02/27/2026
Source Energy Services is pleased to announce our financial results for Q4 2025 and year-end. A rebound in activity levels drove volumes of 906,903 MT for the fourth quarter, an 18% increase over the fourth quarter of 2024, resulting in a record year of volume for Source. For the year ended December 31, 2025, key achievements include the following:
> realized sand sales volumes of 3,707,487 MT and sand revenue of $560.0 million, an increase of $27.0 million or 5% over last year;
> generated total revenue of $700.3 million, a $26.4 million increase over 2024;
> realized gross margin of $116.6 million and Adjusted Gross Margin(1) of $159.3 million, decreases of 8% and 2%, respectively, when compared to last year;
> reported net income of $33.1 million, an increase of $23.6 million over 2024;
> realized Adjusted EBITDA(1) of $112.3 million, an $11.6 million decrease from 2024;
> realized record sand sales volumes and record sand volumes delivered to customer well sites through “last mile” logistics during the first half of the year;
> achieved 74% utilization across the eleven-unit Sahara fleet, compared to 78% last year, as units operating in the US achieved 100% utilization during 2025;
> commenced operations at the Taylor transload facility;
> completed the first phase of the Peace River facility expansion, achieving nameplate domestic sand production capacity of 1,000,000 MT; and
> implemented a Normal Course Issuer Bid program, resulting in the repurchase of 464,800 shares during the year.
To read the full press release, visit: https://www.sourceenergyservices.com/news-releases/source-energy-services-reports-q4-2025-and-year-end-results
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’ below for reconciliations to measures recognized by IFRS. For additional information, please refer to Source’s Management’s Discussion and Analysis (“MD&A”), dated February 26, 2026, available online at www.sedarplus.ca.