Financial Performance - For Q4 2024, the company reported revenues of $15.6 million, a decrease of 36% compared to $24.3 million in Q4 2023[4] - The company generated a net loss of $0.8 million or $0.03 per common share in Q4 2024, compared to a net loss of $2.1 million or $0.07 per common share in Q4 2023[5] - For the full year 2024, revenues were $74.2 million, down 23% from $96.8 million in 2023[6] - Net loss for the year ended December 31, 2024, was $4,119 million, compared to a net loss of $12,147 million in 2023, representing a 66% improvement[22] - Consolidated operating revenues for Q4 2024 were $15,637 million, a decrease of 35.6% compared to $24,258 million in Q4 2023[26] - Net loss for Q4 2024 was $802 million, compared to a net loss of $2,106 million in Q4 2023, representing a 61.9% improvement[26] Adjusted EBITDA - The company achieved adjusted EBITDA of $2 million for the year ended December 31, 2024, compared to an adjusted EBITDA loss of $2 million in 2023[8] - Adjusted EBITDA for the year ended December 31, 2024, was $1,961 million, compared to $(2,016) million in 2023, indicating a significant turnaround[23] - Adjusted EBITDA for Q4 2024 was $943 million, down from $1,677 million in Q4 2023, indicating a decline of 43.8%[26] Expenses and Cost Management - The company reduced general and administrative expenses by 25% year-over-year[2] - Operating expenses for Q4 2024 totaled $12,519 million, down from $19,845 million in Q4 2023, reflecting a reduction of 37.1%[26] - General and administrative expenses for Q4 2024 were $2,199 million, compared to $2,757 million in Q4 2023, a decrease of 20.3%[26] - Severance expenses for the year ended December 31, 2024, were $486 million, down from $2,208 million in 2023[22] Assets and Liabilities - Total current assets decreased from $37,426 million in 2023 to $14,541 million in 2024, a decline of approximately 61%[21] - Total assets decreased from $57,519 million in 2023 to $30,870 million in 2024, a reduction of about 46%[21] - Total current liabilities decreased from $22,418 million in 2023 to $9,930 million in 2024, a decline of approximately 56%[21] - Total stockholders' equity fell from $31,434 million in 2023 to $17,281 million in 2024, a decrease of about 45%[21] Cash and Working Capital - Cash at December 31, 2024, was $1.4 million, with positive working capital of $4.6 million[11] - Cash and cash equivalents dropped from $10,772 million in 2023 to $1,385 million in 2024, a decrease of about 87%[21] - Accounts receivable decreased from $12,735 million in 2023 to $9,970 million in 2024, a decline of approximately 22%[21] Future Outlook and Investments - The current backlog for the six months ending September 30, 2025, is greater than 150% of revenues for the comparable period in 2024[2] - A capital budget of $6 million for 2025 has been approved, allowing for potential investment in new single node channels[11] - The company is testing new single node channels in West Texas and Canada, with positive results expected to enhance efficiency and margins[10] Revenue and Income - Fee revenue for Q4 2024 was $13,752 million, a decrease of 26.0% from $18,558 million in Q4 2023[26] - Interest income for Q4 2024 was $18 million, down from $140 million in Q4 2023, a decline of 87.1%[26] - The company reported a loss from operations of $834 million in Q4 2024, compared to a loss of $2,217 million in Q4 2023, an improvement of 62.4%[26] - Total operating costs for Q4 2024 were $16,471 million, a decrease of 37.8% from $26,475 million in Q4 2023[26] - The company recorded an income tax benefit of $29 million in Q4 2024, compared to no tax benefit in Q4 2023[26] Gross Margin - Gross margin improved to 21% for the year ended December 31, 2024, up from 16% in 2023[6]
Dawson(DWSN) - 2024 Q4 - Annual Results