CALGARY, AB, Aug. 6, 2025 /CNW/ – Pason Systems Inc. (“Pason” or the “Company”) (TSX:PSI) (OTC:PSYTF) announced today its 2025 second quarter results and the declaration of a quarterly dividend. The following news release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”), the unaudited Condensed Consolidated Interim Financial Statements and related notes for the three and six months ended June 30, 2025, as well as the Annual Information Form for the year ended December 31, 2024. All of these documents are available on SEDAR+ at www.sedarplus.ca.
Financial Highlights
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||
|
2025 |
2024 |
Change |
2025 |
2024 |
Change |
|
|
(000s, except per share data) |
($) |
($) |
( %) |
($) |
($) |
( %) |
|
North American Drilling Revenue |
62,479 |
63,765 |
(2) |
138,251 |
137,369 |
1 |
|
International Drilling Revenue |
13,614 |
15,284 |
(11) |
27,603 |
29,916 |
(8) |
|
Completions Revenue |
15,345 |
13,666 |
12 |
31,358 |
26,451 |
19 |
|
Solar and Energy Storage Revenue |
4,978 |
3,141 |
58 |
12,381 |
6,879 |
80 |
|
Total Revenue |
96,416 |
95,856 |
1 |
209,593 |
200,615 |
4 |
|
Adjusted EBITDA (1) |
31,574 |
33,135 |
(5) |
76,786 |
75,560 |
2 |
|
As a % of revenue |
32.7 |
34.6 |
(190) bps |
36.6 |
37.7 |
(110) bps |
|
Funds flow from operations |
26,484 |
28,044 |
(6) |
63,027 |
62,890 |
— |
|
Per share – basic |
0.34 |
0.35 |
(3) |
0.80 |
0.79 |
1 |
|
Per share – diluted |
0.34 |
0.35 |
(3) |
0.80 |
0.78 |
3 |
|
Cash from operating activities |
20,231 |
25,976 |
(22) |
60,173 |
56,990 |
6 |
|
Net capital expenditures (2) |
14,955 |
17,945 |
(17) |
31,663 |
37,226 |
(15) |
|
Free cash flow (1) |
5,276 |
8,031 |
(34) |
28,510 |
19,764 |
44 |
|
Cash dividends declared (per share) |
0.13 |
0.13 |
— |
0.52 |
0.26 |
100 |
|
Net income |
12,008 |
10,284 |
17 |
31,654 |
79,407 |
(60) |
|
Net income attributable to Pason |
12,648 |
10,890 |
16 |
32,657 |
80,419 |
(59) |
|
Per share – basic |
0.16 |
0.14 |
14 |
0.41 |
1.01 |
(59) |
|
Per share – diluted |
0.16 |
0.14 |
14 |
0.41 |
1.00 |
(59) |
|
As at |
June 30, 2025 |
December 31, 2024 |
Change |
|||
|
(CDN 000s) |
($) |
($) |
( %) |
|||
|
Cash and cash equivalents |
67,072 |
77,197 |
(13) |
|||
|
Short-term investments |
2,266 |
3,581 |
(37) |
|||
|
Total Cash (1) |
69,338 |
80,778 |
(14) |
|||
|
Working capital |
104,806 |
120,583 |
(13) |
|||
|
Total interest bearing debt |
— |
— |
— |
|||
|
Shares outstanding end of period (#) |
78,208,721 |
79,426,065 |
(2) |
|||
|
(1) Non-GAAP and supplementary financial measures are defined under Non-GAAP Financial Measures in this press release. |
|
(2) Includes additions to property, plant, and equipment and development costs, net of proceeds on disposal from Pason’s Condensed Consolidated Interim Statements of Cash Flows |
Pason generated $96.4 million in consolidated revenue in the second quarter of 2025, representing an increase from the $95.9 million generated in the comparative period of 2024 and a result that continues to outpace underlying industry conditions.
Despite industry activity decreasing 5% in North America in the second quarter when compared to the second quarter of 2024 the North American Drilling business unit generated $62.5 million of revenue in the second quarter of 2025, only a 2% decrease over the comparative period of 2024. Contributing to North American Drilling’s outperformance during this time, Pason’s Revenue per Industry Day increased 3% to $1,026 from the comparative 2024 period. While a stronger US dollar year over year negatively impacted US dollar sourced operating expenses in the second quarter of 2025, this increase was offset by lower levels of repairs. As a result, segment gross profit of $34.0 million during the second quarter of 2025 compared to $34.1 million in the comparative period of 2024, as a result of the aforementioned factors.
The …