Financial Performance - For Q1 2025, the company reported revenues of $16.1 million, a decrease of 49% compared to $31.6 million in Q1 2024[4] - The gross margin for Q1 2025 was 28%, down from 36% in Q1 2024[4] - The company generated net income of $1 million, or $0.03 per share, compared to $5.8 million, or $0.19 per share, in Q1 2024[5] - Adjusted EBITDA for Q1 2025 was $2.3 million, a decline from $7.6 million in Q1 2024[5] - Consolidated operating revenues for Q1 2025 were $16,078, a decrease of 48.9% compared to $31,584 in Q1 2024[20] - Net loss for Q1 2025 was $992, compared to a net income of $5,846 in Q1 2024, indicating a significant decline in profitability[20] - Adjusted EBITDA for Q1 2025 was $2,338, down from $7,570 in Q1 2024, reflecting a decrease of 69.1% year-over-year[21] - Operating costs for Q1 2025 totaled $15,044, a decrease of 41.5% from $25,782 in Q1 2024[20] - Fee revenue in the USA for Q1 2025 was $2,726, a sharp decline from $18,287 in Q1 2024, representing a decrease of 85.1%[20] - The company reported a loss from operations of $1,034 in Q1 2025, contrasting with an income from operations of $5,802 in Q1 2024[20] Cash and Assets - The company’s cash position increased to $2.7 million as of March 31, 2025, up from $1.4 million at December 31, 2024[9] - The total assets of the company increased to $33.3 million as of March 31, 2025, compared to $30.9 million at December 31, 2024[18] - Net cash provided by operating activities for Q1 2025 was $1,752, a decrease from $1,870 in Q1 2024[22] - Changes in working capital and other items for Q1 2025 resulted in a net impact of $1,057, compared to $5,971 in Q1 2024[22] Operational Highlights - Canadian operations reported a 48% increase in fee revenue compared to Q1 2024, generating net income of $5.5 million[7] - Canada operations generated fee revenue of $12,533 in Q1 2025, compared to $8,451 in Q1 2024, showing an increase of 48.8%[20] - The company expects revenue to increase in the U.S. in Q2 2025 due to a strong backlog[6] Future Plans - The capital budget approved for 2025 is $6 million, allowing for potential investments in new single node channels[9] - The company plans to reinvest profits into new single node channels to improve efficiency and margins[3] Financing Costs - Interest expense for Q1 2025 was $76, compared to $46 in Q1 2024, indicating an increase in financing costs[21]
Dawson(DWSN) - 2025 Q1 - Quarterly Results