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Dawson Geophysical Company (DWSN) investor relations material
Dawson Geophysical Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenues increased to $22.7M from $14.4M in Q3 2024, driven by higher crew utilization, new equipment deployment, and strong customer demand in the U.S. and Canada.
Net loss for Q3 2025 was $1.2M ($0.04/share), a significant improvement from a $5.6M loss ($0.18/share) in Q3 2024.
EBITDA for Q3 2025 was $0.2M, up from a loss of $4.3M in Q3 2024.
Major equipment purchases were completed, and financing capacity expanded with a new revolving credit facility.
Canadian segment secured several passive monitoring surveys and is preparing for a robust winter season.
Financial highlights
Q3 2025 fee revenue rose 217.6% year-over-year in the U.S. to $14.8M; Canadian fee revenue also increased.
Gross margin improved to 15% from negative 37% year-over-year, reflecting higher fee revenue and operational efficiencies.
General and administrative expenses decreased 19.8% year-over-year to $2.1M in Q3 2025.
Cash and cash equivalents at September 30, 2025, were $5.1M, up from $1.4M at year-end 2024.
Year-to-date EBITDA reached $1.4M, up from $0.9M in the prior year.
Outlook and guidance
Management expects continued revenue growth in Q4 2025 due to new project starts, seasonal ramp-up in Canada, and deployment of new and legacy equipment.
First large channel crew deployment of single node channels scheduled for Q4.
Depreciation expense is expected to rise as new equipment is deployed.
Management believes current cash, operations, and credit facilities are sufficient for ongoing needs.
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