Is Pulse Seismic Inc. (PSD) halal?

Pulse Seismic Inc. (TSX: PSD) acquires, markets and licenses 2D and 3D seismic data to the Western Canadian energy sector, owning the largest licensable seismic data library in Canada (about 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic). The business passes the business gate with no haram segments identified. The company states it has no debt outstanding at June 30, 2026 (0% of a ~C$147.1M market cap), interest income is ~0.9% of revenue (passes), and cash of ~C$8.4M (~5.7% of market cap) passes. Result: PASS. Data from Q2 2026 results and FY2025 annual filings, screened October 1, 2026.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — passes

Pulse's revenue is seismic data library licensing — transaction-based and traditional data licence sales to oil and natural gas exploration and development companies in the Western Canada Sedimentary Basin (Q2 2026 revenue C$3.6M; H1 2026 C$5.5M; FY2025 C$51.1M). Its library is also used by companies exploring non-traditional energy (lithium), developing carbon capture, utilization and storage (CCUS) projects, and exploring helium. Filings and press releases disclose no banking/insurance, alcohol, gambling, weapons, pork, or conventional-finance activities — no haram segments identified. The business gate passes. (Corporate notes: quarterly dividend raised 7% to C$0.01875/share in Q2 2026; C$6.9M of regular and special dividends declared in H1 2026; TSX approved NCIB renewal March 16, 2026; 50,714,857 shares outstanding as of July 28, 2026.)

Gate two: the ratios — all pass

Interest-bearing debt: C$0 — the company states it has no debt outstanding at June 30, 2026 ("strong balance sheet with no debt"), with C$5.0M of undrawn revolving credit facility liquidity. No long-term debt line appears in the Q2 2026 financial position.
Market cap: about C$147.1M (50,714,857 shares outstanding at June 30, 2026 × C$2.90, TSX, October 1, 2026).
Debt ÷ market cap: C$0 ÷ C$147.1M = 0% — well under the ~33% AAOIFI ceiling (passes).
Interest income ÷ revenue: C$478k (FY2025 annual, interest income line) ÷ C$51,090k (FY2025 revenue) = ~0.94% — far under the ~5% ceiling (passes).
Cash ÷ market cap: C$8.4M of cash and cash equivalents at June 30, 2026 — about 5.7% of market cap, under the ~33% ceiling (passes).

Every gate passes — a clean PASS.

What other screeners say

Zoya: screening data is app-gated; no public PSD page found via web search, so coverage cannot be confirmed or denied. Musaffa: publishes per-stock pages for TSX tickers, but web search returns no Pulse Seismic entry, so coverage is unconfirmed. ShariaPortfolio: a licensed portfolio-management firm with no public per-stock screener database — no coverage. Our screener reports its own figure-by-figure analysis above.

The bottom line

This screener gives Pulse Seismic Inc. (TSX: PSD) a PASS. The seismic data licensing business passes the business gate with no haram segments identified, and the company reports no debt outstanding — 0% of a ~C$147.1M market cap. Interest income (~0.94% of revenue) and cash (~5.7% of market cap) both pass comfortably. Snapshot dated October 1, 2026; re-checked quarterly after earnings.

Sources

Pulse Seismic Inc. Q2 2026 results press release (GlobeNewswire, July 28, 2026) — Q2 2026 revenue C$3,606k; H1 2026 revenue C$5,457k; cash and cash equivalents C$8,446k at June 30, 2026; "strong balance sheet with no debt"; C$5.0M of available credit facility liquidity; 50,714,857 shares outstanding as of July 28, 2026; regular quarterly dividend raised 7% to C$0.01875/share; C$6.9M total dividends declared in H1 2026.
Pulse Seismic Inc. audited 2025 consolidated financial statements (February 24, 2026) — FY2025 revenue C$51,090k; interest income C$478k (~0.94% of revenue); financing expenses C$14k.
Pulse Seismic corporate profile and SEDAR+ filings — largest licensable seismic data library in Canada: ~65,310 sq km of 3D seismic and 829,207 km of 2D seismic; Western Canada Sedimentary Basin; data also used for lithium, CCUS and helium projects.
Market data: TSX:PSD C$2.90 on October 1, 2026 — market cap ~C$147.1M (Finnhub; cross-checked with 50,714,857 shares outstanding).
Third-party coverage checks (October 1, 2026): no public Zoya PSD page found; Musaffa coverage unconfirmed; ShariaPortfolio has no public per-stock screener database.

Related screeners

Frequently asked questions

Is Pulse Seismic (PSD) halal?

Our screener gives Pulse Seismic Inc. a PASS screening result. The business — licensing 2D and 3D seismic data to the Western Canadian energy sector from Canada's largest licensable seismic data library — passes the business gate with no haram segments identified. The financial gates all pass: the company states it has no debt outstanding (0% of a ~C$147.1M market cap, vs the ~33% ceiling), interest income is ~0.9% of revenue (vs the ~5% ceiling), and cash of ~C$8.4M is ~5.7% of market cap.

What does Pulse Seismic do?

Pulse acquires, markets and licenses 2D and 3D seismic data to oil and natural gas exploration and development companies in Western Canada. It owns the largest licensable seismic data library in Canada — about 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic covering the Western Canada Sedimentary Basin — and its data is also used for lithium exploration, carbon capture projects and helium exploration. Filings and releases disclose no alcohol, gambling, weapons, pork, conventional banking or insurance activities.

Why does Pulse Seismic pass the debt screen?

In its Q2 2026 results (July 28, 2026) the company states it has no debt outstanding and describes a 'strong balance sheet with no debt', alongside C$8.4M of cash and a C$5.0M undrawn credit facility. Interest-bearing debt of C$0 against ~50,714,857 shares at C$2.90 (~C$147.1M market cap, October 1, 2026) is 0% — well under the ~33% AAOIFI ceiling.

What do Zoya, Musaffa and ShariaPortfolio say about Pulse Seismic?

As of October 1, 2026: Zoya's screening data is app-gated and we found no public PSD page, so Zoya coverage cannot be confirmed or denied; Musaffa publishes per-stock pages for TSX tickers but web search returns no Pulse Seismic entry, so Musaffa coverage is unconfirmed; ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.

What could change this screener's result?

Borrowing on its credit facility or otherwise taking on interest-bearing debt above ~33% of market cap, interest income rising above ~5% of revenue, or a shift into non-compliant business activities would flip the result. The company declared regular and special dividends totalling C$6.9M in the first half of 2026; re-screen quarterly after earnings.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).