Business
DAWSON GEOPHYSICAL REPORTS FIRST QUARTER 2025 RESULTS
Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its first quarter ended March 31, 2025.
About this update from Dawson Geophysical Company
[{"type":"text","content":"MIDLAND, Texas, May 13, 2025 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its first quarter ended March 31, 2025.","length":204,"tagName":"p"},{"type":"text","content":"Management Comment","length":18,"tagName":"p"},{"type":"text","content":"Tony Clark, Dawson's President and CEO, commented, "We continue to improve our backlog for the remainder of the year, and expect to have one large channel crew highly utilized from the beginning of April through the end of the year. We continue to test new single node channels from multiple vendors in the field with promising results, with our pilot program in Canada significantly improving our teams' efficiency and margins. As our backlog improves, we plan to reinvest our profits in new single node channels, which we expect will improve our top line and bottom line results."","length":605,"tagName":"p"},{"type":"text","content":"First Quarter Results","length":21,"tagName":"p"},{"type":"text","content":"For the first quarter ended March 31, 2025, the Company reported revenues of $16.1 million, a decrease of 49% compared to $31.6 million for the comparable quarter ended March 31, 2024. Revenue included reimbursable revenue of $0.8 million and $4.8 million for the quarters ended March 31, 2025, and March 31, 2024, respectively. Gross margin1 for the quarter ended March 31, 2025, was 28% compared to 36% for the comparable quarter ended March 31, 2024.","length":473,"tagName":"p"},{"type":"text","content":"We generated net income of $1 million or $0.03 per common share and generated Adjusted EBITDA of $2.3 million in the quarter ended March 31, 2025, compared to Adjusted EBITDA of $7.6 million in the quarter ended March 31, 2024.","length":227,"tagName":"p"},{"type":"text","content":"Operations Update","length":17,"tagName":"p"},{"type":"text","content":"We began the quarter with one crew operating in the United States, and had two small crews operating later in the quarter. We are currently operating one large channel crew, and we expect to have that crew highly utilized through the remainder of the year in the United States. We expect our revenue to increase in the United States in the second quarter due to our strong backlog.","length":381,"tagName":"p"},{"typ...