NCSM earnings analysis
What we found in NCSM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
NCS Multistage reported disappointing Q1 2026 results with revenues of $45.6 million, missing expectations by $5.4 million and down 8.7% year-over-year. The company incurred a net loss of $0.4 million, resulting in an EPS of -$0.14, significantly below the estimated EPS of $1.53 and last year's $1.51.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q1 2026 revenue was $45.6 million, down 8.7% from $50.0 million in Q1 2025.
- Significant EPS Decline
- EPS dropped to -$0.14 from $1.51 in the prior year.
- Improvement in Operating Cash Flow
- Operating cash flow improved to $1.3 million from -$1.6 million year-over-year.
- Free Cash Flow Positive
- Despite losses, free cash flow showed improvement to $10 million in Q4 2025.
- Strong U.S. Revenue Growth
- U.S. revenues rose by 104.2%, contributing $19.1 million in Q1 2026.
- New Diagnostic Services Contribution
- ResMetrics acquisition added $1.8 million in services revenue in Q1 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Year-over-Year Revenue Decline
- Total revenues fell by $4.4 million, driven by a decline in Canadian market activity.
- Operational Challenges
- The Canadian segment revenue dropped by 38.5%, indicating significant operational challenges.
- Missed EPS Expectations
- Actual EPS of -$0.14 was sharply lower than the expected $1.53.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.14
- Gross margin
- 38.1%
- Segment
- U.S. Revenue: $19.1M, Canada: $23.2M, International: $3.3M
What they said about what is next.
Management anticipates stable activity levels in E&P companies for the remainder of 2026.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
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