Pulse Seismic Inc. Reports 2024 Financial Results and Declares Regular and Special Dividends

Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) has reported its financial and operating results for the year ended December 31, 2024, along with the declaration of regular and special dividends. The company's Board of Directors approved a quarterly dividend of $0.015 per share and an additional special dividend of $0.20 per share, totaling approximately $10.9 million based on Pulse's 50,837,863 common shares outstanding as of February 13, 2025. These dividends are designated as eligible dividends for Canadian income tax purposes and are subject to Canadian withholding tax for non-resident shareholders.

Pulse's President and CEO, Neal Coleman, stated, "We are very pleased with the Company’s 2024 financial performance and what we have accomplished so far in 2025. We remain focused on returning capital to shareholders, as deemed appropriate given the annual fluctuations inherent in our business. So far in 2025, we have secured $17.5 million in sales and today the Board of Directors declared a special dividend of $0.20 per share, in addition to the regular quarterly dividend."

The company's return of capital to shareholders in 2024, including all dividends declared in the year and shares purchased under the Normal Course Issuer Bid (NCIB), totalled $9.5 million, which was 76% of shareholder free cash flow generated for the year. Dividends of $0.10875 per share were declared in 2024, with regular dividends totaling $0.05875 per share and an annualized regular dividend of $0.06 per share, increased by 9% in the second quarter of the year. A special dividend of $0.05 per share was paid in the third quarter of 2024.

Throughout the year, Pulse purchased and cancelled 1,784,000 shares under the NCIB at an average price of $2.17 per share, for a total cost of approximately $3.9 million. Shareholder free cash flow was $12.4 million ($0.24 per share basic and diluted) compared to $24.8 million ($0.47 per share basic and diluted) for the year ended December 31, 2023. EBITDA was $15.5 million ($0.30 per share basic and diluted) compared to $30.4 million ($0.57 per share basic and diluted) for the year ended December 31, 2023. Net earnings were $3.4 million ($0.07 per share basic and diluted) compared to net earnings of $15.0 million ($0.28 per share basic and diluted) for 2023. Total revenue was $23.4 million compared to $39.1 million for the year ended December 31, 2023.

At December 31, 2024, Pulse had a cash balance of $8.7 million and $5.0 million of available liquidity on its credit facility. The company's Board of Directors declared a regular quarterly dividend of $0.015 per share and a special dividend of $0.20 per share in the fourth quarter of 2024. A total of 97,700 shares were purchased under the NCIB in the fourth quarter, at an average price of $2.32 per share and a total cost of approximately $226,000. Shareholder free cash flow was $2.4 million ($0.05 per share basic and diluted) compared to $10.9 million ($0.21 per share basic and diluted) in the fourth quarter of 2023. EBITDA was $3.8 million ($0.07 per share basic and diluted) compared to $13.6 million ($0.26 per share basic and diluted) in the fourth quarter of 2023. Net earnings were $774,000 ($0.02 per share basic and diluted) compared to net earnings of $8.3 million ($0.16 per share basic and diluted) in the fourth quarter of 2023. Total revenue was $5.6 million compared to $16.9 million for the three months ended December 31, 2023.



Pulse Seismic's financial performance in 2024 was impacted by lower data licensing activity and fluctuating annual revenue, which are common in the energy industry. The company's focus on maintaining a strong balance sheet and low-cost business model helped it generate positive free cash flow and return capital to shareholders. The declared regular and special dividends demonstrate Pulse's commitment to returning capital to shareholders and maintaining a strong financial position.

In conclusion, Pulse Seismic's 2024 financial results and the declaration of regular and special dividends reflect the company's commitment to returning capital to shareholders and maintaining a strong financial position. The company's focus on maintaining a strong balance sheet and low-cost business model, along with its ability to generate positive free cash flow, has enabled it to navigate the fluctuations in the energy industry and provide value to its shareholders.