NGS Q1 revenue +17%, operating income +38%; dividend reinstated at $0.15/share

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Operating income rose 38% YoY to $13.1M (from $9.5M) as rental revenue grew and adjusted gross margin expanded 180 bp to 63.7%, driven by higher utilization of large horsepower units (400+ HP).

  MD&A: Operating Results verify on EDGAR →
• high

  Horsepower utilization improved 520 bp YoY to 86.9% (from 81.7%), reflecting stronger demand for the rental fleet and supporting pricing power.

  MD&A: Fleet Metrics verify on EDGAR →
• high

  Credit facility expanded from $300M to $400M in April 2025, with interest rates reduced 50-75 bp and leverage covenant relaxed; $174M availability remains as of March 31, 2026.

  Notes: Credit Facility verify on EDGAR →