Pulse Seismic (PSD) Q4 2024 earnings summary

Executive summary

• 2024 saw $23.4M in revenue, $15.5M EBITDA, and $3.4M net earnings, all down significantly year-over-year.

• $9.5M was returned to shareholders via dividends and share buybacks, representing 76% of free cash flow.

• Regular and special dividends declared for 2024 totaled $0.10875 per share, with a further $0.215 per share announced for early 2025.

• 1.78M shares were repurchased in 2024 at an average price of $2.17 per share.

Financial highlights

• Revenue for 2024 was $23.4M, down from $39.1M in 2023; Q4 revenue was $5.6M, down from $16.9M in Q4 2023.

• EBITDA for 2024 was $15.5M ($0.30/share), down from $30.4M ($0.57/share) in 2023.

• Net earnings for 2024 were $3.4M ($0.07/share), compared to $15.0M ($0.28/share) in 2023.

• Shareholder free cash flow was $12.4M ($0.24/share) in 2024, down from $24.8M ($0.47/share) in 2023.

• Cash balance at year-end was $8.7M, with $5.0M available on the credit facility.

Outlook and guidance

• $17.5M in sales already secured in early 2025, about 75% of 2024's total sales.

• Industry outlook is mixed: high M&A activity, strong land sales, and new infrastructure support optimism, but economic and political uncertainties persist.

• Drilling activity in Canada forecast to rise 7% in 2025; LNG Canada facility and TMX pipeline expansion expected to boost sector.

• Company maintains low-cost structure, zero debt, and no capital spending commitments.