Business
DAWSON GEOPHYSICAL REPORTS FOURTH QUARTER AND YEAR END 2024 RESULTS
Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its fourth quarter and fiscal year ended December 31, 2024.
About this update from Dawson Geophysical Company
[{"type":"text","content":"MIDLAND, Texas, March 28, 2025 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its fourth quarter and fiscal year ended December 31, 2024.","length":221,"tagName":"p"},{"type":"text","content":"Management Comment","length":18,"tagName":"p"},{"type":"text","content":"Tony Clark, Dawson's President and CEO, commented, "I am proud of the progress the Dawson team made during 2024, generating $2 million of adjusted EBITDA, the Company's first positive annual adjusted EBITDA since 2020. We significantly adjusted our cost structure improving our gross margin1 from 16% in 2023 to 21% in 2024, and reduced our general and administrative expenses by 25% year-over-year. We took our first steps to returning this company to profitability in 2024, we have a strong backlog of projects heading into 2025, with our current backlog for the six months ended September 30, 2025, is greater than 150% of the revenues for the comparable period in 2024.","length":686,"tagName":"p"},{"type":"text","content":"We believe that we have significant competitive advantage for larger seismic jobs due to our high channel count and our quantity of vibrator energy source units.","length":161,"tagName":"p"},{"type":"text","content":"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 we continue to build out our backlog we may invest in new single node channels.","length":282,"tagName":"p"},{"type":"text","content":"We believe that we laid the foundation for future success in 2024, and we expect to build on that foundation in 2025, which will result in continued improvement in our operating results and cash flows."","length":207,"tagName":"p"},{"type":"text","content":"Fourth Quarter and Year-End Results","length":35,"tagName":"p"},{"type":"text","content":"For the fourth quarter ended December 31, 2024, the Company reported revenues of $15.6 million, a decrease of 36% compared to $24.3 million for the comparable quarter ended December 31, 2023. Revenue included reimbursable revenue of $1.9 million and $5.7 million for the quarters ended December 31, 2024, and December 31, 2023, respectively. Gross margin1 for ...