0001692427-24-000008 | 10-K | XBRL Viewer | NCS Multistage Holdings INC

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023


	Year Ended December 31,
	2023		2022
Current tax expense (benefit)
U.S. Federal	$	(114)	$	(291)
State		54		116
Foreign		(324)		260
Total current		(384)		85
Deferred tax expense
U.S. Federal	$	103	$	—
State		—		—
Foreign		49		266
Total deferred		152		266
Total income taxes	$	(232)	$	351

Domestic and Foreign Components of (Loss) Income Before Income Taxes


	Year Ended December 31,
	2023		2022
U.S. Federal	$	1,256	$	(1,127)
Foreign		(4,599)		526
Loss before income tax	$	(3,343)	$	(601)

Summary of Items that Caused Recorded Income Taxes to Differ from Income Taxes Computed Using Statutory Federal Income Tax Rate


	Year Ended December 31,
	2023		2022
Income tax at federal statutory rate	21.0	%	21.0	%
Increase (decrease) in income taxes resulting from:
Foreign taxes on U.S. income	(2.7)	%	(7.4)	%
Non-controlling interest gain/losses	(3.8)	%	(53.3)	%
Nondeductible expenses	(5.2)	%	(32.1)	%
Deductible foreign taxes	1.4	%	36.3	%
Non U.S. income taxed at different rates	23.8	%	(18.3)	%
Research and other tax credits	20.8	%	57.8	%
Effect of rate change on deferred tax	—	%	(2.8)	%
Stock-based compensation	(18.2)	%	(656.7)	%
State taxes	(12.3)	%	(104.1)	%
Change in valuation allowance	(20.9)	%	675.5	%
Other	3.0	%	25.7	%
Income tax	6.9	%	(58.4)	%

Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities


	December 31,
	2023		2022
Deferred tax assets
Accruals not currently deductible	$	2,947	$	3,165
Depreciation and amortization		8,761		9,593
Tax loss carryforward		4,333		3,775
Other		2,821		1,799
		18,862		18,332
Valuation allowance for deferred tax assets		(18,758)		(18,288)
Total deferred tax assets		104		44
Deferred tax liabilities
Foreign currency translation		(287)		(148)
Other		—		(49)
Total deferred tax liabilities		(287)		(197)
Net deferred tax assets (liabilities)	$	(183)	$	(153)

The above are included in the accompanying consolidated balance sheet as follows (in thousands):


	December 31,
	2023		2022
Deferred income tax assets—noncurrent	$	66	$	46
Deferred income tax liabilities—noncurrent		(249)		(199)
	$	(183)	$	(153)

Leases (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,300	$ 2,400

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss	$ (3,111)	$ (952)
Foreign currency translation adjustments, net of tax of $0	(135)	(3,523)
Comprehensive loss	(3,246)	(4,475)
Comprehensive income attributable to non-controlling interest	42	150
Comprehensive loss attributable to NCS Multistage Holdings, Inc.	$ (3,288)	$ (4,625)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Other Current Receivables

12 Months Ended

Dec. 31, 2023

Other Current Receivables [Abstract]

Other Current Receivables

Note 6. Other Current Receivables

Other current receivables consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Current income tax receivables	$	1,418	$	1,868
Employee receivables		249		354
Other receivables		2,375		1,504
Total other current receivables	$	4,042	$	3,726

Employee receivables primarily consist of amounts paid by us for foreign withholding tax paid on behalf of employees working on international assignments, which is expected to be reimbursed to us by the employees when refunded as foreign tax credits on their home-country tax returns. As of December 31, 2023, a primary component of the other receivables balance is $1.2 million related to a company-owned life insurance policy associated with a non-qualified deferred compensation plan which was terminated in late 2023. We expect to utilize the proceeds from the liquidation of the insurance policy to fund the disbursements to settle liabilities under the terminated plan within the next twelve months. The associated liability of $1.2 million is included in other current liabilities on the accompanying balance sheet as of December 31, 2023. The other receivables balance at December 31, 2022 includes amounts associated with U.S. employee retention credit (“ERC”) claims totaling $0.9 million, of which $0.7 million was collected in September 2023, along with $0.1 million of interest, with a remaining receivable of $0.1 million at December 31, 2023.

Other receivables also includes $0.9 million and $0.7 million for the years ended December 31, 2023 and 2022 associated with our technical services and assistance agreement with our local partner in Oman. This agreement is effective until the expiration of a specified contract between our partner and a national oil and gas company or the expiration of other contracts entered into subsequent to the specified contract. Pursuant to the agreement, we provide chemical and radioactive tracers at stated contract prices with revenue recognized on the delivery of these materials when performance obligations are met. In addition, we provide technical support, training, literature and further technical assistance to our local partner. In consideration of these technical services, our local partner shares their net profit or loss, excluding certain non-cash items, arising out of the specified contractual arrangement equally with us at the end of each year. Quarterly, we record a receivable related to this profit-sharing provision, as the amount is probable and reasonably estimable. A portion of our profit-sharing income is allocated to tracer diagnostics services based upon the ratio of the standalone fair market value of the tracer chemicals and profit-sharing elements of the contractual arrangement. For the years ended December 31, 2023 and 2022, we have recorded tracer diagnostics services revenue of $1.4 million and $1.2 million, respectively, and other income, net totaling $0.8 million and $0.7 million, respectively, in the consolidated statements of operations.

Loss Per Share (Reconciliation of Numerator and Denominator for Calculating Earnings (Loss) Per Common Share from Net Income (Loss)) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net loss	$ (3,111)	$ (952)
Less: (loss) income attributable to non-controlling interest	42	150
Net loss attributable to NCS Multistage Holdings, Inc.	$ (3,153)	$ (1,102)
Denominator
Basic weighted average number of shares (in shares)	2,473	2,432
Dilutive effect of stock options, RSUs and PSUs
Diluted weighted average number of shares (in shares)	2,473	2,432
Loss per common share
Basic (in dollars per share)	$ (1.27)	$ (0.45)
Diluted (in dollars per share)	$ (1.27)	$ (0.45)
Potentially dilutive securities excluded as anti-dilutive	146	194

Other Current Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Receivables [Abstract]

Schedule of Other Current Receivables


	December 31,		December 31,
	2023		2022
Current income tax receivables	$	1,418	$	1,868
Employee receivables		249		354
Other receivables		2,375		1,504
Total other current receivables	$	4,042	$	3,726

Accrued Expenses (Narrative) (Details) $ in Thousands	1 Months Ended			12 Months Ended
Accrued Expenses (Narrative) (Details) $ in Thousands	Jan. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jun. 30, 2023 item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Accrued expenses				$ 3,702	$ 4,391
Mexico [Member] \| Repeat Precision [Member]
Restructuring Cost and Reserve [Line Items]
Number of manufacturing facility \| item			2
Severance and other costs				900
Cash payments				800
Mexico [Member] \| Repeat Precision [Member] \| Subsequent Events [Member]
Restructuring Cost and Reserve [Line Items]
Cash payments	$ 100
Executive Officer [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance and other costs		$ 1,000
Acceleration of expense recognition under stock-based compensation		400
Restructuring reserve		$ 600		300
Cash payments				$ 300

Segment and Geographic Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment and Geographic Information [Abstract]
Number of reportable segments	1

Other Current Receivables (Schedule Of Other Current Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current income tax receivables	$ 1,418	$ 1,868
Other receivables	2,375	1,504
Total other current receivables	4,042	3,726
Employee [Member]
Total other current receivables	$ 249	$ 354

Goodwill and Identifiable Intangibles (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Identifiable Intangibles [Abstract]
Gross value	$ 177,162	$ 177,162
Accumulated impairment	(161,940)	(161,940)
Net	$ 15,222	$ 15,222

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Leases (Supplemental Balance Sheet Information Related to Leases) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2023 USD ($)
Operating lease right-of-use assets	$ 4,515	$ 4,847
Finance lease right-of-use assets	$ 7,771	$ 7,985
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total leased right-of-use assets	$ 12,286	$ 12,832
Liabilities Current
Operating lease liabilities	1,274	1,583
Finance lease liabilities	$ 1,433	$ 1,812
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligations, Current
Liabilities Noncurrent
Operating lease liabilities	$ 3,680	$ 3,775
Finance lease liabilities	$ 6,437	$ 6,344
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term Debt and Capital Lease Obligations	Long-term Debt and Capital Lease Obligations
Total lease liabilities	$ 12,824	$ 13,514
Other Various Locations [Member]
Operating lease right-of-use assets	$ 1,400	$ 1,700
Liabilities Noncurrent
Number of new operating leases \| item	3
Number of renewed operating leases \| item	4
Operating lease renewal terms		5 years
Finance Lease Right Of Use Assets [Member]
Liabilities Noncurrent
Finance lease accumulated depreciation	$ 3,500	$ 4,700
Minimum [Member]
Liabilities Noncurrent
Operating lease renewal terms		5 years
Minimum [Member] \| Other Various Locations [Member]
Liabilities Noncurrent
Operating lease renewal terms	3 years
Maximum [Member]
Liabilities Noncurrent
Operating lease renewal terms		10 years
Maximum [Member] \| Other Various Locations [Member]
Liabilities Noncurrent
Operating lease renewal terms	6 years

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Stock Option Activity



	Total ‎Options	‎Weighted ‎Average ‎Exercise ‎Price		‎Weighted ‎Average ‎Remaining ‎Contractual ‎Life (Years)
Outstanding at December 31, 2022	6,851	$	182.65	1.68
Expired during the year	(2,609)		117.59
Outstanding at December 31, 2023	4,242	$	222.66	1.52
Exercisable as of December 31, 2023	4,242	$	222.66	1.52

Summary of Share-Based Compensation Expense Recognized in Selling, General and Administrative Expense


	Year Ended December 31,
	2023		2022
Restricted stock units	$	2,657	$	2,205
Equivalent stock units		1,201		2,586
Performance stock unit awards		1,507		1,248
Total share-based compensation expense	$	5,365	$	6,039
Related income tax benefit	$	361	$	802

Equivalent Stock Unit Awards [Member]

Summary of Stock Unit Activity


	Number of ‎Awards	Weighted ‎Average ‎Grant Date ‎Fair Value
Non-vested at December 31, 2022	135,856	$	33.98
Granted	90,041		24.49
Vested	(75,547)		30.11
Forfeited	(10,311)		30.18
Non-vested at December 31, 2023	140,039	$	30.25

Performance Stock Unit Awards (PSUs) [Member]

Summary of Stock Unit Activity


	Number of ‎Awards	Weighted ‎Average ‎Grant Date ‎Fair Value
Non-vested at December 31, 2022	57,681	$	61.00
Granted	13,681		36.02
Vested	—		—
Forfeited	(17,004)		66.14
Non-vested at December 31, 2023	54,358	$	53.11

Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Awards


	March 2023			November 2022			March 2022
Grant date		March 2, 2023			November 1, 2022			March 2, 2022
Performance period		January 1, 2023 to December 31, 2025			January 1, 2023 to December 31, 2025			January 1, 2022 to December 31, 2024
Volatility		75.2	%		95.6	%		102.1	%
Risk-free interest rate		4.6	%		4.4	%		1.6	%
Expected dividends		—	%		—	%		—	%
Grant date price	$	24.49		$	30.50		$	42.90
Weighted-average fair value per share	$	36.02		$	49.52		$	71.28

2017 Plan [Member] | Restricted Stock Units (RSUs) [Member]

Summary of Stock Unit Activity


	Number of ‎Awards	Weighted ‎Average ‎Grant Date ‎Fair Value
Non-vested at December 31, 2022	118,713	$	39.32
Granted	81,021		24.49
Vested (including 13,259 shares that have not been released)	(59,367)		39.55
Forfeited	(6,868)		33.03
Non-vested at December 31, 2023	133,499	$	30.55

Debt (Narrative) (Details)	12 Months Ended
Debt (Narrative) (Details)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Feb. 16, 2018 USD ($)
Debt Instrument [Line Items]
Amortization expense of deferred financing charges	$ 204,000	$ 231,000
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Debt instrument, fair value	7,100,000	6,800,000
ABL Facility [Member]
Debt Instrument [Line Items]
Line of credit outstanding	0	0
Unamortized deferred	1,000,000.0
Debt instrument, borrowing base	$ 16,400,000
Debt maturity date	May 03, 2027
Interest rate, effective percentage	7.90%
Credit commitment fee amount	$ 200,000	100,000
Condition to borrow, maximum cash on hand after borrowings	$ 10,000,000.0
Fixed charge coverage ratio \| item	1.0
Amortization expense of deferred financing charges	$ 200,000	$ 100,000
ABL Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	35,000,000.0
ABL Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	7,500,000
ABL Facility [Member] \| Borrowing Allowed in Canadian Dollars [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000.0
ABL Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Commitment fee, percentage	0.25%
ABL Facility [Member] \| Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	1.40%
ABL Facility [Member] \| Minimum [Member] \| Adjusted Daily Simple SOFR, Adjusted Term SOFR Rate, Canadian Prime Rate, and CDOR Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	2.40%
ABL Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Commitment fee, percentage	0.50%
Minimum liquidity percentage required under new financial covenants	20.00%
ABL Facility [Member] \| Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	2.40%
ABL Facility [Member] \| Maximum [Member] \| Adjusted Daily Simple SOFR, Adjusted Term SOFR Rate, Canadian Prime Rate, and CDOR Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	3.40%
Repeat Precision Promissory Note [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	1.00%
Debt maturity date	Aug. 10, 2024
Debt instrument stated interest rate	9.50%
Repeat Precision Promissory Note [Member] \| February 2017 Note [Member]
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity			$ 4,300,000

Goodwill and Identifiable Intangibles (Schedule of Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Identifiable Intangibles [Abstract]
2024	$ 669
2025	669
2026	669
2027	292
2028	259
Thereafter	1,801
Total	$ 4,359	$ 5,028

Property and Equipment (Schedule of Depreciation Expense Associated Income Statement Line Items) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Selling, general and administrative expenses	$ 1,742	$ 1,678
Total depreciation	3,947	3,650
Product Sales [Member]
Cost of sales	1,613	1,425
Services [Member]
Cost of sales	$ 592	$ 547

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment [Abstract]

Property and Equipment

Note 7. Property and Equipment

Property and equipment by major asset class consist of the following as of December 31, 2023 and 2022 (in thousands):



	December 31,		December 31,
	2023		2022
Land	$	1,630	$	1,592
Building and improvements		7,742		7,462
Machinery and equipment		19,378		18,156
Computers and software		2,408		2,107
Furniture and fixtures		722		748
Vehicles		265		262
Right of use assets - finance leases		12,709		11,231
Service equipment		57		57
		44,911		41,615
Less: Accumulated depreciation and amortization		(21,912)		(18,844)
		22,999		22,771
Construction in progress		337		545
Property and equipment, net	$	23,336	$	23,316

The following table presents the depreciation expense associated with the respective income statement line items for the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Cost of sales
Cost of product sales	$	1,613	$	1,425
Cost of services		592		547
Selling, general and administrative expenses		1,742		1,678
Total depreciation	$	3,947	$	3,650

The table above includes depreciation expense associated with finance leases for buildings, equipment and software, as well as vehicles for our transportation fleet. See “Note 15. Leases.”

We evaluate our property and equipment for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. As of December 31, 2023, we evaluated potential triggering events, including the decline in the quoted price of our common stock. However, we determined there were no triggering events that indicated potential impairment of our property and equipment for the years ended December 31, 2023 and 2022, respectively, and accordingly no impairment loss has been recorded.

Summary of Significant Accounting Policies (Property and Equipment Estimated Useful Service Lives or Lease Term) (Details)	Dec. 31, 2023
Building [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	30 years
Maximum [Member] \| Building Equipment and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	15 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	12 years
Maximum [Member] \| Computer and Software [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	5 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	5 years
Maximum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	4 years
Maximum [Member] \| Right Of Use Assets - Finance Leases [Member]
Property, Plant and Equipment [Line Items]
Lease term	10 years
Minimum [Member] \| Building Equipment and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	1 year
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	5 years
Minimum [Member] \| Computer and Software [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	3 years
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	3 years
Minimum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Useful service lives	2 years
Minimum [Member] \| Right Of Use Assets - Finance Leases [Member]
Property, Plant and Equipment [Line Items]
Lease term	2 years

Employee Benefit Plan

12 Months Ended

Dec. 31, 2023

Employee Benefit Plan [Abstract]

Employee Benefit Plan

Note 14. Employee Benefit Plan

Under the terms of the U.S. 401(k) plan, we match 100% of up to the first 3% of eligible compensation an employee contributes and 50% of up to the next 2% of eligible compensation contributed. Similarly, our Canadian employees are eligible to participate in the Group Registered Retirement Savings Program where NCS matches 100% of up to 4% of eligible compensation that an employee contributes. All eligible employees may make tax deferred contributions to the plan. Contributions made on behalf of Canadian employees by NCS are taxable income to the employee and may not exceed the Canadian Revenue Agency’s deduction limit for the given year.

In addition, Repeat Precision, maintains a simple IRA plan for eligible employees who may contribute a percentage of their compensation subject to a maximum imposed by the Internal Revenue Code, with Repeat Precision making a matching contribution of up to 3% of the eligible compensation an employee contributes.

Our contributions to all of these benefit plans were $1.0 million for each of the years ended December 31, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (3,111)	$ (952)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,616	4,319
Amortization of deferred loan cost	204	231
Write-off of deferred loan costs		196
Share-based compensation	5,365	6,039
Provision for inventory obsolescence	1,235	2,542
Deferred income tax expense	152	266
Loss (gain) on sale of property and equipment	258	(361)
Provision for (recovery of) credit losses	162	(61)
Proceeds from note receivable	546	590
Changes in operating assets and liabilities:
Accounts receivable—trade	4,541	(4,860)
Inventories, net	(5,758)	(7,678)
Prepaid expenses and other assets	2,563	1,347
Accounts payable—trade	(2,583)	1,224
Accrued expenses	(649)	(1,777)
Other liabilities	(2,558)	(2,852)
Income taxes receivable/payable	(209)	364
Net cash provided by (used in) operating activities	4,774	(1,423)
Cash flows from investing activities
Purchases of property and equipment	(1,882)	(1,035)
Purchase and development of software and technology	(310)	(96)
Proceeds from sales of property and equipment	509	433
Net cash used in investing activities	(1,683)	(698)
Cash flows from financing activities
Payments on finance leases	(1,598)	(1,463)
Line of credit borrowings	11,702	11,780
Payments of line of credit borrowings	(11,758)	(11,724)
Treasury shares withheld	(287)	(383)
Distribution to non-controlling interest	(500)
Payment of deferred loan cost related to ABL facility		(952)
Net cash used in financing activities	(2,441)	(2,742)
Effect of exchange rate changes on cash and cash equivalents	(164)	(1,071)
Net change in cash and cash equivalents	486	(5,934)
Cash and cash equivalents beginning of period	16,234	22,168
Cash and cash equivalents end of period	16,720	16,234
Supplemental cash flow information
Cash paid for interest (net of interest received and amounts capitalized)	377	557
Cash paid for income taxes (net of refunds)	(144)	(303)
Noncash investing and financing activities
Assets obtained in exchange for new finance lease liabilities	1,972	1,788
Assets obtained in exchange for new operating lease liabilities	$ 1,780	$ 1,450

Property and Equipment (Narrative) (Details) - USD ($)	12 Months Ended
Property and Equipment (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment [Abstract]
Impairment charge of property and equipment	$ 0	$ 0

Goodwill and Identifiable Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Identifiable Intangibles [Abstract]

Changes in Carrying Amount of Goodwill


	December 31,		December 31,
	2023		2022
Gross value	$	177,162	$	177,162
Accumulated impairment		(161,940)		(161,940)
Net	$	15,222	$	15,222

Schedule of Identifiable Intangibles



		December 31, 2023
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(863)	$	3,095
Customer relationships	10		4,100		(2,836)		1,264
Total amortizable intangible assets		$	8,058	$	(3,699)	$	4,359
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,699)	$	4,407



		December 31, 2022
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(604)	$	3,354
Customer relationships	10		4,100		(2,426)		1,674
Total amortizable intangible assets		$	8,058	$	(3,030)	$	5,028
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,030)	$	5,076

Schedule of Estimated Future Amortization Expense


2024	$	669
2025		669
2026		669
2027		292
2028		259
Thereafter		1,801
Total	$	4,359

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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+ Details

Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finance lease cost
Amortization of right-of-use assets	$ 1,752	$ 1,531
Interest on lease liabilities	443	364
Operating lease cost	1,445	1,497
Short-term lease cost	855	896
Total lease cost	$ 4,495	$ 4,288

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

Note 1. Organization and Basis of Presentation

Organization

NCS Multistage Holdings, Inc., a Delaware corporation, through its wholly owned subsidiaries and subsidiaries for which it has a controlling voting interest (collectively referred to as the “Company,” “NCS,” “we,” “our” and “us”), is primarily engaged in providing engineered products and support services for oil and natural gas well construction, well completions and field development strategies. We offer our products and services primarily to exploration and production companies for use both in onshore and offshore wells. We operate through service facilities principally located in Houston and Odessa, Texas; Tulsa, Oklahoma; Calgary, Red Deer, Grande Prairie and Estevan, Canada; Neuquén, Argentina and Stavanger, Norway.

Basis of Presentation

Our accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. We consolidate Repeat Precision, LLC and its subsidiary (“Repeat Precision”), a 50% owned entity, with operations in the United States and Mexico, because NCS has a controlling voting interest. The other party’s ownership is presented separately as a non-controlling interest. As a smaller reporting company (“SRC”), we have availed ourselves to certain reduced reporting requirements permitted by the Securities and Exchange Commission (“SEC”). This includes, among other things, presenting only two years of audited financial statements.

Segment and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment and Geographic Information [Abstract]

Segment and Geographic Information

Note 3. Segment and Geographic Information

We have determined that we operate in one reportable segment that has been identified based on how our CODM manages our business.

We aggregate revenue for presentation based on qualitative factors including the nature of the products and services, the nature and commonality of production processes, a shared customer base primarily in North America, the scope of geographic operations and a common industry and regulatory environment. However, we present revenue on a geographic basis, segregated between product sale and service revenues.

The following table summarizes revenue by geographic area attributed based on the current billing address of the customer (in thousands):


	Year Ended December 31,
	2023		2022
United States
Product sales	$	26,613	$	34,009
Services		11,206		12,228
Total United States		37,819		46,237
Canada
Product sales		71,946		71,176
Services		26,161		29,695
Total Canada		98,107		100,871
Other Countries
Product sales		1,888		674
Services		4,657		7,850
Total other countries		6,545		8,524
Total
Product sales		100,447		105,859
Services		42,024		49,773
Total revenues	$	142,471	$	155,632

The following table summarizes long-lived assets (defined as property and equipment, net and operating lease assets) by geographic area (in thousands):


	December 31,		December 31,
	2023		2022
United States	$	15,673	$	16,861
Canada		10,782		9,265
Other Countries		1,728		1,705
	$	28,183	$	27,831

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Organization and Basis of Presentation (Policy)	12 Months Ended
Organization and Basis of Presentation (Policy)	Dec. 31, 2023
Organization and Basis of Presentation [Abstract]
Organization	Organization NCS Multistage Holdings, Inc., a Delaware corporation, through its wholly owned subsidiaries and subsidiaries for which it has a controlling voting interest (collectively referred to as the “Company,” “NCS,” “we,” “our” and “us”), is primarily engaged in providing engineered products and support services for oil and natural gas well construction, well completions and field development strategies. We offer our products and services primarily to exploration and production companies for use both in onshore and offshore wells. We operate through service facilities principally located in Houston and Odessa, Texas; Tulsa, Oklahoma; Calgary, Red Deer, Grande Prairie and Estevan, Canada; Neuquén, Argentina and Stavanger, Norway.
Basis of Presentation	Basis of Presentation Our accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. We consolidate Repeat Precision, LLC and its subsidiary (“Repeat Precision”), a 50% owned entity, with operations in the United States and Mexico, because NCS has a controlling voting interest. The other party’s ownership is presented separately as a non-controlling interest. As a smaller reporting company (“SRC”), we have availed ourselves to certain reduced reporting requirements permitted by the Securities and Exchange Commission (“SEC”). This includes, among other things, presenting only two years of audited financial statements.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment [Abstract]

Schedule of Property and Equipment by Major Asset Class



	December 31,		December 31,
	2023		2022
Land	$	1,630	$	1,592
Building and improvements		7,742		7,462
Machinery and equipment		19,378		18,156
Computers and software		2,408		2,107
Furniture and fixtures		722		748
Vehicles		265		262
Right of use assets - finance leases		12,709		11,231
Service equipment		57		57
		44,911		41,615
Less: Accumulated depreciation and amortization		(21,912)		(18,844)
		22,999		22,771
Construction in progress		337		545
Property and equipment, net	$	23,336	$	23,316

Schedule of Depreciation Expense Associated Income Statement Line Items


	Year Ended December 31,
	2023		2022
Cost of sales
Cost of product sales	$	1,613	$	1,425
Cost of services		592		547
Selling, general and administrative expenses		1,742		1,678
Total depreciation	$	3,947	$	3,650

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)	$ (232)	$ 351
Effective tax rate	6.90%	(58.40%)
Deferred tax assets, valuation allowance	$ 18,758	$ 18,288
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Deferred tax assets, valuation allowance	14,600	15,400
Foreign Tax Authority [Member]
Income Tax Contingency [Line Items]
Deferred tax assets, valuation allowance	$ 3,900	$ 2,300

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of Significant Accounting Policies (Schedule of Changes in Allowance for Credit Losses) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Allowance for Credit Loss [Abstract]
Charges and additions during 2023	$ 165
Allowance for credit losses, ending balance	$ 165

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Accrued Expenses [Abstract]

Accrued Expenses

Note 9. Accrued Expenses

Accrued expenses consist of the following as of December 31, 2023 and 2022 (in thousands):



	December 31,		December 31,
	2023		2022
Accrued payroll and bonus	$	2,255	$	3,227
Property and franchise taxes accrual		251		340
Severance and other termination benefits		436		—
Accrued other miscellaneous liabilities		760		824
	$	3,702	$	4,391

In June 2023, we implemented efforts to streamline our tracer diagnostics operations, which involved employee terminations or relocations, as well as the consolidation of certain leased facilities. Similarly, Repeat Precision consolidated its two manufacturing facilities in Mexico. In November 2023, we made further restructuring changes of certain U.S. and international operations management and support functions. In connection with these efforts, we recognized severance and moving costs totaling $0.9 million for the year ended December 31, 2023, of which we paid $0.8 million during the year. The remaining $0.1 million of severance was paid in January 2024. As of December 31, 2023, we have not recognized any lease termination costs associated with these efforts, but we may incur such costs in the future if we decide to terminate the operating leases or cannot sublet the facilities. Repeat Precision began to sublet the former facility in Mexico in October 2023.

In July 2023, an executive officer and NCS agreed that he would leave his position. In connection therewith and pursuant to an employment agreement, we incurred severance and other charges of $1.0 million in July 2023. Of these charges, $0.4 million represents the acceleration of expense recognition under stock-based compensation arrangements because these long-term incentive awards will continue to vest in accordance with the underlying agreements, but there is no further service requirement. The cash payments to the former executive of $0.6 million commenced in July 2023 and we paid $0.3 million for the year ended December 31, 2023, resulting in a remaining severance and other termination benefits accrual of $0.3 million associated with this matter as of December 31, 2023. We expect this severance and other termination benefits liability to be fully paid by July 2024.

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 165,000
Loss (gain) on sale of property and equipment	258,000	$ (361,000)
Impairment of property and equipment and identifiable intangible assets	0	0
Goodwill impairment charge	0	0
Research and development expense	2,500,000	2,700,000
Severance Costs	1,400,000
Supplemental Unemployment Benefits, Severance Benefits	400,000
Reimbursable Amounts	2,600,000	$ 1,700,000
Asset under Construction [Member]
Loss (gain) on sale of property and equipment	$ (700,000)
Minimum [Member]
Operating lease renewal terms	5 years
Maximum [Member]
Operating lease renewal terms	10 years

Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses [Abstract]
Accrued payroll and bonus	$ 2,255	$ 3,227
Property and franchise taxes accrual	251	340
Severance and other termination benefits	436
Accrued other miscellaneous liabilities	760	824
Total accrued expenses	$ 3,702	$ 4,391

Leases (Supplemental Cash Flow and Other Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,683	$ 1,706
Operating cash flows from finance leases	$ 443	364
Return of vehicles under finance lease		$ (142)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 16,720	$ 16,234
Accounts receivable—trade, net	23,981	27,846
Inventories, net	41,612	37,042
Prepaid expenses and other current assets	1,862	2,815
Other current receivables	4,042	3,726
Insurance receivable	15,000
Total current assets	103,217	87,663
Noncurrent assets
Property and equipment, net	23,336	23,316
Goodwill	15,222	15,222
Identifiable intangibles, net	4,407	5,076
Operating lease assets	4,847	4,515
Deposits and other assets	937	2,761
Deferred income taxes, net	66	46
Total noncurrent assets	48,815	50,936
Total assets	152,032	138,599
Current liabilities
Accounts payable—trade	6,227	7,549
Accrued expenses	3,702	4,391
Income taxes payable	364	468
Operating lease liabilities	1,583	1,274
Accrual for legal contingencies	15,000
Current maturities of long-term debt	1,812	1,489
Other current liabilities	3,370	2,522
Total current liabilities	32,058	17,693
Noncurrent liabilities
Long-term debt, less current maturities	6,344	6,437
Operating lease liabilities, long-term	3,775	3,680
Other long-term liabilities	213	1,328
Deferred income taxes, net	249	199
Total noncurrent liabilities	10,581	11,644
Total liabilities	42,639	29,337
Commitments and contingencies (Note 11)
Stockholders' equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2023 and December 31, 2022
Common stock, $0.01 par value, 11,250,000 shares authorized, 2,482,796 shares issued and 2,443,744 shares outstanding at December 31, 2023 and 2,434,809 shares issued and 2,408,474 shares outstanding at December 31, 2022	25	24
Additional paid-in capital	444,638	440,475
Accumulated other comprehensive loss	(85,752)	(85,617)
Retained deficit	(265,617)	(262,464)
Treasury stock, at cost; 39,052 shares at December 31, 2023 and 26,335 shares at December 31, 2022	(1,676)	(1,389)
Total stockholders’ equity	91,618	91,029
Non-controlling interest	17,775	18,233
Total equity	109,393	109,262
Total liabilities and stockholders' equity	$ 152,032	$ 138,599

Debt

12 Months Ended

Dec. 31, 2023

Debt [Abstract]

Debt

Note 10. Debt

Our long-term debt consists of the following as of December 31, 2023 and 2022 (in thousands):



	December 31,		December 31,
	2023		2022
ABL Facility	$	—	$	—
Repeat Precision Promissory Note		—		56
Finance leases		8,156		7,870
Total debt		8,156		7,926
Less: current portion		(1,812)		(1,489)
Long-term debt	$	6,344	$	6,437

The estimated fair value of total debt for the years ended December 31, 2023 and 2022 was $7.1 million and $6.8 million, respectively. At December 31, 2022, the fair value of the Repeat Precision Promissory Note (as defined below) approximated the carrying value due to a variable interest rate and the ability to repay the note at any time. The fair value of the finance leases was estimated using Level 2 inputs by calculating the sum of the discounted future interest and principal payments at our incremental borrowing rate through the date of maturity.

Below is a description of our financing arrangements.

ABL Facility

On May 3, 2022, we entered into an ABL Facility under which credit availability is subject to a borrowing base calculation. The ABL Facility is governed by the Credit Agreement dated as of May 3, 2022, by and between NCS Multistage Holdings, Inc. (“NCSH”), Pioneer Investment, Inc. (“Pioneer”), NCS Multistage, LLC, NCS Multistage Inc. (“NCS Canada”), the other loan parties thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent and as a lender under the facility provided therein (the “Credit Agreement”). Concurrent with the entry into our Credit Agreement on May 3, 2022, our prior ABL facility was terminated.

The ABL Facility consists of a revolving credit facility in an aggregate principal amount of $35.0 million made available to borrowers, of which up to $10.0 million may be made in Canadian dollars and $7.5 million may be made available for letters of credit. Total borrowings available to the borrowers under the ABL Facility may be limited subject to a borrowing base calculated on the sum of cash in a specified pledged account, eligible accounts receivables and eligible inventory, provided it does not include the assets of Repeat Precision. Our available borrowing base under the ABL Facility at December 31, 2023 was $16.4 million. The ABL Facility will mature on May 3, 2027. As of December 31, 2023 and 2022, we had no outstanding indebtedness under the ABL Facility.

Borrowings under the ABL Facility may be made in U.S. dollars with interest calculated using either the “ABR”, the “Adjusted Daily Simple SOFR” or the “Adjusted Term SOFR Rate”, and in Canadian dollars with interest calculated using the “Canadian Prime Rate” or the “CDOR Rate” (each as defined in the Credit Agreement). Borrowings bear interest plus a margin that varies depending on

our leverage ratio as follows: (i) for ABR based loans, between 1.40% and 2.40%, and (ii) for Adjusted Daily Simple SOFR, Adjusted Term SOFR Rate, Canadian Prime Rate, and CDOR Rate, between 2.40% and 3.40%. We must also pay a monthly commitment fee of 0.25% to 0.50% per year, based on unused commitments. The applicable interest rate at December 31, 2023 was 7.9%. We incurred interest expense related to the ABL Facility, including commitment fees, of $0.2 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively.

The obligations of the borrowers under the ABL Facility are guaranteed by NCSH and each of our U.S. and Canadian subsidiaries (other than Repeat Precision), as well as each of our future direct and indirect subsidiaries organized under the laws of the United States or Canada (subject to certain exceptions), and are secured by substantially all of the assets of NCSH and its subsidiaries, in each case, subject to certain exceptions and permitted liens.

The Credit Agreement requires, as a condition to borrowing, that available cash on hand after borrowings does not exceed $10.0 million. The Credit Agreement also requires us to (i) maintain, for quarters during which liquidity is less than 20% of the aggregate revolving commitments, a fixed charge coverage ratio of at least 1.0 to 1.0 and (ii) to prepay advances to the extent that the outstanding loans and letter of credit amounts exceed the most recently calculated borrowing base. As of December 31, 2023, we were in compliance with these financial covenants. The Credit Agreement also contains customary affirmative and negative covenants, including, among other things, restrictions on the creation of liens, the incurrence of indebtedness, investments, dividends and other restricted payments, dispositions and transactions with affiliates.

The Credit Agreement includes customary events of default for facilities of this type (with customary materiality thresholds and grace periods, as applicable). If an event of default occurs, the lenders party to the Credit Agreement may elect (after the expiration of any applicable notice or grace periods) to declare all outstanding borrowings under such facility, together with accrued and unpaid interest and other amounts payable thereunder, to be immediately due and payable. The lenders party to the Credit Agreement also have the right upon an event of default thereunder to terminate any commitments to provide further borrowings, or to provide additional financing in excess of the borrowing base limit, or to proceed against the collateral securing the ABL Facility.

We capitalized direct costs of $1.0 million in connection with the Credit Agreement, which are being amortized over the term of the ABL Facility using the straight-line method. Amortization of the deferred financing charges of $0.2 million and $0.1 million was included in interest expense, net for the years ended December 31, 2023 and 2022, respectively.

Repeat Precision Promissory Note

On February 16, 2018, Repeat Precision entered into a promissory note for an aggregate borrowing capacity of $4.3 million with Security State Bank & Trust, Fredericksburg (the “Repeat Precision Promissory Note”). The Repeat Precision Promissory Note has been renewed several times and is scheduled to mature on August 10, 2024. The note bears interest at a variable interest rate based on prime plus 1.00%. The applicable interest rate at December 31, 2023 was 9.5%. The Repeat Precision Promissory Note is collateralized by certain equipment, inventory and receivables of Repeat Precision. Total borrowings may be limited subject to a borrowing base calculation, which includes a portion of Repeat Precision’s eligible receivables, inventory and equipment. As of December 31, 2023, there was no outstanding indebtedness under the promissory note. As of December 31, 2022, Repeat Precision had $0.1 million of outstanding indebtedness under the promissory note. Repeat Precision’s indebtedness is guaranteed by Repeat Precision and its subsidiary and is not guaranteed by any other NCS entity.

Finance Leases

We lease assets under finance lease arrangements including an office and laboratory in Tulsa, Oklahoma, as well as facilities in Odessa, Texas, and certain operating equipment and software. We also maintain a vehicle leasing arrangement with a fleet management company through which we lease light vehicles and trucks that meet the finance lease criteria. See “Note 15. Leases” for additional information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Domestic and Foreign Components of (Loss) Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
U.S. Federal	$ 1,256	$ (1,127)
Foreign	(4,599)	526
Loss before income tax	$ (3,343)	$ (601)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation (Summary of Stock Unit Awards Activity) (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Beginning balance, Non-vested awards (in shares)	118,713
Granted (in shares)	81,021
Vested (in shares)	(59,367)
Forfeited (in shares)	(6,868)
Ending balance, Non-vested awards (in shares)	133,499
Beginning balance, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	$ 39.32
Granted, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	24.49
Vested, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	39.55
Forfeited, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	33.03
Ending balance, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	$ 30.55
Shares held in Employee Stock Option Plan, Suspense Shares	13,259
Equivalent Stock Unit Awards [Member]
Beginning balance, Non-vested awards (in shares)	135,856
Granted (in shares)	90,041
Vested (in shares)	(75,547)
Forfeited (in shares)	(10,311)
Ending balance, Non-vested awards (in shares)	140,039
Beginning balance, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	$ 33.98
Granted, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	24.49
Vested, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	30.11
Forfeited, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	30.18
Ending balance, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	$ 30.25
Performance Based Restricted Stock Units [Member]
Beginning balance, Non-vested awards (in shares)	57,681
Granted (in shares)	13,681
Vested (in shares)
Forfeited (in shares)	(17,004)
Ending balance, Non-vested awards (in shares)	54,358
Beginning balance, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	$ 61.00
Granted, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	36.02
Vested, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares
Forfeited, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	66.14
Ending balance, Non-vested awards weighted average grant date fair value (in dollars per share) \| $ / shares	$ 53.11

Loss Per Share

12 Months Ended

Dec. 31, 2023

Loss Per Share [Abstract]

Loss Per Share

Note 17. Loss Per Share

The following table presents the reconciliation of the numerator and denominator for calculating loss per share from net loss (in thousands, except per share data):


	Year Ended December 31,
	2023		2022
Numerator
Net loss	$	(3,111)	$	(952)
Less: income attributable to non-controlling interest		42		150
Net loss attributable to NCS Multistage Holdings, Inc.	$	(3,153)	$	(1,102)

Denominator
Basic weighted average number of shares		2,473		2,432
Dilutive effect of other equity awards		—		—
Diluted weighted average number of shares		2,473		2,432

Loss per common share
Basic	$	(1.27)	$	(0.45)
Diluted	$	(1.27)	$	(0.45)

Potentially dilutive securities excluded as anti-dilutive		146		194

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0

Share-Based Compensation (Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Awards) (Details) - Performance Stock Unit Awards (PSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
November 2022 [Member]
Grant date	Mar. 02, 2023
Performance period start date	Jan. 01, 2023
Performance period end date	Dec. 31, 2025
Expected volatility	75.20%
Average risk free interest rate	4.60%
Expected dividends
Grant date price	$ 24.49
Weighted-average fair value per share	$ 36.02
March 2022 [Member]
Grant date		Nov. 01, 2022
Performance period start date		Jan. 01, 2023
Performance period end date		Dec. 31, 2025
Expected volatility		95.60%
Average risk free interest rate		4.40%
Expected dividends
Grant date price		$ 30.50
Weighted-average fair value per share		$ 49.52
February 2021 [Member]
Grant date			Mar. 02, 2022
Performance period start date			Jan. 01, 2022
Performance period end date			Dec. 31, 2024
Expected volatility			102.10%
Average risk free interest rate			1.60%
Expected dividends
Grant date price			$ 42.90
Weighted-average fair value per share			$ 71.28

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenues	$ 142,471	$ 155,632
Cost of sales
Cost of sales, exclusive of depreciation and amortization expense shown below	86,868	95,228
Selling, general and administrative expenses	56,518	58,338
Depreciation	3,947	3,650
Amortization	669	669
Loss from operations	(5,531)	(2,253)
Other income (expense)
Interest expense, net	(586)	(1,015)
Provision for litigation, net of recoveries	(1,802)
Other income, net	4,114	2,950
Foreign currency exchange gain (loss)	462	(283)
Total other income	2,188	1,652
Loss before income tax	(3,343)	(601)
Income tax (benefit) expense	(232)	351
Net loss	(3,111)	(952)
Net income attributable to non-controlling interest	42	150
Net loss attributable to NCS Multistage Holdings, Inc.	$ (3,153)	$ (1,102)
Loss per common share
Basic loss per common share attributable to NCS Multistage Holdings, Inc.	$ (1.27)	$ (0.45)
Diluted loss per common share attributable to NCS Multistage Holdings, Inc.	$ (1.27)	$ (0.45)
Weighted average common shares outstanding
Basic	2,473	2,432
Diluted	2,473	2,432
Product Sales [Member]
Revenues
Revenues	$ 100,447	$ 105,859
Cost of sales
Cost of sales, exclusive of depreciation and amortization expense shown below	64,242	68,412
Services [Member]
Revenues
Revenues	42,024	49,773
Cost of sales
Cost of sales, exclusive of depreciation and amortization expense shown below	$ 22,626	$ 26,816

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Expenses [Abstract]

Schedule of Accrued Expenses



	December 31,		December 31,
	2023		2022
Accrued payroll and bonus	$	2,255	$	3,227
Property and franchise taxes accrual		251		340
Severance and other termination benefits		436		—
Accrued other miscellaneous liabilities		760		824
	$	3,702	$	4,391

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 13. Share-Based Compensation

Equity Incentive Plan

We maintain an equity incentive plan for the benefit of our employees, directors and other service providers, the 2017 Equity Incentive Plan (the “2017 Plan”). Our previous equity incentive plan, the 2012 Equity Incentive Plan (the “2012 Plan”), terminated on December 20, 2022, provided that any outstanding awards remain outstanding in accordance with the terms of the applicable award agreement. As of December 31, 2023, there remain 3,610 options outstanding, all of which are exercisable pursuant to the 2012 Plan.

The 2017 Plan provides for awards of stock options, stock appreciation rights, restricted stock awards, RSUs, stock awards and performance awards. Awards under the 2017 Plan may be granted to any employee, non-employee director, consultant or other personal service provider of NCS. The 2017 Plan is administered by a plan administrator, which is the Compensation, Nominating and Governance Committee or such other committee of the Board or the Board as a whole, in each case as determined by the Board. The 2017 Plan was initially established with the authorization for grants of up to 226,626 shares of authorized but unissued shares of common stock. NCS has since increased the number of authorized shares by 400,000 shares, which increased the maximum aggregate number of shares available to be issued under the 2017 Plan to 626,626 shares. As of December 31, 2023, the total number of shares available for future issuance under the 2017 Plan is 247,524 shares.

Restricted Stock Units

We account for RSUs granted to employees at fair value, which we measure as the closing price of our common stock on the date of grant, and we recognize the compensation expense in the financial statements over the requisite service period. The RSUs granted to our employees generally vest over a period of three equal annual installments beginning on or around the anniversary of the date of grant. The RSUs granted to the members of our Board generally vest on the one year anniversary of the grant date and either settle at vesting or, if the director has elected to defer the RSUs, within thirty days following the earlier of the termination of the director’s service for any reason or a change of control.

The following table summarizes RSU activity during the year ended December 31, 2023:


	Number of ‎Awards	Weighted ‎Average ‎Grant Date ‎Fair Value
Non-vested at December 31, 2022	118,713	$	39.32
Granted	81,021		24.49
Vested (including 13,259 shares that have not been released)	(59,367)		39.55
Forfeited	(6,868)		33.03
Non-vested at December 31, 2023	133,499	$	30.55

The total value of RSUs that vested and released was $1.1 million and $1.6 million during the years ended December 31, 2023 and 2022. For 2023 and 2022, the income tax benefit recognized for RSUs was $0.2 million and $0.3 million, respectively. As of December 31, 2023, there was $2.0 million of total unrecognized compensation cost related to RSUs, which we expect to recognize over a weighted average period of one year.

Equivalent Stock Unit Awards

When ESUs are granted to employees, they are valued at fair value, which we measure at the closing price of our common stock on the date of grant. Since the ESUs are settled in cash, we record a liability which is remeasured each reporting period at fair value based upon the closing price of our common stock until the awards are settled. The ESUs generally vest and settle over a period of three equal annual installments beginning on or around the anniversary of the date of grant. The cash settled for any ESU will not exceed the maximum payout established by our Compensation, Nominating and Governance Committee of the Board.

The following table summarizes ESU activity during the year ended December 31, 2023:


	Number of ‎Awards	Weighted ‎Average ‎Grant Date ‎Fair Value
Non-vested at December 31, 2022	135,856	$	33.98
Granted	90,041		24.49
Vested	(75,547)		30.11
Forfeited	(10,311)		30.18
Non-vested at December 31, 2023	140,039	$	30.25

During the years ended December 31, 2023 and 2022, we paid $1.7 million and $2.6 million, respectively, upon settlement of the ESUs. As of December 31, 2023, the total liability for ESUs was $0.9 million.

Performance Stock Unit Awards

PSUs are granted to certain executives and provide for the recipients to receive a grant of shares of common stock based upon the achievement of certain performance goals over a specified period established by the Compensation, Nominating, and Corporate Governance Committee. The number of PSUs ultimately issued is dependent upon our total shareholder return relative to our performance peer group (“relative TSR”) over a three-year performance period. Each PSU will settle for between zero and two shares of our common stock. The threshold performance level (25^th percentile relative TSR) starts to earn PSUs, the mid-point performance level (50^th percentile relative TSR) earns 100% of the target PSUs and the maximum performance level (90th percentile relative TSR) or greater earns 200% of the target PSUs.

The PSUs grant date fair values in 2023 and 2022 were measured using a Monte Carlo simulation with the following assumptions and the resulting weighted-average grant date fair value per share:


	March 2023			November 2022			March 2022
Grant date		March 2, 2023			November 1, 2022			March 2, 2022
Performance period		January 1, 2023 to December 31, 2025			January 1, 2023 to December 31, 2025			January 1, 2022 to December 31, 2024
Volatility		75.2	%		95.6	%		102.1	%
Risk-free interest rate		4.6	%		4.4	%		1.6	%
Expected dividends		—	%		—	%		—	%
Grant date price	$	24.49		$	30.50		$	42.90
Weighted-average fair value per share	$	36.02		$	49.52		$	71.28

The following table summarizes PSU activity during the year ended December 31, 2023:


	Number of ‎Awards	Weighted ‎Average ‎Grant Date ‎Fair Value
Non-vested at December 31, 2022	57,681	$	61.00
Granted	13,681		36.02
Vested	—		—
Forfeited	(17,004)		66.14
Non-vested at December 31, 2023	54,358	$	53.11

As of December 31, 2023, there was $1.4 million of total unrecognized compensation cost related to PSUs, which we expect to recognize over a weighted average period of two years.

Stock Options

Stock options were previously granted to our officers, key employees, and Board. Stock options generally vested annually in equal increments over three or five years and have a 10-year term. We estimated the fair value of each option grant using the Black-Scholes option-pricing model. The Black-Scholes option pricing model required estimates of key assumptions based on both historical information and management judgment regarding market factors and trends. Determining the appropriate fair value model and calculating the fair value of options required the input of highly subjective assumptions, including the expected volatility of the price of our stock, the risk-free rate, the expected term of the options and the expected dividend yield of our common stock. These estimates involved inherent uncertainties and the application of management’s judgment. If factors changed and different assumptions were used, our share-based compensation expense could have been materially different. Stock options have not been granted since 2017.

The following table summarizes stock option activity during the year ended December 31, 2023:



	Total ‎Options	‎Weighted ‎Average ‎Exercise ‎Price		‎Weighted ‎Average ‎Remaining ‎Contractual ‎Life (Years)
Outstanding at December 31, 2022	6,851	$	182.65	1.68
Expired during the year	(2,609)		117.59
Outstanding at December 31, 2023	4,242	$	222.66	1.52
Exercisable as of December 31, 2023	4,242	$	222.66	1.52

Aggregate intrinsic value represents the difference between our estimated fair value of common stock and the exercise price of outstanding in the money options. As of December 31, 2023, we had no outstanding in the money options and no outstanding and exercisable aggregate intrinsic values. No options were exercised during the years ended December 31, 2023 and 2022.

Total Share Based Compensation Expense

The following table summarizes share-based compensation expense recognized in SG&A expense in our consolidated statements of operations and our related tax benefit for the years ended December 31, 2023 and 2022, respectively (in thousands):


	Year Ended December 31,
	2023		2022
Restricted stock units	$	2,657	$	2,205
Equivalent stock units		1,201		2,586
Performance stock unit awards		1,507		1,248
Total share-based compensation expense	$	5,365	$	6,039
Related income tax benefit	$	361	$	802

Share-Based Compensation (Summary of Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Exercised (in shares)	0	0
2012 Equity Plan and 2017 Equity Plan [Member]
Beginning balance, Outstanding (in shares)	6,851
Expired (in shares)	(2,609)
Ending balance, Outstanding (in shares)	4,242	6,851
Exercisable at end of period (in shares)	4,242
2012 Equity Plan and 2017 Equity Plan [Member] \| Service Based Options [Member]
Beginning balance, Weighted average exercise price (in dollars per share)	$ 182.65
Expired, Weighted average exercise price (in dollars per share)	117.59
Ending balance, Weighted average exercise price (in dollars per share)	$ 222.66	$ 182.65
Weighted average remaining contractual life (years)	1 year 6 months 7 days	1 year 8 months 4 days
Exercisable at end of period, Weighted average exercise price (in dollars per share)	$ 222.66
Exercisable, Weighted average remaining contractual life (years)	1 year 6 months 7 days

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include but are not limited to estimated losses on accounts receivables, estimated realizable value on excess and obsolete inventories, estimates related to fair value of reporting units for purposes of assessing possible goodwill impairment, expected future cash flows from long lived assets to support impairment tests, share based compensation, estimates related to legal contingencies, amounts of deferred taxes and income tax contingencies. Actual results could materially differ from those estimates.

Foreign Currency

Our reporting currency, and our functional currency in the United States, is the United States dollar (“USD”). The financial position and results of operations of our significant foreign subsidiaries are generally measured using the local currency as the functional currency. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters, revenues and expenses of our significant foreign subsidiaries have been translated into USD at average exchange rates prevailing during the period. Assets and liabilities have been translated at the exchange rates on the balance sheet date. The resulting translation gain and loss adjustments have been recorded directly as a separate component of other comprehensive loss in the accompanying consolidated statements of comprehensive loss, and changes in stockholders’ equity.

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included as incurred in the consolidated statements of operations.

Revenue Recognition

We derive our revenues primarily from highly engineered products and support services. Revenues are based upon a purchase order, contract or other persuasive evidence of an arrangement with the customer that includes a fixed or determinable price, provided that collectability is reasonably assured, but such arrangements do not generally include right of return or other similar provisions or other significant post-delivery obligations. Sales and value added taxes that we collect concurrent with revenue-producing activities are excluded from revenue. We recognize revenue through the following steps: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price and (v) satisfy the performance obligation.

On occasion, we issue credits to our customers that are related specifically to the performance of our products or the services we provide, with such credits reducing the amount of revenue for the completed sales. These credits are infrequent, situation specific and cannot be individually estimated in advance.

The payment terms and conditions in our customer contracts vary. We do not have contracts that contain a financing component and generally do not accept noncash consideration from customers.

NCS has elected to recognize shipping and handling costs when control of the product transfers to the customer. These costs, net of any customer paid freight, are included in cost of sales in our consolidated statements of operations.

Product Sales Revenues

For product sale arrangements that are standard inventory products or modified inventory products with an alternative use, revenue is recognized at a point in time when control transfers. Control generally transfers upon shipment or delivery, and delivery is based on the customer instructions. Customers may also request bill and hold arrangements in writing. Once we have completed the bill and hold order, the products are segregated from the rest of inventory in the warehouse. The transaction price for product sales having a performance obligation is the price per unit times the unit quantity ordered and shipped to the customer or consumed at the well site.

Services Revenues

For service arrangements that do not have a contract provision with a right to a payment for services up to the date of termination, revenue is recognized when the job has been completed, which usually includes a customer signature or acknowledgement and when there are no additional services or future obligations required by us. The transaction price is determined by the contract unit day rate times the cumulative number of days of service provided upon the completion of the service and upon customer acceptance.

For service arrangements that do have a contract provision with a right to payment for services up to the date of termination, revenue is recognized over time using a unit rate (labor and materials) output method that corresponds to the value we would receive upon termination of the contract at the reporting period. The transaction price for the period end is determined by the contract unit rate times the cumulative number of units earned up to the reporting period less any revenue recognized in prior periods.

Cash and Cash Equivalents

We consider all highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. These items are carried at cost, which approximates fair value.

In accordance with ASC 230, Statements of Cash Flow, cash flows from our significant foreign subsidiaries are calculated based on our functional currency. As a result, amounts related to changes in assets and liabilities reported in the consolidated statements of cash flows will not necessarily agree to changes in the corresponding balances on the consolidated balance sheets.

Concentration of Credit Risk

Financial instruments that potentially subject us to credit risk are cash and cash equivalents and trade accounts receivable. Cash balances are maintained in financial institutions which, at times, exceed federally insured limits. We monitor the financial condition of the financial institutions in which the accounts are maintained and have not experienced any losses in such accounts.

Substantially all of our sales are to customers whose activities are directly or indirectly related to the oil and gas industry. We generally extend short-term credit to these customers and, therefore, collectability of receivables is affected by market conditions in the oil and gas industry. We perform ongoing credit evaluations as to the financial condition of our customers with respect to trade accounts receivables. Generally, no collateral is required as a condition of sale.

No single customer individually accounted for 10% or more of our consolidated revenue during 2023 or 2022, or comprised 10% or more of our trade accounts receivable balance as of December 31, 2023 and 2022.

Accounts Receivable, Trade and Allowance for Credit Losses

Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. We maintain an allowance for credit losses related to estimated losses that may result from the inability of our customers to make required payments. Earnings are charged with a provision for credit losses based on a current review of the collectability of customer accounts by management. Such provisions are based upon several factors including, but not limited to credit approval practices, industry and customer historical experience as

well as the current and projected financial condition of the specific customer. Accounts deemed uncollectible are applied against the allowance for credit losses. We had no amounts in our allowance for credit losses as of December 31, 2022. The following table presents the changes in the allowance for credit losses for the year ended December 31, 2023 (in thousands):


Allowance for credit losses at December 31, 2022	$	—
Charges and additions during 2023		165
Adjustments and recoveries		—
Allowance for credit losses at December 31, 2023	$	165

Inventories

Inventories consist primarily of raw material, product components, assembled products, certain components used to internally construct our frac isolation assemblies, and chemicals used in our tracer diagnostics services in raw materials or finished goods. Inventories are stated at the lower of cost or estimated net realizable value. Cost is determined at standard costs approximating the first-in, first-out or average cost basis. We continuously evaluate inventories, based on an analysis of inventory levels, historical sales experience and future sales forecasts, to determine obsolete, slow-moving and excess inventory. We utilize an excess and obsolete reserve to adjust such inventory to its estimated recoverable value, with an offset to cost of sales in the current period.

Impairments

We evaluate our property and equipment and identifiable intangible assets for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Should the review indicate that the carrying value is not fully recoverable, the amount of the impairment loss is determined by comparing the carrying value to the estimated fair value. We assess recoverability based on undiscounted future net cash flows. Estimating future net cash flows requires us to make judgments regarding long-term forecasts of future revenues and costs related to the assets subject to review. These forecasts are uncertain in that they require assumptions about our revenue growth, operating margins, capital expenditures, future market conditions and technological developments. If changes in these assumptions occur, our expectations regarding future net cash flows may change such that a material impairment could result. There was no impairment of property and equipment and identifiable intangible assets during the years ended December 31, 2023 and 2022. See “Note 7. Property and Equipment” and “Note 8. Goodwill and Identifiable Intangibles” included herewith for further information.

An assessment of potential goodwill impairment indicators is performed annually or whenever there is a triggering event that indicates an impairment loss may have been incurred. If required, we typically perform an annual impairment test for goodwill using an assessment date in the fourth quarter of the fiscal year. Under GAAP, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one or more of our reporting units exceeds the related carrying amount. If, after assessing the totality of events or circumstances, we determine it is more likely than not that the fair value of a reporting unit exceeds the related carrying amount, there is no need to perform any further testing. However, if we conclude otherwise, then we are required to perform a quantitative impairment test by calculating the fair value of the reporting unit and comparing this value with the carrying value of the reporting unit. Alternatively, we could bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. The fair value of the reporting unit is determined using a combination of a market multiple and a discounted cash flow approach. Determining the fair value of a reporting unit requires the use of estimates, assumptions and judgment. The principal estimates and assumptions that we use include revenue growth, operating margins, capital expenditures, future market conditions, weighted average costs of capital, a terminal growth rate, the set of comparable companies utilized, and the earnings metrics and multiples utilized. We believe that the estimates and assumptions used in our impairment assessments are reasonable. If the fair value of the reporting unit is less than the carrying amount, an impairment charge is recorded in the amount of the difference. No impairment charge was recorded for the years ended December 31, 2023 and 2022. For additional information, see “Note 8. Goodwill and Identifiable Intangibles.”

Property and Equipment

Property and equipment are stated at historical cost adjusted for impairment, less accumulated depreciation. Equipment held under finance leases is stated at fair value which is typically the present value of the future minimum lease payments at the inception of the lease, less accumulated depreciation. Expenditures are capitalized at cost for property and equipment, and for items that substantially increase the useful lives of existing assets, and depreciated over the estimated useful lives of these assets utilizing the straight-line method. Costs associated with constructed assets are capitalized as incurred, but do not begin to depreciate until placed into service, with depreciation applied over the useful lives of the assets utilizing the straight-line method. We typically do not

capitalize interest associated with constructed assets unless the construction period extends for more than twelve months. Routine expenditures for repairs and maintenance are expensed as incurred. Depreciation is calculated over the estimated useful lives of the related assets using the straight-line method. Leasehold improvements and property under finance leases are amortized over the shorter of the remaining lease term or useful life of the related asset. Depreciation expense includes amortization of assets under finance leases. The cost and related accumulated depreciation of assets retired or otherwise disposed of are eliminated from the accounts, and any resulting gains or losses are recognized in the year of disposal as a component of other income, net, which, for the year ended December 31, 2023, includes a loss of $0.7 million associated with the write-off of a constructed asset which was deemed to have no further service potential in December 2023.

Depreciation on property and equipment, including assets held under finance leases, is calculated using the straight-line method over the following useful service lives or lease term (which includes reasonably assured renewal periods):



	Years
Buildings	30
Building equipment and leasehold improvements	1 - 15
Machinery and equipment and service equipment	5 - 12
Computers and software	3 - 5
Furniture and fixtures	3 - 5
Vehicles	2 - 4
Right of use assets - finance leases	(Lease term) 2 - 10

Business Combinations, Goodwill and Identifiable Intangible Assets

Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method of accounting, the total consideration transferred in connection with the acquisition is allocated to the tangible and intangible assets acquired, liabilities assumed, and any non-controlling interest in the acquiree based on their fair values. Goodwill acquired in connection with business combinations represents the excess of consideration transferred over the net tangible and identifiable intangible assets acquired. Certain assumptions and estimates are employed in evaluating the fair value of assets acquired and liabilities assumed. These estimates may be affected by factors such as changing market conditions, technological advances in the oil and natural gas industry or changes in regulations governing that industry. The most significant assumptions requiring judgment involve identifying and estimating the fair value of intangible assets and the associated useful lives for establishing amortization periods. To finalize purchase accounting for significant acquisitions, we utilize the services of independent valuation specialists to assist in the determination of the fair value of acquired intangible assets.

Costs incurred related to an acquisition or business combination, other than those associated with the issuance of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. Liability-classified contingent consideration is remeasured each reporting period with changes in fair value recognized in earnings until the contingent consideration is settled.

All identifiable intangibles with definite lives are amortized on a straight-line basis over the estimated useful life or term of related agreements. Certain costs incurred in the development of internal-use software applications are capitalized, while costs incurred outside of the software application development stage are expensed as incurred. The amounts capitalized are included in intangible assets, categorized as internally developed software, and are amortized on a straight-line basis over the estimated useful life of the software when ready for the intended use. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

Leases

We determine if a contract contains a lease at the inception of an arrangement. If so, we record a right of use (“ROU”) asset representing the right to use an underlying asset for the lease term and a lease liability representing an obligation to make lease payments arising from the lease on the consolidated balance sheet.

We have operating and finance leases for facilities, vehicles, equipment, and software. Some leases include one or more options to renew, with renewal terms that can extend the lease term from five to ten years with exercise of lease renewal options being at the sole discretion of NCS as lessee. Some leases may include an option to terminate the contract with notice. ROU assets and lease liabilities recorded pursuant to a lease agreement with a term exceeding 12 months are recognized at the lease commencement date based on the present value of lease payments over the lease term. To the extent our lease agreements do not provide an implicit interest rate or the implicit interest rate is not readily determinable, we apply the current interest rate pursuant to our secured asset-

based revolving credit facility (“ABL Facility”), adjusted on a monthly annual basis, as the incremental borrowing rate to calculate the present value at the lease commencement date. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

Our lease agreements are from a lessee perspective and do not contain (i) any leases with variable lease payments (e.g., payments that depend on a percentage of sales of a lessee or payments that increase based upon an index such as a consumer price index), (ii) residual value guarantees probable of being paid, except leased fleet vehicles, or (iii) material restrictive covenants. Lease agreements with lease and non-lease components are generally accounted for separately when practical. For leases where the lease and non-lease component are comingled and the non-lease component is determined to be insignificant when compared to the lease component, the lease and non-lease components are treated as a single lease component for all asset classes.

As of December 31, 2023, we have no significant leases where we are the lessor. In January 2024, we extended a facility lease through 2030 for a total lease commitment of $0.6 million. We have no additional significant operating or finance leases that have not yet commenced which create significant rights or obligations for NCS. For additional information, see “Note 10. Debt” and “Note 15. Leases.”

Income Taxes

We are taxed as a corporation as defined under the Internal Revenue Code. The liability method is used in accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when these differences are expected to reverse. The realizability of deferred tax assets is evaluated annually and a valuation allowance is provided if it is more likely than not that the deferred tax assets will not give rise to future benefits. We follow guidance in ASC 740, Income Taxes, for uncertainty in income taxes by prescribing the minimum recognition threshold an income tax position is required to meet before being recognized in the consolidated financial statements. Each income tax position is assessed using a two-step process. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more likely than not criteria, the benefit recorded in the consolidated financial statements equals the largest amount that is greater than 50% likely to be realized upon its ultimate settlement. A valuation allowance to reduce deferred tax assets is established when it is more likely than not that some portion or all the deferred tax assets will not be realized. We recognize accrued interest and penalties related to uncertain tax positions in other income, net on the consolidated statements of operations.

Share-Based Compensation

We account for our stock-based compensation awards in accordance with ASC 718, Compensation—Stock Compensation. To measure the grant-date fair value of share-based compensation, we use the market price of our common stock for equity-classified restricted stock units (“RSUs”) and equivalent stock units, or cash-settled, liability-classified RSUs (“ESUs”), the Black-Scholes model for options and a Monte Carlo simulation for the performance stock unit awards (“PSUs”). We measure all share-based compensation awards at fair value on the date they are granted and recognize the compensation expense in the financial statements over the requisite period and record forfeitures as they occur. As the ESUs will be settled in cash, we record a liability, which is remeasured each reporting period at fair value based upon the closing stock price of our common stock until the awards are settled.

Fair Value

The carrying amounts for financial instruments classified as current assets and current liabilities approximate fair value due to the short maturity of such instruments. The book values of other financial instruments approximates fair value because interest rates charged are comparable to other financial instruments with similar terms and maturities and the rates vary in accordance with a market index consistent with ASC 820, Fair Value Measurements.

For the financial assets and liabilities disclosed at fair value, fair value is determined as the exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The established fair value hierarchy divides fair value measurement into three broad levels:

Level 1—inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

Level 2—inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly; and

Level 3—inputs are unobservable for the asset or liability, which reflect the best judgment of management.

The financial assets and liabilities that are disclosed at fair value for disclosure purposes are categorized in one of the above three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.

Severance and Other Termination Benefits

We accrue one-time severance costs pursuant to an approved workforce reduction plan at the communication date, when affected employees have been notified of the potential severance and sufficient information has been provided for the employees to calculate severance benefits, in the event the employee is involuntarily terminated. During 2023, we recorded $1.4 million of severance expenses associated with one-time severance costs, of which a liability of $0.4 million remained as of December 31, 2023. We did not incur any significant severance or termination benefits related to workforce reductions during the year ended December 31, 2022. See “Note 9. Accrued Expenses” included herewith for further information.

Earnings Per Share

Basic income (loss) per share is calculated by dividing net income (loss) attributable to NCS Multistage Holdings, Inc. by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share computation is calculated by dividing net income (loss) attributable to NCS Multistage Holdings, Inc. by the weighted-average number of common shares outstanding during the period, taking into effect, if any, shares that would be issuable upon the exercise of outstanding stock options and unvested RSUs and PSUs calculated using the treasury stock method, a method that determines how many incremental shares would result if all dilutive shares were exercised at the reporting date, less the number of shares that could be purchased at cost using the assumed proceeds from the exercise.

Research and Development

Research and development costs are incurred both through the utilization of our employees to create and develop new ideas and products as well as through engaging third parties to perform development activities under our coordination and management. We incurred approximately $2.5 million and $2.7 million in research and development costs for the years ended December 31, 2023 and 2022, respectively. These costs are recorded in selling, general and administrative (“SG&A”) expenses on the consolidated statements of operations. Occasionally a customer may contract us to provide research and development of a product, for which we are compensated. We recognize the revenue when the project is completed and accepted by the customer and record the corresponding research and development costs as cost of goods sold. Alternatively, outside parties may agree to fund certain research and development activities for which we retain the rights to intellectual property. Proceeds we receive under these arrangements are treated as a reduction of research and development costs included in SG&A expense. We received such reimbursable amounts of $2.6 million and $1.7 million during the years ended December 31, 2023 and 2022, respectively.

Recent Accounting Pronouncements

Pronouncement Adopted in 2023

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU introduces a new impairment model that is based on expected credit losses rather than incurred credit losses for financial instruments, including trade accounts receivable. It requires an entity to measure expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The new standard was to become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective dates for certain accounting guidance. The effective date of ASU No. 2016-13 remained the same for public business entities that are SEC filers, except for entities who are deemed SRCs. The effective date for SRCs began during the first interim period of fiscal years after December 15, 2022. We adopted ASU No. 2016-13 on January 1, 2023, with no material impact on our consolidated financial statements.

Pronouncement Not Yet Effective

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU improves income tax disclosure requirements and requires specific categories in the effective tax rate reconciliation as well as additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures pertaining to income taxes paid (net of refunds received) and amends other disclosure requirements. The new standard is effective for fiscal years beginning after December 15, 2024 and should be applied prospectively although retrospective application is permitted. Early adoption is also permitted for financial statements that have not yet been issued. We are currently evaluating the impact of the adoption of this guidance.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements on an annual and interim basis and includes requirements for entities with a single reportable segment. The improvements include disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and explanation of how the CODM uses the reported measure of segment profit or loss in assessing performance and allocating resources along with other disclosure requirements. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance.

Income Taxes (Summary of Items that Caused Recorded Income Taxes to Differ from Income Taxes Computed Using Statutory Federal Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Income tax at federal statutory rate	21.00%	21.00%
Foreign taxes on U.S. income	(2.70%)	(7.40%)
Non-controlling interest gain/losses	(3.80%)	(53.30%)
Nondeductible expenses	(5.20%)	(32.10%)
Deductible foreign taxes	1.40%	36.30%
Non U.S. income taxed at different rates	23.80%	(18.30%)
Research and other tax credits	20.80%	57.80%
Effect of rate change on deferred tax		(2.80%)
Stock-based compensation	(18.20%)	(656.70%)
State taxes	(12.30%)	(104.10%)
Change in valuation allowance	(20.90%)	675.50%
Other	3.00%	25.70%
Income tax	6.90%	(58.40%)

Stockholders' Equity (Narrative) (Details)	12 Months Ended
Stockholders' Equity (Narrative) (Details)	Dec. 31, 2023 item $ / shares shares	Dec. 31, 2022 $ / shares shares
Stockholders' Equity [Abstract]
Common stock, shares authorized (in shares)	11,250,000	11,250,000
Common stock, shares outstanding (in shares)	2,443,744	2,408,474
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Voting right for each share of common stock held \| item	1
Dividends declared \| $ / shares	$ 0	$ 0

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 11. Commitments and Contingencies

Litigation

In the ordinary course of our business, from time to time, we have various claims, lawsuits and administrative proceedings that are pending or threatened with respect to commercial, intellectual property and employee matters.

Texas Matter

NCS was a defendant in a lawsuit in the District Court of Winkler County, Texas (the “Texas Matter”) that was settled in December 2023, where the insurance carrier agreed to pay the mutually-agreed settlement amounts to the plaintiff in settlement of all liabilities, resulting in no cash payments by NCS. The lawsuit was filed in September 2019 by plaintiffs Boyd & McWilliams Energy Group, Inc. et. al. claiming damage to their wells in 2018 resulting from an alleged product defect related to components provided by a third-party supplier. In May 2023, a judgment was rendered awarding the plaintiff total damages of $42.5 million. We accrued $40.8 million which included this judgment amount and estimated court costs, less $2.0 million previously paid to the plaintiff by our insurance carrier. During the fourth quarter of 2023, in connection with the settlement, we reversed the accrual for this legal contingency of $40.8 million. As of December 31, 2023, we recorded an insurance receivable for expected but unpaid insurance recoveries and a provision for legal contingencies of $15.0 million. The settlement was fully paid by the insurance carrier in January 2024.

Wyoming Matter

NCS was the defendant in a lawsuit in a state district court in Wyoming, which settled in August 2023 (the “Wyoming Matter”). The claim related to an alleged service issue by our personnel during completion operations. The parties agreed to a settlement that included a payment to the plaintiff of $2.0 million, which was paid on NCS’s behalf under a policy of insurance and NCS received $0.6 million as reimbursement of unpaid invoices from the plaintiff. During the year ended December 31, 2023, we recorded the benefit from payment of the aged invoices as other income in the accompanying consolidated statement of operations.

Canada Patent Matters

On July 24, 2018, we filed a patent infringement lawsuit seeking unspecified damages against Kobold Corporation, Kobold Completions Inc. and 2039974 Alberta Ltd. (“Kobold”) in the Federal Court of Canada (“Canada Court”), alleging that Kobold’s fracturing tools and methods infringe on several of our Canadian patents. On July 12, 2019, Kobold filed a counterclaim seeking unspecified damages alleging that our fracturing tools and methods infringe on their patent. The patent infringement litigation against Kobold and their counterclaim was heard in early 2022.

On October 10, 2023, the judge rendered a decision against us holding that our asserted patents are invalid and that we are infringing the Kobold asserted patent. The Canada Court ordered us to pay Kobold approximately $1.8 million ($2.5 million in Canadian dollars) in costs and disbursements, including taxes payable thereon, and granted an injunction prohibiting us from any further infringement of their patent. This amount is included in provision for litigation, net of recoveries in the accompanying consolidated statement of operations for the year ended December 31, 2023 and was paid to Kobold in November 2023.

We believe that applicable law supports strong grounds to appeal the decision by the Canada Court as well as to reduce the costs award significantly. We intend to appeal the judgment and believe we have strong arguments that may lead to a reversal of substantial portions of the decision. In addition, we do not know what damages, if any, the Canada Court will award to Kobold as the damages portion was bifurcated and will likely be heard by the Canada Court only after we complete our appeal of the liability phase. We expect the appeal to be heard by late 2024, and a decision granted by early to mid-2025. If we do not prevail in the appeal phase, we would expect any damages awarded to be more modest because of the relative ease and minimal cost in implementing changes to our product to comply with the injunction, with such changes having resulted to date in insignificant commercial impact.

The parties attended a mediation meeting in late February 2024. While no agreement has yet been reached, the parties have expressed interest in continuing with the settlement discussions. If we are unable to reach a settlement with Kobold, the appeals process could take over a year and could result in a new trial or further appeals, which may not conclude for several years thereafter.

On April 6, 2020, Kobold filed a separate patent infringement lawsuit seeking unspecified damages against us in Canadian Court, alleging that our fracturing tools infringe on their Canadian patents. In the summary judgment phase, we have successfully dismissed some of the asserted products. However, we were not able to dismiss all of the claims because there remained factual determinations that were not possible in a summary judgment proceeding for our other products. We believe we have strong arguments of invalidity and non-infringement in this matter. This patent infringement litigation has not yet been assigned a trial date.

Other Patent Matters

In connection with our patent infringement jury verdict against Nine Energy Services, Inc. (“Nine”), the Western District of Texas, Waco Division (“Waco District Court”) entered final judgment in June 2022 and awarded NCS approximately $0.5 million in damages for Nine’s infringement of U.S. Patent No. 10,465,445 (“the ’445 Patent”). At a hearing in December 2022, the Waco

District Court announced it would be awarding hundreds of thousands of dollars in supplemental damages, interest, and costs and ordered Nine to pay an ongoing royalty for the sale of infringing casing flotation devices for the life of the ’445 Patent. In addition, in August 2022 in connection with our patent infringement jury verdict against TCO AS, the jury awarded NCS approximately $1.9 million in damages for TCO AS’s infringement of the ’445 Patent. The Waco District Court has entered the final judgment in that case, and we are seeking an award of ongoing royalties for TCO AS’s continued post-judgment infringement, supplemental damages, interest, and cost. Both cases remain subject to appeal. Therefore, we have not recorded any potential gain contingencies associated with these matters in the accompanying consolidated statements of operations.

In accordance with GAAP, we accrue for contingencies where the occurrence of a material loss is probable and can be reasonably estimated. Our legal contingencies may increase or decrease, on a matter-by-matter basis, to account for future developments. Although the outcome of any legal proceeding cannot be predicted with any certainty, our assessment of the likely outcome of litigation matters is based on our judgment of a number of factors, including experience with similar matters, past history, precedents, relevant financial information and other evidence and facts specific to each matter.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income Taxes

Note 16. Income Taxes

The provision (benefit) from income taxes consists of the following for the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Current tax expense (benefit)
U.S. Federal	$	(114)	$	(291)
State		54		116
Foreign		(324)		260
Total current		(384)		85
Deferred tax expense
U.S. Federal	$	103	$	—
State		—		—
Foreign		49		266
Total deferred		152		266
Total income taxes	$	(232)	$	351

The following is the domestic and foreign components of our (loss) income before income taxes for the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
U.S. Federal	$	1,256	$	(1,127)
Foreign		(4,599)		526
Loss before income tax	$	(3,343)	$	(601)

The following is a summary of the items that caused recorded income taxes to differ from income taxes computed using the statutory federal income tax rate for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Income tax at federal statutory rate	21.0	%	21.0	%
Increase (decrease) in income taxes resulting from:
Foreign taxes on U.S. income	(2.7)	%	(7.4)	%
Non-controlling interest gain/losses	(3.8)	%	(53.3)	%
Nondeductible expenses	(5.2)	%	(32.1)	%
Deductible foreign taxes	1.4	%	36.3	%
Non U.S. income taxed at different rates	23.8	%	(18.3)	%
Research and other tax credits	20.8	%	57.8	%
Effect of rate change on deferred tax	—	%	(2.8)	%
Stock-based compensation	(18.2)	%	(656.7)	%
State taxes	(12.3)	%	(104.1)	%
Change in valuation allowance	(20.9)	%	675.5	%
Other	3.0	%	25.7	%
Income tax	6.9	%	(58.4)	%

We recorded a tax benefit of $0.2 million and a tax expense of $0.4 million for the years ended December 31, 2023 and 2022, respectively. The income tax benefit and expense for both 2023 and 2022 primarily relates to results generated by our non-U.S. and Canadian businesses and U.S. state taxes. Tax expense for 2023 and 2022 has not been offset by the tax benefits related to losses within the United States, Canada, and other jurisdictions, from which we cannot currently benefit. In addition, for both 2023 and 2022 the income tax provision includes effects of changes in valuation allowances established against our previously recognized deferred tax assets in the United States, Canada, and other jurisdictions. Similarly, our effective tax rate for both 2023 and 2022 was impacted

by the changes in valuation allowance related to U.S. and foreign operating losses for which we cannot currently recognize a tax benefit. Due to the impact of the valuation allowances on tax expense, our effective tax rates are not meaningful for all periods presented. See further discussion of establishment of the deferred tax valuation allowance at “Note 2. Summary of Significant Accounting Policies - Income Taxes”.

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are as follows (in thousands):


	December 31,
	2023		2022
Deferred tax assets
Accruals not currently deductible	$	2,947	$	3,165
Depreciation and amortization		8,761		9,593
Tax loss carryforward		4,333		3,775
Other		2,821		1,799
		18,862		18,332
Valuation allowance for deferred tax assets		(18,758)		(18,288)
Total deferred tax assets		104		44
Deferred tax liabilities
Foreign currency translation		(287)		(148)
Other		—		(49)
Total deferred tax liabilities		(287)		(197)
Net deferred tax assets (liabilities)	$	(183)	$	(153)

The above are included in the accompanying consolidated balance sheet as follows (in thousands):


	December 31,
	2023		2022
Deferred income tax assets—noncurrent	$	66	$	46
Deferred income tax liabilities—noncurrent		(249)		(199)
	$	(183)	$	(153)

A valuation allowance has been provided for $14.6 million and $15.4 million against U.S. deferred tax assets as of December 31, 2023 and 2022, respectively. Also, a valuation allowance has been provided for $3.9 million and $2.3 million against Canadian deferred tax assets as of December 31, 2023 and 2022, respectively. We believe we have not met the more likely than not condition of realizing the benefits of these assets based on management’s position regarding the existence of sufficient projected taxable income of the appropriate character.

As of December 31, 2023 and 2022, there were no material amounts that had been accrued with respect to uncertain tax positions. We believe that there are no tax positions taken or expected to be taken as of December 31, 2023 and 2022 that would significantly increase or decrease unrecognized tax benefits within the next twelve months following the balance sheet date. We file income tax returns in the United States, Canada and various state and foreign jurisdictions. Our U.S. income tax returns for 2020 and subsequent years remain open for examination and our Canadian income tax returns for 2019 and subsequent years remain open for examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Segment and Geographic Information (Summary of Revenue and Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenues	$ 142,471	$ 155,632
Long-lived assets	28,183	27,831
Depreciation and Amortization
Depreciation and amortization	4,616	4,319
Operating Income (loss)
Operating Income (loss)	(5,531)	(2,253)
Segment Assets
Assets	152,032	138,599
Product Sales [Member]
Revenues
Revenues	100,447	105,859
Services [Member]
Revenues
Revenues	42,024	49,773
United States [Member]
Revenues
Revenues	37,819	46,237
Long-lived assets	15,673	16,861
United States [Member] \| Product Sales [Member]
Revenues
Revenues	26,613	34,009
United States [Member] \| Services [Member]
Revenues
Revenues	11,206	12,228
Canada [Member]
Revenues
Revenues	98,107	100,871
Long-lived assets	10,782	9,265
Canada [Member] \| Product Sales [Member]
Revenues
Revenues	71,946	71,176
Canada [Member] \| Services [Member]
Revenues
Revenues	26,161	29,695
Other Countries [Member]
Revenues
Revenues	6,545	8,524
Long-lived assets	1,728	1,705
Other Countries [Member] \| Product Sales [Member]
Revenues
Revenues	1,888	674
Other Countries [Member] \| Services [Member]
Revenues
Revenues	$ 4,657	$ 7,850

Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance leases	$ 8,156	$ 7,870
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Total debt	$ 8,156	$ 7,926
Less: current portion	(1,812)	(1,489)
Long-term debt	6,344	6,437
ABL Facility [Member]
Debt Instrument [Line Items]
Debt
Repeat Precision Promissory Note [Member]
Debt Instrument [Line Items]
Debt		$ 56

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Goodwill and Identifiable Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Identifiable Intangibles [Abstract]

Goodwill and Identifiable Intangibles

Note 8. Goodwill and Identifiable Intangibles

The carrying amount of goodwill is summarized as follows (in thousands):


	December 31,		December 31,
	2023		2022
Gross value	$	177,162	$	177,162
Accumulated impairment		(161,940)		(161,940)
Net	$	15,222	$	15,222

We perform an annual impairment analysis of goodwill as of December 31, or whenever there is a triggering event that indicates an impairment loss may have been incurred. If an impairment loss occurs, we separately disclose it in the consolidated statements of operations, as applicable. See “Note 2. Summary of Significant Accounting Policies - Impairments” for additional information.

As of December 31, 2023 and 2022, we elected to perform a qualitative assessment for Repeat Precision, our only reportable unit with goodwill, and determined it is more likely than not that the goodwill totaling $15.2 million has a fair value that exceeds its net carrying value. Therefore, no goodwill impairment has been recorded for the years ended December 31, 2023 and 2022, respectively.

Identifiable intangibles by major asset class consist of the following (in thousands):



		December 31, 2023
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(863)	$	3,095
Customer relationships	10		4,100		(2,836)		1,264
Total amortizable intangible assets		$	8,058	$	(3,699)	$	4,359
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,699)	$	4,407



		December 31, 2022
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(604)	$	3,354
Customer relationships	10		4,100		(2,426)		1,674
Total amortizable intangible assets		$	8,058	$	(3,030)	$	5,028
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,030)	$	5,076

We did not incur costs to renew or extend the term of acquired intangible assets during the years ended December 31, 2023 and 2022, respectively. Substantially all identifiable intangibles as of December 31, 2023 and 2022 are related to our Repeat Precision asset group.

Identifiable intangibles are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. See “Note 2. Summary of Significant Accounting Policies - Impairments” for additional information. As of December 31, 2023, we evaluated potential triggering events, including the decline in the quoted price of our common stock. However, we determined there were no triggering events that indicated potential impairment of our intangibles. Therefore, we did not record any impairment charges related to our identifiable intangibles for the years ended December 31, 2023 or 2022, respectively.

Total amortization expense, which is associated with SG&A expenses on the consolidated statements of operations, was $0.7 million for each of the years ended December 31, 2023 and 2022, respectively.

The total weighted average amortization period for intangible assets is 14 years and estimated future amortization expense by year is as follows (in thousands):


2024	$	669
2025		669
2026		669
2027		292
2028		259
Thereafter		1,801
Total	$	4,359

Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 1,826
2025	1,589
2026	1,343
2027	878
2028	265
Total lease payments	5,901
Less: interest	(543)
Present value of lease liabilities	5,358
Finance Leases
2024	2,242
2025	2,093
2026	1,762
2027	999
2028	832
Thereafter	1,415
Total lease payments	9,343
Less: interest	(1,187)
Present value of lease liabilities	$ 8,156	$ 7,870

Goodwill and Identifiable Intangibles (Schedule of Identifiable Intangibles) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	$ 8,058	$ 8,058
Finite-lived intangible assets, Accumulated Amortization	(3,699)	(3,030)
Total	4,359	5,028
Intangible Assets, Gross (Excluding Goodwill), Total	8,106	8,106
Intangible Assets, Net (Excluding Goodwill), Total	4,407	5,076
Technology Not Subject To Amortization [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	48	48
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	3,958	3,958
Finite-lived intangible assets, Accumulated Amortization	(863)	(604)
Total	$ 3,095	$ 3,354
Technology [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year	1 year
Technology [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years	20 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years	10 years
Finite-lived intangible assets, Gross Carrying Amount	$ 4,100	$ 4,100
Finite-lived intangible assets, Accumulated Amortization	(2,836)	(2,426)
Total	$ 1,264	$ 1,674

Share-Based Compensation (Summary of Share-Based Compensation Expense Recognized in Selling, General and Administrative Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total share-based compensation expense	$ 5,365	$ 6,039
Related income tax benefit	361	802
Restricted Stock Units (RSUs) [Member]
Total share-based compensation expense	2,657	2,205
Equivalent Stock Units (ESUs) [Member]
Total share-based compensation expense	1,201	2,586
Performance Stock Unit Awards (PSUs) [Member]
Total share-based compensation expense	$ 1,507	$ 1,248

Income Taxes (Provision (Benefit) from Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current tax expense (benefit):
U.S. Federal	$ (114)	$ (291)
State	54	116
Foreign	(324)	260
Total current	(384)	85
Deferred tax expense:
U.S. Federal	103
Foreign	49	266
Total deferred	152	266
Total income taxes	$ (232)	$ 351

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt [Abstract]

Schedule of Long-term Debt



	December 31,		December 31,
	2023		2022
ABL Facility	$	—	$	—
Repeat Precision Promissory Note		—		56
Finance leases		8,156		7,870
Total debt		8,156		7,926
Less: current portion		(1,812)		(1,489)
Long-term debt	$	6,344	$	6,437

Goodwill and Identifiable Intangibles (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Identifiable Intangibles [Abstract]
Goodwill impairment charge	$ 0	$ 0
Amortization expense	$ 669,000	$ 669,000
Weighted average amortization period	14 years

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 15. Leases

Supplemental balance sheet information related to leases are as follows (in thousands):


			December 31,		December 31,
Leases	Consolidated Balance Sheet Classification		2023		2022
Assets
Operating (1)	Operating lease assets	$	4,847	$	4,515
Finance (2)	Property and equipment, net		7,985		7,771
Total leased right-of-use assets		$	12,832	$	12,286

Liabilities
Current
Operating (1)	Operating lease liabilities	$	1,583	$	1,274
Finance	Current maturities of long-term debt		1,812		1,433

Noncurrent
Operating (1)	Operating lease liabilities, long-term		3,775		3,680
Finance	Long-term debt, less current maturities		6,344		6,437
Total lease liabilities		$	13,514	$	12,824

_______________

(1)During the year ended December 31, 2023, we relocated to a new facility in Red Deer, Alberta, Canada, for which we recorded an operating lease ROU asset and leasehold improvement and corresponding liability of $1.7 million. This operating lease has a term of approximately five years. During the year ended December 31, 2022, we entered into three operating leases and renewed four others for our facilities in various locations. We recorded long-term ROU assets totaling approximately $1.4 million and corresponding operating lease liabilities. The leases have renewal terms from three to approximately six years.

(2)Finance lease right-of-use assets are presented net of accumulated amortization of $4.7 million and $3.5 million as of December 31, 2023 and 2022, respectively.

The components of lease expense are as follows (in thousands):


		Year Ended December 31,
Lease Cost	Consolidated Statements of Operations Classification	2023		2022
Finance lease cost:
Amortization of right-of-use assets	Depreciation	$	1,752	$	1,531
Interest on lease liabilities	Interest expense, net		443		364
Operating lease cost	Cost of sales; Selling, general and administrative expenses		1,445		1,497
Short-term lease cost	Cost of sales; Selling, general and administrative expenses		855		896
Total lease cost		$	4,495	$	4,288

Total operating lease expense included in the consolidated statements of operations was $2.3 million and $2.4 million for the years ended December 31, 2023 and 2022, respectively.

Supplemental cash flow and other information related to leases are as follows (in thousands):


	Year Ended December 31,
Supplemental Cash Flow Disclosures	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	1,683	$	1,706
Operating cash flows from finance leases		443		364
Return of vehicles under finance lease		—		(142)


	December 31,			December 31,
Lease Term and Discount Rate	2023			2022
Weighted-average remaining lease term (years):
Operating leases		3.3			3.6
Finance leases		5.0			6.1
Weighted-average discount rate:
Operating leases		4.7	%		4.5	%
Finance leases		5.2	%		4.5	%

Maturities of lease liabilities are as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	1,826	$	2,242
2025		1,589		2,093
2026		1,343		1,762
2027		878		999
2028		265		832
Thereafter		—		1,415
Total lease payments	$	5,901	$	9,343
Less: interest		(543)		(1,187)
Present value of lease liabilities	$	5,358	$	8,156

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	11,250,000	11,250,000
Common stock, shares issued (in shares)	2,482,796	2,434,809
Common stock, shares outstanding (in shares)	2,443,744	2,408,474
Treasury stock, shares (in shares)	39,052	26,335

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 06, 2024	Jun. 30, 2023
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-38071
Entity Registrant Name	NCS Multistage Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1527455
Entity Address, Address Line One	19350 State Highway 249
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77070
City Area Code	281
Local Phone Number	453-2222
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NCSM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Central Index Key	0001692427
Amendment Flag	false
Document Financial Statement Error Correction Flag	false
Entity Public Float			$ 12.7
Entity Common Stock, Shares Outstanding (in shares)		2,485,708
Documents Incorporated by Reference	Portions of the definitive proxy statement for the registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023.
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Houston, Texas

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Supplemental Balance Sheet Information Related to Leases


			December 31,		December 31,
Leases	Consolidated Balance Sheet Classification		2023		2022
Assets
Operating (1)	Operating lease assets	$	4,847	$	4,515
Finance (2)	Property and equipment, net		7,985		7,771
Total leased right-of-use assets		$	12,832	$	12,286

Liabilities
Current
Operating (1)	Operating lease liabilities	$	1,583	$	1,274
Finance	Current maturities of long-term debt		1,812		1,433

Noncurrent
Operating (1)	Operating lease liabilities, long-term		3,775		3,680
Finance	Long-term debt, less current maturities		6,344		6,437
Total lease liabilities		$	13,514	$	12,824

_______________

(2)Finance lease right-of-use assets are presented net of accumulated amortization of $4.7 million and $3.5 million as of December 31, 2023 and 2022, respectively.

Components of Lease Expense


		Year Ended December 31,
Lease Cost	Consolidated Statements of Operations Classification	2023		2022
Finance lease cost:
Amortization of right-of-use assets	Depreciation	$	1,752	$	1,531
Interest on lease liabilities	Interest expense, net		443		364
Operating lease cost	Cost of sales; Selling, general and administrative expenses		1,445		1,497
Short-term lease cost	Cost of sales; Selling, general and administrative expenses		855		896
Total lease cost		$	4,495	$	4,288

Supplemental Cash Flow and Other Information Related to Leases


	Year Ended December 31,
Supplemental Cash Flow Disclosures	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	1,683	$	1,706
Operating cash flows from finance leases		443		364
Return of vehicles under finance lease		—		(142)

Lease Term and Discount Rate


	December 31,			December 31,
Lease Term and Discount Rate	2023			2022
Weighted-average remaining lease term (years):
Operating leases		3.3			3.6
Finance leases		5.0			6.1
Weighted-average discount rate:
Operating leases		4.7	%		4.5	%
Finance leases		5.2	%		4.5	%

Maturities of Lease Liabilities


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	1,826	$	2,242
2025		1,589		2,093
2026		1,343		1,762
2027		878		999
2028		265		832
Thereafter		—		1,415
Total lease payments	$	5,901	$	9,343
Less: interest		(543)		(1,187)
Present value of lease liabilities	$	5,358	$	8,156

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Inventories, Net

12 Months Ended

Dec. 31, 2023

Inventories, Net [Abstract]

Inventories, Net

Note 5. Inventories, net

Inventories consist of the following as of December 31, 2023 and 2022 (in thousands):


	December 31,		December 31,
	2023		2022
Raw materials	$	2,395	$	2,135
Work in process		559		38
Finished goods		38,658		34,869
Total inventories, net	$	41,612	$	37,042

Property and Equipment (Schedule of Property and Equipment by Major Asset Class) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 44,911	$ 41,615
Less: Accumulated depreciation and amortization	(21,912)	(18,844)
Property and equipment, net, excluding construction in progress	22,999	22,771
Construction in progress	337	545
Property and equipment, net	23,336	23,316
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,630	1,592
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	7,742	7,462
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	19,378	18,156
Computer and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	2,408	2,107
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	722	748
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	265	262
Right Of Use Assets - Finance Leases [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	12,709	11,231
Service Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 57	$ 57

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Changes in Allowance for Credit Losses


Allowance for credit losses at December 31, 2022	$	—
Charges and additions during 2023		165
Adjustments and recoveries		—
Allowance for credit losses at December 31, 2023	$	165

Property and Equipment Estimated Useful Service Lives or Lease Term



	Years
Buildings	30
Building equipment and leasehold improvements	1 - 15
Machinery and equipment and service equipment	5 - 12
Computers and software	3 - 5
Furniture and fixtures	3 - 5
Vehicles	2 - 4
Right of use assets - finance leases	(Lease term) 2 - 10

Income Taxes (Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accruals not currently deductible	$ 2,947	$ 3,165
Depreciation and amortization	8,761	9,593
Tax loss carryforward	4,333	3,775
Other	2,821	1,799
Total deferred tax assets, gross	18,862	18,332
Valuation allowance for deferred tax assets	(18,758)	(18,288)
Total deferred tax assets	104	44
Deferred tax liabilities:
Foreign currency translation	(287)	(148)
Other		(49)
Total deferred tax liabilities	(287)	(197)
Net deferred tax liabilities	(183)	(153)
Deferred income tax assets—noncurrent	66	46
Deferred income tax liabilities—noncurrent	$ (249)	$ (199)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Deficit [Member]	Treasury Stock [Member]	Non-Controlling Interest [Member]	Total
Beginning balance at Dec. 31, 2021	$ 24	$ 437,022	$ (82,094)	$ (261,362)	$ (1,006)	$ 18,083	$ 110,667
Beginning balance, shares at Dec. 31, 2021	2,397,766				17,392
Share-based compensation		3,453					3,453
Net (loss) income				(1,102)		150	$ (952)
Exercise of stock options, shares							0
Vesting of restricted stock, shares	37,043
Shares withheld					$ (383)		$ (383)
Shares withheld, shares					(8,943)
Currency translation adjustment			(3,523)				(3,523)
Ending balance at Dec. 31, 2022	$ 24	440,475	(85,617)	(262,464)	$ (1,389)	18,233	109,262
Ending balance, shares at Dec. 31, 2022	2,434,809				26,335
Share-based compensation		4,164					4,164
Net (loss) income				(3,153)		42	(3,111)
Distribution to noncontrolling interest						(500)	$ (500)
Exercise of stock options, shares							0
Vesting of restricted stock	$ 1	(1)
Vesting of restricted stock, shares	47,987
Shares withheld					$ (287)		$ (287)
Shares withheld, shares					(12,717)
Currency translation adjustment			(135)				(135)
Ending balance at Dec. 31, 2023	$ 25	$ 444,638	$ (85,752)	$ (265,617)	$ (1,676)	$ 17,775	$ 109,393
Ending balance, shares at Dec. 31, 2023	2,482,796				39,052

Revenues

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Revenues

Note 4. Revenues

Disaggregation of Revenue

We sell our products and services primarily in North America and in selected international markets. See above “Note 3. Segment and Geographic Information” for our disaggregated revenue by geographic area.

Contract Balances

If the timing of the delivery of products and provision of services is different from the timing of the customer payments, we recognize either a contract asset (performance precedes contractual due date in connection with estimates of variable consideration) or a contract liability (customer payment precedes performance) on our consolidated balance sheet.

The following table presents the current contract liabilities for the periods indicated (in thousands):


Balance at December 31, 2021	$	71
Additions		1,963
Revenue recognized		(1,983)
Balance at December 31, 2022	$	51
Additions		432
Revenue recognized		(23)
Balance at December 31, 2023	$	460

We currently do not have any contract assets or non-current contract liabilities. Our contract liability as of December 31, 2023 and 2022 is included in other current liabilities on our consolidated balance sheets. Our performance obligations for our product and services revenues are typically satisfied before the customer’s payment; however, prepayments may occasionally be required.

Contracts with Multiple Performance Obligations

Substantially all of our product and services revenues are considered a single performance obligation. Our tracer self-service product line, which is a small percentage of our revenue for the years ended December 31, 2023 and 2022 is comprised of two performance obligations: (i) the delivery of tracer materials to a customer well site and (ii) the creation of diagnostic reports ordered by customers when we do not perform an integrated service. For these contracts, we do not allocate the transaction price as the individual performance obligations are sold at standalone prices in the customer order. The transaction prices for our self-service product line are determined as (i) the price per unit times the quantity of tracer materials and (ii) prices charged for diagnostic reports ordered by and delivered to the customer.

Practical Expedients

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within SG&A expenses on the consolidated statements of operations.

We do not disclose the value of unsatisfied performance obligations when the related contract has a duration of one year or less. We recognize revenue equal to what we have the right to invoice when that amount corresponds directly with the value to the customer of our performance to date.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Summary of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Use of Estimates

Foreign Currency

Revenue Recognition

The payment terms and conditions in our customer contracts vary. We do not have contracts that contain a financing component and generally do not accept noncash consideration from customers.

Product Sales Revenues

Services Revenues

Cash and Cash Equivalents

We consider all highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. These items are carried at cost, which approximates fair value.

Concentration of Credit Risk

Accounts Receivable, Trade and Allowance for Credit Losses


Allowance for credit losses at December 31, 2022	$	—
Charges and additions during 2023		165
Adjustments and recoveries		—
Allowance for credit losses at December 31, 2023	$	165

Inventories

Impairments

Property and Equipment



	Years
Buildings	30
Building equipment and leasehold improvements	1 - 15
Machinery and equipment and service equipment	5 - 12
Computers and software	3 - 5
Furniture and fixtures	3 - 5
Vehicles	2 - 4
Right of use assets - finance leases	(Lease term) 2 - 10

Business Combinations, Goodwill and Identifiable Intangible Assets

Leases

Income Taxes

Share-Based Compensation

Fair Value

Level 1—inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

Level 2—inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly; and

Level 3—inputs are unobservable for the asset or liability, which reflect the best judgment of management.

Severance and Other Termination Benefits

Earnings Per Share

Research and Development

Recent Accounting Pronouncement

Recent Accounting Pronouncements

Pronouncement Adopted in 2023

Pronouncement Not Yet Effective

Employee Benefit Plan (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
401(k) plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 1.0	$ 1.0
401(k) plan [Member] \| United States [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' gross pay	3.00%
Employer discretionary matching contribution, percent of match	50.00%
Employer discretionary maximum matching contribution, percent of employee' gross pay	2.00%
401(k) plan [Member] \| Canada [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' gross pay	4.00%
Repeat Precision Reporting Unit [Member] \| Simple IRA [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay	3.00%

Commitments and Contingencies (Narrative) (Details) $ in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Oct. 31, 2023 CAD ($)	May 31, 2023 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Provision for litigation, net of recoveries					$ 1,802
Operating lease right-of-use assets					4,847	$ 4,515
Operating lease liabilities					5,358
Patent Infringement [Member]
Loss Contingencies [Line Items]
Amount awarded to other party	$ 1,800
Amount awarded from other party	$ 2,500
Texas Matter [Member]
Loss Contingencies [Line Items]
Provision for litigation, net of recoveries					40,800
Unpaid insurance recoveries recognized					15,000
Texas Matter [Member] \| Damages from Product Defects [Member]
Loss Contingencies [Line Items]
Amount awarded to other party		$ 42,500
Texas Matter [Member] \| Insurance Claims [Member]
Loss Contingencies [Line Items]
Loss contingency, paid by insurance carrier					2,000
Wyoming Matter [Member] \| Insurance Claims [Member]
Loss Contingencies [Line Items]
Loss contingency, paid by insurance carrier					2,000
Nine Patent Infringement [Member]
Loss Contingencies [Line Items]
Amount awarded from other party				$ 500
TCO AS Patent Infringement [Member]
Loss Contingencies [Line Items]
Amount awarded from other party			$ 1,900
Services [Member] \| Wyoming Matter [Member] \| Alleged Service Issue [Member]
Loss Contingencies [Line Items]
Proceeds from customers					$ 600

Revenues (Narrative) (Details)	12 Months Ended
Revenues (Narrative) (Details)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 item
Revenues [Abstract]
Contract assets	$ 0
Non-current contract liabilities	$ 0
Number of performance obligations associated with self-service product line \| item	2	2

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment and Geographic Information [Abstract]

Summary of Revenue and Long-Lived Assets by Geographical Area


	Year Ended December 31,
	2023		2022
United States
Product sales	$	26,613	$	34,009
Services		11,206		12,228
Total United States		37,819		46,237
Canada
Product sales		71,946		71,176
Services		26,161		29,695
Total Canada		98,107		100,871
Other Countries
Product sales		1,888		674
Services		4,657		7,850
Total other countries		6,545		8,524
Total
Product sales		100,447		105,859
Services		42,024		49,773
Total revenues	$	142,471	$	155,632

The following table summarizes long-lived assets (defined as property and equipment, net and operating lease assets) by geographic area (in thousands):


	December 31,		December 31,
	2023		2022
United States	$	15,673	$	16,861
Canada		10,782		9,265
Other Countries		1,728		1,705
	$	28,183	$	27,831

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 12. Stockholders’ Equity

Authorized and Outstanding Shares

As of December 31, 2023 and 2022, we had 11,250,000 shares of common stock authorized to be issued. As of December 31, 2023 and 2022, 2,443,744 and 2,408,474 shares of common stock were outstanding, respectively. As of December 31, 2023 and 2022, the number of our authorized shares of preferred stock included 10,000,000 shares, with none outstanding.

Voting

The holders of common stock are entitled to one vote for each share of common stock held.

Dividends

The holders of common stock are entitled to receive dividends as declared from time-to-time by our Board, to the extent permitted under the ABL Facility. No dividends were declared during the years ended December 31, 2023 and 2022.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Revenues (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current Contract Liabilities [Abstract]
Current contract liabilities: Beginning balance	$ 51	$ 71
Additions	432	1,963
Revenue recognized	(23)	(1,983)
Current contract liabilities: Ending balance	$ 460	$ 51

Other Current Receivables (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Other Current Receivables [Line Items]
Other current receivables		$ 4,042	$ 3,726
Other Liabilities, Current		3,370	2,522
Revenues		142,471	155,632
Other Nonoperating Income (Expense)		4,114	2,950
Special Oilfield Services Co. LLC [Member]
Other Current Receivables [Line Items]
Revenues		1,400	1,200
Other Nonoperating Income (Expense)		800	700
Special Oilfield Services Co. LLC [Member] \| Research and Development Contract [Member]
Other Current Receivables [Line Items]
Other current receivables		1,200
Other Liabilities, Current		1,200
Special Oilfield Services Co. LLC [Member] \| Employee Retention Credit [Member]
Other Current Receivables [Line Items]
Other current receivables		100	900
Receivables collected	$ 700
Interest collected	$ 100
Special Oilfield Services Co. LLC [Member] \| Technical Services And Assistance Agreement [Member]
Other Current Receivables [Line Items]
Other current receivables		$ 900	$ 700

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Schedule of Contract Liabilities


Balance at December 31, 2021	$	71
Additions		1,963
Revenue recognized		(1,983)
Balance at December 31, 2022	$	51
Additions		432
Revenue recognized		(23)
Balance at December 31, 2023	$	460

Organization and Basis of Presentation (Narrative) (Details)	Dec. 31, 2023
Repeat Precision [Member]
Controlling interest, ownership percentage	50.00%

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2023

Inventories, Net [Abstract]

Schedule of Inventories


	December 31,		December 31,
	2023		2022
Raw materials	$	2,395	$	2,135
Work in process		559		38
Finished goods		38,658		34,869
Total inventories, net	$	41,612	$	37,042

Inventories, Net (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories, Net [Abstract]
Raw materials	$ 2,395	$ 2,135
Work in process	559	38
Finished goods	38,658	34,869
Total inventories, net	$ 41,612	$ 37,042

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Loss Per Share [Abstract]

Reconciliation of Numerator and Denominator for Calculating Earnings (Loss) Per Common Share from Net Income (Loss)


	Year Ended December 31,
	2023		2022
Numerator
Net loss	$	(3,111)	$	(952)
Less: income attributable to non-controlling interest		42		150
Net loss attributable to NCS Multistage Holdings, Inc.	$	(3,153)	$	(1,102)

Denominator
Basic weighted average number of shares		2,473		2,432
Dilutive effect of other equity awards		—		—
Diluted weighted average number of shares		2,473		2,432

Loss per common share
Basic	$	(1.27)	$	(0.45)
Diluted	$	(1.27)	$	(0.45)

Potentially dilutive securities excluded as anti-dilutive		146		194

Share-Based Compensation (Narrative) (Details)	12 Months Ended
Share-Based Compensation (Narrative) (Details)	Dec. 31, 2023 USD ($) item $ / shares shares	Dec. 31, 2022 USD ($) shares
Share-based compensation arrangement outstanding aggregate intrinsic values \| $	$ 0
Share-based compensation arrangement intrinsic value of options exercised \| $	$ 0
Share-based compensation arrangement shares exercised	0	0
Restricted Stock Units (RSUs) [Member]
Share-based compensation shares granted	81,021
Weighted average grant date fair value \| $ / shares	$ 24.49
Total value of shares vested and released \| $	$ 1,100,000	$ 1,600,000
Income tax benefit realized from compensation expense \| $	200,000	300,000
Share-based compensation cost not yet recognized share-based awards Other than options \| $	$ 2,000,000.0
Share-based compensation cost recognition weighted average period	1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Number of vesting equal annual installments \| item	3
Equivalent Stock Units (ESUs) [Member]
Number of vesting equal annual installments \| item	3
Payments made upon settlement of the ESUs \| $	$ 1,700,000	$ 2,600,000
Share-based compensation arrangement, liability \| $	900,000
Performance Stock Unit Awards (PSUs) [Member]
Share-based compensation cost not yet recognized share-based awards Other than options \| $	$ 1,400,000
Share-based compensation cost recognition weighted average period	3 years
Performance Stock Unit Awards (PSUs) [Member] \| Minimum [Member]
Share-based compensation cost recognition weighted average period	2 years
Number of common stock shares issued for each PSU	0
Performance Stock Unit Awards (PSUs) [Member] \| Maximum [Member]
Number of common stock shares issued for each PSU	2
Performance Stock Unit Awards (PSUs) [Member] \| 50th percentile relative TSR [Member]
Share-based compensation arrangement performance obligations, percentage	100.00%
Performance Stock Unit Awards (PSUs) [Member] \| 90th percentile relative TSR [Member] \| Maximum [Member]
Share-based compensation arrangement performance obligations, percentage	200.00%
2012 Plan [Member]
Share-based compensation arrangement options outstanding	3,610
2017 Plan [Member]
Share-based compensation arrangement by share-based payment award, number of additional shares authorized	400,000
Share-based compensation arrangement shares available for grant	247,524
2017 Plan [Member] \| Maximum [Member]
Number of shares authorized	226,626
Share-based compensation arrangement shares available for grant	626,626
2012 Equity Plan and 2017 Equity Plan [Member]
Share-based compensation arrangement options outstanding	4,242	6,851
2012 Equity Plan and 2017 Equity Plan [Member] \| Employee Stock Option [Member]
Share-based compensation arrangement term	10 years
2012 Equity Plan and 2017 Equity Plan [Member] \| Employee Stock Option [Member] \| Minimum [Member]
Share-based compensation vesting period	3 years
2012 Equity Plan and 2017 Equity Plan [Member] \| Employee Stock Option [Member] \| Maximum [Member]
Share-based compensation vesting period	5 years

Leases (Lease Term and Discount Rate) (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years): Operating leases	3 years 3 months 18 days	3 years 7 months 6 days
Weighted-average remaining lease term (years): Finance leases	5 years	6 years 1 month 6 days
Weighted-average discount rate: Operating leases	4.70%	4.50%
Weighted-average discount rate: Finance leases	5.20%	4.50%