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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.
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Q3 2025 earnings summary12 Nov, 2025

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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Frequently asked questions

Dawson Geophysical Company provides onshore seismic data acquisition and processing services for the oil and gas industry, primarily in the Gulf of Mexico. The company’s suite of multi-client seismic data gathering systems, seismic sensors, and proprietary data acquisition technology are field proven in harsh environmental conditions to acquire high quality 3D marine seismic data.

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