Pulse Seismic (PSD) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $22.8 million, a 159% year-over-year increase, representing 97% of 2024 annual revenue, driven by a major data licensing agreement and strong transaction-based sales.

• Net earnings rose to $13.4 million from $2.7 million in Q1 2024, with EPS at $0.26 versus $0.05 last year.

• EBITDA reached $20.0 million, up 222% year-over-year, and shareholder free cash flow was $15.4 million.

• A special dividend of $0.20 per share and a regular dividend of $0.015 per share were paid, totaling $10.9 million; the Board approved a 17% increase to the regular quarterly dividend post-quarter, to $0.0175 per share.

• Ended the quarter with $14.3 million in cash and $14.2 million in working capital.

Financial highlights

• Cash provided by operating activities was $16.6 million, up from $10.5 million in Q1 2024.

• Working capital at March 31, 2025, was $14.2 million, with a working capital ratio of 3.7:1.

• Cash and cash equivalents stood at $14.3 million, and total assets were $27.4 million.

• Shareholders’ equity was $20.5 million, up from $18.3 million at year-end 2024.

• No debt outstanding; $5.0 million undrawn credit facility available.

Outlook and guidance

• Q1 2025 was among the top three quarters in company history, representing 97% of 2024 annual revenue.

• Industry trends show stable drilling activity, strong land sales, resumed BC land sales, and infrastructure improvements like the TMX pipeline expansion.

• Drilling activity forecasted to increase by 7% in 2025, with stable commodity prices and high M&A activity expected.

• Revenue visibility remains low due to volatility in seismic data sales.

• Political and economic uncertainties, including US administration changes and Canadian federal election, may impact future results.