as of 07-24-2026 4:00pm EST
Dawson Geophysical Co provides seismic data acquisition services mainly to providers of multi-client data libraries and directly to onshore oil and natural gas exploration and development companies in the continental U.S. and Canada. The demand for seismic services is largely influenced by drilling and completion activity, exploration budgets, and prevailing and anticipated crude oil and natural gas prices. Its data acquisition crews serve companies engaged in the exploration and development of oil and gas on land and in land-to-water transition areas. The business operates through two reportable segments, with U.S. operations generating the majority of revenue and Canada operations contributing additionally.
| Founded: | 1952 | Country: | United States |
| Employees: | N/A | City: | MIDLAND |
| Market Cap: | 130.4M | IPO Year: | 1995 |
| Target Price: | N/A | AVG Volume (30 days): | 312.9K |
| Analyst Decision: | N/A | Number of Analysts: | N/A |
| Dividend Yield: | N/A | Dividend Payout Frequency: | quarterly |
| EPS: | 0.25 | EPS Growth: | 53.85 |
| 52 Week Low/High: | $1.27 - $7.85 | Next Earning Date: | 05-12-2026 |
| Revenue: | $145,773,000 | Revenue Growth: | -5.44% |
| Revenue Growth (this year): | N/A | Revenue Growth (next year): | N/A |
| P/E Ratio: | 19.04 | Index: | N/A |
| Free Cash Flow: | 7.1M | FCF Growth: | N/A |
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SEC 8-K filings with transcript text
May 14, 2026 · 100% conf.
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2 dwsn-20260514xex99d1.htm
Exhibit 99.1
Dawson Geophysical Company
508 W. Wall, Suite 800
Midland, TX 79701
Company contact:
Tony Clark, CEO and President
Ian Shaw, Chief Financial Officer
(800) 332-9766
www.dawson3d.com
MIDLAND, Texas, May 14, 2026/PR Newswire/Dawson Geophysical Company (NASDAQ: DWSN) (the “Company”) today reported unaudited financial results for its first quarter ended March 31, 2026.
First quarter 2026 Highlights
●Recognized fee revenue of $32.5 million, an 113% increase over the first quarter of 2025
●Net income of $7.7 million, $0.25 per share
●Generated Adjusted EBITDA of $10.9 million, an 364% increase over the first quarter of 2025
Adjusted EBITDA is a non-GAAP measure. See “Supplemental Non-GAAP Financial Measures” below for our definition and reconciliation of Adjusted EBITDA.
Management Comment
Tony Clark, Dawson’s President and CEO, commented, “We received our final delivery of the single node channels at the beginning of the year, and all of the new equipment purchased was fully utilized throughout the first quarter in our operations in the United States and Canada. Additionally, we had three additional crews deployed with our legacy equipment in the first quarter. High equipment utilization resulted in significant growth in our revenues and net income. We are continuing to identify areas of improvement in the deployment of the new single node channels, and we expect that to result in further operational efficiencies in the future. Our financial performance in the first quarter shows the opportunity currently available for this Company, and we believe that we are positioned to capitalize on that opportunity.”
First Quarter Results
For the first quarter ended March 31, 2026, the Company reported revenues of $36.7 million, an increase of 128% compared to $16.1 million for the comparable quarter ended March 31, 2025. Revenue included reimbursable revenue of $4.2 million and $0.8 million for the quarters ended March 31, 2026, and March 31, 2025, respectively. Gross margin1 for the quarter ended March 31, 2026, was 40% compared to 28% for the comparable quarter ended March 31, 2025.
We generated net income of $7.7 million or $0.25 per common share and generated Adjusted EBITDA of $10.9 million in the quarter ended March 31, 2026, compared to Adjusted EBITDA of $2.3 million in the quarter ended March 31, 2025.
1 Defined as fee revenues less fee operating expenses, divided by fee revenues
Operations Update
The Company had one large channel crew and three smaller channel crews operating in the first quarter in the United States. Our seasonal operations had solid performance in the first quarter, and their operations continued into the second quarter of 2026. High crew utilization in the first quarter resulted in improved margins and profitability. We continue to schedule and bid larger channel count jobs due to our significant inventory of the new single node channels. Additionally, we have seen an increase in activity related to non-traditional seismic exploration including geothermal Carbon Capture Utilization and Storage (“CCUS”) seismic monitoring, and other rare minerals.
Capital Budget and Liquidity
The Company's Board of Directors approved a capital budget of $3 million for 2026, including the final payment under the single node purchase of $0.9 million, which was made in January 2026.
As of March 31, 2026, our cash position was $1.4 million, our working capital position improved to $0.4 million compared to a deficit of $5 million at December 31, 2025, and our credit facility had no balance outstanding with a borrowing base of $4.5 million. We believe that our cash on hand, operating cash flows and cash available under our revolving credit facility are sufficient to fund our cash flow requirements as well as our debt obligations.
About Dawson
Dawson Geophysical Company is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States and Canada. Dawson acquires and processes 2-D, 3-D and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries.
Non-GAAP Financial Measures
In an effort to provide investors with additional information regarding the Company’s preliminary and unaudited results as determined by generally accepted accounting principles (“GAAP”), the Company has included in this press release information about the Company’s Adjusted EBITDA, a non-GAAP financial measure as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company defines adjusted EBITDA as our net income, before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciatio
Mar 31, 2026
2 dwsn-20260330xex99d1.htm
Exhibit 99.1
Dawson Geophysical Company
508 W. Wall, Suite 800
Midland, TX 79701
Company contact:
Tony Clark, CEO and President
Ian Shaw, Chief Financial Officer
(800) 332-9766
www.dawson3d.com
FOURTH QUARTER and YEAR END 2025 RESULTS
MIDLAND, Texas, March 30, 2026/PR Newswire/Dawson Geophysical Company (NASDAQ: DWSN) (the “Company”) today reported unaudited financial results for its fourth quarter and fiscal year ended December 31, 2025.
Fourth quarter 2025 Highlights
●Recognized Fee revenue of $22.9 million, a 67% increase over the fourth quarter of 2024
●Net income of $0.6 million, $0.02 per share
●Generated Adjusted EBITDA of $3.3 million in the fourth quarter, up 248% compared to fourth quarter of 2024
●Successful initial deployments of new single node channels in the field
Full-Year 2025 Highlights
●Increased Fee revenue 16% year-over-year to $61.9 million
●Net loss of $1.9 million, $0.06 per share, compared to $4.1 million in 2024, $0.13 per share
●Generated operating cash flow of $14.0 million and free-cash-flow of $7.2 million
●Generated Adjusted EBITDA of $4.7 million, 139% increase year-over-year
●Significant purchase of new single node channels to invest in future profitability
Adjusted EBITDA and Free-cash-flow are non-GAAP measures. See “Supplemental Non-GAAP Financial and Other Measures” below for our definitions and reconciliations of Adjusted EBITDA and Free-cash-flow.
Management Comment
Tony Clark, Dawson’s President and CEO, commented, “I am proud of the continued progress the Dawson team made during 2025, generating $14.0 million of cash from our operations, and reinvesting a portion of that into new single node channels to strengthen our foundation for profitability in our future. We are continually monitoring our cost structure and reduced our general and administrative expenses by 9% year-over-year. Specifically, we implemented an AI software process in the mapping of our receiver points to reduce processing time from five employees over 6-7 weeks to one employee over 3-5 hours. As we continue to invest in these initiatives, we expect to improve our profitability.
We believe that we have a significant competitive advantage for larger seismic jobs due to our high channel count and our quantity of vibrator energy source units and have observed significant demand for our new equipment from our customers. We have expanded our customer base to include more unconventional exploration such as carbon capture, geothermal, and critical rare-earth minerals as well as other usages of seismic acquisition capabilities.
We believe that the Dawson team has shown continuous improvement over the past two years, which is evidenced by the continued improvement in our profitability metrics. We expect that improvement to continue into 2026.”
Fourth Quarter and Year-End Results
For the fourth quarter ended December 31, 2025, the Company reported revenues of $27.0 million, an increase of 72% compared to $15.6 million for the comparable quarter ended December 31, 2024. Revenue included reimbursable revenue of $4.0 million and $1.9 million for the quarters ended December 31, 2025, and December 31, 2024, respectively. Gross margin11 was 23% for the quarters ended December 31, 2025, and December 31, 2024.
We generated net income of $0.6 million or $0.02 per common share. The Company generated Adjusted EBITDA of $3.3 million in the quarter ended December 31, 2025, compared to Adjusted EBITDA of $0.9 million in the quarter ended December 31, 2024.
For the year ended December 31, 2025, the Company reported revenues of $75.6 million, an increase of 2% compared to $74.2 million for the year ended December 31, 2024. Revenue included reimbursable revenue of $13.7 million and $20.7 million for the years ended December 31, 2025, and December 31, 2024, respectively. Gross margin1 was 21% for the years ended December 31, 2025, and December 31, 2024.
For the year ended December 31, 2025, we generated a net loss of $1.9 million or $0.06 per common share, compared to a net loss of $4.1 million or $0.13 per common share in the prior year. The Company generated Adjusted EBITDA of $4.7 million in the year ended December 31, 2025, compared to an Adjusted EBITDA of $2 million in the year ended December 31, 2024.
Operations Update
The Company had one large channel crew and three smaller channel crews operating in the fourth quarter in the United States and into the first quarter of 2026. High crew utilization in the fourth quarter resulted in improved margins and profitability, and we expect an increase in utilization and revenue in the first quarter of 2026. We resumed our Canadian operations in the fourth quarter of 2025 with two crews and moved into the first quarter of 2026 with three large channel count crews. We anticipate our Ca
Nov 12, 2025 · 100% conf.
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-1.61%
$2.03
Act: -2.43%
5D
-7.65%
$1.90
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DAWSON GEOPHYSICAL COMPANY_November 12, 2025 TX0000799165false00007991652025-11-122025-11-12
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (date of earliest event reported): November 12, 2025
(Exact name of Registrant as specified in its charter)
texas 001-32472 74-2095844
(State of incorporation or organization) (Commission file number) (I.R.S. employer identification number)
508 West Wall, Suite 800 Midland, Texas 79701 (Address of principal executive offices) (Zip Code)
(432) 684-3000 (Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
The NASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
1
2
Item 2.02. Results of Operations and Financial Condition.
On November 12, 2025, Dawson Geophysical Company (the “Company”) issued a press release reporting its preliminary and unaudited financial results for its third quarter ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1. Limitation on Incorporation by Reference. The information furnished in this Item 2.02, including the press release attached hereto as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements. 3
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
99.1 Press release dated November 12, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 12, 2025 By: /s/ Ian Shaw
Ian Shaw
Chief Financial Officer
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