Earnings analysis · 10-Q
NCSM earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
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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.
Reported figures
- Earnings per share
- $-0.14
- Gross margin
- 38.1%
- Segment
- U.S. Revenue: $19.1M, Canada: $23.2M, International: $3.3M
What stood out
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Revenue Decline
Q1 2026 revenue was $45.6 million, down 8.7% from $50.0 million in Q1 2025.
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Significant EPS Decline
EPS dropped to -$0.14 from $1.51 in the prior year.
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Improvement in Operating Cash Flow
Operating cash flow improved to $1.3 million from -$1.6 million year-over-year.
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Free Cash Flow Positive
Despite losses, free cash flow showed improvement to $10 million in Q4 2025.
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Strong U.S. Revenue Growth
U.S. revenues rose by 104.2%, contributing $19.1 million in Q1 2026.
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New Diagnostic Services Contribution
ResMetrics acquisition added $1.8 million in services revenue in Q1 2026.
What to watch
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Year-over-Year Revenue Decline
Total revenues fell by $4.4 million, driven by a decline in Canadian market activity.
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Operational Challenges
The Canadian segment revenue dropped by 38.5%, indicating significant operational challenges.
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Missed EPS Expectations
Actual EPS of -$0.14 was sharply lower than the expected $1.53.
Management's outlook
Management anticipates stable activity levels in E&P companies for the remainder of 2026.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.