Pulse Seismic swings to profit of C$11,354 thousand in third quarter
Key Facts
Pulse Seismic swung to a profit in the third quarter of 2026, reporting net income of C$11,354 thousand, according to its official financial report. The company posted a loss of C$1,500 thousand in the third quarter of 2025, with its quarterly results improving alongside higher revenue. Quarterly revenue totaled C$17,308 thousand, compared with C$3,416 thousand in the same period a year earlier. The return to profitability was reflected in earnings per share, with basic and diluted earnings of C$0.22. That compared with a basic and diluted loss per share of C$0.03 a year earlier for the company, whose business centers on relicensing data from its seismic library.
For the first nine months of 2026, revenue fell to C$22,765 thousand, according to the company's official financial statements. Revenue in the corresponding period of 2025 was about C$44,491 thousand, leaving the cumulative total below the previous year despite the quarterly surge. Nine-month net income also declined to C$11,549 thousand. That compared with net income of C$21,440 thousand in the first nine months of 2025, with both profit and revenue falling year on year. The comparison follows a year in which the company's annual revenue rose to C$51,090 thousand in 2025. Annual revenue was C$23,379 thousand in 2024, according to the company's annual report, setting a higher comparison base for this year's results.
The quarterly comparison also included a decline in seismic data library amortization expense to C$8 thousand in the third quarter of 2026. That expense was C$2,225 thousand in the corresponding quarter of 2025, with the decline accompanying higher sales and the return to profitability. Earnings before interest, taxes, depreciation and amortization rose to C$14,747 thousand from C$744 thousand a year earlier. This is a non-GAAP measure the company presents in its quarterly results, alongside shareholder free cash flow as it defines it. Free cash flow, also a non-GAAP measure, totaled C$11,485 thousand, compared with C$571 thousand in the third quarter of the previous year. Cash generated from operating activities totaled C$1,286 thousand during the quarter. That compared with operating cash flow of C$1,271 thousand in the corresponding period, a modest increase relative to the rise in the shareholder free cash flow measure.
Describing its business, Pulse Seismic said in its annual report that "revenue volatility is a normal part of the seismic data library business." The company's library contains about 65,310 net square kilometers of three-dimensional seismic data, according to its profile on Investing.com. It also includes 829,207 net kilometers of two-dimensional data within the library whose data the company relicenses. The company previously announced a seismic data licensing sale worth C$13.5 million on June 12, 2025. That announcement puts the size of one previous licensing deal in the context of the library business, which the company describes as subject to revenue volatility. The third quarter of this year also saw a change in executive leadership, according to the company's official newsroom. Pamela Wicks' appointment as president and chief executive officer took effect on August 6, 2026, during the quarter covered by the results.
On its financial position, the company had working capital of C$20,869 thousand at the end of the quarter on September 30, 2026, according to the financial report. Wicks said in the earnings statement that the company had "a debt-free balance sheet and strong liquidity." Alongside the results, Pulse Seismic announced a regular quarterly cash dividend on its common shares. It set the dividend at C$0.01875 per share, according to its official statement published through GlobeNewswire. Shareholders of record on November 4, 2026, will be eligible for the dividend. The company set November 18, 2026, as the payment date.