Pulse Announces a $10.0 Million Seismic Data Licensing Agreement and Provides Revenue Update

Rhea-AI Summary

Pulse Seismic has announced a significant $10.0 million seismic data licensing agreement for 3D seismic data in West Central Alberta. The company reports $21.7 million in licensing revenue since October 1, 2024, with $5.6 million licensed in Q4 2024, bringing the expected 2024 total revenue to $23.4 million. For 2025, including the new deal, total licensing revenue stands at $16.1 million.

The company returned $9.5 million to shareholders in 2024 through dividends and share buybacks. This included a 9% increase in quarterly dividend to an annualized $0.06 per share, a special dividend of $0.05 per share, and total dividend payments of $0.10875 per share ($5.6 million). Additionally, Pulse purchased and cancelled approximately 1.8 million shares worth $3.9 million under its normal course issuer bid.

Positive

• Secured new $10.0 million seismic data licensing contract
• Generated $23.4 million in total revenue for 2024
• Already secured $16.1 million in licensing revenue for 2025
• Returned $9.5 million to shareholders in 2024
• Increased regular quarterly dividend by 9%

Negative

• None.

CALGARY, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $10.0 million seismic data licensing sales contract for 3D seismic data located in West Central Alberta. Pulse’s data library provides extensive seismic coverage critical for today’s data focused exploration and development companies throughout Western Canada.

The Company is also pleased to provide a preliminary update on recent licensing revenue. Since October 1, 2024, the Company has licensed $21.7 million of data. Of this amount, $5.6 million was licensed in the fourth quarter of 2024, bringing expected total revenue for 2024 to $23.4 million. For 2025, including the deal announced today, total licensing revenue is $16.1 million.

“As owners of Canada’s largest licensable seismic data library, we value our client relationships and the role our subsurface data plays as a strategic risk mitigation tool for the energy industry,” stated Neal Coleman, the Company’s President and CEO. “We are very pleased to report this material data licensing agreement, helping our clients maximize the value of their projects, while also generating returns for Pulse. Significant sales such as this, produce material incremental free cashflow for the Company,” Coleman continued.

Pulse returned $9.5 million of capital to shareholders in 2024 through dividends and share buybacks. In the second quarter of 2024 the Company increased its regular quarterly dividend by 9%, to an annualized dividend of $0.06 per share. Additionally, a special dividend of $0.05 per share was paid in the third quarter of 2024. Dividends of $0.10875 per common share were declared and paid in 2024, representing a total of $5.6 million. The Company purchased and cancelled approximately 1.8 million shares under its normal course issuer bid in 2024, contributing $3.9 million of the $9.5 million in total capital returned in the year.

These figures are preliminary and have not yet been audited or reviewed by our auditors. The Company will release its 2024 annual and fourth quarter financial results on February 13, 2025, after markets close.

Significant quarterly and annual fluctuations in data sales are intrinsic to the seismic data library business. The Company remains focused on maintaining a strong balance sheet, a low-cost structure and providing excellent customer care.

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.

For further information, please contact:

Neal Coleman, President and CEO
Or
Pamela Wicks, VP Finance and CFO

Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com

PDF available: http://ml.globenewswire.com/Resource/Download/57936ee4-ab00-4327-a730-9854ad3d848c

FAQ

What is the value of Pulse Seismic's (PLSDF) latest licensing agreement in January 2025?

Pulse Seismic announced a $10.0 million seismic data licensing agreement for 3D seismic data located in West Central Alberta.

How much revenue did PLSDF generate in Q4 2024?

Pulse Seismic generated $5.6 million in licensing revenue during the fourth quarter of 2024.

What was PLSDF's total revenue for 2024?

Pulse Seismic's expected total revenue for 2024 was $23.4 million.

How much capital did PLSDF return to shareholders in 2024?

Pulse Seismic returned $9.5 million to shareholders in 2024 through dividends ($5.6 million) and share buybacks ($3.9 million).

What is the size of PLSDF's seismic data library in Canada?

Pulse Seismic owns approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic data in Canada.