Pason Systems Inc
TSX:PSI
Pason Systems Inc
Pason Systems, Inc. engages in the design and production of instrumentation and data management systems for drilling rigs. The company is headquartered in Calgary, Alberta. The firm's three strategic business units include The North American (Canada and the United States) and International (Latin America, including Mexico, Offshore, the Eastern Hemisphere, and the Middle East) business units, all of which offer technology services to the oil and gas industry, and the Solar and Energy Storage business unit, which provides technology services to solar and energy storage developers. The firm's solutions include data acquisition, wellsite reporting, automation, remote communications, Web-based information management, and data analytics enable collaboration between the drilling rig and the office. The company offers end-to-end data management solutions enabling secure access to critical drilling operations information and decision making in real time.
Pason Systems, Inc. engages in the design and production of instrumentation and data management systems for drilling rigs. The company is headquartered in Calgary, Alberta. The firm's three strategic business units include The North American (Canada and the United States) and International (Latin America, including Mexico, Offshore, the Eastern Hemisphere, and the Middle East) business units, all of which offer technology services to the oil and gas industry, and the Solar and Energy Storage business unit, which provides technology services to solar and energy storage developers. The firm's solutions include data acquisition, wellsite reporting, automation, remote communications, Web-based information management, and data analytics enable collaboration between the drilling rig and the office. The company offers end-to-end data management solutions enabling secure access to critical drilling operations information and decision making in real time.
Revenue: Pason reported Q3 2025 consolidated revenue of $101 million, showing resilience despite a decline in industry drilling activity.
Profitability: Adjusted EBITDA was $38.5 million (38.1% of revenue), and net income was $12.5 million, down from the prior year due to lower activity and higher expenses.
Segment Performance: North American Drilling revenue fell 7% year-over-year on a 9% industry decline; Completions segment revenue grew 17% despite a 27% industry activity drop; International revenue fell 18%.
Cash Flow & Returns: Free cash flow rose to $18.7 million; $13.1 million was returned to shareholders in Q3 via dividends and buybacks.
Capital Spending: 2025 capex expected between $55–60 million, with similar plans for 2026; focus remains on growth investments in Completions and technology upgrades.
Outlook: Management sees a path to doubling revenue over 5–7 years through technology adoption, data products, and international expansion, but notes that near-term conditions remain challenging.
