From GlobeNewswire: 2025-02-26 23:39:00

Source Energy Services Ltd. announced its financial results for the three and twelve months ended December 31, 2024. Key achievements include realized sand sales volumes of 3,527,248 metric tonnes with sand revenue of $532.9 million, a 16% increase from 2023. Total revenue reached $674.0 million, up $104.2 million from last year. Adjusted EBITDA improved by $24.8 million to $123.9 million for 2024. Refinancing efforts achieved improved liquidity of $68.8 million at year-end.

In 2024, Source saw an 18% increase in total revenue to $674.0 million compared to last year. Sand sales volumes and revenue growth were driven by new customers and strong activity levels in the Western Canadian Sedimentary Basin. Record volumes were delivered for “last mile” logistics, and two new Sahara units contributed to solid utilization rates for the year. Gross margin increased by 16% compared to 2023.

Source completed a refinancing transaction in December 2024, securing a new five-year term loan with Silver Point Finance, LLC and a new revolving asset-backed credit facility with Canadian Imperial Bank of Commerce. The transaction aimed to drive a lower cost of borrowing and provide incremental liquidity for anticipated increasing activity levels. The Taylor Facility in British Columbia is under construction and expected to be fully operational in 2025.

During 2024, Source completed two sand trucking asset acquisitions, strengthening its mine to well site offerings in the Western Canadian Sedimentary Basin. The acquisitions further expanded Source’s capabilities and services. The company’s focus remains on responding to customer requests to expand service offerings and leverage existing terminal facilities.

Source believes that long-term demand for natural gas, driven by liquefied natural gas exports and increased pipeline capabilities, will lead to more demand for its services. The company continues to focus on logistics services and expanding its service offerings in response to customer needs. Source’s full-service approach allows customers to rely on its platform for reliable and timely delivery of materials at the well site.



Read more at GlobeNewswire:: Source Energy Services Reports Q4 2024 and Year End