07/30/2026
Source Energy Services has announced their financial results for Q2 2026. As expected, second quarter activity levels remained slower than the prior year, as Source customers planned for a greater portion of program activity in the latter part of the year. For the three months ended June 30, 2026, Source achieved the following results:
- realized sand sales volumes of 831,234 metric tonnes (“MT”), a 24% decrease from the second quarter of 2025;
- generated sand revenue of $107.8 million and total revenue of $137.1 million, decreases of 33% and 32%, respectively, compared to the second quarter of 2025;
- realized gross margin of $17.4 million and Adjusted Gross Margin(1) of $29.8 million, representing decreases of 53% and 39%, respectively, when compared to the three months ended June 30, 2025;
- reported net loss of $5.6 million, a reduction of $19.2 million from the second quarter of 2025;
- realized Adjusted EBITDA(1) of $18.5 million, a $16.7 million decrease from the same period in 2025;
- achieved 60% utilization across the eleven-unit Sahara fleet, with operating units in the United States achieving 100% utilization during the second quarter;
- successfully completed Canada’s largest wet sand trial, which pumped over 71,000 MT of proppant for the pad;
- renewed the Normal Course Issuer Bid (the “NCIB”) through May 28, 2027 and repurchased 57,800 common shares under the program during the second quarter; and
- appointed Mr. Jeffrey Bowers to the Board of Directors.
To read the full press release, visit: https://www.sourceenergyservices.com/news-releases/source-energy-services-reports-q2-2026-results-and-appointment-to-the-board-of-directors
Note: 1) 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’ in the press release 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.
Source Energy Services Ltd. (“Source” or the “Company”) is pleased to announce its financial results for the three and six months ended June 30, 2026.