Financial Performance - For Q3 2024, the company reported revenues of $14.4 million, a decrease of 37% from $23 million in Q3 2023[3] - The net loss for Q3 2024 was $5.6 million, or $0.18 per share, compared to a net loss of $5.2 million, or $0.20 per share, in Q3 2023[4] - The company generated negative EBITDA of $4.3 million in Q3 2024, compared to negative EBITDA of $3.4 million in Q3 2023[4] - For the nine months ended September 30, 2024, the company incurred a net loss of $3.3 million, or $0.11 per share, compared to a net loss of $10 million, or $0.40 per share, for the same period in 2023[5] - The company reported operating revenues of $14.4 million for Q3 2024, which included reimbursable revenue of $9.8 million[3] - Fee revenue for Q3 2024 was $4,663 million, a decrease of 52.0% compared to $9,735 million in Q3 2023[19] - Total operating revenues for the nine months ended September 30, 2024, were $39,727 million, down from $72,588 million in the same period of 2023, representing a decline of 45.4%[19] - The net loss for Q3 2024 was $5,617 million, compared to a net loss of $5,198 million in Q3 2023, indicating a worsening of 8.1%[19] - The company reported a comprehensive loss of $5,588 million for Q3 2024, compared to a comprehensive loss of $5,416 million in Q3 2023[20] Cash and Assets - As of September 30, 2024, the company had cash of $7 million and positive working capital of $4.4 million[7] - Total current assets decreased from $37,426,000 on December 31, 2023, to $13,179,000 on September 30, 2024, a decline of approximately 64.8%[15] - Cash and cash equivalents fell from $10,772,000 to $6,980,000, representing a decrease of about 35.2%[15] - Accounts receivable, net, dropped from $12,735,000 to $2,788,000, a decline of approximately 78.1%[15] - Stockholders' equity fell from $31,434,000 to $18,244,000, a decrease of about 42.0%[15] Liabilities and Expenses - Total liabilities decreased from $57,519,000 on December 31, 2023, to $30,181,000 on September 30, 2024, a reduction of about 47.5%[15] - Current liabilities decreased from $22,418,000 to $8,770,000, a reduction of about 60.9%[15] - Operating expenses for Q3 2024 totaled $20,212 million, compared to $28,653 million in Q3 2023, reflecting a decrease of 29.5%[19] - The total operating costs for the nine months ended September 30, 2024, were $51,322 million, compared to $83,630 million in the same period of 2023, a decrease of 38.7%[19] Operational Developments - The board approved an increase in the capital budget to $6 million for the potential purchase of new single node channels, expected to enhance revenue and margins[6] - The company is testing new single node channels in the field and plans to invest in increasing channel count through new equipment purchases[3] - Seasonal operations in Canada resumed in October 2024, with expectations of increased revenues and profitability through Q1 2025[2] - The company continues to evaluate its assets for potential divestiture of under-utilized assets to improve return on capital[6] Tax and Interest - The income tax benefit for Q3 2024 was $35 million, compared to an expense of $3 million in Q3 2023, showing a positive shift in tax position[20] - Interest income for Q3 2024 was $72 million, a decrease from $192 million in Q3 2023, representing a decline of 62.5%[20]
Dawson(DWSN) - 2024 Q3 - Quarterly Results