Pulse Seismic Inc. Reports Q3 2025 Financial Results and Declares Regular Quarterly Dividends

Core Viewpoint - Pulse Seismic Inc. reported strong financial results for the third quarter and the first nine months of 2025, highlighting significant revenue growth and shareholder returns through dividends [1][9]. Financial Performance - Total revenue for Q3 2025 was $3.4 million, up from $2.7 million in Q3 2024, marking a year-over-year increase of approximately 25.9% [4][5]. - For the nine months ended September 30, 2025, total revenue reached $44.5 million, compared to $17.8 million for the same period in 2024, reflecting an increase of 150.6% [4][5]. - Shareholder free cash flow for Q3 2025 was $571,000 ($0.01 per share), down from $1.1 million ($0.02 per share) in Q3 2024 [4][5]. - Year-to-date shareholder free cash flow was $27.7 million ($0.55 per share) for the nine months ended September 30, 2025, an increase from $10.0 million ($0.19 per share) in 2024 [4][5]. - EBITDA for Q3 2025 was $744,000 ($0.01 per share), down from $1.1 million ($0.02 per share) in Q3 2024 [4][5]. - Year-to-date EBITDA was $36.0 million ($0.71 per share) for the nine months ended September 30, 2025, compared to $11.7 million ($0.23 per share) in 2024, indicating a significant increase [4][5]. Dividends and Shareholder Returns - The Board of Directors declared a regular quarterly dividend of $0.0175 per common share, totaling approximately $888,000, to be paid on November 20, 2025 [2]. - In Q3 2025, the company also declared a special dividend of $0.20 per common share, totaling $11.0 million [4][5]. - For the nine months ended September 30, 2025, total dividends declared amounted to $22.9 million, including regular and special dividends [4][5]. Capital Management - The company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025, purchasing and canceling 80,600 shares at an average price of $2.43 per share, costing approximately $197,000 [4][5]. - As of September 30, 2025, the company had a cash balance of $16.1 million and $5.0 million of available liquidity on its revolving demand credit facility [4][5]. Industry Outlook - The seismic data library business is characterized by significant volatility in annual sales levels, influenced by factors such as land sales, drilling forecasts, and commodity prices [10][11]. - Alberta land sales were approximately $197.2 million in Q3 2025, representing just over 65% of the amount for the same period in 2024 [11]. - The commodity price environment has weakened, leading producers to lower capital expenditure guidance [12]. - M&A activity has increased, providing opportunities for producers to consolidate assets and reduce costs [13]. - New infrastructure developments, such as the TMX pipeline expansion, are expected to enhance drilling activity and export capacity [14].