DAWSON GEOPHYSICAL CO DWSN
Except as otherwise specifically noted herein, references in this annual report on Form 10-K to the "Company," "we," "us" or "our" refer to Dawson Geophysical Company and its consolidated subsidiaries.
Dawson Geophysical Company, a Texas corporation (the "Company"), is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States ("U.S.") and Canada. We acquire and process 2-D, 3-D and multi-component seismic data for our clients, ranging from major oil and gas companies to independent oil and gas operators, providers of multi-client data libraries and carbon capture sequestration projects. Our principal business office is located at 508 West Wall, Suite 800, Midland, Texas 79701 (Telephone: 432-684-3000), and our internet address is www.dawson3d.com. We make available free of charge on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K as soon as reasonably practicable after filing or furnishing such information with the Securities and Exchange Commission ("SEC").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75.6M | $74.2M | $96.8M | $51.6M | $24.7M | $86.1M | $145.8M | $154.2M | $156.5M | $137.6M |
| Cost of revenue | $62.6M | $63.0M | $86.7M | $46.5M | $29.0M | $69.0M | $123.0M | $132.9M | $139.1M | — |
| Gross profit | $13.0M | $11.1M | $10.2M | $5.1M | -$4.3M | $17.1M | $22.7M | $21.2M | $17.5M | — |
| SG&A | $9.0M | $9.9M | $12.6M | $15.5M | $12.0M | $13.9M | $17.2M | $16.3M | $16.2M | $16.8M |
| Total operating expenses | $77.3M | $78.7M | $109.9M | $73.8M | $53.9M | $100.1M | $162.0M | $179.2M | $194.5M | $185.1M |
| Operating income | -$1.7M | -$4.5M | -$13.1M | -$22.2M | -$29.2M | -$14.0M | -$16.2M | -$25.0M | -$38.0M | -$47.5M |
| Interest expense | $536.0K | $159.0K | $103.0K | $31.0K | $21.0K | $83.0K | $435.0K | $408.0K | $158.0K | $260.0K |
| Pre-tax income | -$1.9M | -$4.1M | -$12.2M | -$18.5M | -$29.1M | -$13.2M | -$15.5M | -$25.2M | -$37.1M | -$44.3M |
| Income tax | $6.0K | $7.0K | $96.0K | $107.0K | $26.0K | $24.0K | $239.0K | $798.0K | $5.3M | $6.0M |
| Net income | -$1.9M | -$4.1M | -$12.1M | -$18.6M | -$29.1M | -$13.2M | -$15.2M | -$24.4M | -$31.8M | -$38.3M |
| EPS, basic | -0.06 | -0.13 | -0.45 | -0.75 | -1.23 | -0.56 | -0.66 | -1.07 | -1.40 | -1.69 |
| EPS, diluted | -0.06 | -0.13 | -0.45 | -0.75 | -1.23 | -0.56 | -0.66 | -1.07 | -1.40 | -1.69 |
| Shares, diluted (wtd. avg.) | $31.0M | $30.9M | $26.8M | $25.0M | $23.6M | $23.4M | $23.2M | $22.9M | $22.8M | $22.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.9M | $1.4M | $15.8M | $23.6M | $30.4M | $46.0M | $31.3M | $28.7M | $22.0M | $14.6M |
| Short-term investments | $370.0K | $0 | $265.0K | $265.0K | $265.0K | $583.0K | $2.4M | $10.6M | $16.6M | $40.2M |
| Receivables | $9.4M | $10.0M | $12.7M | $8.0M | $8.9M | $7.3M | $24.4M | $25.3M | $33.2M | $16.3M |
| Total current assets | $21.8M | $14.5M | $37.4M | $43.8M | $42.9M | $58.6M | $65.6M | $77.0M | $79.8M | $75.7M |
| Property, plant and equipment | — | — | — | — | — | $38.9M | $53.5M | $71.5M | $86.6M | $110.9M |
| Other intangibles | $364.0K | $348.0K | $377.0K | $369.0K | $395.0K | $393.0K | $385.0K | $379.0K | $494.0K | $487.0K |
| Total assets | $56.0M | $30.9M | $57.5M | $68.7M | $74.0M | $103.4M | $127.6M | $150.7M | $167.9M | $187.7M |
| Accounts payable | $9.6M | $3.4M | $3.9M | $4.1M | $2.6M | $1.6M | $4.0M | $5.4M | $5.9M | $5.6M |
| Total current liabilities | $26.8M | $9.9M | $22.4M | $16.2M | $7.6M | $7.4M | $18.3M | $27.3M | $20.4M | $15.0M |
| Total liabilities | $40.2M | $13.6M | — | — | — | — | — | — | — | — |
| Retained earnings | -$139.6M | -$137.6M | -$123.6M | -$112.5M | -$92.0M | -$62.9M | -$49.7M | -$34.5M | -$10.2M | $21.7M |
| Total equity | $15.8M | $17.3M | $31.4M | $48.8M | $62.5M | $91.0M | $103.2M | $117.0M | $141.3M | $171.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14.0M | -$1.9M | $814.0K | -$3.3M | -$16.1M | $19.6M | $9.5M | $12.9M | -$6.7M | $8.7M |
| Depreciation and amortisation | $5.7M | $5.7M | $8.5M | $11.8M | $12.9M | $17.2M | $21.8M | $30.0M | $39.2M | $44.3M |
| Stock-based compensation | $130.0K | $473.0K | — | $413.0K | $479.0K | $703.0K | $1.2M | $1.4M | $976.0K | $879.0K |
| Capital expenditure | $6.8M | $1.9M | $3.7M | $1.4M | $505.0K | $2.8M | $4.4M | $15.7M | $8.7M | $8.3M |
| Investing cash flow | -$6.7M | -$735.0K | -$4.5M | -$1.1M | $264.0K | -$512.0K | $4.2M | -$8.6M | $16.8M | -$22.7M |
| Financing cash flow | -$3.7M | -$11.6M | -$4.2M | -$2.1M | $95.0K | -$4.5M | -$11.3M | $2.5M | -$3.4M | -$8.5M |
| Dividends paid | — | $9.9M | — | — | — | — | — | $1.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-053054.
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