SEDAR Interim Financial Statements

(Thousands of dollars except per share data, numbers of shares and kilometres of seismic data) Three months ended September 30, Nine months ended September 30, Year ended December 31, 2024 2025 2024 2025 2024 (Unaudited) (Unaudited) Revenue 3,416 2,726 44,491 17,803 23,379 Amortization of seismic data library 2,225 2,278 6,674 6,827 9,090 Net earnings (loss) (1,500) (1,405) 21,440 2,617 3,391 Per share basic and diluted (0.03) (0.03) 0.42 0.05 0.07 Cash provided by operating activities 1,271 2,665 30,429 11,860 14,195 Per share basic and diluted 0.03 0.05 0.60 0.23 0.28 EBITDA (a) 744 1,064 36,030 11,711 15,496 Per share basic and diluted (a) 0.01 0.02 0.71 0.23 0.30 Shareholder free cash flow (a) 571 1,061 27,723 9,968 12,408 Per basic and diluted (a) 0.01 0.02 0.55 0.19 0.24 Capital expenditures Seismic data - - - 225 225 Property and equipment - 45 - 45 45 Total capital expenditures - 45 - 270 Dividends Regular dividends declared 889 766 2,537 2,255 3,018 Special dividend declared 10,151 2,548 20,318 2,548 2,548 Total dividends declared 11,040 3,314 22,855 4,803 5,566 Weighted average shares outstanding Basic and diluted 50,755,057 51,071,111 50,781,655 51,640,483 51,448,985 Shares outstanding at period-end 50,755,057 50,935,563 50,837,863 Seismic library 2D in kilometres 829,207 829,207 829,207 3D in square kilometres 65,310 65,310 65,310 Q3 For the three and nine months ended September 30, 2025 Selected Financial and Operating Information Financial Position and Ratio September 30, September 30, December 31, (Thousands of dollars except ratio) 2025 2024 2024 Working capital 14,001 7,460 9,222 Working capital ratio 3.8:1 3.8:1 5.1:1 Cash and cash equivalents 16,068 7,414 8,722 Total assets 22,796 22,374 21,516 Trailing 12-month (TTM) EBITDA (b) 39,817 25,303 15,496 Shareholders’ equity 16,637 19,351 18,295 (a) These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis. (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure. Normal course issuer bid Number of shares purchased and cancelled - 519,500 80,600 1,686,300 1,784,000 Cost of shares purchased and cancelled - 1,245 197 3,653 3,880 270 2 Q3 Condensed Consolidated Interim Statements of Financial Position (Thousands of Canadian dollars) (Unaudited) September 30, December 31, As at Note 2025 2024 ASSETS Cash and cash equivalents 16,068 8,722 Trade and other receivables 2,718 1,908 Current tax assets - 589 Prepaid expenses 208 262 Total current assets 18,994 11,481 Seismic data library 4 2,768 9,442 Property and equipment 37 56 Deferred income tax assets 814 304 Right-of-use assets 5 183 233 Total non-current assets 3,802 10,035 Total assets 22,796 21,516 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable and accrued liabilities 1,537 979 Current portion of share-based compensation payable 8 2,378 1,210 Current portion of lease liabilities 5 79 70 Current income tax liabilities 999 - Total current liabilities 4,993 2,259 Lease liabilities 5 94 134 Share-based compensation payable 8 1,072 828 Total non-current liabilities 1,166 962 Total liabilities 6,159 3,221 SHAREHOLDERS’ EQUITY Share capital 7 70,368 70,483 Contributed surplus 2,086 2,129 Deficit (55,817) (54,317) Total shareholders’ equity 16,637 18,295 Total liabilities and shareholders’ equity 22,796 21,516 On behalf of the Board: Robert Robotti --- Chair of the Board Paul Crilly Audit and Risk Committee Chair See accompanying notes to condensed consolidated interim financial statements. 3 Q3 Condensed Consolidated Statements of Net Earnings (Loss) and Comprehensive Income (Loss) (Thousands of Canadian dollars except per share data) (Unaudited) Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 Revenue Data library sales 3 3,416 2,726 44,491 17,803 Operating expenses Amortization of seismic data library 4 2,225 2,278 6,674 6,827 Salaries, internal commissions and benefits 8 1,981 1,129 6,431 4,385 Other selling, general and administrative costs 691 533 2,030 1,707 Depreciation 23 22 69 63 Total operating expenses 4,920 3,962 15,204 12,982 Results from operating activities (1,504) (1,236) 29,287 4,821 Financing costs (income) Financing expenses 3 5 11 28 Interest income (161) (96) (376) (390) Net financing income (158) (91) (365) (362) Earnings (Loss) before income taxes (1,346) (1,145) 29,652 5,183 Current income tax expense 331 241 8,672 2,689 Deferred income tax expense (recovery) (177) 19 (460) (123) Income tax expense 154 260 8,212 2,566 Net earnings (loss) and comprehensive income (loss) (1,500) (1,405) 21,440 2,617 Net earnings (loss) per share, basic and diluted 9 (0.03) (0.03) 0.42 0.05 See accompanying notes to condensed consolidated interim financial statements. 4 Q3 Condensed Consolidated Interim Statements of Changes in Equity (Thousands of Canadian dollars, except number of shares) (Unaudited) Note Number of shares issued Share capital Contributed surplus Deficit Total equity Balance at January 1, 2024 52,621,863 72,957 3,434 (50,736) 25,655 Net earnings for the period - - - 2,617 2,617 Share-based compensation on equity settled awards - - 647 - 647 Settlement of vested long-term incentive plan award - - (1,112) - (1,112) Normal course issuer bid 7(a) (1,686,300) (2,338) - (1,315) (3,653) Dividends declared in period ($0.09375 per common share) - - - (4,803) (4,803) Balance at September 30, 2024 50,935,563 70,619 2,969 (54,237) 19,351 Note Number of shares issued Share capital Contributed surplus Deficit Total equity Balance at January 1, 2025 50,837,863 70,483 2,129 (54,317) 18,295 Net earnings for the period - - - 21,440 21,440 Share-based compensation on equity settled awards - - (46) - (46) Normal course issuer bid 7(a) (80,600) (112) - (85) (197) Redeemed pursuant to acquisition sunset clause (2,206) (3) 3 - - Dividends declared in period ($0.45 per common share) 7(b) - - - (22,855) (22,855) Balance at September 30, 2025 50,755,057 70,368 2,086 (55,817) 16,637 See accompanying notes to condensed consolidated interim financial statements. 5 Q3 Condensed Consolidated Interim Statements of Cash Flows (Thousands of Canadian dollars) (Unaudited) See accompanying notes to condensed consolidated interim financial statements. Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 Cash flows provided by (used in): Operating: Net earnings (loss) and comprehensive income (loss) (1,500) (1,405) 21,440 2,617 Adjustment for: Amortization of seismic data library 4 2,225 2,278 6,674 6,827 Depreciation 23 22 69 63 Income tax expense 154 260 8,212 2,566 Share-based compensation 8 - 147 - 584 Net financing income (158) (91) (365) (362) Interest and standby fees paid - - - (23) Interest paid on lease liabilities 5 (3) (5) (11) (15) Interest received 176 103 373 419 Income tax paid (1,975) (750) (7,764) (2,740) --- Income tax received - 13 680 61 (1,058) 572 29,308 9,997 Net change in non-cash working capital 10 2,329 2,093 1,121 1,863 Cash provided by operating activities 1,271 2,665 30,429 11,860 Financing: Normal course issuer bid 7(a) - (1,246) (197) (3,653) Equity-based compensation settlement - - - (1,112) Dividends paid 7(b) (11,040) (3,314) (22,855) (15,331) Lease liabilities 5 (39) (38) (31) (28) Cash used in investing activities (11,079) (4,598) (23,083) (20,124) Investing: Seismic data purchases 4 - - - (225) Additions to property and equipment - (45) - (45) Cash used in investing activities - (45) - (270) Increase (decrease) in cash and cash equivalents (9,808) (1,978) 7,346 (8,534) Cash and cash equivalents, beginning of period 25,876 9,392 8,722 15,948 Cash and cash equivalents, end of period 16,068 7,414 16,068 7,414 6 Notes to Condensed Consolidated Interim Financial Statements Information as at September 30, 2025, and December 31, 2024, and for the three-month and nine-month periods ended September 30, 2025, and 2024 (Tabular amounts in thousands of Canadian dollars, except per share data, numbers of shares and other exceptions as indicated.) 1. REPORTING ENTITY Pulse Seismic Inc. (the “Company”) was incorporated under the Canada Business Corporations Act and is a publicly listed company on the Toronto Stock Exchange (TSX) trading under the symbol PSD and on the OTCQX International trading under the symbol PLSDF. The Company’s registered office is located at 2700, 421 7th Avenue SW in Calgary, Alberta. The Company is a provider of seismic data to the energy and resource sector in Western Canada. 2. BASIS OF PREPARATION (A) STATEMENT OF COMPLIANCE The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting” of IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee and using the material accounting policies applied by the Company in the audited consolidated financial statements for the year ended December 31, 2024. The condensed interim consolidated financial statements do not include all the necessary annual disclosures and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024. The condensed consolidated interim financial statements were prepared by the Company’s management and were approved by the Board of Directors on October 27, 2025. 3. REVENUE There are two ways to disaggregate the Company’s data library sales: data type and geographically. Revenue fluctuations are a normal part of the seismic data library business, and data library sales can significantly vary period-over-period by data type and geographically. The following tables provide a summary of the Company’s revenue disaggregated by type: (A) DATA TYPE Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 2D data sales 563 475 3,632 2,209 3D data sales 2,853 2,251 40,859 15,594 Total data library sales 3,416 2,726 44,491 17,803 7 (B) GEOGRAPHICAL BREAKDOWN 4. SEISMIC DATA LIBRARY Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Alberta 1,096 1,977 41,318 14,224 British Columbia 1,578 - 1,585 2,600 Other areas 742 749 1,588 979 Total data library sales 3,416 2,726 44,491 17,803 September 30, 2025 December 31, 2024 Cost Opening balance 50 --- 7,023 506,798 Seismic data purchased - 225 Closing balance 507,023 507,023 Accumulated amortization Opening balance 497,581 488,491 Amortization for the period 6,674 9,090 Closing balance 504,255 497,581 Carrying amount 2,768 9,442 In the first quarter of 2024, the Company acquired revenue and partnership interests in certain datasets. At September 30, 2025 and 2024, the Company assessed the CGUs in its seismic data library for indicators of impairment, as required under IFRS, and concluded there were no indicators of impairment. Accordingly, no impairment test was required. The carrying amount of the seismic data library relative to future expected returns indicates that future impairment of the currently owned assets is unlikely. Digital seismic data does not deteriorate and remains a valuable risk mitigation tool for energy companies. It is an essential part of the oil and natural gas exploration and development process and is also used for alternative energy development that requires structural and reservoir attributes such as helium, lithium, geothermal and for carbon capture and storage project development. The Company’s data library consists of 2D and 3D seismic data. As 3D seismic licence contracts are generally larger than 2D seismic licence contracts, the percentage of seismic data library sales generated from 2D and 3D data sales fluctuates significantly depending on the number of 3D seismic sale contracts signed during a given period. 8 5. RIGHT-OF-USE (ROU) ASSETS AND LEASE LIABILITIES The ROU assets and related lease liabilities are included in the tables below: ROU assets As at September 30, 2025 December 31, 2024 Opening balance 233 299 Less: Depreciation in the period (50) (66) Closing balance 183 233 Lease liabilities As at September 30, 2025 December 31, 2024 Opening balance 204 269 Repayments on principal and interest in the period (42) (84) Finance expense in the period 11 19 Total lease liabilities 173 204 Less: Current portion (79) (70) Long-term portion 94 134 The following table summarizes the Company’s lease maturities: Maturity analysis Total Less than one year 89 Two to five years 98 Total undiscounted lease liabilities as at September 30, 2025 187 Less: implicit interest (14) Total lease liabilities as at September 30, 2025 173 9 6. REVOLVING DEMAND CREDIT FACILITY The Company has a demand credit facility of $5.0 million borrowing limit that is secured through a charge on all the assets of the Company and its material subsidiaries. There have been no draws on the facility since it was put in place in the first quarter of 2024. Interest is calculated based on the lender’s prime loan rate, or USBR loan, or term CORRA, or term SOFR, plus an applicable margin based on the type of loan. At September 30, 2025, the applicable interest rate for the prime loan was 5.20 percent. The revolving demand credit facility also includes the following financial covenants: (1) MAXIMUM TOTAL DEBT TO ADJUSTED EBITDA RATIO The total debt to adjusted EBITDA ratio shall not be greater than 3.0:1. (2) MINIMUM INTEREST COVERAGE RATIO The minimum interest coverage ratio is defined as the ratio of adjusted EBITDA to interest expense. The minimum interest coverage ratio shall not be less than 2.5:1. The Company was in compliance with all covenants at September 30, 2025. 7. SHARE CAPITAL (A) SHARE CAPITAL The Company’s authorized share capital consists of an unlimited number of common and an unlimited number of preferred shares, issuable --- in series. No preferred shares have been issued. All common shares are entitled to receive dividends as declared and are entitled to one vote per share at Company meetings. On February 24, 2025, the Company renewed its normal course issuer bid (NCIB). The Company is allowed to purchase, for cancellation, up to a maximum of 2,770,658 common shares, equal to 10 percent of the public float of 27,706,584 common shares as at February 17, 2025. Under the NCIB, the Company is limited to purchase no more than 2,866 common shares on any given day, subject to the block purchase exemption under the TSX rules. The NCIB will continue until February 23, 2026. Purchases were made on the open market through the TSX or alternative platforms at the market price of such shares. All shares purchased under the NCIB were cancelled. On February 24, 2025, the Company also entered into an automatic share purchase plan (ASPP) to facilitate repurchases of common shares under its NCIB. The ASPP enables the Company to purchase common shares at times when the Company would not be active in the market due to regulatory restrictions, including insider trading rules and the Company’s own internal trading blackout periods. Purchases were made by the Company’s broker based on parameters set by the Company when it was not in possession of any material non-public information about the Company or its securities, and in accordance with the limits and other terms of the ASPP. The ASPP was entered into in accordance with the requirements of applicable Canadian securities laws. The ASPP expires with the related NCIB on February 23, 2026. During the nine months ended September 30, 2025, the Company purchased for cancellation 80,600 common shares pursuant to its NCIB (nine months ended September 30, 2024 – 1,686,300 common shares) at a weighted average price of $2.43 per share (nine months ended September 30, 2024 – $2.17 per share), including brokerage fees, for a total cost of $197,000 (nine months ended September 30, 2024 – $3.7 million). The total cost paid, including fees, was first charged to share capital to the extent of the average carrying value of the common shares purchased and the excess of $85,000 was charged to the deficit (nine months ended September 30, 2024 – $1.3 million). 10 (B) DIVIDENDS On February 13, 2025, the Company approved a quarterly dividend of $0.015 per common share and also approved a special dividend of $0.20 per common share. The dividend totalling $10.9 million was paid on March 13, 2025, to shareholders of record at the close of business on February 28, 2025. On April 22, 2025, the Company increased the regular quarterly dividend from $0.015 per common share, declaring a regular quarterly dividend of $0.0175 per common share. The dividend totalling $885,000 was paid on May 20, 2025, to shareholders of record at the close of business on May 12, 2025. On July 22, 2025, the Company approved a regular quarterly dividend of $0.0175 per common share and also approved a special dividend of $0.20 per common share. The dividend totalling $11.0 million was paid on August 20, 2025, to shareholders of record at the close of business on August 13, 2025. 8. SHARE-BASED PAYMENTS The Company’s long-term incentive plan (LTIP) for employees, officers and directors is designed to align the Company’s long-term incentive compensation with its performance and is described in the material accounting policies by the Company in the audited consolidated financial state --- ments for the year ended December 31, 2024. The Company’s LTIP consists of Restricted Share Units (RSUs), Performance Share Units (PSUs) and Deferred Share Units (DSUs). The Director LTIP was amended in February 2025. The RSUs held in notional accounts for each director have been replaced by DSUs. DSUs are awarded annually to each Director, at the discretion of the board. DSUs are held in the notional account until the Director’s term on the board terminates. The fair value of the DSUs will be calculated and paid in cash to each individual at the appropriate date, less the related payroll tax. On March 31, 2025, 400,911 RSUs and 457,526 PSUs were eligible to vest in the employee LTIP. The Company’s performance in 2024 achieved certain predetermined minimum performance benchmarks and, consequently, 31% of the PSUs were eligible to vest, or 139,947 PSUs vested on March 31, 2025. RSUs vest automatically based on time and, consequently, all eligible RSUs vested on March 31, 2025. The Board of Directors elected to cash-settle the 2024 employee LTIP awards upon vesting and was paid in the second quarter of 2025. The amendment to the employee LTIP in 2024 to allow for cash-settlement of vested RSUs and PSUs, as well as the amendment to the director LTIP which replaced the RSUs with DSUs and will ultimately be cash settled, results in the total estimated number of notional units expected to vest, to be fair valued on a mark-to-market basis on each balance sheet date and reported in current and long-term liabilities. For the nine months ended September 30, 2025, the Company recognized $2.7 million (nine months ended September 30, 2024 – $1.4 million) in compensation expense related to the LTIP in salaries, internal commissions and benefits on the consolidated statement of comprehensive earnings. At September 30, 2025, the total obligation related to the LTIP was $3.5 million (September 30, 2024 - $786,000) with $2.4 million (September 30, 2024 - $555,000) included in the current portion of share-based compensation payable and $1.1 million (September 30, 2024 - $231,000) included in share-based compensation payable. 11 The following summarizes activity in the Company’s LTIP during the three and nine month periods ended September 30, 2025, and 2024: Three months ended September 30, Nine months ended September 30, RSUs 2025 2024 2025 2024 Outstanding, beginning of period 715,641 964,569 996,746 1,102,971 Granted - - 206,999 213,515 Dividends reinvested 40,429 25,801 120,874 151,538 Vested - - (400,911) (477,654) Replaced with DSUs - - (115,300) - Cancelled or forfeited - - (52,338) - Outstanding, end of period 756,070 990,370 756,070 990,370 Three months ended September 30, Nine months ended September 30, PSUs 2025 2024 2025 2024 Outstanding, beginning of period 1,126,230 1,155,467 1,194,012 1,192,080 Granted - - 324,432 314,942 Dividends reinvested 63,625 30,908 173,150 167,578 Vested - - (139,947) (488,225) Cancelled or forfeited - - (361,792) - Outstanding, end of period 1,189,855 1,186,375 1,189,855 1,186,375 Three months ended September 30, Nine months ended September 30, DSUs 2025 2024 2025 2024 Outstanding, beginning of period 125,848 - - - Granted - - 115,300 - Dividends reinvested 7,109 - 17,657 - Outstanding, end of period 132,957 - 132,957 - 12 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Common shares outstanding at beginning of period 50,755,057 51,455,063 50,837,863 52,621,863 Effect of common s --- hares repurchased and cancelled - (383,952) (56,208) (981,380) Weighted average number of common shares – basic and diluted 50,755,057 51,071,111 50,781,655 51,640,483 Net earnings (loss) attributable to common shareholders (1,500) (1,405) 21,440 2,617 Net earnings (loss) per share, basic and diluted (0.03) (0.03) 0.42 0.05 9. EARNINGS PER SHARE Basic and diluted earnings per share The calculation of basic and diluted earnings per share have been calculated based on the weighted average number of common shares as outlined below: The Company does not have any dilutive instruments. 10. NET CHANGE IN NON-CASH OPERATING WORKING CAPITAL Nine months ended September 30, 2025 2024 Trade and other receivables (810) 3,835 Prepaid expenses 54 72 Accounts payable and accrued liabilities 558 (1,822) Current portion of share-based compensation payable 1,168 (99) Share-based compensation payable 244 (106) Others (93) (17) Net change in non-cash operating working capital 1,121 1,863 11. FINANCIAL INSTRUMENTS AND FAIR VALUE The fair values of cash and cash equivalents, trade and other receivables and accounts payable and accrued liabilities approximate their carrying amount largely due to the short-term maturities of these instruments. 12. CONTINGENCIES In August of 2025, the Company received a Statement of Claim from a customer in connection with activities conducted in the normal course of business. The Company has filed a Statement of Defence and a Counter claim. Based on information currently available, the Company considers the claim to be without merit. Given the preliminary stage of the legal proceedings and the uncertainties involved, the potential financial impact, if any, and the timing of any such impact, cannot be reliably estimated at this time. No provision has been recognized in respect of this matter. 13. SUBSEQUENT EVENT On October 27, 2025, the Company declared a regular quarterly dividend of $0.0175 per common share to be paid on November 20, 2025 to shareholders of record at the close of business on November 13, 2025. 13 Q3 Corporate Information Pulse is a market leader in the acquisition and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of 65,310 net square kilometres of 3D seismic and 829,207 net kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur. OFFICERS Neal Coleman President and CEO Pamela Wicks Vice President, Finance and CFO Trevor Meier Vice President, Sales and Marketing Catherine Samuel Corporate Secretary BOARD OF DIRECTORS Robert Robotti (2) (3) Chair Paul Crilly (1) (3) Director Dallas Droppo (1) (2) (3) Director Patrick R. Ward (2) (4) Director Melanie Westergard (1) (2) (4) Director Neal Coleman (4) Director (1) Member of the Audit and Risk Committee (2) Member of the Compensation Committee (3) Member of the Corporate Governance and Nominating Committee (4) Member of the ESG-Health Committee BANKERS The Toronto-Dominion Bank Calgary, Alberta REGISTRAR AND TRANSFER AGENT Computershare Trust Company of Canada Calgary, Alberta SOLICITORS McCarthy Tétrault LLP Calgary, Alberta AUDITORS MNP LLP Calgary, Alberta STOCK EXCHANGE LISTING TSX: PSD OTCQX: PLSDF HEAD OFFICE Suite 2700, 421 7th Avenue S.W. Calgary, Alberta T2P 4K9 Telephone: 403-237-5559 Toll Free: 1-877-460-5559 Email: info@pulsese --- ismic.com www.pulseseismic.com TSX: PSD OTCQX:PLSDF Q3 For the three and nine months ended September 30, 2025