Pulse Seismic (PSD) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was $22.8 million, a 159% increase year-over-year, driven by a material data licensing agreement and strong transaction-based sales.

• Net earnings rose to $13.4 million from $2.7 million in Q1 2024, with EPS at $0.26 versus $0.05.

• EBITDA reached $20.0 million, up 222% year-over-year, and shareholder free cash flow was $15.4 million.

• A special dividend of $0.20 per share and a regular dividend of $0.015 per share were paid, totaling $10.9 million.

• The Board approved a 17% increase to the regular quarterly dividend post-quarter, to $0.0175 per share.

Financial highlights

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

• Working capital at March 31, 2025, was $14.2 million, with a working capital ratio of 3.7:1.

• Cash and cash equivalents increased to $14.3 million from $8.7 million at year-end.

• Total assets were $27.4 million, and shareholders' equity was $20.5 million at quarter-end.

• No debt outstanding; $5.0 million undrawn demand credit facility available.

Outlook and guidance

• Q1 2025 was among the top three quarters in company history, representing 97% of 2024 annual revenue.

• Industry trends include strong land sales, stable drilling activity, and infrastructure improvements like the TMX pipeline expansion.

• The company maintains low visibility on future seismic data sales due to industry volatility.

• Management expects a solid financial position for 2025, with continued focus on shareholder returns and prudent cash management.