Pulse Seismic (PSD) Q2 2024 earnings summary

Executive summary

• Declared a regular quarterly dividend of $0.015 per share and a special dividend of $0.05 per share, totaling approximately $3.3 million to be paid in August 2024.

• Maintained a strong balance sheet with no debt and $9.4 million in cash as of June 30, 2024.

• Allocated about 80% of shareholder free cash flow generated in H1 2024 to returns via dividends and share buybacks.

Financial highlights

• Q2 2024 revenue was $6.3 million, down from $8.8 million in Q2 2023; H1 2024 revenue was $15.1 million, down from $17.2 million year-over-year.

• Net earnings for Q2 2024 were $1.3 million ($0.03 per share), compared to $3.4 million ($0.06 per share) in Q2 2023.

• EBITDA for Q2 2024 was $4.4 million ($0.09 per share), down from $6.9 million ($0.13 per share) in Q2 2023.

• Shareholder free cash flow for Q2 2024 was $3.9 million ($0.07 per share), compared to $5.8 million ($0.11 per share) in Q2 2023.

• Cash provided by operating activities was negative $1.3 million in Q2 2024, compared to $0.5 million positive in Q2 2023.

Outlook and guidance

• Positive industry factors include increased Alberta land sales, improved infrastructure, and higher oil prices in 2024.

• Uncertainty remains due to economic, political, and environmental concerns; future seismic data sales levels remain unpredictable.

• No capital spending commitments and a disciplined approach to growth opportunities.