Key Highlights

• On 29 July 2026, Source reported second-quarter total Revenue of about $137.1 million, down about 32% from about $201.9 million a year earlier.
• Sand revenue fell about 33% to about $107.8 million, and sand volumes declined about 24% to about 831,234 metric tonnes.
• The roughly 32% revenue decline, 24% drop in sand volumes and 47% fall in adjusted earnings, along with the swing to a net loss, all point to weak drilling and completion activity in Western Canada, driven by soft Natural Gas prices and economic uncertainty.
• The most notable catalyst would be the anticipated increase in drilling and completion activity in the Western Canadian Sedimentary Basin tied to…