Business
Source Energy Services Reports Q1 2023 Results
(TheNewswire) Calgary, AB - TheNewswire - May 4, 2023 - Source Energy Services Ltd. (&#...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"Source Energy Services Reports Q1 2023 Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, AB - TheNewswire - May 4, 2023 -\n \n Source\nEnergy Services Ltd. (“\n \n Source\n \n ” or the\n“\n \n Company\n \n ”)\n \n (TSX:SHLE)\n \n is pleased to announce its financial results for the three months\nended March 31, 2023.\n \n \n \n \n \n Q1\n \n \n 2023\n \n \n PERFORMANCE\n \n \n HIGHLIGHTS\n \n \n \n Source achieved the following results for the first quarter of\n \n 2023:\n \n \n \n \n \n \n realized record sand sales volumes of 907,483 MT, the\nhighest quarterly sand sales volumes in Source’s history, and a 25%\nincrease from the first quarter of 2022;\n \n \n \n \n \n \n achieved total revenue of $163.7 million, a 69%\nincrease from the first quarter of 2022, and the highest quarterly\nrevenue generated since the inception of Source;\n \n \n \n \n \n \n recorded utilization of 94% for the Canadian Sahara\nfleet and 73% for the US Sahara fleet, and achieved a record for the\nhighest trucked volumes in Source history;\n \n \n \n \n \n \n realized gross margin of $31.8 million and Adjusted\nGross Margin\n \n \n (1)\n \n \n of $37.8\nmillion, increases of 118% and 86%, respectively, when compared to the\nsame period in 2022;\n \n \n \n \n \n \n reported net income of $7.9 million, a $14.5 million\nimprovement from the $6.6 million net loss recognized in the first\nquarter of 2022; and\n \n \n \n \n \n \n realized Adjusted EBITDA\n \n \n (1)\n \n \n of $27.6 million, a 94% increase\nfrom the first quarter of 2022.\n \n \n \n \n \n \n Note\n \n \n :\n \n \n \n \n \n Adjusted Gross Margin (including on a per MT basis) and Adjusted\nEBITDA are not defined under IFRS and might not be comparable to\nsimilar financial measures disclosed by other issuers, refer to\n‘Non-IFRS Measures’ below for reconciliations to measures\nrecognized by IFRS. For additional information, please refer to\nSource’s MD&A available online at\n \n \n www.sedar.com.\n \n \n \n \n \n \n \n \n \n RESULTS\n \n \n OVERVIEW\n \n \n \n \n \n \n \n \n \n \n Three\n \n \n months\n \n \n ended\n \n \n March\n \n \n 31,\n \n \n \n \n \n \n \n \n ($000’s,\n \n \n except\n \n \n MT\n \n \n and\n \n \n per\n \...