Pulse's Board of Directors today approved a quarterly dividend of $0.0175 per share and additionally declared a special dividend of $0.10 per share. The total of the dividends will be approximately $6.0 million based on Pulse's 50,714,857 common shares outstanding as of February 24, 2026, to be paid on March 26, 2026, to shareholders of record on March 19, 2026. These dividends are designated as eligible dividends for Canadian income tax purposes. For non-resident shareholders, Pulse's dividends are subject to Canadian withholding tax.
"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. "Seventy-five percent of shareholder free cashflow was returned to shareholders as dividends during the year, and today, based on these strong results the Board of Directors declared a special dividend of $0.10 per share in addition to the regular dividend," Coleman continued. "Pulse's seismic data library assets are a valuable risk mitigation tool to the energy industry. The Company is positioned with a strong balance sheet and low-cost structure which includes a regular quarterly dividend, and although annual sales levels fluctuate in this business, significant returns of capital continue to occur in years of higher revenue. Pulse has declared $1.20 per share in dividends since resuming regular dividends in late 2021," concluded Coleman.
HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2025
In 2025, the Company's total return of capital to shareholders, including dividends declared and shares repurchased and cancelled under the Normal Course Issuer Bid (NCIB) totalled $24 million or 76% of shareholder free cashflow generated in the year.
Total dividends of $0.4675 per share were declared in 2025. Regular dividends declared and paid totalled $0.0675 per share. The annualized regular dividend of $0.06 per share was increased by 17% to $0.07 per share in the second quarter of the year. Two special dividends, totalling $0.40 per share were declared and paid in 2025;
The Company renewed its NCIB on February 24, 2025. 120,800 shares were purchased during 2025 under the NCIB at an average price of $2.56 per share, for total cost of approximately $309,000;
Shareholder free cash flow(a) was $31.6 million ($0.62 per share basic and diluted) in 2025, as compared to $12.4 million ($0.24 per share basic and diluted) for 2024;
EBITDA(a) was $40.8 million ($0.80 per share basic and diluted) in 2025, as compared to $15.5 million ($0.30 per share basic and diluted) for 2024;
Net earnings were $23.1 million ($0.46 per share basic and diluted) in 2025, as compared to net earnings of $3.4 million ($0.07 per share basic and diluted) for 2024;
Total revenue was $51.1 million in 2025, as compared to $23.4 million for 2024; and
At December 31, 2025, the Company had a cash balance of $19.7 million as well as $5.0 million of available liquidity on its credit facility.
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2025
The regular quarterly dividend of $0.0175 per share was paid in the fourth quarter;
A total of 40,200 shares were purchased under the NCIB in the fourth quarter, at an average price of $2.78 per share and total cost of approximately $112,000;
Shareholder free cash flow(a) was $3.9 million ($0.08 per share basic and diluted) in the fourth quarter of 2025, as compared to $2.4 million ($0.05 per share basic and diluted) in the fourth quarter of 2024;
EBITDA(a) was $4.8 million ($0.09 per share basic and diluted) in the fourth quarter of 2025, as compared to $3.8 million ($0.07 per share basic and diluted) in the fourth quarter of 2024;
Net earnings were $1.7 million ($0.03 per share basic and diluted) in the fourth quarter of 2025, as compared to net earnings of $774,000 ($0.02 per share basic and diluted) in the fourth quarter of 2024; and
Total revenue was $6.6 million in the fourth quarter of 2025, as compared to $5.6 million in the fourth quarter of 2024.
SELECTED FINANCIAL ANDOPERATING INFORMATION
(Thousands of dollars except per share data,
Three months endedDecember 31,
Years endedDecember 31,
numbers of shares and kilometres of seismic data)
2025
2024
2025
2024
Revenue
6,599
5,576
51,090
23,379
Amortization of seismic data library
2,224
2,263
8,898
9,090
Net earnings
1,679
774
23,119
3,391
Per share basic and diluted
0.03
0.02
0.46
0.07
Cash provided by operating activities
4,775
2,337
35,204
14,195
Per share basic and diluted
0.09
0.05
0.69
0.28
EBITDA(a)
4,817
3,785
40,847
15,496
Per share basic and diluted(a)
0.09
0.07
0.80
0.30
Shareholder free cash flow(a)
3,873
2,440
