Canada · Delayed Price · Currency is CAD Pason Systems Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw 5% revenue growth to CAD 100.8 million, driven by strong North American drilling and completions performance, with Adjusted EBITDA margin rising to 35.4%. Net income and free cash flow improved, while capital returns and investments continued.
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Q1 2026 revenue fell 9% year-over-year to CAD 102.4 million, with lower drilling activity and FX headwinds impacting results. Despite declines, strong cost discipline, robust cash position, and continued investment in technology support a positive medium-term outlook.
Fiscal Year 2025
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Revenue grew 1% to CAD 419 million in 2025 despite industry declines, with strong performance in Solar and Energy Storage and record Revenue per Industry Day in North American Drilling. Free cash flow rose 17% and nearly all was returned to shareholders.
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Q3 2025 saw resilient performance with $101M revenue and $38.5M Adjusted EBITDA, despite industry declines. Completions and solar segments grew strongly, while North American and international drilling faced headwinds. Capital returns and technology investments remain priorities.
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Q2 2025 revenue rose 1% year-over-year to $96.4 million, with net income up to $12.6 million despite industry headwinds. Completions and solar segments posted strong growth, while capital spending was reduced and $20.2 million was returned to shareholders.
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Revenue grew 8% year-over-year to $113.2M, with strong gains in completions and solar/energy storage segments. Adjusted EBITDA rose 7%, and free cash flow doubled, supporting continued investment and shareholder returns. Net income declined due to a prior-year one-time gain.
Fiscal Year 2024
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2024 revenue grew 12% to $414 million, driven by new completions and solar/energy storage segments, despite a 10% industry activity decline. Adjusted EBITDA margin fell to 39.1% as lower-margin segments expanded, but strong cash flow enabled $51.4 million in shareholder returns.
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Q3 2024 revenue rose 14% year-over-year to CAD 105.9 million, with strong product adoption offsetting a 5% decline in North American drilling activity. Adjusted EBITDA grew to CAD 44.1 million, while net income declined to CAD 24.2 million. The company remains confident in future growth, driven by technology adoption and a strong balance sheet.
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Q2 2024 revenue rose 13% year-over-year to CAD 95.9 million, driven by strong completions and solar/energy storage growth, despite a 13% drop in North American drilling activity. Net income and free cash flow declined, but the balance sheet remains strong with no debt.