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Source Energy Services (SHLE) investor relations material
Source Energy Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Achieved record sand sales volumes of 1,100,000 MT and sand revenue of $161.5 million in Q2 2025, up 15% year-over-year, with 83% Sahara fleet utilization.
Total revenue reached $201.9 million, a $25.5 million increase from Q2 2024, driven by strong demand and logistics performance.
Net income rose to $13.6 million, up $8.9 million from the same quarter last year; Adjusted EBITDA increased by $4.4 million to $35.2 million.
Significant progress on Peace River facility expansion and Taylor Terminal construction, supporting increased production and logistics capabilities.
Received a Remission Order reversing and refunding tariffs on U.S. frac sand imports, positively impacting results.
Financial highlights
Gross margin was $36.7 million; Adjusted Gross Margin was $48.6 million, up 13–15% year-over-year.
Adjusted EBITDA was $35.2 million, a $4.4 million increase from Q2 2024.
Free Cash Flow for Q2 2025 was $11.6 million.
Well Site Solutions revenue rose to $39.2 million, up 11% year-over-year.
Working capital surplus stood at $75.7 million as of June 30, 2025, with $40.6 million cash on hand.
Outlook and guidance
Q3 sales volumes expected to moderately decrease from H1 levels due to seasonal slowdown; Q4 anticipated to be impacted by budget exhaustion and commodity prices.
Long-term outlook remains positive, with incremental demand expected from LNG Canada ramp-up, LNG export growth, and increased natural gas demand.
Peace River expansion and Taylor facility to support increased production and lower customer landed sand costs.
Assess impact of LNG Canada Phase 2 on frac sand.
Why did 100 mesh sales affect gross margin?
Elaborate on Chetwynd terminal's hydrochloric acid role.
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Next Source Energy Services earnings date
Q3 20257 Nov, 2025
Next Source Energy Services earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Source Energy Services Ltd is an integrated supplier of Northern White frac sand and logistics services for the oil and gas industry. The company provides proppant sourcing, distribution, and wellsite storage solutions designed to support hydraulic fracturing operations. Source Energy serves exploration and production companies across North America. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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