Financial Performance - For Q2 2024, the company reported revenues of $12.5 million, a decrease of 38% from $20.2 million in Q2 2023[2] - The net loss for Q2 2024 was $3.5 million, or $0.12 per share, compared to a net loss of $4.4 million, or $0.18 per share, in Q2 2023[3] - Year-to-date, the company generated a net income of $2.3 million, or $0.07 per share, compared to a net loss of $4.8 million, or $0.19 per share, in the same period of 2023[3] - The company generated negative Adjusted EBITDA of $2.3 million in Q2 2024, compared to negative Adjusted EBITDA of $2.5 million in Q2 2023[3] - Net loss for the three months ended June 30, 2024 was $3,546,000, compared to a net loss of $4,430,000 for the same period in 2023, showing an improvement of approximately 20%[13] - Adjusted EBITDA for the six months ended June 30, 2024 was $5,319,000, compared to a negative $342,000 for the same period in 2023, indicating a significant turnaround[14] - Net cash provided by operating activities for the six months ended June 30, 2024 was $7,790,000, compared to $5,751,000 for the same period in 2023, an increase of approximately 35%[15] Expenses and Liabilities - General and administrative expenses were reduced by 37% year-to-date compared to the same period in 2023[3] - Current liabilities reduced from $22,418,000 to $13,921,000, a decrease of about 38%[12] - Operating expenses for the six months ended June 30, 2024, totaled $30,020 million, compared to $35,027 million in the same period last year, reflecting a reduction of approximately 14%[17] Cash and Assets - As of June 30, 2024, the company had cash of $11.2 million and positive working capital of $9 million[5] - Cash and cash equivalents increased from $10,772,000 to $11,158,000, a rise of about 4%[12] - Total assets decreased from $57,519,000 in December 31, 2023 to $40,993,000 as of June 30, 2024, representing a decline of approximately 29%[12] - Total stockholders' equity fell from $31,434,000 to $23,787,000, a decrease of around 24%[12] - Accounts receivable decreased significantly from $12,735,000 to $4,424,000, a decline of approximately 65%[12] Revenue and Dividends - The company declared a special cash dividend of $0.32 per share, totaling approximately $9.9 million, paid on May 6, 2024[5] - Fee revenue for the three months ended June 30, 2024, was $8,321 million, a decrease from $8,456 million in the previous quarter[17] - Total operating revenues for the six months ended June 30, 2024, were $35,603 million, compared to $44,096 million in the same period last year, reflecting a decline of approximately 19%[17] - Reimbursable revenue for the six months ended June 30, 2024, was $9,032 million, a slight increase from $8,995 million in the previous period, reflecting a growth of approximately 1%[17] Future Outlook - The company expects to deploy two crews later in Q3 2024 and have its current equipment fully deployed by the end of Q2 2025[4] - Canadian operations are expected to resume in Q4 2024 after being seasonally halted in April[4] - The company plans to continue evaluating its assets for potential divestitures of under-utilized assets to improve returns[4] Other Financial Metrics - The company reported a severance expense of $86,000 for the three months ended June 30, 2024, consistent with the previous year[14] - The company experienced a decrease in deferred revenue from $11,829,000 to $5,709,000, a reduction of about 52%[12] - Interest income for the three months ended June 30, 2024, was $89 million, compared to $30 million in the previous quarter, showing an increase of approximately 196%[17] - The company recorded a net unrealized loss on foreign exchange rate translation of $(110) million for the three months ended June 30, 2024, compared to $(270) million in the previous quarter, indicating an improvement of approximately 59%[17] - The company reported a loss from operations of $(2,771) million for the three months ended June 30, 2024, compared to a loss of $(1,065) million in the previous quarter, indicating a deterioration of approximately 60%[17] - Net loss income for the three months ended June 30, 2024, was $(2,468) million, compared to a net loss of $(1,078) million in the previous quarter, indicating a worsening of approximately 129%[17] - Comprehensive loss income for the three months ended June 30, 2024, was $(2,468) million, compared to $(1,188) million in the previous quarter, representing an increase in loss of approximately 108%[17] - Fee operating expenses for the three months ended June 30, 2024, were $7,846 million, up from $4,970 million in the previous quarter, indicating a significant increase of approximately 58%[17]
Dawson(DWSN) - 2024 Q2 - Quarterly Results