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Source Energy Services (SHLE) investor relations material
Source Energy Services 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 saw a slowdown in completions activity and a 30–31% drop in sand sales volumes and revenue due to weaker oil and natural gas prices, economic uncertainty, and deferred projects.
Total revenue for Q3 2025 was $125.3 million, a decrease of $57.7 million year-over-year, with a net loss of $6.2 million.
Infrastructure investments continued, including nearing completion of the Peace River mine expansion and Taylor terminal becoming fully operational.
Acquisition of sand processing assets positions the company for future expansion, supported by customer contracts and LNG export capacity growth.
Achieved 62% utilization across the Sahara fleet, with 11 units operational in Canada and the US.
Financial highlights
Sand sales volumes were 665,006–665,000 tons, down 30–31% year-over-year, with sand revenue at $100.3 million (CAD 100.3 million), a decrease of $42 million.
Adjusted EBITDA was $20.3 million, a decrease of $15.1 million from Q3 2024.
Adjusted gross margin for Q3 2025 was $30.3 million, down 30% year-over-year; gross margin was $19.6 million, down 42%.
Well site solutions revenue was CAD 23.9 million, down CAD 16 million year-over-year.
Free cash flow for Q3 2025 was negative $12.7 million, compared to $20.1 million in Q3 2024.
Outlook and guidance
Anticipates a strong rebound in Q4 2025, with full-year prop demand similar or slightly ahead of 2024.
Expects 2026 to be a strong year for completion activity, driven by LNG Canada ramp-up and additional export capacity.
Initial view for 2026 and 2027 is for continued growth in sand volumes.
Capital expenditures for 2025 projected at CAD 44–50 million.
Customer contracts and investments have backed expansion of domestic production capabilities to 1 million tonnes in 2025.
Peace River 3M tonne expansion decision drivers
Compare Canadian vs US Sahara utilization drivers
Rationale for shifting to share repurchases
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Next Source Energy Services earnings date
Q4 20259 Mar, 2026
Next Source Energy Services earnings date
Q4 20259 Mar, 2026
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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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