Dawson Geophysical Co 10-Q for FY2025 Q3

About this 10-Q

Headline figures

Dawson Geophysical Co (DWSN)

10-Q 2025-11-13 For: 2025-09-30

Added on April 10, 2026

Dawson Geophysical Co filed this 10-Q on November 13, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

September 30, 2025

December 31, 2024

Notes payable to finance company for insurance

Aggregate principal amount outstanding

Interest rates range from 6.35% to 9.47%

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $22.75M; up 57.7% from $14.42M a year earlier
Net loss: $1.15M; compared with a net loss of $5.62M a year earlier
Diluted EPS: -$0.04; compared with -$0.18 a year earlier

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Texas		74-2095844
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


Title of Each Class	Name of Exchange on Which Registered	Trading Symbol
Common Stock, $0.01 par value	The NASDAQ Stock Market	DWSN


Accelerated filer ☐	Large accelerated filer ◻	Smaller reporting company ☒

Non-accelerated filer ⌧	Emerging growth company ☐


Title of Each Class		Outstanding at November 10, 2025
Common Stock, $0.01 par value		31,047,801 shares

		Page Number
Part I. FINANCIAL INFORMATION		3
Item 1. Financial Statements		3
Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024 (unaudited)		3
Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)		4
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (unaudited)		5
Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)		6
Notes to Condensed Consolidated Financial Statements (unaudited)		7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3. Quantitative and Qualitative Disclosures about Market Risk		23
Item 4. Controls and Procedures		23
Part II. OTHER INFORMATION		24
Item 1. Legal Proceedings		24
Item 1A. Risk Factors		24
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		24
Item 3. Defaults Upon Senior Securities		24
Item 4. Mine Safety Disclosures		24
Item 5. Other Information		24
Item 6. Exhibits		25
Signatures		26


	September 30,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	5,081	$	1,385
Accounts receivable, net		2,171		9,970
Prepaid expenses and other current assets		5,934		3,186
Total current assets		13,186		14,541

Property and equipment		250,374		238,064
Less accumulated depreciation		(226,553)		(225,085)
Property and equipment, net		23,821		12,979

Operating lease right-of-use assets		3,209		3,002

Intangibles, net		359		348

Total assets	$	40,575	$	30,870

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	5,698	$	3,381
Accrued liabilities:
Payroll costs and other taxes		1,403		2,014
Other		1,052		830
Deferred revenue		3,709		1,570
Current maturities of notes payable and finance leases		3,598		1,010
Current maturities of operating lease liabilities		1,075		1,125
Total current liabilities		16,535		9,930

Long-term liabilities:
Notes payable and finance leases, net of current maturities		6,545		1,512
Operating lease liabilities, net of current maturities		2,290		2,131
Deferred tax liabilities, net		16		16
Total long-term liabilities		8,851		3,659

Commitments and contingencies (Note 8)

Stockholders’ equity:
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,
31,047,801 and 30,983,437 shares issued and outstanding at September 30, 2025
and December 31, 2024, respectively		310		310
Additional paid-in capital		157,115		157,073
Accumulated deficit		(140,129)		(137,619)
Accumulated other comprehensive loss, net		(2,107)		(2,483)
Total stockholders’ equity		15,189		17,281

Total liabilities and stockholders’ equity	$	40,575	$	30,870


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating revenues:
Fee Revenue	$	14,942	$	4,663	$	38,936	$	39,727
Reimbursable Revenue		7,804		9,758		9,739		18,790
		22,746		14,421		48,675		58,517
Operating costs:
Operating expenses
Fee operating expenses		12,655		6,393		31,216		31,712
Reimbursable operating expenses		7,804		9,758		9,739		18,790
Total operating expenses		20,459		16,151		40,955		50,502
General and administrative		2,110		2,630		6,435		7,347
Depreciation and amortization		1,349		1,388		3,794		4,383
		23,918		20,169		51,184		62,232

Loss from operations		(1,172)		(5,748)		(2,509)		(3,715)

Other income (expense):
Interest income		59		72		98		290
Interest expense		(71)		(35)		(205)		(120)
Other income (expense), net		41		59		112		264

Loss before income tax		(1,143)		(5,652)		(2,504)		(3,281)

Income tax (expense) benefit		(10)		35		(6)		(36)

Net loss		(1,153)		(5,617)		(2,510)		(3,317)

Other comprehensive income (loss):
Net unrealized (loss) income on foreign exchange rate translation		(71)		29		376		(241)

Comprehensive loss	$	(1,224)	$	(5,588)	$	(2,134)	$	(3,558)

Basic loss per share of common stock	$	(0.04)	$	(0.18)	$	(0.08)	$	(0.11)

Diluted loss per share of common stock	$	(0.04)	$	(0.18)	$	(0.08)	$	(0.11)

Weighted average equivalent common shares outstanding		31,047,801		30,906,777		31,006,304		30,845,076

Weighted average equivalent common shares outstanding - assuming dilution		31,047,801		30,906,777		31,006,304		30,845,076


								Accumulated
	Common Stock			Additional				Other
	Number			Paid-in		Accumulated		Comprehensive
	Of Shares	Amount		Capital		Deficit		Loss		Total
Balance January 1, 2025	30,983,437	$	310	$	157,073	$	(137,619)	$	(2,483)	$	17,281
Net income			—		—		992		—		992
Unrealized loss on foreign exchange rate translation			—		—		—		(30)		(30)
Stock-based compensation expense			—		44		—		—		44
Issuance of common stock as compensation	1,050		—		—		—		—		—
Shares exchanged for taxes on stock-based compensation	(325)		—		—		—		—		—
Balance March 31, 2025	30,984,162	$	310	$	157,117	$	(136,627)	$	(2,513)	$	18,287
Net loss							(2,349)				(2,349)
Unrealized income on foreign exchange rate translation									477		477
Stock-based compensation expense					43						43
Issuance of common stock as compensation	91,100		—		—						—
Shares exchanged for taxes on stock-based compensation	(27,461)		—		(45)						(45)
Balance June 30, 2025	31,047,801	$	310	$	157,115	$	(138,976)	$	(2,036)	$	16,413
Net loss							(1,153)				(1,153)
Unrealized loss on foreign exchange rate translation									(71)		(71)
Balance September 30, 2025	31,047,801	$	310	$	157,115	$	(140,129)	$	(2,107)	$	15,189


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	14,776	$	166	$	14,942	$	25,906	$	13,030	$	38,936
Reimbursable revenue		7,803		1		7,804		9,489		250		9,739
		22,579		167		22,746		35,395		13,280		48,675

Operating costs:
Fee operating expenses		11,729		926		12,655		23,086		8,130		31,216
Reimbursable operating expenses		7,803		1		7,804		9,489		250		9,739
Operating expenses		19,532		927		20,459		32,575		8,380		40,955
General and administrative		1,839		271		2,110		5,392		1,043		6,435
Depreciation and amortization		1,160		189		1,349		3,218		576		3,794
		22,531		1,387		23,918		41,185		9,999		51,184

Income (loss) from operations		48		(1,220)		(1,172)		(5,790)		3,281		(2,509)

Other income (expense):
Interest income		49		10		59		75		23		98
Interest expense		(60)		(11)		(71)		(169)		(36)		(205)
Other income (expense), net		33		8		41		107		5		112
Income (loss) before income tax		70		(1,213)		(1,143)		(5,777)		3,273		(2,504)
Income tax expense		(10)		—		(10)		(6)		—		(6)
Net income (loss)	$	60	$	(1,213)	$	(1,153)	$	(5,783)	$	3,273	$	(2,510)
Other Comprehensive income (loss):
Net unrealized (loss) income on foreign exchange rate translation		-		(71)		(71)		-		376		376
Comprehensive income (loss)	$	60	$	(1,284)	$	(1,224)	$	(5,783)	$	3,649	$	(2,134)

EBITDA	$	1,241	$	(1,023)	$	218	$	(2,465)	$	3,862	$	1,397


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	4,652	$	11	$	4,663	$	31,260	$	8,467	$	39,727
Reimbursable revenue		9,758		—		9,758		18,753		37		18,790
		14,410		11		14,421		50,013		8,504		58,517

Operating costs:
Fee operating expenses		5,652		741		6,393		26,193		5,519		31,712
Reimbursable operating expenses		9,758		—		9,758		18,753		37		18,790
Operating expenses		15,410		741		16,151		44,946		5,556		50,502
General and administrative		2,405		225		2,630		6,416		931		7,347
Depreciation and amortization		1,144		244		1,388		3,611		772		4,383
		18,959		1,210		20,169		54,973		7,259		62,232

(Loss) income from operations		(4,549)		(1,199)		(5,748)		(4,960)		1,245		(3,715)

Other income (expense):
Interest income		58		14		72		246		44		290
Interest expense		(24)		(11)		(35)		(89)		(31)		(120)
Other income (expense), net		57		2		59		287		(23)		264
(Loss) income before income tax		(4,458)		(1,194)		(5,652)		(4,516)		1,235		(3,281)
Income tax benefit (expense)		35		—		35		(36)		—		(36)
Net (loss) income	$	(4,423)	$	(1,194)	$	(5,617)	$	(4,552)	$	1,235	$	(3,317)
Other Comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		—		29		29		—		(241)		(241)
Comprehensive (loss) income	$	(4,423)	$	(1,165)	$	(5,588)	$	(4,552)	$	994	$	(3,558)

EBITDA	$	(3,348)	$	(953)	$	(4,301)	$	(1,062)	$	1,994	$	932


	Three Months Ended September 30,
	2025 US		2025 CA		2025 Consol.		2024 US		2024 CA		2024 Consol.
Net income (loss)	$	60	$	(1,213)	$	(1,153)	$	(4,423)	$	(1,194)	$	(5,617)
Depreciation and amortization		1,160		189		1,349		1,144		244		1,388
Interest expense (income), net		11		1		12		(34)		(3)		(37)
Income tax expense (benefit)		10		—		10		(35)		—		(35)
EBITDA	$	1,241	$	(1,023)	$	218	$	(3,348)	$	(953)	$	(4,301)


October 2025 - September 2026	$	1,086
October 2026 - September 2027		869
October 2027 - September 2028		418
October 2028 - September 2029		111
October 2029 - September 2030		—
Obligations under finance leases	$	2,484


	Operating Leases		Finance Leases
October 2025 - September 2026	$	1,247	$	1,207
October 2026 - September 2027		969		928
October 2027 - September 2028		661		436
October 2028 - September 2029		632		113
October 2029 - September 2030		244		—
Thereafter		—		—
Total payments under lease agreements		3,753		2,684

Less imputed interest		(388)		(200)

Total lease liabilities	$	3,365	$	2,484


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net loss	$	(2,510)	$	(3,317)

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		3,794		4,383
Non-cash operating lease cost		738		851
Non-cash compensation		87		304
Bad debt expense		177		—
Gain on disposal of assets		(382)		(264)
Other		11		1
Change in operating assets and liabilities:
Decrease in accounts receivable		8,023		9,828
(Increase) decrease in prepaid expenses and other assets		(996)		5,240
Increase (decrease) in accounts payable		2,073		(233)
Decrease in accrued liabilities		(427)		(1,166)
Decrease in operating lease liabilities		(836)		(930)
Increase (decrease) in deferred revenue		2,139		(11,138)

Net cash provided by operating activities		11,891		3,559

Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below		(6,117)		(1,557)
Proceeds from disposal of assets		393		382
Proceeds from maturity of short-term investments		—		265

Net cash used in investing activities		(5,724)		(910)

Cash flows from financing activities:
Principal payments on notes payable		(1,795)		(911)
Principal payments on finance leases		(611)		(503)
Tax withholdings related to stock based compensation awards		(45)		(76)
Dividends paid		—		(9,860)

Net cash used in financing activities		(2,451)		(11,350)

Effect of exchange rate changes on cash and cash equivalents and restricted cash		(20)		(91)


	September 30,		September 30,
	2025		2024
Capital Expenditures
United States	$	14,170	$	1,120
Canada		405		1,205
Total Capital Expenditures	$	14,575	$	2,325


Number		Exhibit

3.1		Amended and Restated Certificate of Formation, dated February 9, 2015, filed as Exhibit 3.1 to the Company’s Annual Report on Form 10-K, filed on March 16, 2015, and incorporated herein by reference.

3.2		Certificate of Amendment to Amended and Restated Certificate of Formation, dated February 11, 2015, filed as Exhibit 3.1 to the Company’s Annual Report on Form 10-K, filed on March 16, 2015, and incorporated herein by reference.

3.3		Certificate of Amendment to Amended and Restated Certificate of Formation, dated December 1, 2023, filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on December 1, 2023, and incorporated herein by reference.

3.3		Second Amended and Restated Bylaws, dated December 1, 2023, filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on December 1, 2023, and incorporated herein by reference.

31.1*		Certification of Chief Executive Officer of Dawson Geophysical Company pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.2*		Certification of Chief Financial Officer of Dawson Geophysical Company pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

32.1**		Certification of Chief Executive Officer of Dawson Geophysical Company pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.

32.2**		Certification of Chief Financial Officer of Dawson Geophysical Company pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.

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	DAWSON GEOPHYSICAL COMPANY

DATE: November 13, 2025	By:	/s/ William A. Clark
		William A. Clark
		President and Chief Executive Officer


DATE: November 13, 2025	By:	/s/ Ian Shaw
		Ian Shaw
		Chief Financial Officer


Dated: November 13, 2025

	/s/ William A. Clark
	William A. Clark
	President and Chief Executive Officer
	(principal executive officer)