Today, Pulse's Board of Directors declared a regular quarterly dividend of $0.0175 per common share. The total dividend declared will be approximately $888,000 based on Pulse's 50,755,057 common shares outstanding as of October 27, 2025, to be paid on November 20, 2025, to shareholders of record on November 13, 2025. 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.
HIGHLIGHTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025
In the third quarter of 2025, the Company declared and paid a regular quarterly dividend of $0.0175 per common share and a special dividend of $0.20 per common share totalling $11.0 million. For the nine months ended September 30, 2025, regular quarterly dividends were $0.05 per common share and special dividends were $0.40 per common share, totalling $22.9 million.
The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the nine months ended September 30, 2025, the Company purchased and cancelled 80,600 shares under the NCIB at an average price of $2.43 per share, for a total cost of approximately $197,000.
Total revenue for the three months ended September 30, 2025, was $3.4 million, an increase compared to $2.7 million for the same period in 2024. Total revenue for the nine months ended September 30, 2025, was $44.5 million, compared to $17.8 million for the same period in 2024. Revenue generated in the first nine months of 2025 reflects an increase of 85% compared to the last three years average of annual revenue.
Shareholder free cash flow(a) was $571,000 ($0.01 per share basic and diluted) for the three months ended September 30, 2025, a decrease compared to $1.1 million ($0.02 per share basic and diluted) for the same period in 2024. On a year-to-date basis, shareholder free cash flow(a) was $27.7 million ($0.55 per share basic and diluted) for the nine months ended September 30, 2025, an increase compared to $10.0 million ($0.19 per share basic and diluted) for the same period in 2024.
EBITDA(a) was $744,000 ($0.01 per share basic and diluted) for the three months ended September 30, 2025, a decrease compared to $1.1 million ($0.02 per share basic and diluted) for the same period in 2024. On a year-to-date basis, EBITDA(a) was $36.0 million ($0.71 per share basic and diluted) for the nine months ended September 30, 2025, an increase compared to $11.7 million ($0.23 per share basic and diluted) for the same period in 2024.
Net loss for the three months ended September 30, 2025, was $1.5 million ($0.03 per share basic and diluted), an increase compared to a net loss of $1.4 million ($0.03 per share basic and diluted) for the same period in 2024. On a year-to-date basis, net earnings for the nine months ended September 30, 2025, was $21.4 million ($0.42 per share basic and diluted), an increase compared to net earnings of $2.6 million ($0.05 per share basic and diluted) for the same period in 2024.
At September 30, 2025, the Company had a cash balance of $16.1 million as well as $5.0 million of available liquidity on its revolving demand credit facility.
SELECTED FINANCIAL AND OPERATING INFORMATION
Three months endedSeptember 30,
Nine months endedSeptember 30,
Year ended,
(Thousands of dollars except per share data,
2025
2024
2025
2024
December 31,
numbers of shares and kilometres of seismic data)
(Unaudited)
(Unaudited)
2024
Revenue
3,416
2,726
44,491
17,803
23,379
Amortization of seismic data library
2,225
2,278
6,674
6,827
9,090
Net earnings (loss)
(1,500
)
(1,405
)
21,440
2,617
3,391
Per share basic and diluted
(0.03
)
(0.03
)
0.42
0.05
0.07
Cash provided by operating activities
1,271
2,665
30,429
11,860
14,195
Per share basic and diluted
0.03
0.05
0.60
0.23
0.28
EBITDA(a)
744
1,064
36,030
11,711
15,496
Per share basic and diluted(a)
0.01
0.02
0.71
0.23
0.30
Shareholder free cash flow(a)
571
1,061
