Source Energy Services Ltd

Source Energy Services Ltd. is a Canada-based company that focuses on the integrated production and distribution of frac sand, as well as the distribution of other bulk completion materials not produced by the Company. The Company provides its customers with an end-to-end solution for frac sand supported by its Wisconsin and Peace River mines and processing facilities, its Western Canadian terminal network and its last mile logistics capabilities, including its trucking operations, and Sahara, a proprietary well-site mobile sand storage and handling system. Its network of multi-product terminals ensures streamlined delivery of quality proppant, bulk well completion materials, and other commodities. It has seven terminals that enable a reduction of delivery times to well sites. Its full-service approach allows customers to rely on its logistics platform to increase reliability of supply and to ensure the timely delivery of frac sand and other bulk completion materials at the well site.

• Construction starts / housing permits (leading)
• Commodity input price spreads (coincident)
• Capacity utilization (coincident)
• Trade-flow shifts / import competition (trend)

• Trade tariffs (US-China steel/cement) · exposure: high
• Energy cost / carbon-pricing exposure · exposure: high (cement)
• Supply chain bottlenecks (forestry, paper pulp) · exposure: medium

• EBITDA per ton — core unit economic
• Capacity utilization % — 75-85% healthy
• Net debt / EBITDA — below 3.5x given cyclicality
• ROIC through-cycle — 8-12% acceptable

Detailed financial analysis, valuation snapshot, multi-period history, and AI narrative are pending — generated when this company is included in the next analysis batch. Profile data above is point-in-time as of 2026-04-30.