NCS Multistage revenue rose to $38.4M in Q2, boosted by Repeat Precision and ResMetrics. Gross margin held at 34%. Merger with Weatherford on track for H2 2026.
Alpha Score of 44 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
NCS Multistage Holdings beat its year-ago revenue mark in the second quarter, thanks to growth from Repeat Precision and the ResMetrics acquisition. The oilfield services company reported $38.4 million in revenue for the three months ended June 30, up from $36.5 million in the same period of 2025.
The U.S. segment supplied most of the lift. Repeat Precision, a product line NCS has been expanding for several years, added $6.1 million on a growing customer base and new commercial products. That gain partly offset a drop in sliding sleeve sales. The prior year had included a large order from a multinational customer that did not repeat in 2026.
ResMetrics, a services business bought in July 2025, chipped in $2.3 million in services revenue. The services line overall rose on that purchase and on higher fracturing systems service revenue in the United States. Those gains were partially offset by declines in Canada and internationally.
Canada revenue fell 42% from the first quarter. Spring break-up, the normal seasonal lull when ground conditions prevent heavy equipment work, played a role. Customer consolidation and delays to planned projects also contributed, the company said.
International revenue rose 37% quarter over quarter, driven by project-specific work. NCS did not name the projects, but the Middle East has historically been a region for its tracer diagnostics services.
Gross profit came in at $13.1 million, or 34% of revenue, matching the gross margin from a year earlier. Adjusted gross profit, which strips out depreciation and amortization, was $13.9 million, also holding at a 36% margin. The adjusted margin benefited from the mix of products and services, including ResMetrics. That benefit was partly offset by the year-over-year decline in Canada and a reduction in higher-margin international tracer diagnostics projects in the Middle East.
CEO Ryan Hummer credited the results to “strong performance from Repeat Precision and our U.S. tracer diagnostics offerings.” He said the team remains focused on delivering service to customers and supporting stakeholders “as we progress toward our pending combination with Weatherford.”
NCS announced the merger with Weatherford earlier this year. The companies expect the deal to close in the second half of 2026. Weatherford is a larger oilfield services firm, and the combination would give NCS access to a broader customer base and distribution network. For Weatherford, the deal adds NCS’s well-completion products and tracer diagnostics technology.
Hummer thanked employees, customers, vendors and shareholders for their “continued trust and support.” The company did not provide formal guidance for the third quarter or the full year.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.