NCS Multistage Holdings, Inc.
ncsmultistage.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2026 10-Q, filed Jul 31, 2026. Its latest SEC filing is a 15-12G from Sep 11, 2026.
10-Q for Q2 FY2026, filed Jul 31, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Sells oil- and gas-well completion products, including fracturing systems, and provides related field and tracer-diagnostic services to exploration and production companies and oilfield service companies.
10-K for FY2025, filed Mar 5, 2026Our primary offering is our fracturing systems products and services, which enable efficient pinpoint stimulation: the process of…View ↗
We provide tracer diagnostics services for well completion and reservoir characterization that utilize downhole chemical tracers. Our…View ↗
We sell products for well construction, including our casing buoyancy systems, liner hanger systems and toe initiation sleeves as well as…View ↗
Repeat Precision. Repeat Precision sells a high-performance line of PurpleSeal composite and PurpleReign dissolvable frac plugs and bridge…View ↗
How Did They Make Money?
Product sales bring in payment when products ship or are delivered; service customers pay when jobs are completed and accepted, or as contracted work is performed when contracts allow payment up to termination.
10-K for FY2025, filed Mar 5, 2026For product sale arrangements that are standard inventory products or modified inventory products with an alternative use, revenue is…View ↗
For service arrangements that do not have a contract provision with a right to a payment for services up to the date of termination…View ↗
For service arrangements that do have a contract provision with a right to payment for services up to the date of termination, revenue is…View ↗
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10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$183.6M
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10-K for FY2025, filed Mar 5, 2026
$183.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Mar 5, 2026 |
70%
FY2022: 68%
|
Product, FY2025
$127.9M Sources
|
Sold outright |
|
Service
|
30%
FY2022: 32%
|
Service, FY2025
$55.8M Sources
|
Who Were Their Customers?
Oil and gas producers buy directly; oilfield service companies buy some products for distribution, and some international sales go through local operating partners.
10-K for FY2025, filed Mar 5, 2026CustomersView ↗
In the United States and Canada, we sell our fracturing systems products and services, enhanced recovery systems, liner hangers, toe…View ↗
International sales are made through local NCS entities or to our local operating partners, primarily in the Middle East, usually on a free…View ↗
10-K for FY2025, filed Mar 5, 2026
Our customer base primarily consists of oil and natural gas producers in North America and certain international markets as well as…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.
10-K for FY2025, filed Mar 5, 2026
$10.5MView ↗
10-K for FY2025, filed Mar 5, 2026
$23.7MView ↗
10-K for FY2025, filed Mar 5, 2026
$21MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
−$4.6MView ↗
- ▼ Now a loss
- vs $924K in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Sep 1, 2026
Weatherford completed its merger with NCS Multistage
NCS shares converted into rights to Weatherford shares or a cash-and-share option, and Weatherford assumed control.
Sources
8-K, filed Sep 1, 2026
Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of the Company’s…View ↗
Grew. Revenue grew 55% in 4 years, from $118.5M in FY2021 to $183.6M in FY2025, about 12% a year.
Expanded tracer diagnostics
The older report describes tracer diagnostics using chemical and radioactive tracers; the latest says the ResMetrics acquisition expanded the service with advanced reservoir diagnostics technology and a complementary customer base.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Mar 5, 2026We provide tracer diagnostics services for well completion and reservoir characterization that utilize downhole chemical and radioactive…View ↗
We provide tracer diagnostics services for well completion and reservoir characterization that utilize downhole chemical tracers. Our…View ↗
Dissolvable frac plugs
The older report lists composite frac plugs; the latest also lists dissolvable frac plugs in Repeat Precision's product line.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Mar 5, 2026Repeat Precision. Repeat Precision sells its high-performance Purple Seal line of composite frac plugs and bridge plugs, RP single-use…View ↗
Repeat Precision. Repeat Precision sells a high-performance line of PurpleSeal composite and PurpleReign dissolvable frac plugs and bridge…View ↗
Who Did They Compete With?
Competes with Baker Hughes, Core Laboratories, DMC Global, Forum Energy Technologies, Halliburton, Innovex International, Nine Energy Service, NOV, Oil States International, Packers Plus Energy Services, SLB, SBO, and Weatherford International
10-K for FY2025, filed Mar 5, 2026Our major competitors for our completion products and services include Baker Hughes Company (“Baker Hughes”), Core Laboratories Inc., DMC…View ↗
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