DAWSON GEOPHYSICAL CO

For the period ended May 13, 2025. Filed May 13, 2025.

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May 13, 2025 · Filed May 13, 2025

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DWSN$1.64+3.8%Stored close · as of Nov 6, 2026

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EX-99.1 · (amounts in thousands, except share data)

(amounts in thousands, except share data)


· March 31, · · December 31,
· · 2025 · · 2024
Assets
Current assets:
Cash and cash equivalents	$2,665	$1,385
Accounts receivable, net	11,031	9,970
Prepaid expenses and other current assets	4,770	3,186
Total current assets	18,466	14,541

Property and equipment	236,132	238,064
Less accumulated depreciation	(224,420)	(225,085)
Property and equipment, net	11,712	12,979

Operating lease right-of-use assets	2,752	3,002

Intangibles, net	347	348

Total assets	$33,277	$30,870

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$3,895	$3,381
Accrued liabilities:
Payroll costs and other taxes	1,647	2,014
Other	1,088	830
Deferred revenue	1,723	1,570
Current maturities of notes payable and finance leases	2,310	1,010
Current maturities of operating lease liabilities	1,146	1,125
Total current liabilities	11,809	9,930

Long-term liabilities:
Notes payable and finance leases, net of current maturities	1,327	1,512
Operating lease liabilities, net of current maturities	1,838	2,131
Deferred tax liabilities, net	16	16
Total long-term liabilities	3,181	3,659

Commitments and contingencies	—	—

Stockholders’ equity:
Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding	—	—
Common stock-par value $0.01 per share; 35,000,000 shares authorized,
30,984,162 and 30,983,437 shares issued and outstanding at March 31, 2025
and December 31, 2024, respectively	310	310
Additional paid-in capital	157,117	157,073
Accumulated deficit	(136,627)	(137,619)
Accumulated other comprehensive loss, net	(2,513)	(2,483)
Total stockholders’ equity	18,287	17,281

Total liabilities and stockholders’ equity	$33,277	$30,870

Statements of Operations by operating segment for the three months ended March 31, 2025, and 2024.


· · Three Months Ended March 31, 2025
· · USA Operations · · Canada Operations · · Consolidated
Operating revenues
Fee revenue	$2,726	$12,533	$15,259
Reimbursable revenue	570	249	819
	3,296	12,782	16,078

Operating costs:
Fee operating expenses	4,615	6,345	10,960
Reimbursable operating expenses	570	249	819
Operating expenses	5,185	6,594	11,779
General and administrative	1,555	439	1,994
Depreciation and amortization	1,077	194	1,271
	7,817	7,227	15,044

(Loss) income from operations	(4,521)	5,555	1,034

Other income (expense):
Interest income	—	4	4
Interest expense	(63)	(13)	(76)
Other income (expense), net	41	(8)	33
(Loss) income before income tax	(4,543)	5,538	995
Income tax expense	(3)	—	(3)
Net (loss) income	$(4,546)	$5,538	$992

Adjusted EBITDA	$(3,403)	$5,741	$2,338


· · Three Months Ended March 31, 2024
· · USA Operations · · Canada Operations · · Consolidated
Operating revenues
Fee revenue	$18,287	$8,451	$26,738
Reimbursable revenue	4,809	37	4,846
	23,096	8,488	31,584

Operating costs:
Fee operating expenses	12,894	4,220	17,114
Reimbursable operating expenses	4,809	37	4,846
Operating expenses	17,703	4,257	21,960
General and administrative	1,830	403	2,233
Depreciation and amortization	1,305	284	1,589
	20,838	4,944	25,782

Income from operations	2,258	3,544	5,802

Other income (expense):
Interest income	99	14	113
Interest expense	(36)	(10)	(46)
Other income (expense), net	185	(6)	179
Income before income tax	2,506	3,542	6,048
Income tax expense	(202)	—	(202)
Net income	$2,304	$3,542	$5,846

Adjusted EBITDA	$3,748	$3,822	$7,570

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