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Pason Systems (PSI) investor relations material
Pason Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 revenue was $101 million, with Adjusted EBITDA of $39 million (38.1% margin), and free cash flow of $19 million, reflecting resilience and record North American Revenue per Industry Day of $1,071 despite industry headwinds.
Net income for Q3 2025 was $12.5 million ($0.16/share), down from $24.2 million ($0.30/share) in Q3 2024, due to lower industry activity and higher depreciation and stock-based compensation.
Maintained a strong balance sheet with $76 million in cash and no interest-bearing debt, returning $13.1 million to shareholders in Q3 2025 via dividends and share repurchases.
The company continues to focus on expanding product offerings, technology adoption, and disciplined capital allocation.
Financial highlights
North American drilling revenue decreased 7% year-over-year, despite a 9% decline in industry activity; revenue per industry day grew 1% to a record $1,071.
International drilling revenue declined 18% year-over-year, mainly due to a major customer in Argentina shifting focus to unconventional drilling and currency depreciation.
Completions segment revenue rose 17% year-over-year to $14.6 million, outperforming a 27% drop in industry activity.
Solar and energy storage segment revenue increased 30% year-over-year to $5.1 million, driven by timing of control system sales.
Adjusted EBITDA margin compressed slightly due to lower consolidated revenue and higher contributions from lower-margin segments.
Outlook and guidance
Capital program for 2025 expected at $55–$60 million, with a similar level anticipated for 2026; focus remains on growth investments in completions and drilling technology.
Near-term industry conditions expected to remain challenging due to economic uncertainty and potential oil oversupply, but medium- and long-term growth is anticipated from technology adoption and energy demand.
Long-term goal to double revenue from 2023 levels within five to seven years, driven by technology adoption, product innovation, and international expansion.
Quarterly dividend maintained at $0.13 per share.
What are the primary drivers for revenue per day growth?
Impact of unconventional shift on int'l revenue?
How does combined D&C data benefit completions?
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Next Pason Systems earnings date
Q4 202527 Feb, 2026
Next Pason Systems earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Pason Systems Inc. is an energy services company specializing in advanced data management and analytics solutions for the oil and gas industry. The company provides real-time drilling data, automated reporting, and remote communications technology to enhance operational efficiency and decision-making for drilling companies. Its product offerings include rig-based data acquisition systems, cloud-based analytics platforms, and software solutions for performance optimization. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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