Business
Source Energy Services Reports Q1 2026 Results
CALGARY, AB / ACCESS Newswire / May 7, 2026 / TSX:SHLE Source Energy Services Ltd. ("Source...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"Source Energy Services Reports Q1 2026 ResultsCALGARY, AB / ACCESS Newswire / May 7, 2026 / TSX:SHLESource Energy Services Ltd. (\"Source\" or the \"Company\") is pleased to announce its financial results for the three months ended March 31, 2026.Q1 2026 PERFORMANCE HIGHLIGHTSFirst quarter activity levels moderated relative to 2025 as ongoing economic uncertainty and lower commodity pricing for most of the period led Source customers to plan for more balanced activity levels throughout 2026. For the three months ended March 31, 2026, Source achieved the following results:realized sand sales volumes of 871,581 metric tonnes (\"MT\") and sand revenue of $125.8 million, a decrease of 23% compared to the first quarter of 2025;generated total revenue of $160.2 million, a $48.3 million decrease from the first quarter of 2025;realized gross margin of $22.0 million and Adjusted Gross Margin(1) of $35.4 million, decreases of 40% and 23%, respectively, when compared to the three months ended March 31, 2025;reported net loss of $3.3 million, a reduction of $26.9 million from the first quarter of 2025;realized Adjusted EBITDA(1) of $26.3 million, a $7.4 million decrease from the same period in 2025;achieved 78% utilization across the eleven-unit Sahara fleet, with operating units in the United States achieving 100% utilization during the first quarter of 2026;accepted delivery of the first unit train at the Taylor transload facility;repurchased 2,500 common shares during the period under the Normal Course Issuer Bid (the \"NCIB\"), resulting in cumulative repurchases of 467,300 common shares under the program; andrenewal of the NCIB, as approved by Source's board of directors, upon expiry of the existing program on May 12, 2026 and subject to Toronto Stock Exchange approval, subsequent to the end of the quarter.Note: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 7, 2026, available online at www.sedarplus.ca.RESULTS OVERVIEW Three months ended March 31, ($000s, except MT and per u...