Dawson Geophysical Company

For the fourth quarter of 2025, Dawson reported fee revenues of $22.9 million, up 67% from $13.8 million in Q4 2024. Net income was $0.6 million, or $0.02 per common share, versus a net loss of $0.8 million, or $0.03 per share, in the prior-year quarter. Adjusted EBITDA was $3.3 million, up from $0.9 million. For full-year 2025, fee revenues were $61.9 million, up 16% from $53.5 million in 2024, net loss was $1.9 million, or $0.06 per share, versus a $4.7 million loss, or $0.13 per share, in 2024, and adjusted EBITDA was $4.7 million versus $2.0 million, a 139% increase. Management did not provide formal guidance, but said Q1 2026 was seeing higher utilization and revenue, with 3 large channel count crews in Canada and 4 crews total in the Lower 48, and that Canadian operations were expected to have a successful first quarter.

Tony Clark struck a constructive tone, saying the company made continued progress in 2025 and invested in new single-node channels to strengthen its foundation for profitability. He highlighted operational benefits from the lighter equipment, including easier mobilization, a smaller field footprint, lower personnel needs, and improved HSE performance. He also said Dawson is expanding beyond traditional oil and gas into carbon capture, geothermal, and critical rare earth minerals, and seeing more bid activity across those areas.

Ian Shaw focused on the reported financial improvement and balance-sheet metrics. He cited $14 million of operating cash flow in 2025, cash of $4.9 million at year-end versus $1.4 million a year earlier, and no revolver balance outstanding on the new credit facility; the facility has a maximum lender commitment of $5 million and a borrowing base of $4.9 million. He also noted the board approved a $3 million 2026 capital budget, including the final $0.9 million payment for the single-node channel purchase, which was paid in January 2026.

In Q&A, an analyst asked how Dawson’s service technology has evolved over 5 to 10 years, and management said the biggest shift has been moving from 10-pound legacy nodes to 1-pound single nodes. Tony Clark said that improves acquisition, mobilization, field footprint, personnel requirements, and safety, and he also noted a move from a 10-hertz phone to a 5-hertz phone. On demand, management said it has seen an uptick in bid opportunities and utilization over the last three quarters, but they were not attributing it specifically to Middle East conflict; they said current project budgets were largely set last year and that activity should stay at its present consistency even if the conflict resolves soon.