--- title: "NCS Multistage | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 45.64 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284691149.md" datetime: "2026-04-30T04:12:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284691149.md) - [en](https://longbridge.com/en/news/284691149.md) - [zh-HK](https://longbridge.com/zh-HK/news/284691149.md) --- # NCS Multistage | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 45.64 M Revenue: As of FY2026 Q1, the actual value is USD 45.64 M, missing the estimate of USD 51 M. EPS: As of FY2026 Q1, the actual value is USD -0.14, missing the estimate of USD 1.58. EBIT: As of FY2026 Q1, the actual value is USD 874 K. #### Total Revenues NCS Multistage Holdings, Inc. reported total revenues of $45.6 million for the first quarter of 2026, a decrease compared to $50.0 million in the same quarter of 2025. This decline was primarily due to lower revenues in Canada and decreased service revenue in international markets, partially offset by increased U.S. revenues, including a $1.8 million contribution from ResMetrics. Compared to the fourth quarter of 2025, total revenues decreased by 10%, with Canada declining 17% and international revenues decreasing 30%, while U.S. revenues increased by 6%. #### Revenues by Geographic Area - **United States:** Total revenues were $19,140 thousand in Q1 2026, up from $9,372 thousand in Q1 2025. Product sales increased to $14,209 thousand from $6,867 thousand, and services increased to $4,931 thousand from $2,505 thousand. - **Canada:** Total revenues were $23,211 thousand in Q1 2026, down from $37,718 thousand in Q1 2025. Product sales decreased to $16,164 thousand from $26,843 thousand, and services decreased to $7,047 thousand from $10,875 thousand. - **Other Countries:** Total revenues were $3,286 thousand in Q1 2026, up from $2,915 thousand in Q1 2025. Product sales increased to $2,210 thousand from $1,356 thousand, while services decreased to $1,076 thousand from $1,559 thousand. #### Net Income/Loss The company reported a net loss of - $0.4 million for the first quarter of 2026, compared to a net income of $4.1 million in the same quarter of 2025. Net loss attributable to NCS Multistage Holdings, Inc. was - $0.371 million for Q1 2026, versus net income of $4.056 million for Q1 2025. #### Gross Profit and Margin Gross profit was $17.4 million, with a gross margin of 38%, for the first quarter of 2026, down from $21.1 million and a 42% gross margin in the first quarter of 2025. Adjusted gross profit was $18.2 million, with an adjusted gross margin of 40%, for Q1 2026, compared to $21.9 million and 44% for Q1 2025. #### Operating Costs Selling, general and administrative (SG&A) expenses totaled $15.7 million for the first quarter of 2026, a decrease of $0.5 million compared to $16.2 million in the same period of 2025. Income from operations was $0.848 million for Q1 2026, compared to $4.289 million for Q1 2025. #### Other Income Other income was $1.9 million for the first quarter of 2026, an increase from $0.9 million in the first quarter of 2025. #### Income Tax Expense Income tax expense for the first quarter of 2026 increased by $0.2 million compared to the same period in 2025. #### Adjusted EBITDA Adjusted EBITDA was $5.6 million for the first quarter of 2026, a decrease of $2.6 million from $8.2 million in the prior-year period. The Adjusted EBITDA margin was 12% for Q1 2026, down from 16% for Q1 2025. #### Cash Flow Cash flows from operating activities were $1.3 million for the three months ended March 31, 2026, an increase from - $1.6 million in the same period of 2025. Free cash flow less distributions to non-controlling interest was $0.7 million for Q1 2026, compared to - $2.1 million for Q1 2025. #### Liquidity and Capital Expenditures As of March 31, 2026, NCS Multistage Holdings, Inc. had $34.5 million in cash and $7.2 million in total indebtedness related to finance lease obligations. The company had an undrawn asset-based revolving credit facility with a borrowing base of $18.5 million. Working capital was $95.1 million as of March 31, 2026, compared to $93.4 million as of December 31, 2025. Net working capital increased to $62.9 million from $59.1 million over the same period. Capital expenditures, net of proceeds from asset sales, were $0.6 million for the three months ended March 31, 2026, up from $0.5 million in the prior year. #### Outlook NCS Multistage Holdings, Inc. maintains its full year 2026 outlook, anticipating increased customer engagement in U.S. completions offerings and continued success with Repeat Precision. The company expects a large multi-well fracturing systems project in the U.S. with sliding sleeve deliveries starting in the second half of the year. A modest year-over-year increase in Canadian customer activity and continued growth opportunities in international and offshore markets are also projected for the second half of 2026. ### Related Stocks - [NCSM.US](https://longbridge.com/en/quote/NCSM.US.md) ## Related News & Research - [A Preview Of NCS Multistage Holdings's Earnings](https://longbridge.com/en/news/277671706.md) - [NCS Multistage Q1 revenue falls on lower activity in Canada](https://longbridge.com/en/news/284639702.md) - [NCS Multistage CEO Details Tech-Driven Growth, International Push and M&A Plans at Conference](https://longbridge.com/en/news/281414536.md) - [NCS Multistage Holdings, Inc. (NASDAQ:NCSM) Sees Large Decrease in Short Interest](https://longbridge.com/en/news/282453937.md) - [NCS Multistage Holdings, Inc. (NASDAQ:NCSM) Short Interest Update](https://longbridge.com/en/news/277357208.md)