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• A highly specialized Halliburton, focusing on the advanced tools and systems for multistage fracking in oil and gas wells.
• It's like the NVIDIA for oil well completions, providing the specialized, high-performance downhole technology that enables complex multistage fracking.
• Think of it as the 'Intel Inside' for oil and gas wells, providing the critical components and systems that make multistage fracturing possible and efficient.

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• Multistage Frac Systems: Downhole tool systems, including frac sleeves and packers, that enable pinpoint stimulation in horizontal wells without the need for multiple trips into the wellbore.
• Open Hole Isolation Packers: Inflatable and mechanical packers used for zonal isolation and sealing in open hole environments during well completions.
• Coiled Tubing and Wireline Tools: Tools deployed via coiled tubing or wireline for well intervention, stimulation, and completion operations.
• Casing and Cementing Accessories: Products such as casing centralizers and float equipment designed to facilitate effective cementing and wellbore integrity.
• Tracer Diagnostics: Technology that uses chemical tracers to provide data on frac fluid distribution and reservoir flowback performance.

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NCS Multistage (symbol: NCSM) primarily sells its highly engineered products and support services to other companies within the oil and natural gas industry, specifically for well completions and hydraulic fracturing.

Based on their latest public filings (such as their Form 10-K for the fiscal year ended December 31, 2023), NCS Multistage has customer concentration, with a significant portion of their revenue coming from a limited number of customers. For the year ended December 31, 2023, sales to two customers each represented 10% or more of their total revenue (18% and 11% respectively).

However, NCS Multistage does not publicly disclose the specific names of these major customers in their SEC filings. Therefore, specific customer names and their symbols cannot be provided.

Generally, companies like NCS Multistage serve the following category of customers:

• Exploration and Production (E&P) Companies: These are companies engaged in the upstream sector of the oil and gas industry. They are responsible for locating, extracting, and producing crude oil and natural gas. E&P companies are the primary end-users of NCSM's well completion products and services, utilizing them to optimize the performance and recovery from their oil and gas wells.

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Ryan Hummer, Chief Executive Officer
Mr. Hummer has served as Chief Executive Officer of NCS Multistage since November 1, 2022. He joined NCS Multistage in 2014 and previously held positions including Chief Financial Officer and Treasurer (March 2020 - November 2022), Chief Financial Officer (November 2016 - March 2020), Executive Vice President, Corporate Development (August 2015 - November 2016), and Vice President, Corporate Development (July 2014 - August 2015). Prior to joining NCS, Mr. Hummer was a Director, Investment Banking at Lazard Freres & Co. from January 2011 to April 2014, where he advised clients on various transactions, including mergers and acquisitions, restructuring, and debt and equity capital raises.

Michael Morrison, Chief Financial Officer
Mr. Morrison was appointed Chief Financial Officer and Treasurer of NCS Multistage, effective November 3, 2022. Before joining NCS, he served as Executive Vice President and Chief Financial Officer at ION Geophysical Corporation from February 2020 to September 2022, and as Vice President of Finance and Treasurer from April 2016 to February 2020. Mr. Morrison held various other finance and accounting roles at ION Geophysical Corporation since 2002. Prior to 2002, he was a Director of Accounting, providing transaction support for an energy trading company, and also held various positions at Deloitte & Touche, LLP, a public accounting firm.

Tim Willems, Chief Operations Officer
Mr. Willems has over 30 years of experience in the oil and gas industry, with expertise in wellbore construction, completion, and remediation. His career includes 16 years in the international arena, holding diverse positions in applications engineering, operations, sales, and marketing. He has also served as a vice president for a major service company in both U.S. and international operations and marketing.

Ori Lev, Executive Vice President, General Counsel And Secretary
Mr. Lev serves as the Executive Vice President, General Counsel, and Secretary at NCS Multistage.

Heather Mueller, Executive Vice President, Product Strategy
Ms. Mueller is the Executive Vice President of Product Strategy at NCS Multistage.

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1. Dependence on the Volatile Oil and Natural Gas Industry: NCS Multistage's business is highly dependent on the level of exploration and production (E&P) activity by its customers, which are primarily oil and natural gas producers. Fluctuations in oil and natural gas prices directly impact these customers' spending, making it difficult to predict future market movements. A decline in E&P activity in North America and international markets or volatile commodity prices can significantly affect the company's revenue and financial performance. This also encompasses the cyclical and seasonal nature of the business and its reliance on customer spending.
2. Intense Competition: The markets in which NCS Multistage operates are highly competitive. To succeed, the company must continuously provide services and products that meet the specific needs of E&P companies at competitive prices.
3. Regulatory and Environmental Changes: The company is exposed to risks associated with changes in legislation or regulations governing the oil and natural gas industry, particularly those related to climate change and restrictions on greenhouse gas emissions. Such regulatory shifts could impact demand for oil and natural gas, and consequently, demand for NCS Multistage's products and services.

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NCS Multistage (symbol: NCSM) operates in several key addressable markets related to oil and natural gas well completions and field development strategies.

The main products and services offered by NCS Multistage, and their corresponding addressable markets, are as follows:

• Well Completion Equipment and Services: NCS Multistage is a prominent provider of highly engineered products and support services for optimizing oil and natural gas well completions. The global well completion equipment and services market was valued at $10.59 billion in 2024. This market is projected to grow to $14.77 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 7.2%. North America holds the largest share in this market.
• Dissolvable and Composite Frac Plugs: NCS Multistage is a key player in the market for dissolvable frac plugs and composite frac plugs and frac balls, which are critical components in hydraulic fracturing operations. The global composite frac plugs and frac balls market was sized at approximately USD 789.1 million in 2024. It is forecast to reach USD 1042.5 million by 2030, growing at a CAGR of 4.1% from 2025 to 2030. North America is identified as the largest market for these products.
• Oilwell Completion Tools: More broadly, the global market for oilwell completion tools, which includes a range of products used in well completions, is another addressable market for NCS Multistage. This market is projected to expand from USD 216.7 million in 2025 to USD 323.9 million by 2035, demonstrating a CAGR of 4.1% during this forecast period.

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1. Strategic Acquisitions, notably ResMetrix: The acquisition of ResMetrix in July 2025 is expected to contribute significantly to NCS Multistage's revenue, particularly in tracer diagnostics and by expanding its service offerings and market penetration in the Middle East. This acquisition is a key component of the company's growth strategy.
2. Expansion into International and Offshore Markets: NCS Multistage is strategically focused on capitalizing on offshore and international opportunities, including the North Sea, the Middle East, Argentina, and China. These markets are anticipated to grow faster than North America, with customers often prioritizing technical characteristics over price. The company is also developing and deploying deepwater fracturing systems, with a candidate well identified in the Gulf of America for deployment in the second half of 2026.
3. Product Innovation and Commercialization of New Technology Solutions: The company emphasizes its focus on internal research and development (R&D) and bringing innovative technology to market. This includes new solutions such as the Luminate multi-day composite sampling units and ATRS AICV sliding sleeves, designed to address complex customer challenges and expand the addressable market. This strategy aims to deliver tangible value to customers by offering solutions that save time, money, or both, and help create more productive wells.
4. Leveraging Leading Market Positions in Key Product Lines and Geographies: NCS Multistage aims to build on its strong market positions in fracturing systems globally, its presence in Canadian completions, and its worldwide capabilities in tracer diagnostics. While Canadian revenue has seen some fluctuations due to market activity, increased fracturing system sales in Canada and robust contributions from fracturing services, fracturing systems, and tracer diagnostics in the U.S. are expected to contribute to revenue growth.

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Capital Allocation Decisions (Last 3-5 Years) for NCS Multistage (NCSM)

Share Repurchases

• No specific share repurchase programs or authorized amounts for future repurchases were identified within the last 3-5 years.

Share Issuance

• As of September 30, 2025, NCS Multistage had 2,607,362 shares issued and 2,540,849 shares outstanding.
• As of December 31, 2024, the company had 2,563,979 shares issued and 2,507,430 shares outstanding.
• The net issuance of preferred stock for the trailing twelve months ended June 2025 was $0.0 million, indicating no significant activity in preferred share issuance or buyback.

Inbound Investments

• No significant inbound investments made in NCS Multistage by third-parties, such as strategic partners or private equity firms, were reported within the specified timeframe.

Outbound Investments

• On July 31, 2025, NCS Multistage acquired ResMetrics LLC for $7.2 million, consisting of $5.9 million in cash and assumed debt, with an additional earn-out of up to $1.3 million.
• This acquisition was strategic, aimed at expanding the company's product offerings and market reach in chemical tracer diagnostics services.
• The ResMetrics acquisition was funded entirely with cash, which helped preserve NCS Multistage's balance sheet.

Capital Expenditures

• NCS Multistage incurred capital expenditures of $0.4 million for the full year 2021, $1 million in 2022, $2 million in 2023, and $1 million in 2024.
• For the nine months ended September 30, 2025, capital expenditures were $1.0 million.
• The company expects to incur approximately $1.3 million to $1.5 million in capital expenditures for the full year 2025, primarily focused on upgrades to manufacturing facilities (including Repeat Precision), tracer diagnostics deployment, sampling, laboratory equipment, and field service equipment to support North American operations.