NCS Multistage Holdings, Inc. reported full-year 2024 total revenues of $162.6 million, marking a 14% increase compared to $142.5 million in 2023. The company achieved record international revenues of $16.5 million for the full year, which accounted for 10% of total revenue, up from 5% in the previous year. This growth was driven by increases in international, Canadian, and U.S. product sales and services.
For the full year 2024, Adjusted EBITDA surged by over 85% to $22.3 million, compared to $11.9 million in 2023, with the Adjusted EBITDA margin improving to 14%. The company also achieved a net income attributable to shareholders of $6.6 million, or $2.55 per diluted share, a significant turnaround from a net loss of $(3.2) million in 2023. Free cash flow after distributions to non-controlling interest reached $9.9 million, an increase of $7.3 million from 2023.
NCS strengthened its balance sheet, ending 2024 with a net cash position of $17.7 million, an increase of $9.2 million compared to December 31, 2023. The company held $25.9 million in cash and cash equivalents and $8.1 million in total debt as of December 31, 2024. This financial flexibility supports future strategic initiatives.
In the fourth quarter of 2024, total revenues were $45.0 million, a 28% increase over the fourth quarter of 2023. Gross margin improved to 42%, up from 35% in the prior year period, driven by higher-margin international work and operating efficiencies. Adjusted EBITDA for the quarter was $8.2 million, a substantial increase of $5.7 million year-over-year.
Looking ahead to 2025, NCS expects its revenue to outperform underlying industry growth in Canada, the United States, and international markets. The company noted that its Canadian business represents over 60% of consolidated revenue. Management is monitoring potential negative impacts from a strengthening U.S. dollar relative to the Canadian dollar and evolving U.S. and reciprocal trade actions, including tariffs.
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