Source Energy Services Posts 50% Revenue Rise as Sand Volumes Climb 55% in Q3

Source Energy Services reported third-quarter 2026 revenue of $188.0 million, up 50% from a year earlier, as sand sales volumes rose 55% to 1,027,659 metric tonnes, TradingView reported. The Calgary-based company supplies frac sand and last-mile logistics to oil and gas operators in the Western Canadian Sedimentary Basin.

Source's Q3 Sand and Logistics Results

Sand revenue reached $143.8 million, a 43% increase, and well site solutions revenue was $43.0 million. Adjusted EBITDA rose 32% to $26.9 million, a $6.6 million increase from the same period in 2025. Net loss narrowed to $3.8 million from $6.2 million.

The company said customer activity increased during the quarter, driven by planned completion activities in the back half of 2026. Source achieved 67% utilization across its eleven-unit Sahara fleet, with operating units in the United States at 100% utilization. Source also executed a contract to build and operate a twelfth Sahara unit in Alaska, with construction costs fully reimbursed by the customer.

Average sand revenue per metric tonne was $139.97, down from $150.77 a year earlier. Source attributed the decline to a 90% increase in domestic dry and wet sand sales and a higher proportion of lower-priced mine gate sales. The company said it incurred additional one-time costs from the rapid ramp-up at its Peace River operation and plans to debottleneck and optimize the facilities before next year's wash season.

Source's Record 2025 and Trucking Acquisition

According to akta.pro company records, Source recorded full-year 2025 sand sales of approximately 3.7 million metric tons and record revenue of CAD $700.3 million, a $26.4 million increase over 2024. The records show the company acquired RWR Trucking Inc.'s sand trucking assets on March 13, 2024, including 27 tractors and 52 trailers, to internalize last-mile wellsite delivery.

Source's Path From Q2 Decline to Q3 Growth

Source reported a 24% decline in sand sales volumes to 831,234 metric tonnes and a 32% decrease in total revenue to $137.1 million for Q2 2026 compared with Q2 2025, according to Yahoo. MarketBeat reported that the quarter's adjusted EBITDA was C$18.5 million, down C$16.7 million year-over-year. On October 5, 2026, Yahoo said Source would release its third-quarter results after the Toronto Stock Exchange close on November 5, 2026.

Source's November 6 Conference Call

Source scheduled a conference call to discuss the results for 7:30 am Alberta Time on Friday, November 6, 2026. A recording will be available for playback until December 6, 2026.