Pulse Seismic (PSD) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $51.1 million for 2025, up from $23.4 million in 2024, driven by increases in both traditional and transaction-based sales.

• Returned 75% of shareholder free cash flow as dividends, including a special dividend of $0.10 per share and regular quarterly dividends.

• Maintained a strong balance sheet with $19.7 million in cash and no debt at year-end.

Financial highlights

• Net earnings for 2025 were $23.1 million ($0.46 per share), compared to $3.4 million ($0.07 per share) in 2024.

• EBITDA reached $40.8 million ($0.80 per share) in 2025, up from $15.5 million ($0.30 per share) in 2024.

• Shareholder free cash flow was $31.6 million ($0.62 per share) in 2025, compared to $12.4 million ($0.24 per share) in 2024.

• Fourth quarter 2025 revenue was $6.6 million, with net earnings of $1.7 million and EBITDA of $4.8 million.

Outlook and guidance

• Revenue volatility is expected due to the nature of the seismic data library business.

• Industry drivers include land sales, drilling forecasts, commodity prices, M&A activity, and infrastructure developments.

• Alberta land sales in 2025 totaled $331.4 million, down 10% from 2024; BC land sales resumed but were minimal.

• Drilling activity forecasted to increase by 3% in 2026; commodity prices weakened in 2025 with oversupply concerns.

• New infrastructure and LNG exports are expected to support future industry activity.