A record day-rate is not a record cash quarter
Pason (TSX: PSI) reported second-quarter 2026 results on August 11. Revenue was $100.8 million, up 5 percent from $96.4 million. Revenue per industry day was a record $1,078, up from $1,026, against a roughly flat North American rig count. North American drilling was $67.1 million, up 7 percent. International drilling was $13.1 million, down 4 percent. Completions were $15.9 million, up 3 percent, while U.S. frac spreads fell 4 percent. Solar and storage were $4.8 million. Adjusted EBITDA was $35.7 million, 35.4 percent of sales. Funds flow was $33.5 million. Operating cash was $20.5 million. Free cash flow was $3.5 million after $17.1 million of net capex. Net income attributable to Pason was $14.1 million, or $0.18 a share.
Cash at June 30 was $68.3 million. Interest-bearing debt was zero. The dividend is $0.13, payable September 29 to holders of record September 15. Sequential revenue slipped 2 percent from $102.4 million in the first quarter on Canadian breakup, the company said.
Completions is still a mix story
IWS averaged 31 active jobs against 33 a year earlier. Revenue per IWS day rose to $5,625 from $5,069. Completions gross profit was $0.01 million, down from $1.2 million, and includes $2.2 million of IWS intangible amortization. North American drilling gross profit was $38.6 million against $34.0 million, on a mostly fixed cost base that fell 3 percent. This is instrumentation and data, not a drilling contractor print. Pason does not add boe/d.
Neutral read
PSI is on the listed oilfield-services list. Banks were skipped. $1,078 a day and $0.01 million of completions gross profit are both facts. Write the record as product adoption on a flat count, not as a rig boom. Watch whether free cash flow catches funds flow once capex rolls, whether completions can print a real margin after amortization, and whether $0.13 stays if the U.S. count slips.