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Pulse Seismic Inc. (OTCQX:PLSDF) reported exceptional Q2 2025 financial results and declared both regular and special dividends. The company achieved total revenue of $41.1 million for H1 2025, a 172% increase from $15.1 million in H1 2024. Net earnings surged to $22.9 million ($0.45 per share) in H1 2025, up from $4.0 million in H1 2024.
The Board declared a regular quarterly dividend of $0.0175 per share (17% increase) and a special dividend of $0.20 per share, totaling approximately $11.0 million. The company maintains strong financials with $25.9 million in cash, an EBITDA margin of 86%, and generated $27.2 million in shareholder free cash flow during H1 2025.
Pulse Seismic Inc. (OTCQX:PLSDF) ha annunciato risultati finanziari eccezionali per il secondo trimestre del 2025 e ha dichiarato sia dividendi regolari che speciali. La società ha raggiunto un fatturato totale di 41,1 milioni di dollari nel primo semestre del 2025, con un incremento del 172% rispetto ai 15,1 milioni di dollari del primo semestre 2024. Gli utili netti sono saliti a 22,9 milioni di dollari (0,45 dollari per azione) nel primo semestre 2025, rispetto ai 4,0 milioni di dollari del primo semestre 2024.
Il Consiglio ha dichiarato un dividendo trimestrale ordinario di 0,0175 dollari per azione (aumento del 17%) e un dividendo speciale di 0,20 dollari per azione, per un totale di circa 11,0 milioni di dollari. L’azienda mantiene una solida situazione finanziaria con 25,9 milioni di dollari in contanti, un margine EBITDA dell’86% e ha generato un flusso di cassa libero per gli azionisti di 27,2 milioni di dollari nel primo semestre del 2025.
Pulse Seismic Inc. (OTCQX:PLSDF) reportó resultados financieros excepcionales en el segundo trimestre de 2025 y declaró dividendos regulares y especiales. La compañía alcanzó unos ingresos totales de 41,1 millones de dólares en el primer semestre de 2025, un aumento del 172% respecto a los 15,1 millones de dólares del primer semestre de 2024. Las ganancias netas se dispararon a 22,9 millones de dólares (0,45 dólares por acción) en el primer semestre de 2025, frente a los 4,0 millones del mismo período en 2024.
La Junta declaró un dividendo trimestral regular de 0,0175 dólares por acción (aumento del 17%) y un dividendo especial de 0,20 dólares por acción, sumando aproximadamente 11,0 millones de dólares. La empresa mantiene una sólida posición financiera con 25,9 millones de dólares en efectivo, un margen EBITDA del 86% y generó un flujo de caja libre para accionistas de 27,2 millones de dólares durante el primer semestre de 2025.
Pulse Seismic Inc. (OTCQX:PLSDF)는 2025년 2분기 뛰어난 재무 실적을 보고하고 정기 및 특별 배당금을 선언했습니다. 회사는 2025년 상반기에 총 매출 4,110만 달러를 기록하여 2024년 상반기 1,510만 달러 대비 172% 증가했습니다. 순이익은 2025년 상반기에 2,290만 달러(주당 0.45달러)로 급증했으며, 2024년 상반기 400만 달러에서 크게 상승했습니다.
이사회는 주당 0.0175달러의 정기 분기 배당금(17% 증가)과 주당 0.20달러의 특별 배당금을 선언했으며, 총 약 1,100만 달러에 달합니다. 회사는 2,590만 달러의 현금, 86%의 EBITDA 마진을 유지하며 2025년 상반기에 주주 자유 현금 흐름 2,720만 달러를 창출했습니다.
Pulse Seismic Inc. (OTCQX:PLSDF) a annoncé des résultats financiers exceptionnels pour le deuxième trimestre 2025 et a déclaré des dividendes réguliers et spéciaux. La société a réalisé un chiffre d’affaires total de 41,1 millions de dollars au premier semestre 2025, soit une hausse de 172 % par rapport à 15,1 millions de dollars au premier semestre 2024. Le bénéfice net a bondi à 22,9 millions de dollars (0,45 dollar par action) au premier semestre 2025, contre 4,0 millions de dollars au premier semestre 2024.
Le conseil d’administration a déclaré un dividende trimestriel régulier de 0,0175 dollar par action (augmentation de 17 %) et un dividende spécial de 0,20 dollar par action, totalisant environ 11,0 millions de dollars. L’entreprise maintient une solide situation financière avec 25,9 millions de dollars en liquidités, une marge EBITDA de 86 % et a généré un flux de trésorerie libre pour les actionnaires de 27,2 millions de dollars au premier semestre 2025.
Pulse Seismic Inc. (OTCQX:PLSDF) meldete herausragende Finanzergebnisse für das zweite Quartal 2025 und erklärte sowohl reguläre als auch Sonderdividenden. Das Unternehmen erzielte im ersten Halbjahr 2025 einen Gesamtumsatz von 41,1 Millionen US-Dollar, was einem Anstieg von 172 % gegenüber 15,1 Millionen US-Dollar im ersten Halbjahr 2024 entspricht. Der Nettogewinn stieg im ersten Halbjahr 2025 auf 22,9 Millionen US-Dollar (0,45 US-Dollar pro Aktie), gegenüber 4,0 Millionen US-Dollar im ersten Halbjahr 2024.
Der Vorstand erklärte eine reguläre Quartalsdividende von 0,0175 US-Dollar pro Aktie (17 % Steigerung) sowie eine Sonderdividende von 0,20 US-Dollar pro Aktie, insgesamt rund 11,0 Millionen US-Dollar. Das Unternehmen verfügt über eine starke Finanzlage mit 25,9 Millionen US-Dollar in bar, einer EBITDA-Marge von 86 % und generierte im ersten Halbjahr 2025 einen freien Cashflow für Aktionäre von 27,2 Millionen US-Dollar.
Negative
Company acknowledges challenges in forecasting future revenue due to significant annual fluctuations
Alberta land sales in 2025 at just over half the amount compared to same period in 2024
Uncertainty around energy tariffs and trade policy between Canada and United States
07/22/2025 – 06:00 PM
CALGARY, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — Buckle up, investors! Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) just dropped its Q2 2025 report, and it’s a barn burner. Financial results for the three and six months ended June 30, 2025, show the seismic data giant flexing some serious muscle. Full details are available on SEDAR+ (www.sedarplus.ca) and Pulse’s website (www.pulseseismic.com).
Shareholders, get ready to cash in! Pulse’s Board of Directors declared a regular quarterly dividend of $0.0175 per common share, *and* a special dividend of $0.20 per common share. That’s roughly an $11.0 million payout based on 50,755,057 common shares outstanding as of today, July 22, 2025. Mark your calendars: Payment is slated for August 20, 2025, to shareholders of record on August 13, 2025. The dividend qualifies as an “eligible dividend” for Canadian income tax purposes. Non-resident shareholders, take note: Canadian withholding tax applies.
“The first half of 2025 has been a blockbuster, as the Company lit up the scoreboard on increases in traditional data sales and the bustling energy sector M&A. We generated revenue of $41.1 million, boasting an impressive EBITDA margin of 86%—that translates to a shareholder free cashflow of $27.2 million,” stated Neal Coleman, Pulse’s President and CEO. “Pulse’s industry-leading seismic data library is the go-to treasure trove for E&P companies aiming to mitigate risk and maximize drilling results. Shareholders can count on us to continue allocating our capital wisely and remain focused on shareholder returns, as evidenced by distributing 84% of 2025 free cash flow in dividends. And don’t forget, the dividend is in addition to the regular dividend, which has been on the rise annually–currently pegged at $0.07 per year!”
HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
The regular quarterly dividend of $0.0175 per common share declared and paid in the second quarter of 2025 was a 17% increase over the regular quarterly dividend of $0.015 per common share declared and paid in the first quarter of 2025. A special dividend of $0.20 per common share totaling $10.2 million was also declared and paid in the first quarter of 2025;
The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the six months ended June 30, 2025, the Company purchased and cancelled 80,600 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $197,000;
Total revenue for the three months ended June 30, 2025, was $18.3 million, compared to $6.3 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $41.1 million, compared to $15.1 million for the same period in 2024. Revenue generated in the first half of 2025 reflects an increase of 71% compared to the last three years average of annual revenue;
Shareholder free cash flow(a) was $11.7 million ($0.23 per share basic and diluted) for the three months ended June 30, 2025, compared to $3.9 million ($0.07 per share basic and diluted) for the same period in 2024. Shareholder free cash flow was $27.2 million ($0.53 per share basic and diluted) for the six months ended June 30, 2025, compared to $8.9 million ($0.17 per share basic and diluted) for the same period in 2024;
EBITDA(a) was $15.2 million ($0.30 per share basic and diluted) for the three months ended June 30, 2025, compared to $4.4 million ($0.0.09 per share basic and diluted) for the same period in 2024. For the six months ended June 30, 2025, EBITDA was $35.3 million ($0.69 per share basic and diluted) compared to $10.6 million ($0.21 per share basic and diluted) for the same period in 2024;
Net earnings for the three months ended June 30, 2025, was $9.6 million ($0.19 per share basic and diluted) compared to net earnings of $1.3 million ($0.03 per share basic and diluted) for the same period in 2024. Net earnings for the six months ended June 30, 2025, was $22.9 million ($0.45 per share basic and diluted) compared to net earnings of $4.0 million ($0.08 per share basic and diluted) for the same period in 2024; and
At June 30, 2025, the Company had a cash balance of $25.9 million as well as $5.0 million of available liquidity on its revolving demand credit facility.
Financial Performance
Financial Snapshot
Three months ended June 30,
Six months ended June 30,
Year ended,
(Thousands of dollars except per share data,
2025
2024
2025
2024
December 31,
numbers of shares and kilometres of seismic data)
(Unaudited)
(Unaudited)
2024
Revenue
18,316
6,300
41,075
15,077
23,379
Amortization of seismic data library
2,224
2,279
4,449
4,549
9,090
Net earnings
9,565
1,341
22,940
4,022
3,391
Per share basic and diluted
0.19
0.03
0.45
0.08
0.07
Cash provided by (used in) operating activities
12,543
(1,269
)
29,158
9,195
14,195
Per share basic and diluted
0.25
(0.02
)
0.57
0.18
0.28
EBITDA (a)
15,238
4,418
35,286
10,647
15,496
Per share basic and diluted (a)
0.30
0.09
0.69
0.21
0.30
Shareholder free cash flow (a)
11,733
3,869
27,152
8,907
12,408
Per share basic and diluted (a)
0.23
0.07
0.53
0.17
0.24
Capital expenditures
Seismic data
–
–
–
225
225
Property and equipment
–
–
–
–
45
Total capital expenditures
–
–
–
225
270
Dividends
Regular dividends declared
885
775
1,648
1,490
3,018
Special dividends declared
–
–
10,167
–
2,548
Total dividends declared
885
775
11,815
1,490
5,566
Normal course issuer bid
Number of shares purchased and cancelled
37,300
539,500
80,600
1,166,800
1,784,000
Cost of shares purchased and cancelled
91
1,222
197
2,407
3,880
Weighted average shares outstanding
Basic and diluted
50,761,321
51,734,590
50,795,174
51,928,298
51,448,985
Shares outstanding at period-end
50,755,057
51,455,063
50,837,863
Seismic library
2D in kilometres
829,207
829,207
829,207
3D in square kilometres
65,310
65,310
65,310
Financial Strength
Financial Position
And Key Operating Metrics
June 30,
June 30,
December 31,
(Thousands of dollars except ratio)
2025
2024
2024
Working capital
24,202
10,996
9,222
Working capital ratio
4.8:1
4.0:1
5.1:1
Cash and cash equivalents
25,876
9,392
8,722
Total assets
36,479
29,184
21,516
Trailing 12 -month (TTM) EBITDA(b)
40,135
27,528
15,496
Shareholders’ equity
29,177
25,177
18,295
(a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
(b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
OUTLOOK
Pulse had a very strong first half year, generating revenue of $41.1 million and ending the quarter with $24.2 million of working capital including $25.9 million in cash. These financial results have provided capital returns to shareholders, strengthened the balance sheet, and positioned the Company for solid financial performance in 2025.
Pulse’s ability to forecast future revenue continues to be challenging, as significant annual fluctuations are the norm in the seismic data library business. Industry trends that we consider relevant as we look forward include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M&A forecasts and the status of industry infrastructure improvements. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. M&A activity for the year so far, has surpassed many analysts’ earlier expectations and is expected to remain strong for the remainder of 2025. Lower oil prices have contributed to decreased corporate valuations which often lead to acquisition opportunities. Alberta land sales through 2024 were strong, but at midpoint in 2025 have generated just over half the amount for the same period in 2024. In British Columbia land sales were resumed in Q3 2024 after a pause of over three years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. LNG Canada’s liquified natural gas export facility is now operational and is expected to contribute to increased drilling and may lead to an improvement in Canadian natural gas prices.
Of course, there continues to be a high level of uncertainty on political and economic fronts. Uncertainty around energy tariffs and trade policy between Canada and the United States, are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.
Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources continue to translate to the return of capital to shareholders through regular and special dividends.
CORPORATE PROFILE
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.
This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.
The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:
> The outlook of the Company for the year ahead, including future operating costs and expected revenues;
> Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;
> The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;
> Pulse’s capital allocation strategy;
> Pulse’s dividend policy;
> Oil and natural gas prices and forecast trends;
> Oil and natural gas drilling activity and land sales activity;
> Oil and natural gas company capital budgets;
> Future demand for seismic data;
> Future seismic data sales;
> Pulse’s business and growth strategy; and
> Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.
By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
These factors include, but are not limited to:
> Uncertainty of the timing and volume of data sales;
> Volatility of oil and natural gas prices;
> Risks associated with the oil and natural gas industry in general;
> The Company’s ability to access external sources of debt and equity capital;
> Credit, liquidity and commodity price risks;
> The demand for seismic data;
> The pricing of data library licence sales;
> Cybersecurity;
> Relicensing (change-of-control) fees and partner copy sales;
> Environmental, health and safety risks;
> Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;
> Competition;
> Dependence on key management, operations and marketing personnel;
> The loss of seismic data;
> Protection of intellectual property rights;
> The introduction of new products; and
> Climate change.
Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.
When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.
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What were PLSDF’s Q2 2025 earnings results?
Pulse Seismic reported Q2 2025 revenue of $18.3 million and net earnings of $9.6 million ($0.19 per share), compared to revenue of $6.3 million and net earnings of $1.3 million in Q2 2024.
How much dividend did Pulse Seismic (PLSDF) declare in Q2 2025?
Pulse Seismic declared a regular quarterly dividend of $0.0175 per share and a special dividend of $0.20 per share, totaling approximately $11.0 million to be paid on August 20, 2025.
What is Pulse Seismic’s (PLSDF) current financial position?
As of June 30, 2025, Pulse Seismic had $25.9 million in cash, working capital of $24.2 million, and an additional $5.0 million available credit facility.
How much shareholder free cash flow did PLSDF generate in H1 2025?
Pulse Seismic generated $27.2 million ($0.53 per share) in shareholder free cash flow during H1 2025, compared to $8.9 million in H1 2024.
What is the size of Pulse Seismic’s seismic data library?
Pulse owns Canada’s largest licensable seismic data library, consisting of 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic data.
