Dawson(US:DWSN)2025-11-12 21:19Financial Performance - For Q3 2025, Dawson Geophysical reported fee revenues of $14.9 million, a 220% increase from $4.7 million in Q3 2024[5] - Gross margin for Q3 2025 was 15%, compared to negative 37% in Q3 2024, attributed to increased fee revenue and operational efficiencies[5] - The company incurred a net loss of $1.2 million or $0.04 per share in Q3 2025, an improvement from a net loss of $5.6 million or $0.18 per share in Q3 2024[6] - Year-to-date, the net loss for 2025 was $2.5 million or $0.08 per share, compared to a net loss of $3.3 million or $0.11 per share in 2024[7] - EBITDA for Q3 2025 was $0.2 million, a significant improvement from negative EBITDA of $4.3 million in Q3 2024[6] - EBITDA for the nine months ended September 30, 2025, was $1,397,000, compared to $932,000 for the same period in 2024, indicating a year-over-year increase of 50%[18] - The company reported a comprehensive loss of $(1,224,000) for the three months ended September 30, 2025, compared to a comprehensive loss of $(5,588,000) in the same period of 2024[22] Cash Flow and Assets - The company generated $11.9 million in cash flows from operations year-to-date, increasing cash balance to $5.1 million as of September 30, 2025[9] - Total assets increased to $40,575,000 as of September 30, 2025, up from $30,870,000 on December 31, 2024, representing a growth of 31.5%[16] - Total current liabilities rose to $16,535,000 as of September 30, 2025, compared to $9,930,000 on December 31, 2024, an increase of 66.5%[16] - Net cash used in operating activities for the three months ended September 30, 2025, was $(4,736,000), compared to $(4,231,000) in the same period of 2024[18] - The accumulated deficit increased to $(140,129,000) as of September 30, 2025, from $(137,619,000) at the end of 2024[16] Operational Developments - Dawson Geophysical has over 180,000 channels of legacy and new equipment available, with plans for increased deployment of new single node channels[3] - The Canadian segment acquired several passive monitoring surveys in Q3 2025, with positive customer feedback on new equipment[4] - The company expects revenue to continue increasing quarter-over-quarter due to multiple small channel crew jobs contracted in Q4 2025[8] - Dawson plans to capitalize on the potential of new equipment with the first large channel crew deployment in Q4 2025[5] - Operating revenues for the three months ended September 30, 2025, totaled $22,746,000, a significant increase from $14,421,000 in the same period of 2024, reflecting a growth of 57.5%[20] - Fee revenue for the three months ended September 30, 2025, was $14,942,000, compared to $4,663,000 in the same period of 2024, marking an increase of 220%[22] Expenses - General and administrative expenses for the three months ended September 30, 2025, were $2,110,000, up from $2,630,000 in the same period of 2024[20]