DAWSON GEOPHYSICAL CO

Listed Company

DWSNCIK 0000799165NasdaqNon-AcceleratedSmaller ReportingOil & Gas Field Exploration ServicesTexasFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-1.94M

Total Assets

—

Equity

—

Shares Out

31.05M

Op. Cash Flow

$13.98M

Business

DAWSON GEOPHYSICAL CO provides onshore seismic data acquisition services across North America for oil and natural gas exploration, development, multi-client data libraries, and carbon capture and sequestration projects. It acquires and processes 2-D, 3-D, multi-component and microseismic data using vibrator and explosive energy sources, cableless and single point node recording systems, and associated data transmission and delivery services. The company operates through two reportable segments—U.S. operations and Canada operations—deploying multiple crews and specialized equipment. It markets services directly to oil and gas companies, multi-client library providers and related industries through direct sales and project-based contracts.

Summary from filing dated 2025-04-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	76	74	97	52	25
Total operating expenses	63	63	87	47	—
General and administrative	9	10	13	15	12
Depreciation and amortization	6	6	8	12	13
Total operating costs	77	79	110	74	54
Loss from operations	−2	−5	−13	−22	−29
Interest income	117,000	308,000	576,000	317,000	220,000
Interest expense	−536,000	−159,000	−103,000	—	—
Other income, net	148,000	288,000	354,000	411,000	−86,000
Loss before income tax	−2	−4	−12	−19	−29
Income tax expense	−6,000	−7,000	96,000	−107,000	26,000
Net loss	−2	−4	−12	−19	−29
Net unrealized income (loss) on foreign exchange rate translation	386,000	−571,000	161,000	−1	190,000
Comprehensive loss	−2	−5	−12	−20	−29
Basic loss per share of common stock (in dollars per share)	−0.06	−0.13	−0.45	−0.75	−1.23
Diluted loss per share of common stock (in dollars per share)	−0.06	−0.13	−0.45	−0.75	−1.23
Weighted average equivalent common shares outstanding (in shares)	31	31	27	25	24
Weighted average equivalent common shares outstanding - assuming dilution (in shares)	31	31	27	25	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5	1	11	19	25
Short-term investments	370,000	0	265,000	265,000	265,000
Accounts receivable, net of allowance for credit losses of $250 at December 31, 2025 and 2024	9	10	13	8	9
Prepaid expenses and other current assets	7	3	9	9	3
Total current assets	22	15	37	44	43
Property and equipment	254	238	242	255	253
Less accumulated depreciation	−223	−225	−225	−234	−227
Property and equipment, net	31	13	17	20	26
Operating lease right-of-use assets	3	3	3	4	4
Intangibles, net	364,000	348,000	377,000	369,000	395,000
Total assets	56	31	58	69	74
Accounts payable	10	3	4	4	3
Payroll costs and other taxes	1	2	3	2	1
Other	994,000	830,000	709,000	1	1
Deferred revenue	7	2	12	7	1
Current maturities of notes payable and finance leases	6	1	1	275,000	302,000
Current maturities of operating lease liabilities	1	1	1	1	961,000
Total current liabilities	27	10	22	16	8
Notes payable and finance leases, net of current maturities	11	2	1	207,000	8,000
Operating lease liabilities, net of current maturities	2	2	2	3	4
Deferred tax liabilities, net	17,000	16,000	15,000	137,000	20,000
Total liabilities	40	14	—	—	—
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding	—	—	—	—	—
Common stock-par value $0.01 per share; 35,000,000 shares authorized, 31,052,840 and 30,983,437 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	311,000	310,000	308,000	238,000	237,000
Additional paid-in capital	157	157	157	155	155
Accumulated deficit	−140	−138	−124	−112	−92
Accumulated other comprehensive loss, net	−2	−2	−2	−2	−1
Total stockholders' equity	16	17	31	49	62
Total liabilities and stockholders' equity	56	31	58	69	74

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−2	−4	−12	−19	−29
Non-cash operating lease cost	925,000	1	1	998,000	1
Non-cash compensation	130,000	473,000	—	413,000	479,000
Deferred income tax expense	—	1,000	—	—	—
Bad debt expense	177,000	—	68,000	—	—
Gain on disposal of assets	−439,000	−409,000	−23,000	551,000	−198,000
Other	11,000	−11,000	—	−18,000	−278,000
Decrease in accounts receivable	830,000	3	−6	3	−1
(Increase) decrease in prepaid expenses and other assets	−2	6	2	−4	1
Increase (decrease) in accounts payable	6	−128,000	138,000	802,000	983,000
Decrease in accrued liabilities	−422,000	−1	906,000	705,000	−453,000
Decrease in operating lease liabilities	−1	−1	−1	−1	−1
Increase (decrease) in deferred revenue	6	−10	4	5	−435,000
Net cash provided by (used in) operating activities	14	−2	814,000	−3	−16
Capital expenditures, net of non-cash capital expenditures summarized below	−7	−2	−4	−1	−505,000
Proceeds from disposal of assets	468,000	533,000	217,000	340,000	451,000
Proceeds from insurance claim	—	332,000	—	—	—
Proceeds from maturity of short-term investments	—	265,000	—	—	318,000
Acquisition of short-term investments	−370,000	—	−1	—	—
Net cash used in investing activities	−7	−735,000	−5	−1	264,000
Principal payments on notes payable	−3	−947,000	−896,000	−1	−562,000
Principal payments on finance leases	−934,000	−680,000	−253,000	−47,000	−55,000
Borrowings on line of credit (related party)	4	—	—	—	—
Repayments on line of credit (related party)	−4	—	—	—	—
Tax withholdings related to stock based compensation awards	−48,000	−76,000	—	−79,000	−75,000
Other	−35,000	—	—	—	—
Dividends paid	—	−10	—	—	—
Net cash used in financing activities	−4	−12	−4	−2	95,000
Effect of exchange rate changes on cash and cash equivalents and restricted cash	−39,000	−223,000	63,000	−265,000	112,000
Net increase (decrease) in cash and cash equivalents and restricted cash	4	−14	−8	−7	−16
Cash paid for interest	429,000	159,000	98,000	31,000	20,000
Cash paid for income taxes	9,000	59,000	—	—	81,000
Cash received for income taxes	70,000	17,000	9,000	7,000	21,000
Increase (decrease) in accrued purchases of property and equipment	—	−332,000	−272,000	605,000	—
Finance leases incurred	1	1	2	279,000	—
Increase in right-of-use assets and operating lease liabilities	909,000	977,000	283,000	598,000	1,000
Financed equipment purchases	15	—	—	—	—
Financed insurance premiums	2	204,000	2	1	—

Filings

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