Pulse Seismic 2024 results a “low magnitude” on the Richter scale

• Pulse Seismic (TSX:PSD) announced its financial and operating results for the year ended December 31, 2024
• Total revenue was $5.6 million, compared to $16.9 million in Q4 2023
• The company says it remains focused on returning capital to shareholders, as deemed appropriate given the annual fluctuations inherent in its business
• Pulse Seismic stock (TSX:PSD) last traded at $2.63

Pulse Seismic (TSX:PSD) announced its financial and operating results for the year ended December 31, 2024.

2024 financial highlights a mild shakeup

• Total revenue: $23.4 million, compared to $39.1 million in 2023.
• Net earnings: $3.4 million ($0.07 per share), down from $15.0 million ($0.28 per share) in 2023.
• EBITDA: $15.5 million ($0.30 per share), compared to $30.4 million ($0.57 per share) in 2023.
• Shareholder free cash flow: $12.4 million ($0.24 per share), down from $24.8 million ($0.47 per share) in 2023.
• Cash balance: $8.7 million as of December 31, 2024, with $5.0 million available on its credit facility.

Dividends and share buybacks

Pulse’s Board of Directors has approved a quarterly dividend of $0.015 per share and a special dividend of $0.20 per share, totaling approximately $10.9 million. These dividends will be paid on March 13, 2025, to shareholders of record on February 28, 2025. The company also repurchased 1,784,000 shares under its Normal Course Issuer Bid (NCIB) at an average price of $2.17 per share, totaling approximately $3.9 million.

Quarterly performance

For Q4 2024, Pulse reported:

• Total revenue: $5.6 million, compared to $16.9 million in Q4 2023.
• Net earnings: $774,000 ($0.02 per share), down from $8.3 million ($0.16 per share) in Q4 2023.
• EBITDA: $3.8 million ($0.07 per share), compared to $13.6 million ($0.26 per share) in Q4 2023.
• Shareholder free cash flow: $2.4 million ($0.05 per share), down from $10.9 million ($0.21 per share) in Q4 2023.

Some quarters are just aftershocks

“We remain focused on returning capital to shareholders, as deemed appropriate given the annual fluctuations inherent in our business. So far in 2025 we have secured $17.5 million in sales and today the Board of Directors declared a special dividend of $0.20 per share, in addition to the regular quarterly dividend,” Neal Coleman, Pulse’s president and CEO stated in a news release. “In 2024, 76 per cent of free cashflow was allocated to dividends and share buybacks, and looking back to Q4 2021, after repayment of the majority of the 2019 acquisition debt, we resumed dividends and share buybacks and have declared $0.83 per share in dividends and decreased our share count by three million.”

About Pulse Seismic

Pulse Seismic Inc. acquires, markets, and licenses of 2D and 3D seismic data to the western Canadian energy sector.

Pulse Seismic stock (TSX:PSD) rose 5.20 per cent at Friday’s close to end at $2.32 and it has grown 27.67 per cent since this time last year.

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(Top image generated with AI.)