NCSMHIGH SIGNALOPPORTUNITY10-K

NCSM delivered exceptional financial performance with net income surging 260% to $23.7M, driven by strong operational execution across all key metrics.

This dramatic improvement in profitability, combined with strong cash generation and balance sheet strengthening, suggests NCSM has successfully navigated previous challenges and is capitalizing on favorable market conditions in the oil and gas services sector. The company's focus on cybersecurity governance also indicates management attention to operational risk management during this growth phase.

Comparing 2026-03-05 vs 2025-03-10View on EDGAR →
FINANCIAL ANALYSIS

NCSM demonstrated outstanding financial performance with net income exploding 260% to $23.7M, supported by nearly doubled gross profit ($11.1M) and strong operating leverage. The company generated robust cash flow ($22.2M operating cash flow, up 74%) while strengthening its balance sheet with cash increasing 42% to $36.7M and stockholders equity growing 28% to $126.2M. This comprehensive financial improvement across profitability, cash generation, and balance sheet strength signals a company firing on all cylinders and successfully executing its operational strategy.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+260.2%
$6.6M→$23.7M

Net income grew 260.2% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+143.7%
$4.3M→$10.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Gross Profit
P&L
+98.8%
$5.6M→$11.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Cash Flow
Cash Flow
+74.3%
$12.7M→$22.2M

Operating cash flow surged 74.3% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+41.9%
$25.9M→$36.7M

Cash position surged 41.9% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+28.5%
$31.5M→$40.5M

Receivables grew 28.5% — monitor days sales outstanding for collection efficiency.

Stockholders Equity
Balance Sheet
+27.7%
$98.8M→$126.2M

Equity base grew 27.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+18.6%
$152.8M→$181.2M

Asset base grew 18.6% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+15.5%
$105.6M→$121.9M

Current assets grew 15.5% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+12.2%
$25.4M→$28.5M

Current liabilities rose 12.2% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-10
ADDED
ncsm20251231_10k.htm 0001692427 NCS Multistage Holdings, Inc.
false --12-31 FY 2025 true true true The information technology group has decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes.
Our Senior Director of Information Technology ( Senior Director of IT ), who is the head of our cybersecurity team, reports to our Chief Financial Officer.
The Senior Director of IT and our cybersecurity staff have held roles in security, infrastructure management, and enterprise information technology management.
They are responsible for assessing and managing our cyber risk management program, informing senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervising the execution of such efforts.
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REMOVED
ncsm20241231_10k.htm 0001692427 NCS Multistage Holdings, Inc.
As of March 6, 2025, there were 2,540,849 shares of common stock outstanding.
Any forward-looking statement made by us in this Form 10-K speaks only as of the date on which we make it.
Information that we furnish to or file with the Securities and Exchange Commission (the SEC ), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and any amendments to, or exhibits included in, those reports or statements are available for download, free of charge, on our website as soon as reasonably practicable after such materials are filed with or furnished to the SEC.
From time to time, we also post announcements, updates, events, investor information and presentations on our website at http://ir.ncsmultistage.com in addition to copies of all recent press releases as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
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