Pulse Seismic (PSD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $1.9 million, a sharp decline from $22.8 million in Q1 2025, reflecting lower transaction-based sales and industry activity volatility.

• EBITDA for Q1 2026 was negative $1.5 million, down from $20.0 million in Q1 2025.

• Net loss for Q1 2026 was $1.4 million, compared to net earnings of $13.4 million in Q1 2025.

• Dividends declared in Q1 2026 totaled $6.0 million, including a special dividend of $0.10 per share and a 7% increase in the regular dividend to $0.01875 per share in April 2026.

• The business model centers on recurring licensing of a large seismic data library, with both traditional and transaction-based sales.

Financial highlights

• Shareholder free cash flow was negative $1.5 million in Q1 2026, versus $15.4 million in Q1 2025.

• Working capital at March 31, 2026, was $9.8 million, with a ratio of 3.2:1.

• Cash and cash equivalents were $13.1 million at quarter-end, with $5.0 million undrawn on the credit facility.

• Shareholders’ equity was $10.0 million as of March 31, 2026.

• No debt outstanding as of Q1 2026.

Outlook and guidance

• Revenue visibility remains low due to unpredictable timing of seismic data sales.

• Alberta land sales increased 30% year-over-year in Q1 2026, with drilling activity forecasted to rise 3% in 2026.

• Commodity prices and new infrastructure, such as the TMX pipeline and LNG Canada facility, are expected to support sector growth.

• Industry M&A activity forecast for 2026 is $15 billion, down from $31.2 billion in 2025.

• The company remains focused on cost control and shareholder returns.