DALLAS, TX -- May 1, 2026 -- NCS Multistage Holdings, Inc. (NASDAQ: NCSM) reported first-quarter 2026 results that came in below expectations, weighed down by timing issues in Canada and select international projects. However, continued momentum in the U.S. market helped offset the shortfall, and the company maintained its full-year 2026 Adjusted EBITDA guidance, signaling confidence in a second-half recovery. Stonegate Capital Partners updated its coverage on NCSM, emphasizing that the core thesis around U.S. product momentum, ResMetrics integration, and the company's capital-light model remains intact.
NCSM's 1Q26 performance highlights the timing risk embedded in Canada seasonality and project-based international work. The company's U.S. revenue more than doubled year-over-year, preserving the investment thesis. The key change is the cadence of earnings, with second-quarter 2026 guidance implying a softer near-term trough. Management expects a more back-half-weighted recovery tied to deferred Canadian work, recurring Repeat Precision activity, and ResMetrics synergies. This shift places greater emphasis on execution in the latter part of the year.
Importantly, the company's 2026 guidance excludes potential sliding sleeve deliveries for its first deepwater Gulf of Mexico opportunity, which could materialize in late 2026 or early 2027. This represents a potential upside catalyst that is not yet factored into current expectations. NCSM maintains a strong financial position with positive free cash flow and $53 million in liquidity, supporting ResMetrics integration, capacity expansion, and growth investments.
The updated coverage from Stonegate Capital Partners provides investors with a detailed analysis of NCSM's quarterly performance and outlook. The full announcement, including downloadable images and bios, is available for review. NCS Multistage Holdings continues to execute on its strategy, and the maintained guidance suggests that management sees a clear path to recovery in the second half of the year. For more information, visit the Stonegate Capital Partners website.
