Pulse Seismic (PSD) Q2 2025 earnings summary

Executive summary

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

• Declared both a regular quarterly dividend and a special dividend, totaling approximately $11.0 million to be paid in August 2025.

• Continued focus on returning capital to shareholders, distributing 84% of 2025 free cash flow as dividends.

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.

• Net earnings for Q2 2025 were $9.6 million ($0.19/share), compared to $1.3 million ($0.03/share) in Q2 2024.

• EBITDA for Q2 2025 was $15.2 million ($0.30/share), up from $4.4 million ($0.09/share) in Q2 2024.

• Shareholder free cash flow for Q2 2025 was $11.7 million ($0.23/share), compared to $3.9 million ($0.07/share) in Q2 2024.

• Cash provided by operating activities for Q2 2025 was $12.5 million, compared to negative $1.3 million in Q2 2024.

Outlook and guidance

• Revenue visibility remains low due to the nature of the seismic data library business.

• M&A activity in the energy sector has exceeded expectations and 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.

• New infrastructure, such as the TMX pipeline and LNG Canada facility, is expected to support increased drilling and natural gas prices.

• Political and economic uncertainties, including energy tariffs and trade policy, continue to impact the outlook.