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Korea Herald
25-06-2025
- Business
- Korea Herald
GoNetZero™ and AlliedOffsets Partner to Help Businesses Navigate the Voluntary Carbon Market with Confidence
SINGAPORE and LONDON, June 25, 2025 /PRNewswire/ -- GoNetZero™, a global decarbonisation enabler in clean energy procurement and carbon management, announces a new strategic alliance with AlliedOffsets, the world's leading carbon market intelligence provider, to help businesses navigate the voluntary carbon market (VCM) with greater transparency, insight, and confidence. This partnership brings together GoNetZero's curated portfolio of verified carbon credits with AlliedOffsets' analytics platform, which tracks over 34,000 carbon projects globally. By uniting market access with deep data insights, the collaboration aims to help organisations navigate evolving VCM dynamics and make smarter, data-driven decisions that drive meaningful climate impact. "As organisations face growing pressure to back their climate claims with credible action, transparency and data have become essential," said Soon Sze Meng, CEO of GoNetZero. "This partnership will bring together GoNetZero's portfolio of verified carbon credits with AlliedOffsets' market intelligence, helping our clients evaluate carbon offsetting projects with greater clarity and confidence. It's about empowering organisations to make informed choices and drive impact at scale." Through this collaboration, GoNetZero's clients will gain deeper insights into VCM fundamentals – including pricing trends, issuance pipelines, co-benefit preferences, and buyer activity, helping them make better-informed procurement decisions. These insights will also enable clients to benchmark their offsetting and removal strategies against industry peers, enhancing both rigour and credibility in their corporate sustainability efforts. "GoNetZero and AlliedOffsets offer an end-to-end solution for companies that are looking to deliver high-integrity climate impact," said Anton Root, Co-founder at AlliedOffsets. "We're proud to be working with a partner like GoNetZero that shares our vision for a transparent carbon market." This collaboration also supports wider ecosystem engagement by creating more opportunities for dialogue, knowledge sharing, and alignment across the carbon value chain. In the autumn of 2025, GoNetZero and AlliedOffsets will co-host an Industry Day to convene carbon market participants, facilitate dialogue, and accelerate progress. Additionally, the two companies will launch a joint content series designed to guide emissions-intensive sectors on:
Yahoo
11-06-2025
- Business
- Yahoo
Thousands of global skilled trades union members set to train at WCC this summer
ANN ARBOR, Mich., June 11, 2025 (GLOBE NEWSWIRE) -- Ann Arbor will become a national hub of skilled trades excellence this summer as approximately 6,000 union members from across the U.S. and abroad converge to enhance their expertise. Nearly 5,000 will train at Washtenaw Community College (WCC). The influx of trades professionals brings not only advanced training to the region but a $23 million boost to the local economy. Plasterers and cement masons; roofers; ironworkers; electrical workers; and plumbers and pipefitters will train with their respective trade organizations each for a week from June through August. The 'Train the Trainer' partnerships bring union members from throughout the United States and countries such as Canada, Ireland, Australia and beyond. Through a multi-year program, trainers work to enhance their skills and safety practices and then go back to teach fellow trades workers in their organizations. A new report from Destination Ann Arbor revealed that three of the major unions impacted the local businesses, restaurants and economies of Ann Arbor and Washtenaw County by $23 million last summer. Union members and their families booked nearly 21,000 nights of hotel rooms and spent nearly $18 million during their stay. This year's summer of training kicked off Monday with approximately 120 members of the Operative Plasterers' and Cement Masons' International Association on campus. The United Union of Roofers, Waterproofers & Allied Workers will bring approximately 200 members for training June 23-27. The International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers Union will bring approximately 700 members July 12-18. The International Brotherhood of Electrical Workers – National Electrical Contractors Association (NTI) will bring approximately 2,000 members to the Ann Arbor area July 23-August 1. The electrical workers will split training between WCC and the nearby Eastern Michigan University campus, with about 1,000 concentrated at WCC. The summer of training concludes the week of August 9-15 with up to 3,000 members of the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada (UA). Highlights of the week include Industry Day, in which hundreds of industry leaders and vendors are hosted on campus, as well as the UA's International Apprentice Contest (INAC). Union trainers typically spend a week on campus enrolled in hands-on instruction to stay ahead of the curve in cutting-edge skills and technological developments within their industries. Some also return at various times throughout the year for specific training. Additionally, union members may also enroll as WCC students to pursue a certificate or associate degree. Destination Ann Arbor will host downtown Ann Arbor block parties July 30 for the electrical workers and August 11 for the United Association. Operative Plasterers' and Cement Masons' International Association: June 9-13 – 120 people United Union of Roofers, Waterproofers & Allied Workers: June 23-27 – 200 people International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers Union: July 12-18 – 700 people International Brotherhood of Electrical Workers - National Electrical Contractors Association (NTI): July 23-August 1 – 2,000 people total (1,000 at WCC & 1,000 at EMU) United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada (UA): August 9-15 – 2,500-3,000 people About Washtenaw Community CollegeWashtenaw Community College (WCC), Ann Arbor, Michigan, educates students through a wide range of associate and certificate programs in areas such as healthcare, business, STEM and advanced transportation and mobility. The college also works through community, business and union partnerships to develop highly specialized training programs to meet the region's workforce talent needs. , A photo accompanying this announcement is available at CONTACT: MEDIA CONTACT Fran LeFort, 734-677-5295
Yahoo
09-05-2025
- Business
- Yahoo
An Act of Generosity: Energy industry helps feed hundreds in Baton Rouge
BATON ROUGE, La. (Louisiana First) — In Baton Rouge, a powerful act of generosity is bringing comfort and nourishment to those who need it most. On Thursday, the St. Vincent de Paul dining room—long known for serving meals to the hungry—received a donation that would allow them to feed hundreds, thanks to the Grow Louisiana Coalition. 'Serving it with lots of love and tender care,' said Denise Terrance, Dining Room Director at St. Vincent de Paul, describing the heart behind their daily mission. The donation came from an unexpected turn of events. The Grow Louisiana Coalition had originally ordered the food for a large event that was ultimately canceled. Rather than letting it go to waste, they saw an opportunity to make a difference. 'In the spirit of Louisiana energy companies and the generosity they always show their communities, they are always trying to be a good neighbor,' said Heather Sessa, a spokesperson for the coalition. Sessa explained the decision was simple. 'We reached out to St. Vincent de Paul to see if they could use the meals from Industry Day to serve hot meals to the nearly five hundred people that come here every day for lunch.' For St. Vincent de Paul, the donation was more than welcome—it was transformative. 'We didn't have to cook for today, and we can do more prep for the rest of the week,' Terrance said. 'We're here 365 days, so any prep that we can get ahead of time is truly a blessing to my cooks and my staff.' While Grow Louisiana is no stranger to community support, Thursday's act of kindness stood out as a reminder of how industry and charity can work hand in hand. Organizers hope this donation will inspire others to look for their own ways to give back. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Leaders
06-05-2025
- Business
- Leaders
Alkhorayef Enhances Industrial Cooperation with French Companies
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, inaugurated on Monday the 'Industry Day' event at the Airbus Helicopters facility in Marignane, France, according to the Saudi Press Agency. 'Industry Day' The event has brought together Airbus Helicopters' suppliers and Saudi aviation companies. With a bold goal to unleash new horizons for cooperation in aerospace industry, the event seeks basically to boost bilateral investment. During his opening speech, Alkhorayef noted that aerospace sector represents one of the most prominent industries across the Kingdom. Aerospace Localization 'Industry Day' event As a result, Saudi Arabia has been making bold strides to further localize and develop this sector under the National Industrial Strategy to diversify the national economy. In line with Saudi Vision 2030, the Kingdom has also set ambitious objectives to accelerate the localization of aerospace industries and development of its manufacturing capacities. Important Factors 'Industry Day' event To achieve these goals, Alkhorayef stressed the significance of several factors, as follows: Localizing advanced technologies Empowering the private sector Expanding international partnerships Attracting promising investments Leveraging the Kingdom's strategic assets such as its geographic location, competitive energy prices, abundant mineral resources, and young talent Furthermore, the minister urged Airbus Helicopters and its supplier network to embark on cooperative deals with the Kingdom for the sake of building a sustainable and competitive aerospace ecosystem. Promising Investment Opportunities Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef Importantly, Saudi Arabia has identified several aerospace sub-sectors providing SAR10 billion in high-quality investment opportunities, as follows: Airframe maintenance Component repair Unmanned aerial vehicle (UAV) manufacturing In accordance with the National Industrial Strategy, the Kingdom also aims to increase its industrial gross domestic product (GDP) from $88 billion to $377 billion by 2035. Alkhorayef's participation at the 'Industry Day' event is an integral part of his official visit to France to enhance industrial and mining collaboration. Related Topics: Alkhorayef Embarks on Official Visit to Egypt Saudi Arabia's Industrial Investments Surge by 55%: AlKhorayef Alkhorayef Concludes Official Visit to Spain Short link : Post Views: 26
Malaysian Reserve
01-05-2025
- Business
- Malaysian Reserve
Pason Reports First Quarter 2025 Results and Declares Quarterly Dividend
CALGARY, AB, May 1, 2025 /CNW/ – Pason Systems Inc. ('Pason' or the 'Company') (TSX: PSI) (OTC: PSYTF) announced today its 2025 first quarter results and the declaration of a quarterly dividend. The following news release should be read in conjunction with the Company's Management Discussion and Analysis ('MD&A'), the unaudited Condensed Consolidated Interim Financial Statements and related notes for the three months ended March 31, 2025, as well as the Annual Information Form for the year ended December 31, 2024. All of these documents are available on SEDAR+ at Financial Highlights Three Months Ended March 31, 2025 2024 Change (000s, except per share data) ($) ($) ( %) North American Drilling Revenue 75,772 73,604 3 International Drilling Revenue 13,989 14,632 (4) Completions Revenue 16,013 12,785 25 Solar and Energy Storage Revenue 7,403 3,738 98 Total Revenue 113,177 104,759 8 Adjusted EBITDA (1) 45,212 42,425 7 As a % of revenue 39.9 40.5 (60) bps Funds flow from operations 36,543 34,846 5 Per share – basic 0.46 0.44 5 Per share – diluted 0.46 0.44 5 Cash from operating activities 39,942 31,014 29 Net capital expenditures (2) 16,708 19,281 (13) Free cash flow (1) 23,234 11,733 98 Cash dividends declared (per share) 0.13 0.13 — Net income 19,646 69,123 (72) Net income attributable to Pason 20,009 69,529 (71) Per share – basic 0.25 0.87 (71) Per share – diluted 0.25 0.87 (71) As at March 31, 2025 December 31, 2024 Change (CDN 000s) ($) ($) ( %) Cash and cash equivalents 84,372 77,197 9 Short-term investments 3,032 3,581 (15) Total Cash (1) 87,404 80,778 8 Working capital 122,058 120,583 1 Total interest bearing debt — — — Shares outstanding end of period (#) 78,962,675 79,426,065 (1) (1) Non-GAAP and supplementary financial measures are defined under Non-GAAP Financial Measures in this press release. (2) Includes additions to property, plant, and equipment and development costs, net of proceeds on disposal from Pason's Condensed Consolidated Interim Statements of Cash Flows Pason generated $113.2 million in consolidated revenue in the first quarter of 2025, representing a 8% increase from the $104.8 million generated in the comparative period of 2024 and a result that continues to significantly outpace underlying industry conditions. The North American Drilling business unit generated $75.8 million of revenue in the first quarter of 2025, a 3% increase over the comparative period of 2024 despite industry conditions that continued to be challenging. Industry activity in North America was 3% lower in the first quarter of 2025 when compared to the first quarter of 2024, driven by a reduction in US land rig counts, slightly offset by an increase in Canadian activity. However, during this time Pason's Revenue per Industry Day increased 7% to $1,067 from the comparative 2024 period. Revenue per Industry Day in the current quarter represents increased product adoption across Pason's technology offering and also benefited from strength in the US dollar versus the Canadian dollar when compared to the prior year quarter. While a strengthening US dollar negatively impacted US dollar sourced operating expenses in the first quarter of 2025, this increase was offset by lower levels of repairs. As a result, segment gross profit of $46.8 million during the first quarter of 2025 increased from $44.4 million in the 2024 comparative period, and demonstrates the segment's operating leverage and ability to outpace industry activity levels on a mostly fixed cost base. The International Drilling business unit generated $14.0 million of revenue and $5.8 million in gross profit in the first quarter of 2025, both representing decreases over the comparative period of 2024. Current quarter revenue in this segment was impacted by lower levels of activity within the Company's Argentinian operations, due to a large customer's operational focus shifting away from conventional wells toward more unconventional drilling, leading to a reduction in active rigs pending results from this shift. While the segment's cost base remains primarily fixed, current quarter operating expenses were impacted by inflationary effects and changes in foreign exchange. Industry conditions for completions activity in North America continued to be challenging in the first quarter of 2025 with active frac spreads in the US declining by 21% from the prior year comparative period. However, against this backdrop the Company's Completions segment generated $16.0 million in revenue representing a 25% increase from the prior year comparative period. During the first quarter of 2025, the business unit averaged 32 IWS Active Jobs, up from 28 in the first quarter of 2024, and up from 26 in the fourth quarter of 2024. Revenue per IWS day of $5,486 also increased year over year by 9%, benefiting from mix of active jobs and also from strength in the US dollar. As the Completions segment grows its customer base, Revenue per IWS Day will fluctuate depending on the mix of technology adopted amongst those existing customers. Segment gross profit of $1.6 million in the quarter compares to $1.2 million in the prior year comparative quarter, and includes $5.6 million of depreciation and amortization expense, of which $2.1 million relates to amortization expense on intangible assets acquired through the IWS Acquisition. Revenue generated by the Solar and Energy Storage business unit was $7.4 million, a 98% increase from the comparative period in 2024 and a new quarterly record for the segment. Revenue grew year over year with an increased number of control systems delivered in the current quarter. With the increase in revenue, operating expenses were $6.5 million during the first quarter of 2025 reflecting the cost of goods sold on controls systems revenue. Resulting segment gross profit was $0.8 million for the first quarter of 2025 compared to $0.2 million in the comparable period in 2024. Pason generated $45.2 million in Adjusted EBITDA, or 39.9% of revenue in the first quarter of 2025, compared to $42.4 million or 40.5% of revenue in the first quarter of 2024. While Adjusted EBITDA grew year over year with increasing revenue, a comparison of Adjusted EBITDA margins reflects higher levels of revenue generated by the Company's Completions and Solar and Energy Storage segments at lower margins given the investments made for the current stage of growth of those segments. The Company recorded net income attributable to Pason of $20.0 million ($0.25 per share) in the first quarter of 2025, compared to net income attributable to Pason of $69.5 million ($0.87 per share) recorded in the corresponding period in 2024. First quarter 2024 net income attributable to Pason included a non- recurring $50.8 million non-cash accounting gain realized on the revaluation of the Company's previously held equity investment in IWS following the acquisition of all remaining outstanding common shares not held by Pason on January 1, 2024. Sequentially, Q1 2025 consolidated revenue of $113.2 million was a 5% increase from consolidated revenue of $107.6 million generated in the fourth quarter of 2024. Adjusted EBITDA of $45.2 million or 39.9% of revenue in the first quarter of 2025 also increased from $42.1 million or 39.1% of revenue in the fourth quarter of 2024. First quarter 2025 results benefited from higher levels of Canadian drilling activity through the winter drilling season and sequential growth in Revenue per Industry Day. Further, the Company's Completions and Solar and Energy Storage segments both grew revenue sequentially, offsetting a sequential decline seen in the Company's International Drilling segment as a result of reduced levels of activity in Argentina. The Company recorded net income attributable to Pason in the first quarter of 2025 of $20.0 million ($0.25 per share) compared to net income attributable to Pason of $16.9 million ($0.21 per share) in the fourth quarter of 2024 where the increase quarter over quarter reflects higher levels of Adjusted EBITDA. Pason's balance sheet remains strong, with no interest bearing debt, and $87.4 million in Total Cash as at March 31, 2025, compared to $80.8 million as at December 31, 2024. Pason generated cash from operating activities of $39.9 million in the first quarter of 2025, compared to $35.8 million in the fourth quarter of 2024, which reflects higher Adjusted EBITDA year over year. During the three months ended March 31, 2025, Pason invested $16.7 million in net capital expenditures, a decrease from $19.3 million in the first quarter of 2024. Net capital expenditures in Q1 2025 includes investments associated with supporting the continued growth of the Company's pressure control automation technology offering for the completions segment, the ongoing refresh of Pason's drilling related technology platform and continued investments in the new Pason Mud Analyzer. Resulting Free Cash Flow in the first quarter of 2025 was $23.2 million, compared to $11.7 million in the same period in 2024. In the first quarter of 2025, Pason returned $16.3 million to shareholders through the Company's quarterly dividend of $10.3 million and $6.0 million in share repurchases. President's Message The strength and resilience of Pason's competitive position was again demonstrated in our financial and operating results for the first quarter of 2025. Consolidated revenue increased by 8% year-over-year while North American drilling industry activity decreased by 3%. We continue to outpace underlying industry activity through both increasing Revenue per Industry Day, primarily through growing product adoption, and generating higher levels of revenue from our Completions and Solar and Energy Storage segments. The compounding effect of Pason's continued outperformance against North American drilling industry activity is more evident when taking a longer-term view. Revenue per Industry Day in North America has grown at a compound annual growth rate of 6.6% over the past 10 years, resulting in a 90% total increase from $562 in the first quarter of 2015 to $1,067 in the first quarter of 2025. The impact of Pason's progress in generating additional sources of revenue can also be seen through a historical comparison; first quarter consolidated revenue of $113.2 million was slightly higher than $107.3 million in the first quarter of 2013, a time when there were 2,216 active drilling rigs in North America compared to 785 active drilling rigs in the first quarter of 2025. Our International Drilling segment saw revenue decline 4% from the first quarter of 2024, primarily due to lower levels of activity in our operations in Argentina resulting from a change in a large customer's operational focus away from conventional wells towards more unconventional drilling. While this puts pressure on near-term activity as conventional development slows, over time we expect to benefit from this transition through higher activity on unconventional assets with higher adoption of a wider suite of products and service. Our Completions segment generated revenue of $16.0 million in the first quarter, on the strength of year- over-year increases in both the average number of IWS Active Jobs and Revenue per IWS Day. Compared to the prior year period, segment revenue increased by 25%, while the reported number of active US frac spreads decreased by 21%. Energy Toolbase, our business in the Solar and Energy Storage segment, also posted strong results in the first quarter, with revenue of $7.4 million representing a 98% increase from the prior year period on the strength of additional control system deliveries in the quarter. Reported revenue from this segment will fluctuate based on the timing of control system deliveries. Adjusted EBITDA increased by 7% year-over-year to $45.2 million, with margins declining slightly as a result of a greater contribution of revenue from Completions and Solar and Energy Storage, where segment margins are lower owing to their current stage of growth and development. Net capital expenditures of $16.7 million were 13% lower than the same period of 2024. As a result, free cash flow for the quarter of $23.2 million represented a 98% increase from the first quarter of 2024. We returned $16.3 million to shareholders in the first quarter through our regular dividend and share repurchases and are maintaining our quarterly dividend at $0.13 per share. Our capital allocation priorities remain unchanged. Our highest expected returns on capital come from the investments we are making to grow our Completions business and to continue the rollout of our Mud Analyzer in our drilling- related business. We continue to expect our 2025 capital program to total approximately $65 million. In the current environment of uncertainty and market volatility, we favour maintaining greater flexibility to repurchase additional shares over higher dividends for incremental shareholder returns. In recent weeks, ongoing trade disputes, changes to announced OPEC+ production plans, and growing concerns about the potential for economic recession have placed greater focus on geopolitical factors. We anticipate that companies may adjust their development plans should their commodity price forecasts change; however, even in the event of reductions in capital programs, we expect any activity decreases to be more modest in both depth and duration as compared to previous industry slowdowns. Today, the North American oil and gas industry is comprised of a smaller number of larger, well-capitalized producers with much stronger balance sheets that can withstand commodity price changes. Oil supply and demand are more balanced with oil storage levels at the low end of their 20-year range. A more significant amount of current activity is directed at maintaining current production levels, meaning there is much less opportunity to reduce growth capital. Whereas in previous downturns companies were able to maintain production by completing previously drilled wells, the current inventory of drilled but uncompleted wells (DUCs) appears to be at or near its minimum sustainable level; thus, we anticipate that efforts to maintain production will require both drilling and completions activity. Analysts have a more positive outlook for natural gas fundamentals, supported by growth expectations from LNG projects coming online and increased power demand related to data centre requirements to support artificial intelligence applications. Our experience through previous cycles has been that maintaining investments focused on service quality and technology development through periods of uncertainty provides the greatest opportunity to expand competitive gaps. We see opportunities for greater adoption of data-driven technologies over time in both drilling and completions, and we intend to ensure our product and service offerings continue to evolve to ensure we can capitalize on those opportunities. Quarterly Dividend Pason announced today that the Board of Directors have declared a quarterly dividend of thirteen cents (C$0.13) per share on the company's common shares. The dividend will be paid on June 30, 2025 to shareholders of record at the close of business on June 16, 2025. First Quarter Conference Call Pason will be conducting a conference call for interested analysts, brokers, investors, and media representatives to review its 2025 first quarter results at 9:00 a.m. (MT) on Friday, May 2, 2025. The conference call dial-in numbers are 1-888-510-2154 or 1-437-900-0527, and the call will be simultaneously audio webcast via: You can access the fourteen-day replay by dialing 1-888-660-6345 or 1-289-819-1450, using password 02840#. An archived audio webcast of the conference call will also be available on Pason's website at Non-GAAP Financial Measures A non-GAAP financial measure has the definition set out in National Instrument 52-112 'Non-GAAP and Other Financial Measures Disclosure'. The following non-GAAP measures may not be comparable to measures used by other companies. Management believes these non-GAAP measures provide readers with additional information regarding the Company's operating performance, and ability to generate funds to finance its operations, fund its research and development and capital expenditure program, and return capital to shareholders through dividends or share repurchases. EBITDA and Adjusted EBITDA EBITDA is defined as net income before interest income and expense, income taxes, stock-based compensation expense, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA, adjusted for foreign exchange, impairment of property, plant, and equipment, restructuring costs, net monetary adjustments, government wage assistance, revaluation of put obligation, gain on previously held equity interest and other items, which the Company does not consider to be in the normal course of continuing operations. Management believes that EBITDA and Adjusted EBITDA are useful supplemental measures as they provide an indication of the results generated by the Company's principal business activities prior to the consideration of how these results are taxed in multiple jurisdictions, how the results are impacted by foreign exchange or how the results are impacted by the Company's accounting policies for equity-based compensation plans. Reconcile Net Income to EBITDA Three Months Ended Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 (000s) ($) ($) ($) ($) ($) ($) ($) ($) Net income 24,962 27,399 8,012 69,123 10,284 23,717 16,585 19,646 Add: Income taxes 7,906 7,356 6,710 9,057 6,048 6,148 2,404 8,214 Depreciation and amortization 5,815 6,988 7,797 11,730 12,901 13,659 13,889 14,184 Stock-based compensation 1,986 5,082 4,732 3,011 4,634 (117) 3,370 2,892 Net interest (income) (2,847) (3,858) (5,082) (1,411) (522) (803) (218) (512) EBITDA 37,822 42,967 22,169 91,510 33,345 42,604 36,030 44,424 Reconcile EBITDA to Adjusted EBITDA Three Months Ended Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 (000s) ($) ($) ($) ($) ($) ($) ($) ($) EBITDA 37,822 42,967 22,169 91,510 33,345 42,604 36,030 44,424 Add: Foreign exchange loss (gain) 1,597 681 14,247 714 (1,202) (1,245) 5,574 (170) Put option revaluation — — (149) — — — (1,413) — Net monetary loss (1,196) (1,477) — — — — — — Gain on previously held equity interest — — — (50,830) — — — — Other (336) 110 2,621 1,031 992 2,789 1,928 958 Adjusted EBITDA 37,887 42,281 38,888 42,425 33,135 44,148 42,119 45,212 Free cash flow Free cash flow is defined as cash from operating activities plus proceeds on disposal of property, plant, and equipment, less capital expenditures (including changes to non-cash working capital associated with capital expenditures), and deferred development costs. This metric provides a key measure on the Company's ability to generate cash from its principal business activities after funding capital expenditure programs, and provides an indication of the amount of cash available to finance, among other items, the Company's dividend and other investment opportunities. Reconcile cash from operating activities to free cash flow Three Months Ended Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 (000s) ($) ($) ($) ($) ($) ($) ($) ($) Cash from operating activities 29,658 31,698 27,412 31,014 25,976 30,375 35,825 39,942 Less: Net additions to property, plant and equipment (11,303) (6,474) (7,720) (17,834) (16,695) (12,444) (16,707) (15,268) Deferred development costs (367) (208) (375) (1,447) (1,250) (1,277) (1,472) (1,440) Free cash flow 17,988 25,016 19,317 11,733 8,031 16,654 17,646 23,234 Supplementary Financial Measures A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non-GAAP ratio. Supplementary financial measures found within this press release are as follows: Revenue per Industry Day Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active drilling rig days in the North American market. This metric provides a key measure of the North American Drilling segment's ability to evaluate and manage product adoption, pricing, and market share penetration. Drilling rig days are calculated by using accepted industry sources. IWS Active Jobs IWS Active Jobs represents the average number of jobs per day that IWS is generating revenue on through the rental of its technology offering to customers during the reporting period. This metric provides a key measure of IWS' market penetration. Revenue per IWS Day Revenue per IWS Day is defined as the total revenue generated by the Completions segment over all IWS active days during the quarter. IWS active days are calculated by using IWS Active Jobs in the reporting period. This metric provides a key measure of the IWS' ability to evaluate and manage product adoption and pricing. Adjusted EBITDA as a percentage of revenue Calculated as adjusted EBITDA divided by revenue. Total Cash Calculated as the sum of cash and cash equivalents, and short-term investments from the Company's Consolidated Balance Sheets. The Company's short term-investments are comprised of US dollar bonds. Forward Looking Information Certain statements contained herein constitute 'forward-looking statements' and/or 'forward-looking information' under applicable securities laws (collectively referred to as 'forward-looking statements'). Forward- looking statements can generally be identified by the words 'anticipate', 'expect', 'believe', 'may', 'could', 'should', 'will', 'estimate', 'project', 'intend', 'plan', 'outlook', 'forecast' or expressions of a similar nature suggesting a future outcome or outlook. Without limiting the foregoing, this document includes, but is not limited to, the following forward-looking statements: the Company's growth strategy and related schedules; divergence in activity levels between the geographic regions in which we operate; demand fluctuations for our products and services; the Company's ability to increase or maintain market share; projected future value, forecast operating and financial results; planned capital expenditures; expected product performance and adoption, including the timing, growth and profitability thereof; potential dividends and dividend growth strategy; future use and development of technology; our financial ability to meet long-term commitments not included in liabilities; the collectability of accounts receivable; the application of critical accounting estimates and judgements; treatment under governmental regulatory and taxation regimes; and projected increasing shareholder value. These forward-looking statements reflect the current views of Pason with respect to future events and operating performance as of the date of this document. They are subject to known and unknown risks, uncertainties, assumptions, and other factors that could cause actual results to be materially different from results that are expressed or implied by such forward-looking statements. Although we believe that these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the state of the economy; volatility in industry activity levels and resulting customer expenditures on exploration and production activities; customer demand for existing and new products; the industry shift towards more efficient drilling and completions activity and technology to assist in that efficiency; the impact of competition; the loss of key customers; the loss of key personnel; cybersecurity risks; reliance on proprietary technology and ability to protect the Company's proprietary technologies; changes to government regulations (including those related to safety, environmental, or taxation); the impact of extreme weather events and seasonality on our suppliers and on customer operations; and war, terrorism, pandemics, social or political unrest that disrupts global markets. These risks, uncertainties and assumptions include but are not limited to those discussed in Pason's Annual Information Form for the year ended December 31, 2024 under the heading, 'Risk and Uncertainty,' in our management's discussion and analysis for the year ended December 31, 2024, and in our other filings with Canadian securities regulators. These documents are on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website ( or through Pason's website ( Forward-looking statements contained in this document are expressly qualified by this cautionary statement. Except to the extent required by applicable law, Pason assumes no obligation to publicly update or revise any forward-looking statements made in this document or otherwise, whether as a result of new information, future events or otherwise. Pason Systems Inc. Pason is a leading global provider of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, wellsite reporting, remote communications, web-based information management, and analytics, enable collaboration between the rig and the office. Through Intelligent Wellhead Systems Inc. ('IWS'), we also provide engineered controls, data acquisition, and software, to automate workflows and processes for oil and gas well completions operations, improving wellsite safety and efficiency. Through Energy Toolbase Software, Inc. ('ETB'), we also provide products and services for the solar power and energy storage industry. ETB's solutions enable project developers to model, control and monitor economics and performance of solar energy and storage projects. Pason's common shares trade on the Toronto Stock Exchange and OTC Markets Group under the symbol PSI and PSYTF, respectively. For more information about Pason Systems Inc., visit the company's website at or contact investorrelations@ Additional information on risks and uncertainties and other factors that could affect Pason's operations or financial results are included in Pason's reports on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website ( or through Pason's website (
