Pulse Seismic (PSD) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was $51.1 million, up 118% year-over-year, driven by major data licensing agreements and increases in both traditional and transaction-based sales.

• Net earnings rose to $23.1 million from $3.4 million in 2024, reflecting higher sales and a low-cost structure.

• EBITDA increased to $40.8 million from $15.5 million, and shareholder free cash flow reached $31.6 million, both more than doubling year-over-year.

• Returned 75% of shareholder free cash flow as dividends, including special and regular dividends totaling $23.7 million ($0.4675 per share).

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

Financial highlights

• Q4 2025 revenue was $6.6 million, up from $5.6 million in Q4 2024; net earnings for Q4 were $1.7 million, up from $0.8 million.

• EBITDA for Q4 2025 was $4.8 million.

• Amortization of the seismic data library was $8.9 million for 2025, slightly down from $9.1 million in 2024.

• Salaries, commissions, and benefits rose to $7.6 million in 2025, reflecting higher sales and incentive accruals.

• SG&A costs increased to $2.7 million, mainly due to higher external commissions and professional fees.

Outlook and guidance

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

• Alberta land sales were strong but down 10% from 2024; BC land sales resumed but were minimal.

• Drilling activity is forecast to increase by 3% in 2026; commodity prices weakened in 2025 with oversupply expected to persist.

• LNG Canada’s facility became operational in 2025, supporting natural gas prices.

• M&A activity was high in 2025 but is forecast to decline in 2026.