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Pason Systems (PSI) investor relations material
Pason Systems Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 consolidated revenue was $96.4M, up 1% year-over-year despite industry declines.
Net income rose to $12.6M ($0.16/share), a 16% increase year-over-year, aided by lower stock-based compensation.
Adjusted EBITDA was $31.6M (32.7% margin), down from $33.1M (34.6% margin) in Q2 2024.
$20.2M was returned to shareholders via dividends and share repurchases in Q2 2025.
Quarterly dividend of $0.13/share declared, payable September 29, 2025.
Financial highlights
North American drilling revenue fell 2% year-over-year, outperforming a 5% decline in industry activity.
International drilling revenue dropped 11% year-over-year due to reduced activity in Argentina.
Completion segment revenue rose 12% year-over-year to $15.3M, despite a 25% drop in US frac spreads.
Solar and energy storage revenue increased 58% year-over-year to $5M, driven by project delivery timing.
Free cash flow was $5.3M, down 34% from Q2 2024, reflecting tougher industry conditions.
Outlook and guidance
Full-year 2025 capital expenditures now expected at $55M–$60M, down from $65M planned.
Margins in completions and solar/energy storage expected to expand as revenues grow.
Anticipates continued outperformance versus industry, supported by automation and analytics adoption.
Macroeconomic uncertainty, OPEC+ production cuts, and geopolitical factors expected to impact activity.
Maintenance capital remains a top priority for customers amid economic uncertainty.
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