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DAWSON GEOPHYSICAL REPORTS SECOND QUARTER 2023 RESULTS
MIDLAND, Texas, July 31, 2023 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its
About this update from Dawson Geophysical Company
[{"type":"text","content":"MIDLAND, Texas, July 31, 2023 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its second quarter ended June 30, 2023. Financial and operational results include the business and assets the Company acquired from Breckenridge Geophysical, LLC (\"Breckenridge\") in the first quarter.\nAs previously announced, on March 24, 2023, the Company entered into an Asset Purchase Agreement (the \"Purchase Agreement\") with Wilks Brothers, LLC (\"Wilks\") and Breckenridge. Pursuant to the Purchase Agreement and upon the terms and subject to the conditions generally described in our Form 8-K filed with the SEC on March 24, 2023, the Company completed the purchase of substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library, in exchange for a combination of equity consideration and a convertible note described more fully below.\nFor the quarter ended June 30, 2023, the Company reported revenues of $20,219,000 compared to $4,765,000 for the comparable quarter ended June 30, 2022. Third party pass through charges for support services related to a current project in the northeast U.S., primarily drilling for dynamite energy sources and helicopter support, are included in the second quarter and represent a higher percentage of overall reported revenue than in recent periods. For the second quarter of 2023, the Company reported a net loss of $4,430,000 or $0.18 loss per common share compared to a net loss of $7,579,000 or $0.30 loss per common share for the second quarter of 2022. The Company reported negative EBITDA of $2,521,000 for the quarter ended June 30, 2023 compared to a negative EBITDA of $4,575,000 for the quarter ended June 30, 2022. During the second quarter ended June 30, 2023, the Company incurred transaction costs related to the Purchase Agreement with Wilks and Breckenridge of $685,000. Excluding transaction costs, the Company would have reported a net loss of $3,745,000 or $0.15 per common share and negative EBITDA of $1,836,000 for the quarter ended June 30, 2023. \nFor the six months ended June 30, 2023, the Company reported revenues of $49,627,000, an increase of approximately 86% compared to $26,699,000 for the six months ended June 30, 2022. For the six months ended June 30, 2023, t...