Stonegate Updates: NCS Multistage Q1 Miss Tempered by U.S. Strength

DALLAS, TX — May 1, 2026 — NCS Multistage Holdings, Inc. (NASDAQ: NCSM) has received updated coverage from Stonegate Capital Partners following its first-quarter 2026 results. The quarter fell short of expectations due to timing issues in Canada and select international projects, but strong U.S. momentum, with revenue more than doubling, helped offset the shortfall. According to Stonegate, the quarter does not alter the core thesis around U.S. product momentum, the integration of ResMetrics, and the company’s capital-light model. However, it underscores the timing risk inherent in Canada's seasonality and project-based international work. The key change is the expected cadence: second-quarter guidance suggests a softer near-term trough, while maintained full-year 2026 Adjusted EBITDA guidance points to a more back-half-weighted recovery, driven by deferred Canadian work, recurring Repeat Precision activity, and ResMetrics synergies. Notably, management stated that the 2026 guidance excludes potential sliding sleeve deliveries for its first deepwater Gulf of Mexico opportunity, which could materialize in late 2026 or early 2027. To view the full announcement, including downloadable images, bios, and more, click here.

Key takeaways from the report include: 1Q26 missed on Canada/international timing, but U.S. revenue more than doubled, preserving the thesis; FY26 EBITDA guidance was maintained, shifting focus to second-half recovery and Repeat Precision execution; and positive free cash flow and $53 million in liquidity support ResMetrics integration, capacity expansion, and growth investments. Stonegate Capital Partners, a leading capital markets advisory firm, provides investor relations, equity research, and institutional investor outreach for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking, equity research, and capital raising services.