From GlobeNewswire: 2025-05-08 19:58:00

Source Energy Services Ltd. (“Source”) has reported record sand sales volumes and revenue for the first quarter of 2025. The company achieved total revenue of $208.6 million, a 23% increase from the previous year. Adjusted EBITDA also saw an improvement, reaching $33.8 million. Source attributes its success to increased demand from customers and robust activity levels in the Western Canadian Sedimentary Basin. The company remains focused on meeting demand for mine to well site services and expanding its service offerings. Source anticipates continued strong customer activity levels in the Montney basin through the second quarter of 2025.

Source Energy Services has initiated a normal course issuer bid with respect to the Company’s common shares. The first quarter of 2025 saw a decrease in Free Cash Flow compared to the previous year, driven by increased income tax payments and maintenance capital expenditures. Capital expenditures for the quarter increased, with a focus on improvements at the Peace River mining facility and trucking operations. Source remains committed to providing end-to-end solutions for frac sand and other bulk completion materials, supported by its mining facilities, terminal network, and logistics capabilities.



Read more at GlobeNewswire: Source Energy Services Reports Q1 2025 Results