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DWSN

Dawson Geophysical Company

DWSN

Dawson Geophysical Company • NASDAQ
$1.96 ▼ -1.01% (-0.02)
Market Cap $60.72 M
52w High $5.54
52w Low $1.08
Dividend Yield 0%
P/E -19.6
Volume 34.11K
Outstanding Shares 30.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.746M ▲ $2.11M ▼ $-1.153M ▲ -5.069% ▲ $-0.036 ▲ $545K ▲
Q2-2025 $9.851M ▼ $11.048M ▼ $-2.349M ▼ -23.845% ▼ $-0.076 ▼ $-1.124M ▼
Q1-2025 $16.078M ▲ $13.773M ▲ $992K ▲ 6.17% ▲ $0.032 ▲ $2.342M ▲
Q4-2024 $15.637M ▲ $-48.073M ▼ $-802K ▲ -5.129% ▲ $-0.026 ▲ $561K ▲
Q3-2024 $14.421M $3.917M $-5.617M -38.95% $-0.18 $-4.229M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.081M ▼ $40.575M ▼ $25.386M ▼ $15.189M ▼
Q2-2025 $16.228M ▲ $45.684M ▲ $29.271M ▲ $16.413M ▼
Q1-2025 $2.665M ▲ $33.277M ▲ $14.99M ▲ $18.287M ▲
Q4-2024 $1.385M ▼ $30.87M ▲ $13.589M ▲ $17.281M ▼
Q3-2024 $6.98M $30.181M $11.937M $18.244M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.153M ▲ $-4.736M ▼ $-5.419M ▼ $-954K ▼ $-11.147M ▼ $-10.17M ▼
Q2-2025 $-2.349M ▼ $14.875M ▲ $-490K ▼ $-866K ▼ $13.563M ▲ $14.192M ▲
Q1-2025 $992K ▲ $1.752M ▲ $185K ▲ $-631K ▼ $1.28M ▲ $1.752M ▲
Q4-2024 $-802K ▲ $-5.425M ▼ $175K ▼ $-213K ▲ $-5.595M ▼ $-5.733M ▼
Q3-2024 $-5.617M $-4.231M $344K $-297K $-4.178M $-4.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fee Revenue
Fee Revenue
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Reimbursable Revenue
Reimbursable Revenue
 $0 ▲$0 ▲$0 ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been small and choppy over the last five years, but it has generally improved from the worst of the downturn. Gross profit is positive, yet very thin, which means there isn’t much buffer if activity slows or costs rise. Operating results have moved from clear losses toward roughly break-even more recently, showing progress but not yet a comfortable level of profitability. Net income and earnings per share are still negative, though the losses have narrowed meaningfully compared with prior years. Overall, the income statement tells a story of a business climbing out of a deep slump but still operating on a tight margin of safety.

Balance Sheet

Balance Sheet The balance sheet is modest in size and has gradually shrunk, with total assets and cash balances both lower than several years ago. Equity has also declined over time, reflecting the accumulated losses, but the company still maintains a positive equity base. Debt is present but not overwhelming, suggesting some financial flexibility, yet not a large cushion. In simple terms, Dawson looks relatively lightly leveraged but also comparatively lean, with less room for prolonged weakness than a larger, better-capitalized peer.

Cash Flow

Cash Flow Cash generation has been fragile. Operating cash flow was negative during the tougher years and has only recently edged up toward breakeven. Free cash flow has followed the same pattern, helped by very low capital spending, which limits cash outflows but also signals limited reinvestment capacity from internal funds. The company is not burning cash at past rates, but it is not yet consistently producing strong, dependable cash inflows either. This puts a premium on maintaining contract volume and cost discipline.

Competitive Edge

Competitive Edge Dawson competes in a niche, cyclical corner of the energy services market, where demand depends heavily on exploration spending and broader oil and gas conditions. Its strengths lie in a long operating history, a sizable fleet of modern seismic equipment, and deep experience in North American onshore basins. This scale and specialization make it harder for smaller newcomers to match its capabilities on large, complex projects. However, the overall seismic market is competitive, project-based, and sensitive to budget swings, which can pressure pricing and utilization. Dawson’s edge seems more about execution quality, relationships, and equipment scale than about an unassailable market position.

Innovation and R&D

Innovation and R&D The company has leaned on technology as a key differentiator rather than on heavy formal R&D spending. Its investment in ultralight land nodes and other advanced seismic tools aims to deliver higher-resolution data, faster deployment, and a smaller environmental footprint. Dawson has a track record of adopting new seismic technologies early and offering multi-component surveys and full-service solutions from planning to interpretation. A notable strategic move is its growing focus on carbon capture and storage work, where seismic monitoring is essential. This gives Dawson a foothold in an emerging, potentially longer-term growth area that is less tied purely to traditional oil and gas exploration cycles.

Summary

Dawson Geophysical is a specialized seismic services provider emerging from a multi-year downturn with improving but still fragile financials. Revenue and profitability have recovered from prior lows, yet margins remain thin and the balance sheet, while not heavily indebted, is relatively small and less forgiving of extended weakness. Cash flows are stabilizing but not yet robust, leaving little room for major missteps. Competitively, Dawson’s strength is its scale of equipment, long experience, and technology-forward approach in North American land markets. Its push into carbon capture–related projects and ongoing investment in advanced seismic nodes highlight a willingness to adapt and innovate. Overall, the company appears to be in transition: moving from survival and restructuring toward selective growth, but still exposed to industry cycles and dependent on continued operational discipline and contract wins.

NEWS

November 12, 2025 · 4:05 PM UTC

DAWSON GEOPHYSICAL REPORTS THIRD QUARTER 2025 RESULTS

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