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Dawson Geophysical Company reported sharply higher activity for the quarter and six months ended June 30, 2026. Total revenues were $17.9 million in Q2 2026 versus $9.9 million a year earlier, and $54.6 million for the first half versus $25.9 million in 2025.
The company recorded a Q2 2026 net loss of $3.4 million, but generated net income of $4.2 million for the first six months, compared with a $1.4 million loss in the prior-year period. First-half Adjusted EBITDA rose to $11.5 million from $1.2 million. Results include $2.4 million of strategic transaction expenses related to discussions with controlling stockholder Wilks Brothers and its affiliates.
Cash and cash equivalents were $5.8 million with a working capital deficit of $2.9 million. The company has $14.7 million outstanding under Geospace equipment notes at 8.75% and access to an undrawn related-party revolving credit facility with $4.1 million available. Management highlights new single-node recording equipment and a 70,000-channel high-density seismic test project as key operational developments.
Dawson Geophysical Company reported substantially stronger activity for the quarter and six months ended June 30, 2026. Second-quarter revenue was $17.9 million, up 82% from $9.9 million a year earlier, with gross margin improving to 19% from 13%. Despite this, the company recorded a net loss of $3.4 million, or $0.11 per share, but delivered positive Adjusted EBITDA of $0.6 million versus a negative $1.2 million in the prior-year quarter.
For the first half of 2026, revenue rose to $54.6 million from $25.9 million, and results shifted to net income of $4.2 million, or $0.14 per share, compared with a loss of $1.4 million in 2025. Adjusted EBITDA for the period increased to $11.5 million from $1.2 million. The company highlighted a major investment in high-channel-count single node equipment and a new high-density job deploying 70,000 single node channels, alongside rising non-traditional seismic work, including geothermal and CCUS. Liquidity remains supported by $5.8 million in cash, a reduced working capital deficit of $2.9 million, and an undrawn credit facility with a $4.1 million borrowing base.
Mays Ray L reported acquisition or exercise transactions in this Form 4 filing.
Dawson Geophysical Co EVP & Chief Operating Officer Ray L. Mays received a stock grant of 150 shares of Dawson Geophysical Company common stock on June 30, 2026. The award was recorded at a price of $0.00 per share, indicating a compensation-related grant rather than an open-market purchase. Following this grant, Mays directly holds 108,650 common shares, showing a modest increase in his equity stake in the company.
Dawson Geophysical Company reported a sharp turnaround in Q1 2026, with operating revenues rising to $36.7 million from $16.1 million a year earlier. Net income increased to $7.7 million, compared with $1.0 million in Q1 2025, driven mainly by much higher U.S. crew utilization after investing in new single node channels.
Fee revenue grew to $32.5 million, while Adjusted EBITDA improved to $10.9 million from $2.3 million. Cash from operations was a modest outflow of $0.5 million as accounts receivable nearly doubled, and the company carried $16.1 million of Geospace equipment notes at an 8.75% interest rate.
Dawson Geophysical Company reported a sharp improvement in first quarter 2026 results, with revenues of $36.7 million, up 128% from $16.1 million a year earlier. Gross margin rose to 40% from 28% as higher crew utilization boosted profitability.
The company generated net income of $7.7 million, or $0.25 per share, and Adjusted EBITDA of $10.9 million versus $2.3 million in the prior-year quarter. Cash stood at $1.4 million as of March 31, 2026, working capital improved to $0.4 million, and the revolving credit facility had no balance outstanding with a $4.5 million borrowing base.
Dawson Geophysical Company filed Amendment No. 1 to its 2025 annual report to add detailed Part III disclosures on directors, executive compensation, ownership, related-party dealings and auditor fees. The filing confirms Dawson is a “controlled company,” with Wilks Brothers, LLC beneficially owning 24,659,095 shares, or 79.41% of voting power as of April 21, 2026. As of June 30, 2025, non‑affiliate shares had an aggregate market value of about $9.18 million, and 31,052,840 shares were outstanding on April 27, 2026. The company discloses discussions with Wilks Brothers and affiliates about potential asset contributions, sales or a business combination, overseen by a special committee of independent directors. It also outlines 2025 director and executive pay, change‑of‑control severance protections for the CEO and COO, related‑party expenses with Wilks‑affiliated companies, and $519,835 in 2025 audit fees to RSM US LLP.
Dawson Geophysical Company reports a 2025 net loss of $1.9 million, narrower than the prior year, in its Form 10-K. The land seismic contractor highlights heavy customer concentration, with one client providing 51% of 2025 revenue, and continued exposure to volatile oil and gas spending.
The company is investing heavily in technology, signing a $24.2 million Equipment Purchase Agreement for single-node channels with Geospace’s GTC unit and issuing $15.5 million of 8.75% Geospace Notes by year-end. Dawson operates roughly 130 vibrator units and 280,000 recording channels across U.S. and Canadian crews.
Dawson is a Nasdaq-listed “controlled company”; Wilks Brothers and affiliates hold about 80% of voting power and are exploring potential asset or combination transactions with Dawson, overseen by an independent special committee. The filing also discloses a material weakness in internal controls over revenue and expense classification.
Dawson Geophysical Company reported preliminary, unaudited results for the fourth quarter and full year 2025. For the quarter ended December 31, 2025, revenue was $27.0 million, up 72% from $15.6 million a year earlier, and net income was $0.6 million or $0.02 per share. Adjusted EBITDA rose to $3.3 million from $0.9 million. For full-year 2025, revenue was $75.6 million, a 2% increase, with a net loss of $1.9 million versus a $4.1 million loss in 2024, and Adjusted EBITDA of $4.7 million compared to $2.0 million. The company generated $14.0 million in operating cash flow and increased cash to $4.9 million, while adding a $5 million revolving credit facility. Dawson is in discussions with controlling stockholder Wilks Brothers and its affiliates about potential asset or business combination transactions, overseen by a special board committee, with no definitive agreement assured.
Dawson Geophysical Company reported stronger operational momentum in the quarter ended September 30, 2025. Revenue rose to $22.7 million from $14.4 million a year ago as U.S. crew utilization improved, narrowing the net loss to $1.15 million from $5.62 million. For the first nine months, revenue was $48.7 million versus $58.5 million last year, with a year‑to‑date net loss of $2.51 million.
The company is upgrading capacity with a $24.2 million purchase of single point node channels from Geospace, financed partly through 36‑month notes at 8.75%. As of September 30, Dawson had taken $10.4 million of deliveries and issued $7.5 million of notes, with two additional $3.5 million notes executed on October 28 and November 3. A new related‑party revolving credit note provides up to $5.04 million at 13%, secured by vibrator vehicles.
Cash from operations reached $11.9 million year‑to‑date. Cash was $5.1 million, and total assets were $40.6 million. Shares outstanding were 31,047,801 as of November 10, 2025.
Dawson Geophysical Company (DWSN) furnished an 8‑K announcing a press release with preliminary, unaudited financial results for its third quarter ended September 30, 2025. The disclosure was made under Item 2.02 (Results of Operations and Financial Condition) and is furnished, not filed, under the Exchange Act. The company included customary forward‑looking statements cautionary language and attached the press release as Exhibit 99.1.