Pulse Seismic Inc. Reports Q3 2026 Financial Results and Declares Regular Quarterly Dividend

The quarterly profit recovery contrasts with lower nine-month revenue and earnings and cash used in operating activities.

Rhea-AI Summary

Pulse Seismic (PLSDF) reported third-quarter revenue of $17.308 million, alongside a return to profitability and a regular quarterly dividend declaration. Revenue rose from $3.416 million in Q3 2025, while net earnings reached $11.354 million, or $0.22 per share, versus a $1.500 million loss.

Nine-month revenue fell to $22.765 million from $44.491 million; net earnings declined to $11.549 million from $21.440 million. Operating activities used $3.050 million over nine months, versus providing $30.429 million a year earlier. At September 30, Pulse had $8.685 million in cash, $20.869 million in working capital, no debt and $5.0 million available on its credit facility.

The $0.01875-per-share dividend is payable November 18, 2026, to holders of record November 4. Pulse expects improving industry conditions to support demand for its seismic data.

11 points · 0 major

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue rose to $17.308 million from $3.416 million a year earlier.
• Moderate pointQ3 net earnings reached $11.354 million, versus a $1.500 million loss a year earlier.
• Minor pointQ3 earnings per share reached $0.22, versus a $0.03 loss a year earlier.
• Minor pointQ3 EBITDA, a non-GAAP earnings measure, rose to $14.747 million from $744,000 a year earlier.
• Minor pointQ3 shareholder free cash flow, a non-GAAP measure, rose to $11.485 million from $571,000 a year earlier.

6 minor points

• Minor pointQ3 operating cash flow increased to $1.286 million from $1.271 million a year earlier.
• Minor pointSeismic-library amortization fell to $8,000 in Q3 and $400,000 over nine months, from $2.225 million and $6.674 million, respectively.
• Minor pointWorking capital increased to $20.869 million at September 30, 2026, from $14.001 million a year earlier.
• Minor pointPulse remained debt-free, with $5.0 million available on its credit facility at September 30, 2026.
• Minor pointShareholders’ equity rose to $20.954 million at September 30, 2026, from $16.637 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Pulse expects improving industry conditions to support demand for seismic data.

Negative

• Moderate pointNine-month revenue declined to $22.765 million from $44.491 million a year earlier.
• Moderate pointNine-month net earnings fell to $11.549 million from $21.440 million a year earlier.
• Moderate pointNine-month operating activities used $3.050 million, versus providing $30.429 million a year earlier.
• Minor pointNine-month earnings per share fell to $0.23 from $0.42 a year earlier.
• Minor pointNine-month EBITDA fell to $15.290 million from $36.030 million a year earlier.

4 minor points

• Minor pointNine-month shareholder free cash flow fell to $12.545 million from $27.723 million a year earlier.
• Minor pointCash declined to $8.685 million at September 30, 2026, from $19.746 million at December 31, 2025.
• Minor pointTrailing 12-month EBITDA fell to $20.107 million from $39.815 million a year earlier.
• Minor pointTotal dividends declared fell to $951,000 in Q3 and $7.861 million over nine months, from $11.040 million and $22.855 million, respectively.

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CALGARY, Alberta, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and nine months ended September 30, 2026. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

Today, Pulse’s Board of Directors declared a regular quarterly dividend of $0.01875 per common share. The total of the dividend will be approximately $951,000 based on Pulse’s 50,708,857 common shares outstanding as of October 21, 2026, to be paid on November 18, 2026, to shareholders of record on November 4, 2026. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

"Our third quarter results demonstrate the strength of Pulse's business model and the value of our strategically positioned seismic data library," stated Pamela Wicks, Pulse's President and CEO. "Revenue of $17.3 million in the quarter drove shareholder free cash flow of $11.5 million, highlighting our ability to convert licensing activity into meaningful cash flow. Improving industry fundamentals support ongoing demand for high-quality seismic in prolific areas of oil and gas development. With a debt-free balance sheet, strong liquidity and a continued focus on capital discipline, Pulse is well positioned to leverage its assets and capitalize on opportunities to deliver value to shareholders," concluded Wicks.

“As disclosed in August, the Company appointed Pamela Wicks as Pulse’s President and Chief Executive Officer. I am excited about the management change at Pulse. The Board and I have high conviction in the potential value to be realized through the active management of our seismic data library, which was acquired over decades at a historical cost of over $500 million,” added Robert Robotti, Pulse Board Chair.

HIGHLIGHTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026

• Total revenue for the third quarter of 2026 was $17.3 million, as compared to $3.4 million for the same period in 2025. Total revenue for the first nine months of 2026 was $22.8 million, as compared to $44.5 million last year.
   
• EBITDA^(a) for the third quarter of 2026 was $14.7 million ($0.29 per share basic and diluted), compared to $744,000 ($0.01 per share basic and diluted) for the same period in 2025. For the first nine months of 2026, EBITDA^(a) was $15.3 million as compared to $36.0 million for the same period last year. The significant increase in EBITDA over the sequential quarter is due to strong revenue activity realized in the third quarter of 2026 combined with the Company’s disciplined cost structure and ability to effectively manage periods of revenue fluctuations.
   
• Shareholder free cash flow^(a) was $11.5 million ($0.23 per share basic and diluted) in the third quarter of 2026, as compared to $571,000 ($0.01 per share basic and diluted) for the same period in 2025. For the first nine months of 2026, shareholder free cash flow^(a) was $12.5 million ($0.25 per share basic and diluted) compared to $27.7 million ($0.55 per share basic and diluted) for the same period in 2025.
   
• In the third quarter of 2026, the Company generated net earnings of $11.4 million ($0.22 per share basic and diluted), as compared to a net loss of $1.5 million ($0.03 per share basic and diluted) for the same period in 2025. For the first nine months of 2026, net earnings were $11.5 million ($0.23 per share basic and diluted) compared to $21.4 million ($0.42 per share basic and diluted) for the same period last year.
   
• At September 30, 2026, the Company exited the third quarter of 2026 with $20.9 million of positive working capital, including $8.7 million of cash. The Company also had $5.0 million of available liquidity on its credit facility.
   
• Total dividends declared and paid in the third quarter of 2026 was $951,000 ($0.01875 per share). For the first nine months of 2026, total dividends declared and paid was $7.9 million ($0.15500 per share). This includes three regular quarterly dividends and one special dividend.
  
  

SELECTED FINANCIAL AND OPERATING INFORMATION
				Three months ended September 30,			Nine months ended September 30,			Year ended December 31,
(Thousands of dollars except per share data,				2026	2025		2026		2025	2025
numbers of shares and kilometres of seismic data)				(unaudited)			(unaudited)			(audited)
Revenue				17,308	3,416		22,765		44,491	51,090
Amortization of seismic data library				8	2,225		400		6,674	8,898
Net (loss) earnings				11,354	(1,500	)	11,549		21,440	23,119
Per share basic and diluted				0.22	(0.03	)	0.23		0.42	0.46
Cash (used in) provided by operating activities				1,286	1,271		(3,050	)	30,429	35,204
Per share basic and diluted				0.03	0.03		(0.06	)	0.60	0.69
EBITDA (a)				14,747	744		15,290		36,030	40,847
Per share basic and diluted (a)				0.29	0.01		0.30		0.71	0.80
Shareholder free cash flow (a)				11,485	571		12,545		27,723	31,596
Per share basic and diluted (a)				0.23	0.01		0.25		0.55	0.62
Dividends
Regular dividends declared				951	889		2,790		2,537	3,425
Special dividends declared				-	10,151		5,071		20,318	20,318
Total dividends declared				951	11,040		7,861		22,855	23,743
Normal course issuer bid
Number of shares purchased and cancelled				6,000	-		6,000		80,600	120,800
Cost of shares purchased and cancelled				17	-		17		197	309
Weighted average shares outstanding
Basic and diluted				50,712,216	50,755,057		50,713,967		50,781,655	50,770,625
Shares outstanding at period-end							50,708,857		50,755,057	50,714,857
Seismic library
2D in kilometres							829,207		829,207	829,207
3D in square kilometres							65,310		65,310	65,310
FINANCIAL POSITION
							September 30,		September 30,	December 31,
(Thousands of dollars except working capital ratio)							2026		2025	2025
Working capital							20,869		14,001	16,792
Working capital ratio							4.8:1		3.8:1	4.9:1
Cash and cash equivalents							8,685		16,068	19,746
Total assets							27,052		22,796	22,732
Trailing 12-month (TTM) EBITDA (b)							20,107		39,815	40,847
Shareholders’ equity							20,954		16,637	17,316

(a) The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings or loss from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management's Discussion and Analysis.
(b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure. These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management's Discussion and Analysis.

CORPRATE OUTLOOK AND BUSINESS ENVIRONMENT

Pulse's business and financial outlook is shaped by industry conditions and regulatory developments that have materially improved the investment environment for Canadian oil and gas exploration and production. Recent infrastructure capacity additions, accelerating upstream activity, and strengthened federal policy support suggest improving near-term demand for the Company's subsurface seismic data assets.

Positive Industry Indicators
Several developments support increased E&P capital deployment and exploration activity:

• Land market activity: Alberta land sales in the first nine months of 2026 reached $224.5 million, representing a 14% increase from $197.2 million in the prior year, reflecting renewed producer confidence and capital allocation to exploration.
• Drilling acceleration: Drilling activity has outpaced 2026 forecasts, with the Canadian Association of Energy Contractors reporting very strong year-to-date activity driven by higher oil prices and increased capital expenditures on exploration and production. The Association now expects its initial December 2025 forecast of 5,709 wells to be exceeded during the fourth quarter.
• Infrastructure capacity expansion: Two significant developments address historical production constraints:
  • The TMX pipeline reached its full 890,000 bpd capacity by Q2 2026, reflecting sustained demand for Canadian crude.
  • TC Energy's Coastal GasLink Phase 2 pipeline was approved in September 2026 and will double pipeline capacity to transport natural gas from northern British Columbia to LNG Canada's liquefaction facility in Kitimat.
• LNG sector growth: LNG Canada has been operational for over a year and reached full capacity through 2026, contributing to expanded Canadian energy exports. The facility has announced phase 2 approval, adding 12 million metric tons per year of offtake capacity. The approved Ksi Lisims LNG development in coastal British Columbia will add an additional 12 million mt/year of export capacity, positioning Canada as a larger global LNG supplier and supporting longer-term investment returns to the exploration sector.
• M&A acceleration: Industry M&A activity in 2026 is significantly outpacing forecasts. Early year estimates projected $15 billion; by the end of Q3, activity had already doubled this amount with continued momentum expected through year-end. This suggests heightened strategic consolidation and capital redeployment within the sector.
  
  

Improved Policy Environment
Federal government support for energy infrastructure has accelerated:

• The Building Canada Act (2025) established a streamlined regulatory review process for designated national interest projects. On October 1, 2026, the government designated the Pacific Link Pipeline as Canada's first project under this framework. Pacific Link will add up to 1 million barrels per day of oil export capacity via a West Coast deepwater port, reducing Canada's dependence on U.S.-bound pipeline capacity and enabling access to higher-value Asian markets.
• The inaugural Canada Investment Summit (September 2026) convened approximately 300 institutional investors collectively managing over $120 trillion in assets, signaling heightened international capital interest in Canadian energy infrastructure and nation-building projects.
  
  

Outlook
The convergence of improved policy certainty, removal of infrastructure bottlenecks, accelerating upstream activity indicators, and mobilized global capital provides a materially more supportive environment for exploration and development spending in Western Canada. Increased E&P activity and production expansion projects typically drive demand for subsurface seismic data to inform drilling programs, development planning, and reserves estimation.

The Company continues to monitor significant factors that could affect the business, including global geopolitical tensions, U.S.-Canada trade policy developments, and instability in the Middle East. Commodity price volatility, potential delays in major project timelines, and discretionary procurement decisions by E&P customers could materially impact exploration spending and demand for seismic data services. Additionally, long-cycle project investment decisions may not advance as anticipated.

Strategic Position
Pulse is well-positioned to benefit from this improved environment through a strong balance sheet with no debt, experienced management, and a disciplined low-cost operating model. These fundamentals, combined with high EBITDA leverage to revenue growth and prudent capital management, enable the Company to pursue strategic opportunities and deliver consistent shareholder returns.

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

This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict”, “potential” or similar words suggesting future outcomes or language suggesting an outlook.

The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

• The outlook of the Company for the year ahead, including future operating costs and expected revenues;
• Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated pipeline projects;
• The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2026;
• Pulse’s capital allocation strategy;
• Pulse’s dividend policy;
• Oil and natural gas prices and forecast trends;
• Oil and natural gas drilling activity and land sales activity;
• Oil and natural gas company capital budgets;
• Future demand for seismic data;
• Future seismic data sales;
• Pulse’s business and growth strategy; and
• Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole
  
  

By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

These factors include, but are not limited to:

• Uncertainty of the timing and volume of data sales;
• Volatility of oil and natural gas prices;
• Risks associated with the oil and natural gas industry in general;
• The Company’s ability to access external sources of debt and equity capital;
• Credit, liquidity and commodity price risks;
• The demand for seismic data;
• The pricing of data library licence sales;
• Cybersecurity;
• Relicensing (change-of-control) fees and partner copy sales;
• Environmental, health and safety risks;
• Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;
• Competition and the regulation thereof;
• Dependence on key management, operations and marketing personnel;
• The loss of seismic data;
• Protection of intellectual property rights;
• The introduction of new products; and
• Climate change.
  
  

Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

PDF available: http://ml.globenewswire.com/Resource/Download/474a5c46-8ee2-425e-a5f0-31d61e8a532c

FAQ

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How did Pulse Seismic perform in the third quarter of 2026?

Pulse reported $17.308 million in revenue and $11.354 million in net earnings for Q3 2026. In Q3 2025, revenue was $3.416 million and the company recorded a $1.500 million net loss. Basic and diluted earnings per share were $0.22, versus a $0.03 loss.

When will Pulse Seismic pay its latest quarterly dividend?

Pulse will pay its $0.01875-per-share regular quarterly dividend on November 18, 2026, to shareholders of record on November 4, 2026. The total payment will be approximately $951,000.

How does Pulse Seismic define shareholder free cash flow?

Pulse defines shareholder free cash flow as EBITDA less non-discretionary expenditures. Those deductions include non-cash expenses, debt financing costs net of deferred financing expenses amortized in the current period, net restructuring costs and current tax provisions. The measure has no standard IFRS definition and may not be comparable with similarly named measures from other companies.

What tax treatment applies to Pulse Seismic’s declared quarterly dividend?

The dividend is designated an eligible dividend for Canadian income tax purposes. Dividends paid to non-resident shareholders are subject to Canadian withholding tax.