Pulse Seismic (PSD) Q2 2026 earnings summary

Executive summary

• Lower transaction-based licensing sales drove a sharp year-over-year decline in Q2 and H1 revenue and earnings after a strong 2025.

• A low-cost operating model, $10.6M of working capital and no debt supported operations amid volatile, difficult-to-forecast licensing sales.

• The licensable library remains Canada’s largest, with 829,207 net km of 2D and 65,310 net sq. km of 3D seismic data.

Financial highlights

• Revenue was $3.6M in Q2 and $5.5M in H1 2026, versus $18.3M and $41.1M in 2025, respectively.

• Net earnings were $1.6M in Q2 and $195K in H1, versus $9.6M and $22.9M; lower licensing revenue outweighed lower library amortization.

• EBITDA was $2.0M in Q2 and $543K in H1, versus $15.2M and $35.3M; shareholder free cash flow was $2.5M and $1.1M, versus $11.7M and $27.2M.

• Operating cash flow was negative $3.7M in Q2 and $4.3M in H1, versus inflows of $12.5M and $29.2M in 2025.

• Operating income was $2.0M in Q2 and $244K in H1, versus $13.0M and $30.8M; Q2/H1 amortization was $8K/$392K.

Outlook and guidance

• No specific financial goals are published because seismic revenue visibility is poor; results remain sensitive to unpredictable licensing activity and transaction-based sales.

• Capital resources are expected to cover operations and required capital expenditures through 2026; the $5.0M demand facility was undrawn at the MD&A date.

• Stronger land sales, drilling, pipeline capacity, LNG exports and M&A support the industry backdrop, while policy, infrastructure and geopolitical uncertainties remain material.