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Dawson Geophysical Company (NASDAQ: DWSN) is a leading provider of onshore seismic data acquisition and processing services with operations throughout the United States and Canada. Founded in 1952 and headquartered in Midland, Texas, Dawson specializes in acquiring and processing 2-D, 3-D, and multi-component seismic data for a diverse client base that includes major oil and gas companies, independent operators, and providers of multi-client data libraries.
Dawson's expertise in seismic data acquisition encompasses both 2-D and 3-D methods. The 2-D method collects seismic data to generate a single plane of subsurface seismic data, while the 3-D method creates a comprehensive volume of seismic data, producing precise images of the earth's subsurface. Additionally, the company offers multi-component seismic data surveys, recording alternative seismic waves for enhanced subsurface imaging.
As of December 31, 2014, Dawson operated eight to ten seismic crews across the United States and Canada. The company's strategic locations include offices in Houston, Plano, Denver, Oklahoma City, and Calgary, where its subsidiary, Eagle Canada, is based.
Recent Achievements and Financial Performance
In 2023, Dawson Geophysical acquired the business and assets of Breckenridge Geophysical, LLC. This acquisition included essential seismic data acquisition services, contracts, and experienced personnel, significantly enhancing Dawson's operational efficiency and utilization rates. For the quarter ended June 30, 2023, Dawson reported revenues of $20.2 million, a substantial increase from $4.8 million in the same period in 2022. Despite facing challenges such as adverse weather conditions and job readiness delays, the company continued to improve its financial and operational results.
For the third quarter ended September 30, 2023, Dawson reported revenues of $23 million, compared to $7.4 million in the same quarter of the previous year. The company continues to operate multiple seismic crews, with plans to deploy additional crews to meet increasing demand. Dawson's focus on carbon capture and sequestration has also gained momentum, with several large projects anticipated in 2024.
Current Projects and Partnerships
Among Dawson's current projects, significant emphasis is placed on seismic data acquisition for carbon capture and sequestration. The company has already completed several small carbon-related seismic projects and anticipates further expansion in this area. Dawson also continues to serve major and independent E&P companies, providing valuable seismic data to aid in the development and expansion of drillable acreage positions.
Financial Condition and Future Outlook
As of September 30, 2023, Dawson's balance sheet includes cash, restricted cash, and short-term investments totaling $19.2 million. The company reported working capital of $16.9 million, with a capital budget of $5 million for 2023. Dawson's management team, led by CEO Stephen C. Jumper, remains focused on improving margins, reducing expenses, and enhancing operating cash flows. The company's experienced workforce, robust equipment inventory, and commitment to a strong balance sheet position Dawson well for continued growth and profitability in 2024.
Dawson Geophysical Company is dedicated to providing high-quality seismic data acquisition services. Its strategic acquisitions, operational efficiency improvements, and focus on emerging markets such as carbon capture and sequestration position the company as a key player in the seismic sector.
Dawson Geophysical reported Q3 2024 financial results with revenues of $14.4 million, down 37% from $23 million in Q3 2023. The company posted a net loss of $5.6 million ($0.18 per share) compared to a $5.2 million loss in Q3 2023. For the nine months ended September 30, 2024, net loss was $3.3 million. The company operated with one crew in the US early in Q3, adding two small channel crews later. Operations in Canada resumed in October with expectations of increased revenues through Q1 2025. The Board approved a $6 million capital budget for new single node channels to improve efficiency. As of September 30, 2024, cash position stood at $7 million with positive working capital of $4.4 million.
Dawson Geophysical Company (NASDAQ: DWSN) reported its Q2 2024 financial results. The company experienced a 38% decrease in revenues to $12.5 million compared to $20.2 million in Q2 2023. Despite this, the net loss narrowed to $3.5 million ($0.12 per share) from $4.4 million ($0.18 per share) year-over-year. Year-to-date, DWSN achieved a net income of $2.3 million ($0.07 per share), a significant improvement from a $4.8 million loss in the same period of 2023.
The company reduced operations to one crew in late May but expects to ramp up to two crews later in Q3 2024. DWSN's cost reduction initiatives led to a 37% decrease in general and administrative expenses year-to-date. As of June 30, 2024, the company had $11.2 million in cash and $9 million in positive working capital.
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.
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.
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