Highlights 

  • Q3 2025 revenue totaled CAD 3.4M, up from CAD 2.7M in Q3 2024. 
  • Shareholder free cash flow for the first nine months reached CAD 27.7M. 
  • Quarterly dividend of CAD 0.0175 per share declared, payable on November 20, 2025. 

Pulse Seismic Inc. (TSX:PSD) released its financial and operating results for the three and nine months ended September 30, 2025. The unaudited interim financial statements, accompanying notes, and MD&A have been filed on SEDAR+ and are available on the company’s website. 

For the third quarter of 2025, total revenue amounted to CAD 3.4M, compared with CAD 2.7M in the same quarter of 2024. For the nine-month period ended September 30, 2025, revenue stood at CAD 44.5M, up from CAD 17.8M a year earlier—an 85% increase over the company’s three-year average annual revenue. 

EBITDA for Q3 2025 was CAD 744K, compared with CAD 1.1M (CAD 0.02 per share) in Q3 2024. On a year-to-date basis, EBITDA reached CAD 36.0M, up from CAD 11.7M for the same period last year. 

Shareholder free cash flow for Q3 2025 was CAD 571K, compared with CAD 1.1M in Q3 2024. For the first nine months of 2025, shareholder free cash flow totaled CAD 27.7M, up from CAD 10.0M for the same period in 2024. 

The company reported a net loss of CAD 1.5M for Q3 2025, compared with a loss of CAD 1.4M in Q3 2024. Year-to-date net earnings were CAD 21.4M, compared with CAD 2.6M in the prior year. 

Dividend and Capital Management 

Pulse’s Board of Directors declared a regular quarterly dividend of CAD 0.0175 per common share, totaling approximately CAD 888K. The dividend will be paid on November 20, 2025, to shareholders of record as of November 13, 2025, and is designated as an eligible dividend for Canadian income tax purposes. 

For the nine months ended September 30, 2025, Pulse declared regular quarterly dividends of CAD 0.05 per share and special dividends totaling CAD 0.40 per share, amounting to CAD 22.9M. The company also renewed its Normal Course Issuer Bid (NCIB) in February 2025 and repurchased and canceled 80,600 shares at an average price of CAD 2.43 per share, totaling about CAD 197K. 

As of September 30, 2025, Pulse held CAD 16.1M in cash and had an additional CAD 5.0M available on its revolving demand credit facility. Working capital stood at CAD 14.0M, and the company reported no outstanding debt. 

Outlook 

Pulse stated that its revenue performance and strong liquidity position have enabled continued shareholder returns and a stable balance sheet. The company noted that seismic data library sales typically experience annual fluctuations influenced by factors such as Western Canada land sales, drilling forecasts, commodity price movements, M&A activity, and infrastructure developments. 

The company referenced ongoing developments in the energy sector, including the completion of the TMX pipeline expansion and the start of LNG Canada’s export operations, both expected to impact drilling activity in the region. 

Pulse reaffirmed its commitment to maintaining operational efficiency, a debt-free balance sheet, and disciplined capital management. 

Corporate Overview 

Pulse Seismic Inc. specializes in acquiring, marketing, and licensing 2D and 3D seismic data for the Western Canadian energy industry. The company owns Canada’s largest licensable seismic data library, comprising approximately 65,310 square kilometers of 3D seismic and 829,207 kilometers of 2D seismic coverage, primarily across the Western Canada Sedimentary Basin.