Pulse Seismic (PSD) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw strong financial results, with significant increases in revenue, EBITDA, and net earnings year-over-year.

• Regular and special dividends totaling approximately $11.0 million were declared, reflecting a focus on shareholder returns.

• The company continues to benefit from increased traditional data sales and energy sector M&A activity.

Financial highlights

• Q2 2025 revenue was $18.3 million, up from $6.3 million in Q2 2024; six-month revenue reached $41.1 million, up from $15.1 million year-over-year.

• EBITDA for Q2 2025 was $15.2 million, compared to $4.4 million in Q2 2024; six-month EBITDA was $35.3 million, up from $10.6 million.

• Net earnings for Q2 2025 were $9.6 million, up from $1.3 million in Q2 2024; six-month net earnings were $22.9 million, up from $4.0 million.

• Shareholder free cash flow for Q2 2025 was $11.7 million, up from $3.9 million in Q2 2024; six-month free cash flow was $27.2 million, up from $8.9 million.

• Cash balance at June 30, 2025, was $25.9 million, with $5.0 million available on a revolving credit facility.

Outlook and guidance

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

• M&A activity in the energy sector is expected to remain strong for the rest of 2025.

• Drilling activity is forecasted to increase by 7% in 2025, with stable activity reported so far.

• LNG Canada’s new export facility and infrastructure improvements may boost drilling and natural gas prices.

• The company maintains a strong balance sheet, no debt, and a focus on capital returns to shareholders.