Pulse Seismic (PSD) Q1 2025 earnings summary

Executive summary

• Achieved one of the top three quarters in company history, with Q1 2025 revenue of $22.8 million, representing 97% of full-year 2024 revenue.

• Net earnings rose to $13.4 million, up from $2.7 million year-over-year.

• Board approved a 17% increase in the regular quarterly dividend, following a special dividend paid in Q1.

• Ended the quarter with $14.3 million in cash and $14.2 million in working capital.

Financial highlights

• Total Q1 2025 revenue was $22.8 million, up from $8.8 million in Q1 2024.

• EBITDA for Q1 2025 reached $20.0 million ($0.39 per share), compared to $6.2 million ($0.12 per share) in Q1 2024.

• Shareholder free cash flow was $15.4 million ($0.30 per share), up from $5.0 million ($0.10 per share) year-over-year.

• Cash provided by operating activities was $16.6 million, compared to $10.5 million in Q1 2024.

• Working capital ratio stood at 3.7:1 at March 31, 2025.

Outlook and guidance

• Revenue visibility remains low due to inherent volatility in seismic data sales.

• Industry trends include strong land sales, resumed BC land sales, and infrastructure improvements like the TMX pipeline expansion.

• Drilling activity forecasted to increase by 7% in 2025, with stable commodity prices and high M&A activity expected.

• Political and economic uncertainties, including US administration changes and Canadian federal election, may impact future results.