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Dawson Geophysical Company reports news about North American onshore seismic data acquisition services for oil and natural gas exploration and development customers, independent operators, major energy companies, and providers of multi-client data libraries. The company acquires and processes 2-D, 3-D, and multi-component seismic data in the continental United States and Canada, including work tied to land and land-to-water transition areas.
Recurring Dawson Geophysical developments include quarterly results, crew utilization, backlog, seismic survey demand, and capital spending on high-channel-count field equipment. Company updates also cover single node channel deployments, vibrator energy source capacity, CCUS seismic monitoring, and the use of seismic acquisition capabilities in carbon capture, geothermal, and critical rare-earth minerals applications.
Dawson Geophysical Company (NASDAQ: DWSN) reported its unaudited financial results for Q1 2024, ending March 31. The company achieved revenues of $31.6 million, a 7% increase from $29.4 million in Q1 2023, with a gross margin rising to 35% from 25%. Net income reached $5.8 million, or $0.19 per share, compared to a prior EBITDA of $2.2 million in Q1 2023. The company achieved positive EBITDA of $7.6 million. General and administrative expenses were reduced by 22% from Q4 2023. Operationally, high crew utilization contributed to improved margins. The company declared a special cash dividend of $0.32 per share, totaling $9.9 million. As of March 31, the company had $16.5 million in cash and restricted cash and $11.3 million in positive working capital. Significant developments include the release of a $5 million collateral deposit and closure of the associated revolving credit facility.
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Dawson Geophysical Company (NASDAQ: DWSN) announced an immediate asset purchase agreement with Wilks Brothers, LLC and Breckenridge Geophysical, LLC. This acquisition focuses on seismic data acquisition services, excluding the multi-client data library, and involves 7,000,000 shares of Dawson common stock as consideration. Of these, 1,188,235 shares were issued at closing, while the remaining shares will convert later upon shareholder approval. The CEO expressed optimism about operational efficiencies and synergies from integrating Breckenridge's experienced team and resources into Dawson's operations.
Dawson Geophysical Company (NASDAQ: DWSN) reported its fourth quarter and fiscal year ending December 31, 2022, showing a revenue increase of 35% to $14.66 million compared to Q4 2021. The net loss narrowed to $2.78 million or $0.12 per share, an improvement from a loss of $6.98 million or $0.30 per share in the prior year. For the full year, revenue rose 52% to $37.48 million, with a reduced net loss of $20.45 million or $0.86 per share. Challenges in North American seismic activity persisted, but optimism for 2023 is growing due to increased client discussions and capital spending projections in the oil sector. The company maintains a strong balance sheet with $19.18 million in cash and equivalents.
Dawson Geophysical Company (NASDAQ: DWSN) reported unaudited Q3 2022 financial results, highlighting revenues of $3,538,000, an 85% increase from Q3 2021. Despite revenue growth, the net loss narrowed to $7,603,000 from $7,865,000 year-over-year. EBITDA also worsened to negative $5,332,000. For the nine months ending September 30, 2022, revenues rose 65% to $22,818,000, but net loss decreased from $22,110,000 to $17,672,000. The company expects increased crew activity in Q4 2022 and continuing improvements into 2023, focusing on larger projects and enhanced efficiency.
Dawson Geophysical Company (NASDAQ: DWSN) reported second-quarter financial results for 2022, with revenues of $921,000, up from $193,000 in Q2 2021. The net loss narrowed to $7.68 million or $0.32 per share from $9.02 million or $0.38 per share a year earlier. EBITDA improved to -$5.23 million compared to -$5.67 million in the same period last year. Year-to-date, revenues rose 61% to $19.28 million, with a net loss of $10.07 million. The company plans to deploy crews in the U.S. and Canada, anticipating increased operational activity through the first quarter of 2023.