Dawson(DWSN) - 2023 Q4 - Annual Results

Financial Performance - For Q4 2023, the company reported revenues of $24.3 million, a 39% increase from $17.5 million in Q4 2022[4] - The gross margin for Q4 2023 was 20%, compared to 6% in Q4 2022[4] - For the full year 2023, revenues reached $96.8 million, an 88% increase from $51.6 million in 2022[6] - The gross margin for the year ended December 31, 2023, was 14%, up from 11% in 2022[6] - The company reported a net loss of $12.1 million or $0.45 per share for the year 2023, an improvement from a net loss of $18.6 million or $0.75 per share in 2022[7] - Net loss for the three months ended December 31, 2023, was $2,106 million, an improvement from a net loss of $2,769 million in the same period of 2022[20] - EBITDA for the twelve months ended December 31, 2023, was $(2,016) million, compared to $(6,994) million in 2022, indicating a significant reduction in losses[20] Cash and Investments - The company had cash, restricted cash, and short-term investments of $16 million as of December 31, 2023, down from $23.9 million a year earlier[11] - Cash and cash equivalents decreased from $18,603 million in 2022 to $10,772 million in 2023, a decline of about 42.2%[19] - Net cash used in operating activities for the twelve months ended December 31, 2023, was $814 million, an improvement from $(3,269) million in 2022[21] Liabilities and Equity - Total current liabilities increased from $16,194 million in 2022 to $22,418 million in 2023, a rise of approximately 38.3%[19] - Total stockholders' equity decreased from $48,804 million in 2022 to $31,434 million in 2023, a decline of about 35.6%[19] Operational Highlights - The company operated two crews in the U.S. and resumed operations in Canada, maintaining high crew utilization throughout Q4 2023[9] - The capital budget for 2023 was approved at $5 million, with $3.7 million allocated for capital expenditures[10] Special Dividends and Revenue Recognition - The board declared a special cash dividend of $0.32 per share, totaling approximately $9.9 million, payable on May 6, 2024[3] - Deferred revenue increased from $7,380 million in 2022 to $11,829 million in 2023, a growth of approximately 60.0%[19] Accounts Receivable and Expenses - Accounts receivable increased from $7,972 million in 2022 to $12,735 million in 2023, representing a growth of approximately 59.4%[19] - The company generated a net loss of $2.1 million or $0.07 per share in Q4 2023, which included severance expenses of $2.2 million[5] - The company reported a severance expense of $2,208 million for the three months ended December 31, 2023, which was not present in the same period of 2022[20]