Business
Source Energy Services Reports Q1 2025 Results
CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) -- TSX: SHLE Source Energy Services L...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"Source Energy Services Reports Q1 2025 Results\n\n\n\n CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) --\n \n TSX:\n \n\n SHLE\n \n\n\n Source Energy Services Ltd. (“Source” or the “Company”) is pleased to announce its financial results for the three months ended March 31, 2025.\n \n\n\n Q1\n \n\n 2025\n \n\n PERFORMANCE\n \n\n HIGHLIGHTS\n \n\n Key achievements for the quarter ended March 31, 2025 include the following:\n \n\n\n realized record sand sales volumes of 1,041,223 metric tonnes (“MT”) and sand revenue of $162.9 million, an increase of $29.9 million or 22% from the first quarter of 2024;\n \n\n generated total revenue of $208.6 million, a $39.0 million increase from the first quarter last year;\n \n\n realized gross margin of $36.8 million and Adjusted Gross Margin\n \n (\n \n\n 1)\n \n of $46.2 million, increases of 3% and 7%, respectively, when compared to the three months ended March 31, 2024;\n \n\n reported net income of $23.6 million, an increase of $21.7 million from the first quarter of 2024 due to improved business performance, a legal settlement and a recovery under share-based compensation;\n \n\n realized Adjusted EBITDA\n \n (\n \n\n 1)\n \n of $33.8 million, a $1.7 million improvement from the first quarter of 2024;\n \n\n delivered record sand volumes to our customer well sites through our “last mile” logistics and realized 88% utilization across the eleven-unit Sahara fleet;\n \n\n completed the initial phase of the Peace River facility expansion, with the new rotary dryer installed and fully operational during the quarter; and\n \n\n commenced the first phase of operations at the Taylor transload facility.\n \n\n\n\n\n\n\n Note\n \n\n\n :\n \n\n\n\n\n (1)\n \n\n Adjusted Gross Margin (including on a per MT basis) and Adjusted EBITDA are not defined under IFRS (as defined herein) and might not be comparable to similar financial measures disclosed by other issuers, refer to ‘Non-IFRS Measures’ below for reconciliations to measures recognized by IFRS. For additional information, please refer to Source’s Management’s Discussion and Analysis (“MD&A”), dated May 8, 2025, available online at\n \n www.sedarplus.ca\n \n .\n \n\n\n\n\n\n\n\n\n\n\n RESULTS\n \n\n OVERVIEW\n \n\n\n\n\n\n\n\n Three\n \n months\n...