Pulse Seismic (PSD) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a significant decline in data licensing revenue following a strong 2025, with total revenue at $1.9 million compared to $22.8 million in Q1 2025.

• A 7% increase in the regular quarterly dividend was approved, raising the annual dividend to $0.075 per share.

• A special dividend of $0.10 per share was paid in Q1 2026, totaling $6.0 million in dividends for the quarter.

Financial highlights

• Net loss for Q1 2026 was $1.4 million ($0.03 per share), compared to net earnings of $13.4 million ($0.26 per share) in Q1 2025.

• EBITDA for Q1 2026 was negative $1.5 million, down from $20.0 million in Q1 2025.

• Shareholder free cash flow was negative $1.5 million in Q1 2026, versus $15.4 million in Q1 2025.

• Cash balance at March 31, 2026 was $13.1 million, with $5.0 million available on the credit facility.

• Working capital stood at $9.8 million with a ratio of 3.2:1 at quarter-end.

Outlook and guidance

• Revenue visibility remains low due to the unpredictable timing of seismic data library sales.

• Industry trends include a 30% increase in Alberta land sales and a 3% forecasted rise in drilling activity for 2026.

• Commodity prices have improved, and new infrastructure like the TMX pipeline and LNG Canada facility are expected to support industry activity.

• M&A activity in the sector is forecast at $15 billion for 2026, down from $31.2 billion in 2025.