Pulse Seismic (PSD) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was $3.4 million, up from $2.7 million in Q3 2024; nine-month revenue surged to $44.5 million from $17.8 million year-over-year, driven by major data licensing agreements.

• Q3 2025 saw a net loss of $1.5 million, slightly higher than the $1.4 million loss in Q3 2024, mainly due to increased LTIP expenses and higher professional fees.

• For the nine months ended September 30, 2025, net earnings reached $21.4 million, a significant increase from $2.6 million in the prior year period.

• Cash provided by operating activities for the nine months was $30.4 million, up from $11.9 million year-over-year.

• Regular and special dividends totaling $22.9 million were paid in the first nine months of 2025, including a regular quarterly dividend of $0.0175 per share and a special dividend of $0.20 per share in Q3.

Financial highlights

• EBITDA for Q3 2025 was $744,000, down from $1.1 million in Q3 2024; nine-month EBITDA rose to $36.0 million from $11.7 million year-over-year.

• Shareholder free cash flow for the nine months was $27.7 million, up from $10.0 million in 2024.

• Amortization of the seismic data library was $2.2 million in Q3 and $6.7 million for the nine months, both slightly lower than the prior year.

• Salaries, commissions, and benefits increased to $2.0 million in Q3 2025 from $1.1 million in Q3 2024, reflecting higher sales and LTIP expenses.

• SG&A costs rose to $691,000 in Q3 2025 from $533,000 in Q3 2024, mainly due to higher office and professional fees.

Outlook and guidance

• Management expects continued volatility in annual sales due to the nature of the seismic data library business.

• Industry factors such as land sales, drilling forecasts, commodity prices, M&A activity, and infrastructure developments will influence future performance.

• Alberta land sales in Q3 2025 were 65% of the prior year; British Columbia land sales resumed in Q3 2024 but paused after May 2025.

• Drilling activity forecasted to increase 7% in 2025, but actual wells drilled down 5% year-over-year as of September.

• Regular and special dividends are expected to continue, supported by strong cash flow and a robust, debt-free balance sheet.