DWSN

MIDLAND, Texas, Aug. 13, 2026 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its second quarter ended June 30, 2026. Second quarter 2026 Highlights Recognized fee revenue of $14 million, a 60% increase over the second quarter of 2025 Net loss of $3.4 million, $0.11 per share, which included $1.7 million of strategic transaction costs Generated Adjusted EBITDA of $0.6 million, an improvement of $1.8 million over the second quarter of 2025 Fourth consecutive quarter of positive Adjusted EBITDA, for the first time since the three months ended September 30, 2018 Year-to-Date 2026 Highlights Increased fee revenue 94% to $46.5 million Net income of $4.2 million, $0.14 per share, which included $2.4 million of strategic transaction costs Generated Adjusted EBITDA of $11.5 million, an 875% increase over the six months ended June 30, 2025 Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for our definition and reconciliation of Adjusted EBITDA. Management Comment Tony Clark, Dawson's President and CEO, commented, "Approximately a year ago, we made a significant capital investment to position this Company to have a competitive advantage in the market for providing seismic data acquisition services with high channel count parameters. Since then, we have improved our revenues, margins, profitability and cash-flows. This equipment is still new to us, and we are continuing to identify areas of improvement in the deployment of the new single node channels, which we expect will result in further operational efficiencies. Additionally, we are investing in compute power to improve the speed of getting our data from the field to our customers. At the end of the second quarter, we started a high-density channel count job, based upon the degree of success we believe will increase the demand for seismic data acquisition services. We believe that if we can provide better data to our customers and improve the speed with which they can benefit from that data, we will continue to increase our competitive advantage and improve our profitability." Second Quarter and Year-to-Date Results For the second quarter ended June 30, 2026, the Company reported revenues of $17.9 million, an increase of 82% compared to $9.9 million for the comparable quarter ended June 30, 2025. Revenue included reimbursable revenue of $3.9 million and $1.1 million for the quarters ended June 30, 2026, and June 30, 2025, respectively. Gross margin1 for the quarter ended June 30, 2026, was 19% compared to 13% for the comparable quarter ended June 30, 2026. We incurred a net loss of $3.4 million or $0.11 per common share and generated Adjusted EBITDA of $0.6 million in the quarter ended June 30, 2026, compared to negative Adjusted EBITDA of $1.2 million in the quarter ended June 30, 2025. For the six months ended June 30, 2026, we generated net income of $4.2 million or $0.14 per common share compared to a net loss of $1.4 million or $0.04 per common share for the same period of 2025. For the six months ended June 30, 2026, we generated Adjusted EBITDA of $11.5 million, compared to Adjusted EBITDA of $1.2 million in the same period of 2025. Operations Update The Company completed two large channel crew jobs during the quarter and had two smaller channel crews operating in the second quarter in the United States. At the end of the quarter, we started a high-density channel count job, deploying 70,000 single node channels over a concentrated area. The high-density channel count combined with our new single node channels is expected to provide significant improvement in the resolution of the seismic data provided by our services. If this test is successful, we expect the demand for other high-density seismic acquisition services to increase significantly. Our seasonal operations in Canada halted in April but are expected to resume in the fourth quarter of 2026. We are already seeing increased bid activity for larger channel count jobs in the Canadian market for the fourth quarter of 2026 and into 2027. 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 June 30, 2026, our cash position was $5.8 million, our working capital deficit was $2.9 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 $4.1 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, critical mineral and other non-traditional 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 U.S. 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) depreciation and amortization and (iv) non-recurring and other charges that we believe are not indicative of our core operating performance, such as strategic transaction costs. The Company uses Adjusted EBITDA as a supplemental financial measure to assess: the financial performance of its assets without regard to financing methods, capital structures, taxes or historical cost basis; its liquidity and operating performance over time in relation to other companies that own similar assets and that the Company believes calculate Adjusted EBITDA in a similar manner; and the ability of the Company's assets to generate cash sufficient for the Company to pay potential interest costs. The Company also understands that such data are used by investors to assess the Company's performance. However, the term Adjusted EBITDA is not defined under U.S. GAAP, and Adjusted EBITDA is not a measure of operating income or operating performance presented in accordance with GAAP. When assessing the Company's operating performance, investors and others should not consider this data in isolation or as a substitute for net income, the most directly comparable GAAP financial measure, cash flow from operating activities or other cash flow data calculated in accordance with GAAP. In addition, the Company may modify how we calculate Adjusted EBITDA, and our use of Adjusted EBITDA may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since other companies may not calculate Adjusted EBITDA in the same manner as the Company. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, and depreciation and amortization. A reconciliation of the Company's Adjusted EBITDA to its net loss is presented in the table following the text of this press release. Discussions with Controlling Stockholder As of June 30, 2026, Wilks Brothers, LLC ("Wilks") and its affiliates control approximately 80% of our common stock. We have been in discussion with Wilks and certain of its affiliates with respect to one or more transactions involving assets owned by Wilks and/or certain of its affiliates, which may include, among other things, asset contributions or sales, a business combination transaction or other similar transactions. In connection with these discussions, the Company incurred approximately $1.7 million and $2.4 million in expenses for the three and six months ended June 30, 2026, respectively, which are included in general and administrative expense in our consolidated statements of operations. There is no guarantee that we will enter into a definitive agreement with any such parties regarding any such transaction. The terms of any potential agreement between us and Wilks, and/or any of its affiliates, would be contingent on certain conditions, including completion of due diligence and the negotiation of definitive transaction documents. Our Board of Directors has formed a special committee of independent directors (the "Special Committee"), which has retained independent legal and financial advisors, to evaluate, negotiate and make recommendations to the Board regarding any such transaction with Wilks and/or its affiliates, including whether to pursue or decline to pursue any proposed transaction. Forward-Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that all statements other than statements of historical fact contained in this press release are forward-looking statements, including without limitation statements regarding our forecasts, estimates or other expectations regarding future events, operations or financial results; statements regarding potential technological advancements and their potential impact on demand for the Company's services; statements regarding the Company's financial position, business strategy, and plans and objectives of Company management, including statements under "Management Comment" regarding future operations; statements regarding our expectations regarding liquidity; statements regarding the anticipated benefits of our purchased single node channels; statements regarding our ability to identify areas of improvement in the deployment of the new single node channels and the expected operational efficiencies resulting therefrom; statements regarding the Company's investment in compute power and the anticipated benefits to be derived therefrom for the Company and its customers; statements regarding our financial performance and our ability to capitalize on current market opportunities; and statements regarding any potential transaction(s) with our controlling stockholder and/or any of its affiliates. In some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts" or "potential" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. Such forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors. These factors include, but are not limited to, risks relating to the Company's ability to execute its business strategies and plans for growth; the efficacy of the purchased single node channels; the failure to operationalize the acquired equipment in a timely manner or at all; risks associated with the Company's ability to finance the transaction contemplated by the purchase agreement to acquire such equipment; risks relating to the Company's investment in compute power, including risks that the Company may not achieve the anticipated benefits of such investment; risks relating to any potential transaction(s) with the Company's controlling stockholder and/or any of its affiliates, the impact on the Company's stock price of any such potential transaction(s), the Company's ability to consummate any such transaction, and the Company's ability to achieve the anticipated benefits of any such potential transaction(s); the Company's status as a controlled public company, which exempts the Company from certain corporate governance requirements; the limited market for the Company's common stock; the impact of general economic, industry, market or political conditions, including tariffs; dependence upon energy industry spending; changes in exploration and production spending by the Company's customers and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of the Company's customers, particularly during extended periods of low prices for crude oil and natural gas; the volatility of oil and natural gas prices and markets; changes in economic conditions; surplus in the supply of oil and the ability of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to agree on and comply with supply limitations; the potential for contract delays; reductions or cancellations of service contracts; limited number of customers; credit risk related to the Company's customers; reduced utilization; high fixed costs of operations and high capital requirements; industry competition; external factors affecting the Company's crews such as weather interruptions and inability to obtain land access rights of way; whether the Company enters into turnkey or day rate contracts; crew productivity; risks that the Company's cash reserves, liquidity or capital resources may be insufficient; risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions, the integration of any such acquisition candidates, the value of those acquisitions to the Company's customers and shareholders, and the financing of such acquisitions; risks related to the Company's indebtedness and compliance with covenants contained in the Company's revolving credit note; the Company's ability to execute its business strategies and plans for growth; the failure to operationalize the new single node channels in a timely manner or at all; the risk that expected improvements in deployment of the new single node channels may not result in anticipated operational efficiencies or improved operating and financial performance; disruptions in the global economy, including the Russian-Ukrainian conflict, the conflict in Iran, and the unrest in the Middle East, export controls and financial and economic sanctions imposed on certain industry sectors and parties as a result of the developments and broader consequences of the Russian-Ukrainian conflict, the Iran conflict, and the unrest in the Middle East-related activities, and whether or not a future transaction or other action occurs that causes the Company to be delisted from Nasdaq and no longer be required to make filings with the Securities and Exchange Commission (the "SEC"). The cautionary statements made in this press release should be read as applying to all related forward-looking statements wherever they appear in this press release. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by this paragraph. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and assumptions that could cause or contribute to differences in the Company's future results include the cautionary statements described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequent periodic filings with the SEC. The Company qualifies all of its forward-looking statements by these cautionary statements. View original content:https://www.prnewswire.com/news-releases/dawson-geophysical-reports-second-quarter-2026-results-302851322.html

MIDLAND, Texas, May 14, 2026 /PRNewswire/ -- 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. 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) depreciation and amortization and (iv) non-recurring and other charges, such as strategic transaction costs or severance expenses. The Company uses Adjusted EBITDA as a supplemental financial measure to assess: the financial performance of its assets without regard to financing methods, capital structures, taxes or historical cost basis; its liquidity and operating performance over time in relation to other companies that own similar assets and that the Company believes calculate EBITDA in a similar manner; and the ability of the Company's assets to generate cash sufficient for the Company to pay potential interest costs. The Company also understands that such data are used by investors to assess the Company's performance. However, the term Adjusted EBITDA is not defined under GAAP, and Adjusted EBITDA is not a measure of operating income or operating performance presented in accordance with GAAP. When assessing the Company's operating performance, investors and others should not consider this data in isolation or as a substitute for net income, cash flow from operating activities or other cash flow data calculated in accordance with GAAP. In addition, the Company's Adjusted EBITDA may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since other companies may not calculate Adjusted EBITDA in the same manner as the Company. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, and depreciation and amortization. A reconciliation of the Company's Adjusted EBITDA to its net loss is presented in the table following the text of this press release. Forward-Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that all statements other than statements of historical fact contained in this press release are forward-looking statements, including without limitation statements regarding our forecasts, estimates or other expectations regarding future events, operations or financial results, and regarding technological advancements and our financial position, business strategy, and plans and objectives of our management including statements under "Management Comment" for future operations; statements regarding our expectations regarding liquidity; statements regarding the anticipated benefits of our purchased single node channels; statements regarding our ability to identify areas of improvement in the deployment of the new single node channels and the expected operational efficiencies resulting therefrom; statements regarding our financial performance and our ability to capitalize on current market opportunities; and statements regarding any potential transaction(s) with our controlling stockholder and any of its affiliates. In some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts" or "potential" or the negative of these terms or other similar expressions. Such forward-looking statements are based on the beliefs of our management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors. These factors include, but are not limited to, risks relating to the Company's ability to execute its business strategies and plans for growth; the efficacy of the purchased single node channels; the failure to operationalize the acquired equipment in a timely manner or at all; risks associated with the Company's ability to finance the transaction contemplated by the Purchase Agreement; risks relating to any potential transaction(s) with our controlling stockholder and any of its affiliates, the impact on our stock price of such potential transaction(s), our ability to consummate any such transaction, and our ability to achieve the anticipated benefits of any such potential transaction(s); our status as a controlled public company, which exempts us from certain corporate governance requirements; the limited market for our common stock; the impact of general economic, industry, market or political conditions, including tariffs; dependence upon energy industry spending; changes in exploration and production spending by our customers and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers, particularly during extended periods of low prices for crude oil and natural gas; the volatility of oil and natural gas prices and markets; changes in economic conditions; surplus in the supply of oil and the ability of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to agree on and comply with supply limitations; the potential for contract delays; reductions or cancellations of service contracts; limited number of customers; credit risk related to our customers; reduced utilization; high fixed costs of operations and high capital requirements; industry competition; external factors affecting the Company's crews such as weather interruptions and inability to obtain land access rights of way; whether the Company enters into turnkey or day rate contracts; crew productivity; risks that the Company's cash reserves, liquidity or capital resources may be insufficient; risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions, the integration of any such acquisition candidates, the value of those acquisitions to our customers and shareholders, and the financing of such acquisitions; risks related to our indebtedness and compliance with covenants contained in our revolving credit note; the Company's ability to execute its business strategies and plans for growth; the failure to operationalize the new single node channels in a timely manner or at all; the risk that expected improvements in deployment of the new single node channels may not result in anticipated operational efficiencies or improved operating and financial performance; disruptions in the global economy, including the Russian-Ukrainian conflict, the U.S. and Iran conflict, and the unrest in the Middle East, export controls and financial and economic sanctions imposed on certain industry sectors and parties as a result of the developments and broader consequences of the Russian-Ukrainian conflict, the U.S. and Iran conflict, and the unrest in the Middle East related activities, and whether or not a future transaction or other action occurs that causes the Company to be delisted from Nasdaq and no longer be required to make filings with the Securities and Exchange Commission (the "SEC"). The cautionary statements made in this press release should be read as applying to all related forward-looking statements wherever they appear in this press release. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this paragraph. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise. View original content:https://www.prnewswire.com/news-releases/dawson-geophysical-reports-first-quarter-2026-results-302772812.html

MIDLAND, Texas, March 30, 2026 /PRNewswire/ -- 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 margin1[1] 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 Canadian operations to have a successful first quarter. Capital Budget and Liquidity In 2025, we generated $14.0 million in cash flows from our operations, and increased our cash balance to $4.9 million at December 31, 2025, compared to $1.4 million at December 31, 2024. In October 2025, we entered into a revolving credit facility with a maximum lender commitment amount of $5 million, a borrowing base of $4.9 million, and no balance outstanding at December 31, 2025. 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. The Company's Board of Directors approved a capital budget of $3 million for 2026, including the final payment under the single node channel purchase of $0.9 million, which was made in January 2026. 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 and Free-cash-flow, non-GAAP financial measures as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company defines adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual or non-recurring charges, such as strategic transaction costs2 or severance expenses. The Company defines Free-cash-flow as our operating cash flow, minus our investing cash flow. The Company uses Adjusted EBITDA and Free-cash-flow as a supplemental financial measure to assess: the financial performance of its assets without regard to financing methods, capital structures, taxes or historical cost basis; its operating performance over time in relation to other companies that own similar assets and that the Company believes calculate Adjusted EBITDA in a similar manner; and the ability of the Company's assets to generate cash sufficient for the Company to pay potential interest costs. The Company also understands that such data are used by investors to assess the Company's performance. However, the terms Adjusted EBITDA and Free-cash-flow are not defined under GAAP, and Adjusted EBITDA is not a measure of operating income or operating performance presented in accordance with GAAP. When assessing the Company's operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss), cash flow from operating activities or other cash flow data calculated in accordance with GAAP. In addition, the Company's Adjusted EBITDA or Free-cash-flow may not be comparable to Adjusted EBITDA or Free-cash-flow or similarly titled measures utilized by other companies since other companies may not calculate Adjusted EBITDA or Free-cash-flow in the same manner as the Company. Further, the results presented by Adjusted EBITDA or Free-cash-flow cannot be achieved without incurring the costs that the measure excludes: interest, taxes, and depreciation and amortization. A reconciliation of the Company's Adjusted EBITDA to its net loss is presented in the table following the text of this press release. Discussions with Controlling Stockholder As of December 31, 2025, Wilks Brothers, LLC ("Wilks") and its affiliates control approximately 80% of our common stock. We have been in discussion with Wilks and certain of its affiliates with respect to one or more transactions involving assets owned by Wilks and/or certain of its affiliates, which may include, among other things, asset contributions or sales, a business combination transaction or other similar transactions. In connection with these discussions, we incurred $528,000 in expenses in the fourth quarter of 2025, which is included in general and administrative expense in our consolidated statement of operations for the year ended December 31, 2025. There is no guarantee that we will enter into a definitive agreement with any such parties regarding any such transaction. The terms of any potential agreement between us and Wilks, and/or any of its affiliates, would be contingent on certain conditions, including completion of due diligence and the negotiation of definitive transaction documents. Our Board of Directors has formed a special committee of independent directors (the "Special Committee"), which has retained independent legal and financial advisors, to evaluate, negotiate and make recommendations to the Board regarding any such transaction with Wilks and/or its affiliates, including whether to pursue or decline to pursue any proposed transaction. Forward-Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that all statements other than statements of historical fact contained in this press release are forward-looking statements, including without limitation statements regarding our forecasts, estimates or other expectations regarding future events, operations or financial results, and regarding technological advancements and our financial position, business strategy, and plans and objectives of our management including statements under "Management Comment" for future operations; statements regarding our expectations regarding liquidity; statements regarding the anticipated benefits of our purchased single node channels; and statements regarding any potential transaction(s) with our controlling stockholder and any of its affiliates. In some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts" or "potential" or the negative of these terms or other similar expressions. Such forward‑looking statements are based on the beliefs of our management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward‑looking statements as a result of certain factors. These factors include, but are not limited to, risks relating to the Company's ability to execute its business strategies and plans for growth; the efficacy of the purchased single node channels; the failure to operationalize the acquired equipment in a timely manner or at all; risks associated with the Company's ability to finance the transaction contemplated by the Purchase Agreement; risks relating to any potential transaction(s) with our controlling stockholder and any of its affiliates, the impact on our stock price of such potential transaction(s), our ability to consummate any such transaction, and our ability to achieve the anticipated benefits of any such potential transaction(s); our status as a controlled public company, which exempts us from certain corporate governance requirements; the limited market for our common stock; the impact of general economic, industry, market or political conditions, including tariffs; dependence upon energy industry spending; changes in exploration and production spending by our customers and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers, particularly during extended periods of low prices for crude oil and natural gas; the volatility of oil and natural gas prices and markets; changes in economic conditions; surplus in the supply of oil and the ability of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to agree on and comply with supply limitations; the potential for contract delays; reductions or cancellations of service contracts; limited number of customers; credit risk related to our customers; reduced utilization; high fixed costs of operations and high capital requirements; industry competition; external factors affecting the Company's crews such as weather interruptions and inability to obtain land access rights of way; whether the Company enters into turnkey or day rate contracts; crew productivity; risks that the Company's cash reserves, liquidity or capital resources may be insufficient; risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions, the integration of any such acquisition candidates, the value of those acquisitions to our customers and shareholders, and the financing of such acquisitions; risks related to our indebtedness and compliance with covenants contained in our revolving credit note; the Company's ability to execute its business strategies and plans for growth; the failure to operationalize the new single node channels in a timely manner or at all; disruptions in the global economy, including the Russian-Ukrainian conflict, the U.S. and Iran conflict, and the unrest in the Middle East, export controls and financial and economic sanctions imposed on certain industry sectors and parties as a result of the developments and broader consequences of the Russian-Ukrainian conflict, the U.S. and Iran conflict, and the unrest in the Middle East related activities, and whether or not a future transaction or other action occurs that causes the Company to be delisted from Nasdaq and no longer be required to make filings with the Securities and Exchange Commission (the "SEC"). The cautionary statements made in this press release should be read as applying to all related forward‑looking statements wherever they appear in this press release. All subsequent written and oral forward‑looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this paragraph. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise. View original content:https://www.prnewswire.com/news-releases/dawson-geophysical-reports-fourth-quarter-and-year-end-2025-results-302729223.html

Q4 fee revenues rose 67% to $22.9 million and Dawson returned to quarterly profitability with net income of $0.6 million (EPS $0.02) and Adjusted EBITDA of $3.3 million; full-year 2025 fee revenues increased 16% to $61.9 million while adjusted EBITDA jumped 139% to $4.7 million and the net loss narrowed to $1.9 million. Dawson invested $24.2 million in new single-node channels (about 1 lb versus legacy ~10 lb) to boost operational efficiency and reduce field footprint, funded in part by $14 million of operating cash; year-end cash was $4.9 million with an unused $5 million revolver and a $3 million capex budget for 2026. Higher crew utilization (four U.S. crews and two in Canada in Q4, expanding in Canada into Q1 2026) drove improved margins, and the company is diversifying beyond oil & gas into carbon capture, geothermal and critical minerals, fueling increased bid activity. Interested in Dawson Geophysical Company? Here are five stocks we like better. Dawson Geophysical (NASDAQ:DWSN) reported higher fourth-quarter revenue and a return to quarterly profitability as increased crew utilization in the U.S. and Canada helped lift margins, while the company continued to invest in new single-node seismic equipment aimed at improving operational efficiency. For the fourth quarter ended Dec. 31, 2025, Dawson reported fee revenues of $22.9 million, up 67% from $13.8 million in the prior-year quarter, according to prepared remarks delivered on the company’s earnings call. → Coursera's Options Anomaly: A Big Bet on What's Next? The company posted net income of $0.6 million, or $0.02 per share, compared with a net loss of $0.8 million, or $0.03 per share, a year earlier. Adjusted EBITDA for the quarter was $3.3 million versus $0.9 million in the fourth quarter of 2024. For the year ended December 2025, Dawson reported fee revenues of $61.9 million, an increase of 16% from $53.5 million in 2024. → HP Inc. Stock Is Historically Cheap, but Can AI Change the Story? The company’s net loss for 2025 was $1.9 million, or $0.06 per share, compared with a net loss of $4.7 million, or $0.13 per share, in 2024. Adjusted EBITDA rose to $4.7 million from $2.0 million, a 139% increase year over year. President and CEO Tony Clark said the company generated $14 million in cash from operations during 2025 and reinvested a portion of that into new single-node channels “to increase our capacity and strengthen our foundation for profitability in our future.” → Unity Soars After Axing a Business, Here's Why Clark said Dawson purchased $24.2 million of new equipment, “primarily new single node channels,” with first delivery in August 2025. Due to customer demand, the company accelerated the delivery timeline through the fourth quarter and received the final delivery in January 2026. Clark highlighted the potential operational benefits of the newer equipment, noting the single-node channels weigh “approximately one pound compared to our legacy equipment, which weighs approximately 10 lbs.” He said Dawson believes the lighter weight equipment will improve efficiency. Discussing the evolution of the company’s service and technology in response to an analyst question, Clark pointed to the shift to single nodes as a major change, describing benefits that include mobilization and demobilization efficiency, a reduced field footprint, fewer personnel and equipment needs, and a lower health, safety and environmental exposure. He also referenced moving “from a 10 Hz phone to a 5 Hz phone” as part of the technology shift. Chief Financial Officer Ian Shaw said Dawson increased its cash balance to $4.9 million at year-end 2025 from $1.4 million at the end of 2024, supported by $14 million in operating cash flow during 2025. Shaw also noted that in October 2025 the company entered into a revolving credit facility with a maximum lender commitment of $5 million. As of Dec. 31, 2025, Dawson had a borrowing base of $4.9 million and “no balance outstanding on our revolver.” The board approved a $3 million capital budget for 2026, which included a final $0.9 million payment related to the single-node channel purchase that was made in January 2026, Shaw said. Clark said activity levels increased during the fourth quarter, with four crews operating in the lower 48 states and two crews operating in Canada. He said Dawson ran “one large channel crew and three smaller channel crews” in the U.S. during the quarter and into the first quarter of 2026. “High crew utilization in the fourth quarter results in healthy margins and profitability,” Clark said, adding that the company was seeing “an increase in utilization revenue in the first quarter of 2026.” In Canada, Dawson resumed operations in the fourth quarter of 2025 with two crews and entered the first quarter of 2026 with “three large channel count crews.” Clark said the company anticipated Canadian operations would have “a successful first quarter.” Clark also said Dawson expanded its customer base beyond traditional oil and gas work, including “more unconventional exploration such as carbon capture, geothermal, and critical rare earth minerals, as well as other uses of seismic acquisition capabilities.” He said the company was seeing increased bid activity in those areas as well as in oil and gas exploration. Addressing a question about whether conflict in the Middle East was influencing demand, Clark said Dawson had seen “an uptick for the last three quarters of increase in bid opportunities and utilization,” but added the company was “not sure that there's been a major uptick because of the war or the conflict.” He said exploration budgets were set the prior year with projects identified, and that if the conflict were resolved soon, he anticipated activity would remain consistent. Dawson Geophysical Company provides land-based seismic data acquisition services to the oil and gas industry. Through its subsidiaries, the company specializes in the design, deployment and operation of seismic crews that collect high-fidelity subsurface data. Its services support exploration and development programs by delivering two-dimensional (2D), three-dimensional (3D) and time-lapse (4D) seismic surveys that enable clients to make informed drilling and reservoir management decisions. The company's fleet includes vibratory and impulsive seismic sources, high-capacity source trucks, geophone sensor arrays and digital recording systems. The article "Dawson Geophysical Q4 Earnings Call Highlights" was originally published by MarketBeat.

Performance improvement was driven by high crew utilization in the fourth quarter, which resulted in healthy margins and a return to profitability. The company completed a strategic shift toward single-node channels, which weigh approximately 1 pound compared to legacy 10-pound equipment, significantly reducing operational footprints and personnel requirements. Management attributes a competitive advantage in securing larger seismic jobs to their high channel count, currently exceeding 180,000 channels of combined legacy and new equipment. Operational efficiency gains were complemented by a 9% reduction in general and administrative expenses during 2025 as part of a continuous cost-monitoring strategy. The customer base is being intentionally expanded beyond traditional oil and gas to include carbon capture, geothermal, and critical rare earth minerals exploration. Canadian operations resumed in Q4 2025 with two crews, scaling to three large channel count crews by the start of 2026 to capture seasonal demand. Management expects the trend of improving profitability metrics observed over the last two years to continue throughout 2026. The 2026 capital budget is set at $3 million, which includes the final $0.9 million payment for the single-node equipment purchase completed in January 2026. Utilization and revenue are expected to increase in the first quarter of 2026 based on early activity levels in both the Lower 48 and Canada. Strategic focus is shifting toward securing passive seismic monitoring projects, where management is currently seeing positive activity trends. Current bid activity levels are anticipated to remain consistent even if geopolitical conflicts resolve, as most customer budgets were established in the prior year. The company significantly improved its liquidity position, increasing its cash balance to $4.9 million at year-end 2025 from $1.4 million in 2024. A new $5 million revolving credit facility was established in October 2025 to provide additional financial flexibility, though it remained undrawn at year-end. The company invested $24.2 million in new equipment during 2025, funded in part by $14 million in cash generated from operations. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management highlighted the transition from 10-pound legacy nodes to 1-pound single nodes as the primary technological advancement. The new equipment utilizes 5-hertz phones, down from 10-hertz, providing higher technology acquisition capabilities while reducing HSE risks and mobilization costs. Management noted that while bid opportunities have increased over the last three quarters, they do not attribute this directly to recent geopolitical conflicts. Current activity is largely driven by exploration budgets and projects identified in the previous year rather than immediate reactions to global events. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

MIDLAND, Texas, Nov. 12, 2025 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its third quarter ended September 30, 2025. Management Comment Tony Clark, Dawson's President and CEO, commented, "We received our first delivery of our new single node channels in mid-August and immediately deployed the new equipment on a small channel crew with promising results. Due to the high demand from our customers for this equipment, we have accelerated our delivery timeline and received two additional equipment deliveries, at the end of September and October. We expect that the increase in our channel count will allow us to continue to improve our top-line results as we continue to utilize our legacy equipment and deploy our new equipment. Currently we have over 180,000 channels of legacy and new equipment available to service the industry, and we are increasing our efforts on passive seismic monitoring with positive activity. Our Canadian segment acquired several passive monitoring surveys in the third quarter while preparing for a robust winter season. We are incorporating the new single node channels in this market, with positive feedback from our customers. Overall, we saw the potential that this new equipment can have in terms of our competitive position in the market, and our financial results. We expect to capitalize on that potential with our first large channel crew deployment of the single node channels in the fourth quarter." Third Quarter and Year-to-Date Results For the third quarter ended September 30, 2025, the Company reported fee revenues of $14.9 million, an increase of 220% compared to $4.7 million for the comparable quarter ended September 30, 2024. Total revenue included reimbursable revenue of $7.8 million and $9.8 million for the quarters ended September 30, 2025, and September 30, 2024, respectively. Gross margin1 for the quarter ended September 30, 2025, was 15% compared to negative 37% for the comparable quarter ended September 30, 2024, due to the increase in fee revenue and improved efficiencies in our operations. We incurred a net loss of $1.2 million or $0.04 per common share compared to a net loss of $5.6 million or $0.18 per common share for the quarter ended September 30, 2024. During the quarter ended September 30, 2025, we generated EBITDA of $0.2 million, compared to negative EBITDA of $4.3 million in the quarter ended September 30, 2024. Year-to-date, we incurred a net loss of $2.5 million or $0.08 per common share in 2025 compared to a net loss of $3.3 million or $0.11 per common share in 2024. We generated EBITDA of $1.4 million in the nine months ended September 30, 2025, compared to EBITDA of $0.9 million in the nine months ended September 30, 2024. Operations Update In the United States, we continued to operate one large channel crew throughout the third quarter utilizing our legacy channels. That crew is scheduled to complete that job in mid-November and immediately start another large channel job, utilizing the new single node channels, scheduled to end in April. Our seasonal operations in Canada resumed in October, and we expect them to ramp up into another successful season. We have multiple small channel crew jobs contracted in the fourth quarter in the United States and Canada and expect our revenue to continue to increase quarter-over-quarter. Capital Budget and Liquidity Year-to-date, we have generated $11.9 million in cash flows from our operations, and increased our cash balance to $5.1 million at September 30, 2025, compared to $1.4 million at December 31, 2024. In October 2025, we entered into a revolving credit facility with a maximum lender commitment amount of $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. Carbon Capture Utilization and Storage ("CCUS") seismic monitoring continues to grow and be an intricate part of our business. Dawson has acquired several CCUS base surveys and plan to acquire more in the future. 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 EBITDA, a non-GAAP financial measure as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company defines EBITDA as net income (loss) plus interest expense, interest income, income taxes, depreciation and amortization expense. The Company uses EBITDA, further adjusted for other unusual items (Adjusted EBITDA), when applicable, as a supplemental financial measure to assess: the financial performance of its assets without regard to financing methods, capital structures, taxes or historical cost basis; our operating performance over time in relation to other companies that own similar assets and that we believe calculate EBITDA in a similar manner; and the ability of the Company's assets to generate cash sufficient for the Company to pay potential interest costs. The Company also understands that such data are used by investors to assess our performance. However, the term EBITDA is not defined under generally accepted accounting principles ("GAAP"), and EBITDA is not a measure of operating income or operating performance presented in accordance with GAAP. When assessing the Company's operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss), cash flow from operating activities or other cash flow data calculated in accordance with GAAP. In addition, the Company's EBITDA may not be comparable to EBITDA or similarly titled measures utilized by other companies since other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization, and other unusual items. For the three and nine months ended September 30, 2025, and 2024, there were no unusual items and therefore Adjusted EBITDA and EBITDA were equal, and only EBITDA is presented in the tables following the text of this press release. Forward-Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company's actual results of operations. Forward-looking statements generally relate to future events or the Company's future financial or operating performance and may be identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. Such statements include, but are not limited to, statements about the Company's future financial or operating performance, statements of the Company's position in the marketplace; statements about the Company's growth potential and strategies for growth; statements about the Company's ability to realize the benefits expected from the new single node channels; and any indication that the Company may be able to sustain or increase its sales, earnings or earnings per share, or its sales, earnings or earnings per share growth rates. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors. These risks include, but are not limited to, the Company's status as a controlled public company, which exempts the Company from certain corporate governance requirements; the limited market for the Company's shares, which could result in the delisting of the Company's shares from Nasdaq and the Company no longer being required to make filings with the U.S. Securities and Exchange Commission (the "SEC"); the impact of general economic, industry, market or political conditions; dependence upon energy industry spending; changes in exploration and production spending by our customers and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers, particularly during extended periods of low prices for crude oil and natural gas; the volatility of oil and natural gas prices; changes in economic conditions; surplus in the supply of oil and the ability of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+ to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; the potential for contract delays; reductions or cancellations of service contracts; limited number of customers; credit risk related to our customers; reduced utilization; high fixed costs of operations and high capital requirements; industry competition; external factors affecting the Company's crews such as weather interruptions and inability to obtain land access rights of way; whether the Company enters into turnkey or day rate contracts; crew productivity; risks that the Company's cash reserves, liquidity or capital resources may be insufficient; risks related to our indebtedness and compliance with covenants contained in our revolving credit facility; the Company's ability to execute its business strategies and plans for growth; the failure to operationalize the new single node channels in a timely manner or at all; disruptions in the global economy, including export controls and financial and economic sanctions imposed on certain industry sectors and parties as a result of the developments in Ukraine and related activities, and whether or not a future transaction or other action occurs that causes the Company to be delisted from Nasdaq and no longer be required to make filings with the SEC. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Annual Report on Form 10-K that was filed with the SEC on April 2, 2025. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise. View original content:https://www.prnewswire.com/news-releases/dawson-geophysical-reports-third-quarter-2025-results-302613559.html