Pulse Seismic Quick Update - $PSD.to

Announced a data licensing agreement

On July 1, 2023 PSD announced an new data licensing agreement for a total of 9.0mil. 5.4mil has been recognized so far, the majority of the remaining to be recognized in H2 2023 and the final tranche in 2024.

They expect H1 2023 revenue of 17.1 mil in 2023 (should be about 8.7 in Q2) vs about 5mil in H1 2022 and 9.6mil in all of 2022.

They are debt free and can access capital if needed, so I would expect a bump in the dividend, a special dividend eventually and share buyback (or some combo of all 3).

Given the lumpiness of the business, PSD never gets a reasonable multiple so my returns have to be driven by capital allocation and so far they have done well in this regard.

Shares are down about 12% over the last year.

Thanks

Dean