.8) $ 1.7 $ (0.3) $ 6.2 Income tax expense (benefit) (7.8) 0.3 0.4 (0
Slide 26: Adjusted Gross Profit and Adjusted Gross Margin Reconciliation
Adjusted Gross Profit and Adjusted Gross Margin Reconciliation Year Ended Three Months Six Months December 31, Ended June 30, Ended September 30, ($ in millions) 2023 2024 2024 2025 2024 2025 Total revenues $ 142.5 $ 162.6 $ 29.7 $ 36.5 $ 73.5 $ 86.5 Total cost of sales, exclusive of DD&A 86.9 95.1
Slide 27: Free Cash Flow and Net Working Capital Reconciliations
Free Cash Flow and Net Working Capital Reconciliations Free Cash Flow Year Ended Six Months December 31, Ended June 30, ($ in millions) 2020 2021 2022 2023 2024 2024 2025 Net cash provided by (used in) operating activities $ 35.1 $ 11.6 $ (1.4) $ 4.8 $ 12.7 $ 4.1 $ 1.9 Purchases of property & equipm
NCS Multistage Holdings — Q2 2025 Earnings Presentation on 6ix