Dawson Geophysical Co 10-Q for FY2026 Q2

About this 10-Q

Headline figures

Dawson Geophysical Co (DWSN)

10-Q 2026-08-14 For: 2026-06-30

Added on August 14, 2026

Dawson Geophysical Co filed this 10-Q on August 14, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

July 2026 - June 2027

July 2027 - June 2028

July 2028 - June 2029

Obligations under notes payable

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $17.91M; up 81.8% from $9.85M a year earlier
Net loss: $3.44M; compared with a net loss of $2.35M a year earlier
Diluted EPS: -$0.11; compared with -$0.08 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 August 12, 2026
Common Stock, $0.01 par value		31,055,618 shares

		Page Number
Part I. FINANCIAL INFORMATION		3
Item 1. Financial Statements		3
Condensed Consolidated Balance Sheets at June 30, 2026 and December 31, 2025 (unaudited)		3
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)		4
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited)		5
Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)		6
Notes to Condensed Consolidated Financial Statements (unaudited)		7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		16
Item 3. Quantitative and Qualitative Disclosures about Market Risk		22
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


		June 30,		December 31,
		2026		2025
Assets
Current assets:
Cash and cash equivalents		$	5,755	$	4,907
Short-term investments			370		370
Accounts receivable, net			7,317		9,389
Prepaid expenses and other current assets			7,077		7,169
Total current assets			20,519		21,835

Property and equipment			253,096		254,017
Less accumulated depreciation			(221,372)		(223,242)
Property and equipment, net			31,724		30,775

Operating lease right-of-use assets			2,729		3,036

Intangibles, net			352		364

Total assets		$	55,324	$	56,010

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	7,040	$	9,578
Accrued liabilities:
Payroll costs and other taxes			1,660		1,474
Other			1,183		994
Deferred revenue			5,341		7,477
Current maturities of notes payable and finance leases			7,255		6,232
Current maturities of operating lease liabilities			981		1,082
Total current liabilities			23,460		26,837

Long-term liabilities:
Notes payable and finance leases, net of current maturities			10,135		11,324
Operating lease liabilities, net of current maturities			1,675		2,024
Deferred tax liabilities, net			17		17
Total liabilities			35,287		40,202

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,
31,055,618 and 31,052,840 shares issued and outstanding at June 30, 2026
and December 31, 2025, respectively			311		311
Additional paid-in capital			157,263		157,154
Accumulated deficit			(135,339)		(139,560)
Accumulated other comprehensive loss, net			(2,198)		(2,097)
Total stockholders’ equity			20,037		15,808

Total liabilities and stockholders’ equity		$	55,324	$	56,010


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Operating revenues:
Fee Revenue	$	14,006		$	8,735		$	46,514		$	23,994
Reimbursable Revenue		3,906			1,116			8,097			1,935
		17,912			9,851			54,611			25,929
Operating costs:
Operating expenses
Fee operating expenses		11,398			7,601			30,828			18,561
Reimbursable operating expenses		3,906			1,116			8,097			1,935
Total operating expenses		15,304			8,717			38,925			20,496
General and administrative		3,652			2,331			6,593			4,325
Depreciation and amortization		1,985			1,174			3,982			2,445
		20,941			12,222			49,500			27,266

(Loss) income from operations		(3,029)			(2,371)			5,111			(1,337)

Other income (expense):
Interest income		32			35			41			39
Interest expense, including related party		(426)			(58)			(927)			(134)
Other (expense) income, net		(2)			38			21			71

(Loss) income before income tax		(3,425)			(2,356)			4,246			(1,361)

Income tax (expense) benefit		(15)			7			(25)			4

Net (loss) income		(3,440)			(2,349)			4,221			(1,357)

Other comprehensive income (loss):
Net unrealized income (loss) on foreign currency translation		85			477			(101)			447

Comprehensive (loss) income	$	(3,355)		$	(1,872)		$	4,120		$	(910)

Basic net (loss) income per share of common stock	$	(0.11)		$	(0.08)		$	0.14		$	(0.04)

Diluted net (loss) income per share of common stock	$	(0.11)		$	(0.08)		$	0.14		$	(0.04)

Weighted average equivalent common shares outstanding		31,052,871			30,986,929			31,052,855			30,985,212

Weighted average equivalent common shares outstanding - assuming dilution		31,052,871			30,986,929			31,137,963			30,985,212


												Accumulated
	Common Stock					Additional						Other
	Number					Paid-in			Accumulated			Comprehensive
	Of Shares		Amount			Capital			Deficit			Loss			Total
Balance January 1, 2026	31,052,840		$	311		$	157,154		$	(139,560)		$	(2,097)		$	15,808
Net income	—			—			—			7,661			—			7,661
Unrealized loss on foreign exchange rate translation	—			—			—			—			(186)			(186)
Stock-based compensation expense	—			—			47			—			—			47
Balance March 31, 2026	31,052,840		$	311		$	157,201		$	(131,899)		$	(2,283)		$	23,330
Net loss	—			—			—			(3,440)			—			(3,440)
Unrealized income on foreign exchange rate translation	—			—			—			—			85			85
Stock-based compensation expense	—			—			46			—			—			46
Issuance of common stock as compensation	4,000			—			23			—			—			23
Shares exchanged for taxes on stock-based compensation	(1,222)			—			(7)			—			—			(7)
Balance June 30, 2026	31,055,618		$	311		$	157,263		$	(135,339)		$	(2,198)		$	20,037


	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	13,176	$	830	$	14,006	$	34,041	$	12,473	$	46,514
Reimbursable revenue		3,902		4		3,906		7,910		187		8,097
		17,078		834		17,912		41,951		12,660		54,611

Operating costs:
Fee operating expenses		9,779		1,619		11,398		23,661		7,167		30,828
Reimbursable operating expenses		3,902		4		3,906		7,910		187		8,097
Operating expenses		13,681		1,623		15,304		31,571		7,354		38,925
General and administrative		3,324		328		3,652		5,800		793		6,593
Depreciation and amortization		1,755		230		1,985		3,521		461		3,982
		18,760		2,181		20,941		40,892		8,608		49,500

(Loss) income from operations		(1,682)		(1,347)		(3,029)		1,059		4,052		5,111

Other income (expense):
Interest income		26		6		32		32		9		41
Interest expense		(407)		(19)		(426)		(891)		(36)		(927)
Other income (expense), net		44		(46)		(2)		67		(46)		21
(Loss) income before income tax		(2,019)		(1,406)		(3,425)		267		3,979		4,246
Income tax expense		(15)		—		(15)		(25)		—		(25)
Net (loss) income	$	(2,034)	$	(1,406)	$	(3,440)	$	242	$	3,979	$	4,221
Other comprehensive income (loss):
Net unrealized income (loss) on foreign currency translation		—		85		85		—		(101)		(101)
Comprehensive (loss) income	$	(2,034)	$	(1,321)	$	(3,355)	$	242	$	3,878	$	4,120

Adjusted EBITDA	$	1,806		(1,163)	$	643	$	7,031	$	4,467	$	11,498


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	8,404	$	331	$	8,735	$	11,130	$	12,864	$	23,994
Reimbursable revenue		1,116		—		1,116		1,686		249		1,935
		9,520		331		9,851		12,816		13,113		25,929

Operating costs:
Fee operating expenses		6,742		859		7,601		11,357		7,204		18,561
Reimbursable operating expenses		1,116		—		1,116		1,686		249		1,935
Operating expenses		7,858		859		8,717		13,043		7,453		20,496
General and administrative		1,998		333		2,331		3,553		772		4,325
Depreciation and amortization		981		193		1,174		2,058		387		2,445
		10,837		1,385		12,222		18,654		8,612		27,266

(Loss) income from operations		(1,317)		(1,054)		(2,371)		(5,838)		4,501		(1,337)

Other income (expense):
Interest income		26		9		35		26		13		39
Interest expense		(46)		(12)		(58)		(109)		(25)		(134)
Other income (expense), net		33		5		38		74		(3)		71
(Loss) income before income tax		(1,304)		(1,052)		(2,356)		(5,847)		4,486		(1,361)
Income tax benefit		7		—		7		4		—		4
Net (loss) income	$	(1,297)	$	(1,052)	$	(2,349)	$	(5,843)	$	4,486	$	(1,357)

Adjusted EBITDA	$	(303)	$	(856)	$	(1,159)	$	(3,706)	$	4,885	$	1,179


	Three Months Ended June 30,
	2026 US		2026 CA		2026 Consol.		2025 US		2025 CA		2025 Consol.
Net loss	$	(2,034)	$	(1,406)	$	(3,440)	$	(1,297)	$	(1,052)	$	(2,349)
Depreciation and amortization		1,755		230		1,985		981		193		1,174
Interest expense (income), net		381		13		394		20		3		23
Income tax expense (benefit)		15		—		15		(7)		—		(7)
EBITDA		117		(1,163)		(1,046)		(303)		(856)		(1,159)
Strategic transaction expenses		1,689		—		1,689		—		—		—
Adjusted EBITDA	$	1,806	$	(1,163)	$	643	$	(303)	$	(856)	$	(1,159)


		June 30, 2026			December 31, 2025
Geospace Notes payable
Aggregate principal amount outstanding		$	14,659		$	14,731
Interest rate of 8.75%


July 2026 - June 2027	$	1,276
July 2027 - June 2028		839
July 2028 - June 2029		422
July 2029 - June 2030		63
July 2030 - June 2031		—
Obligations under finance leases	$	2,600


	Operating Leases		Finance Leases
July 2026 - June 2027	$	1,111	$	1,425
July 2027 - June 2028		712		899
July 2028 - June 2029		668		440
July 2029 - June 2030		433		65
Thereafter		—		—
Total payments under lease agreements		2,924		2,829

Less imputed interest		(268)		(229)

Total lease liabilities	$	2,656	$	2,600


		Six Months Ended June 30,
		2026			2025
Cash flows from operating activities:
Net income (loss)		$	4,221		$	(1,357)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			3,982			2,445
Non-cash operating lease cost			386			504
Non-cash compensation			116			87
Bad debt expense			—			177
Gain on disposal of assets			(121)			(378)
Other			(50)			16
Change in operating assets and liabilities:
Decrease in accounts receivable			1,964			6,673
Decrease (increase) in contract assets			91			(7,063)
Decrease in prepaid expenses and other assets			132			322
Decrease in accounts payable			(2,451)			(439)
Increase (decrease) in accrued liabilities			394			(171)
Decrease in operating lease liabilities			(529)			(554)
(Decrease) increase in deferred revenue			(2,137)			16,365

Net cash provided by operating activities			5,998			16,627

Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below			(1,652)			(683)
Proceeds from disposal of assets			156			378

Net cash used in investing activities			(1,496)			(305)

Cash flows from financing activities:
Principal payments on notes payable			(3,025)			(1,066)
Principal payments on finance leases			(613)			(386)
Borrowings on related-party line of credit			6,250			—
Repayments on related-party line of credit			(6,250)			—
Tax withholdings related to stock based compensation awards			(7)			(45)

Net cash used in financing activities			(3,645)			(1,497)

Effect of exchange rate changes on cash and cash equivalents			(9)			18


		June 30,		June 30,
		2026		2025
Capital Expenditures
United States		$	4,919	$	683
Canada			104		—
Total Capital Expenditures		$	5,023	$	683


	2026		2025

Beginning Balance	$	7,477	$	1,570
Revenue recognized in the current year that was included in the beginning balance		(7,352)		(1,568)
Current period unearned revenue related to uncompleted contracts at quarter end		5,216		17,933
Ending Balance	$	5,341	$	17,935


	2026		2025

Beginning Balance	$	3,836	$	391
Billings and costs recognized in the current year that were included in the beginning balance		(3,738)		(391)
Unbilled receivables and deferred costs incurred related to uncompleted contracts at quarter end		3,647		7,454
Ending Balance	$	3,745	$	7,454


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: August 14, 2026	By:	/s/ William A. Clark
		William A. Clark
		President and Chief Executive Officer


DATE: August 14, 2026	By:	/s/ Ian Shaw
		Ian Shaw
		Chief Financial Officer


Dated: August 14, 2026

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