Pulse Seismic (PSD) Q3 2025 earnings summary

Executive summary

• Reported Q3 2025 financial results with total revenue of $3.4 million, up from $2.7 million year-over-year; nine-month revenue reached $44.5 million, up from $17.8 million year-over-year.

• Declared a regular quarterly dividend of $0.0175 per share and paid a special dividend of $0.20 per share in Q3, totaling $11.0 million; nine-month total dividends reached $22.9 million.

• Renewed Normal Course Issuer Bid, purchasing and cancelling 80,600 shares at an average price of $2.43 per share.

Financial highlights

• EBITDA for Q3 2025 was $744,000 ($0.01 per share), down from $1.1 million ($0.02 per share) year-over-year; nine-month EBITDA was $36.0 million ($0.71 per share), up from $11.7 million ($0.23 per share).

• Net loss for Q3 2025 was $1.5 million ($0.03 per share), slightly higher than $1.4 million loss year-over-year; nine-month net earnings were $21.4 million ($0.42 per share), up from $2.6 million ($0.05 per share).

• Shareholder free cash flow for Q3 2025 was $571,000 ($0.01 per share), down from $1.1 million ($0.02 per share) year-over-year; nine-month free cash flow was $27.7 million ($0.55 per share), up from $10.0 million ($0.19 per share).

• Cash provided by operating activities for nine months was $30.4 million, up from $11.9 million year-over-year.

Outlook and guidance

• Strong nine-month performance with $44.5 million revenue and $14.0 million working capital, supporting capital returns and a strengthened balance sheet.

• Outlook influenced by volatility in seismic data sales, land sales, drilling forecasts, commodity prices, M&A activity, and infrastructure developments.

• Alberta land sales in Q3 2025 were 65% of the prior year; British Columbia land sales resumed in Q3 2024 but paused after May 2025.

• Drilling activity forecasted to increase 7% in 2025, but actual wells drilled down 5% year-over-year as of September.

• Commodity prices weakened, with producers lowering capex and focusing on balance sheets; OPEC actions may further pressure prices.

• M&A activity high in early 2025, with potential for further consolidation due to lower valuations.

• New infrastructure, such as TMX pipeline and LNG Canada, expected to support future drilling.

• Uncertainty from energy tariffs and trade policy may impact future investments.