Pulse Seismic Rewards Shareholders After Revenue More Than Doubles in 2025

CALGARY, Alberta – February 24, 2026

Pulse Seismic Inc. announced a banner year for 2025, with financial results that saw total revenue more than double, leading its Board of Directors to declare both a regular quarterly dividend and a substantial special dividend for shareholders. The Calgary-based seismic data firm reported total revenue of $51.1 million for the year, a dramatic increase from $23.4 million in 2024, underscoring a period of significant activity and profitability.

"The excellent financial performance of the Company in 2025 included year over year increases in both traditional and transaction-based sales, leading to $51.1 million of total revenue,” stated Neal Coleman, Pulse’s President and CEO, in the company's official announcement.

The strong performance prompted the board to approve a quarterly dividend of $0.0175 per share alongside a special dividend of $0.10 per share. This combined payout, scheduled for March 26, 2026, will distribute approximately $6.0 million to shareholders, reinforcing the company's commitment to returning capital.

A Gusher of Shareholder Returns

The latest dividend declaration is part of a broader, aggressive capital return strategy that has become a hallmark of Pulse Seismic's financial management. In 2025 alone, the company returned a total of $24 million to its shareholders through a combination of dividends and share buybacks. This figure represents an impressive 76% of the $31.6 million in shareholder free cash flow generated during the year.

This strategy is not a new development. Since resuming its regular dividend program in late 2021, Pulse has declared a cumulative $1.20 per share in dividends. The company's policy demonstrates a clear pattern: in years of high revenue, a significant portion of the cash generated is passed directly to investors. This includes two special dividends paid in 2025 totaling $0.40 per share, on top of a regular dividend that was increased by 17% during the year.

Complementing its dividend policy, Pulse also utilizes a Normal Course Issuer Bid (NCIB) to repurchase its own shares. In 2025, the company bought back 120,800 shares, further enhancing shareholder value by reducing the number of shares outstanding. This multi-pronged approach to capital returns has positioned Pulse as an attractive option for investors seeking yield and financial discipline in the often-turbulent energy sector.

The Unseen Gold of the Energy Sector

At the heart of Pulse Seismic's success is its vast and valuable asset: Canada's largest licensable seismic data library. This library, consisting of approximately 65,310 square kilometres of 3D data and 829,207 kilometres of 2D data, is the "unseen gold" that underpins exploration and development across the Western Canada Sedimentary Basin.

For energy companies, this data is not a luxury but a critical risk-mitigation tool. Before committing hundreds of millions of dollars to drill a well, companies license data from Pulse's library to create a detailed map of the subsurface. This allows them to identify promising geological formations, avoid costly drilling errors, and optimize resource extraction. Licensing existing, high-quality data is significantly more cost-effective and environmentally friendly than commissioning a new seismic survey, which involves extensive fieldwork and potential environmental disturbance.

The company's revenue streams are twofold: traditional data library sales and transaction-based sales. The latter is particularly lucrative and is often triggered by merger and acquisition (M&A) activity in the energy sector. When one company acquires another, it must often pay a relicensing fee to Pulse to continue using the seismic data associated with the acquired assets. With M&A activity in the Canadian energy sector reaching its highest level since 2017 at $31.2 billion in 2025, Pulse was well-positioned to capitalize on this transactional flow.

Looking ahead, Pulse is also strategically positioning its data library to serve the burgeoning energy transition market. The same subsurface data used for oil and gas exploration is invaluable for projects related to geothermal energy, lithium extraction, carbon capture and storage (CCUS), and helium production. This diversification opens up new revenue streams and ensures the library's relevance for decades to come.

Thriving Amidst Industry Crosswinds

Pulse Seismic's remarkable 2025 results are even more notable when viewed against the complex and often contradictory backdrop of the Canadian energy industry. While the company thrived, the broader sector navigated a series of headwinds, including a weaker commodity price environment that saw many producers reduce capital expenditures to fortify their balance sheets.

The outlook remains mixed. On one hand, new infrastructure projects like the recently completed TMX pipeline expansion and the operational LNG Canada facility are creating new export capacity and are expected to bolster drilling activity and natural gas prices. The Canadian Association of Energy Contractors forecasts a modest 3% increase in wells drilled for 2026.

On the other hand, challenges persist. Alberta land sales, a key indicator of future activity, were down 10% in 2025. An oversupply of crude oil, partly due to OPEC's production decisions, could keep prices suppressed. Furthermore, ongoing geopolitical tensions continue to cast a shadow over energy investments in Canada.

This is where Pulse's business model provides a distinct advantage. The company operates with a lean, low-cost structure and carries no debt. Its high EBITDA margin means that when revenue surges, as it did in 2025, the incremental profit is substantial. This financial resilience allows the company to maintain its dividend and strong balance sheet even when broader industry conditions are unfavorable. As CEO Neal Coleman noted, "although annual sales levels fluctuate in this business, significant returns of capital continue to occur in years of higher revenue."

By the Numbers: A Record-Breaking Year

The full-year financial highlights paint a clear picture of an organization firing on all cylinders. The leap in total revenue to $51.1 million from $23.4 million in 2024 drove profitability to new heights. Net earnings skyrocketed to $23.1 million, or $0.46 per share, a massive increase from the $3.4 million, or $0.07 per share, recorded in the prior year.

This operational success translated directly into robust cash generation. Shareholder free cash flow more than doubled to $31.6 million ($0.62 per share), up from $12.4 million ($0.24 per share) in 2024. This surge in cash allowed the company to fund its generous dividend policy while simultaneously strengthening its financial position.

By the end of 2025, Pulse held a cash balance of $19.7 million and had access to an additional $5.0 million in available liquidity on its credit facility, all while remaining completely debt-free. This fortress-like balance sheet provides the company with significant flexibility to navigate the inherent volatility of the seismic data business and capitalize on strategic opportunities as they arise, ensuring it remains a pivotal player in Canada's evolving energy landscape.