New energy developments lead to record-breaking revenue for seismic technology provider STRYDE.
STRYDE has delivered strong results across the first half of the year, seeing its strongest-ever revenues in both Q1 and Q2.
The business recorded a 100% increase in revenue compared with the same period in 2022, with new energy markets and new oil and gas exploration surveys stated as a key factor in its growth.
STRYDE, which has now been used in 42 countries around the globe, helps organisations to acquire an unparalleled understanding of the subsurface, faster, and more cost-effectively than ever before. As the creators of the world’s smallest seismic sensors, who also offer fast-track data processing services, STRYDE has enabled high-resolution seismic data to be accessible for any industry, including the fast-growing renewables sector.
As it enters its fifth year, the technology developer has experienced significant growth to date, with a compound annual growth rate (CAGR) of 149% between 2020-2022.
STRYDE’s continued commitment to its clients has seen the business invest in further research and development to deliver improved seismic solutions which deliver efficiencies while also supporting the global drive to net zero. The company has also sustained recruitment at sites across the world, to support this business demand.
STRYDE Chief Executive Officer, Mike Popham, said: “I’m very pleased to be sharing the exceptionally strong start to 2023 that STRYDE has enjoyed.
“Revenue has been made up this year by a diverse and wide range of customers. While our first two years of trading saw STRYDE predominantly used in established sectors, like oil and gas, our game-changing technology has opened up new opportunities for the renewables sector, with over 65% of our projects in 2023 being from outside of oil and gas.”
This includes several geothermal projects in Europe and Saudi Arabia, as well as CCS developments in the USA, civil engineering surveys in the Middle East, and mining projects in Australia.
Mike explained: “Until recently, seismic data was seen as an exclusive product of the oil and gas industry, due to the significant CAPEX and OPEX costs associated with acquiring the data. However, with the introduction of miniature, low-cost seismic imaging technology, STRYDE enables high-density seismic data to be acquired at pace, and to be affordable for emerging renewable energy industries.
“I’m thrilled to be supporting these rapidly growing industries, where STRYDE can help the energy industry drive towards a net zero future.”
To support the continued expansion, STRYDE has recruited an additional ten new employees across existing locations this year, bringing the total global headcount to over 70.
These recruits support STRYDE’s uptake in new markets including Denmark, Ukraine, Hungary, Nigeria, and Pakistan, as well as the company’s first project in Latin America, where it has supported two new energy developments in Colombia.
Mike continued: “Our innovative solutions have propelled us to be the leading supplier of onshore nodal technology by volume, markedly growing market share across the globe.
“The first half of 2023 has seen us enable over 40 seismic surveys, a record high for the company, and also included our 25th geothermal project since formation. This signals a strong forecast for the renewable energy exploration market, and we are exceptionally well-placed for its continued growth.”