Pulse Seismic (PSD) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $18.3 million, up 191% year-over-year, driven by a material data licensing agreement and strong data sales.

• Net earnings for Q2 2025 were $9.6 million, compared to $1.3 million in Q2 2024.

• For the first half of 2025, revenue reached $41.1 million and net earnings were $22.9 million, both significantly higher than the prior year.

• Significant dividends were declared, including a regular quarterly dividend and special dividends, totaling $11.8 million paid in H1 2025 and approximately $11.0 million to be paid in August 2025.

• 84% of 2025 free cash flow was distributed as dividends, reflecting a continued focus on capital returns.

Financial highlights

• EBITDA for Q2 2025 was $15.2 million, up from $4.4 million in Q2 2024; for the first half, EBITDA was $35.3 million versus $10.6 million last year.

• Shareholder free cash flow for Q2 2025 was $11.7 million, up from $3.9 million in Q2 2024.

• Cash provided by operating activities in H1 2025 was $29.2 million, compared to $9.2 million in H1 2024; Q2 2025 operating cash flow was $12.5 million versus negative $1.3 million in Q2 2024.

• Working capital at June 30, 2025, was $24.2 million, with a working capital ratio of 4.8:1.

• No debt outstanding; $25.9 million in cash and cash equivalents at quarter-end.

Outlook and guidance

• Revenue visibility remains low due to the nature of the seismic data library business.

• Industry M&A activity is strong and expected to continue; drilling activity is stable with a forecasted 7% increase in wells drilled in 2025.

• LNG Canada’s facility is operational, and TMX pipeline expansion is complete, both expected to boost drilling and natural gas prices.

• Company remains focused on maintaining a strong balance sheet, low-cost structure, and capital returns to shareholders.

• Political, economic, and trade policy uncertainties continue to impact the outlook.