Core Viewpoint - Dawson Geophysical Company reported a significant decline in revenues and increased net losses for the third quarter of 2024 compared to the same period in 2023, while also outlining plans for operational improvements and equipment investments to enhance efficiency and profitability [3][4][6]. 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]. - Year-to-date, for the nine months ended September 30, 2024, the net loss was $3.3 million, or $0.11 per share, an improvement from a net loss of $10 million, or $0.40 per share, for the same period in 2023 [5]. Operational Update - The company began Q3 2024 with one crew operating in the U.S. and later added two small channel crews, with plans for a second large channel crew to deploy in mid-November [2]. - Seasonal operations in Canada resumed in October, with expectations for increased revenues and profitability through Q1 2025 [2]. - The Board approved a capital budget increase to $6 million for the purchase of new single node channels, aimed at improving revenue and margins through enhanced crew efficiency [6]. Liquidity Position - As of September 30, 2024, the company had cash of $7 million and positive working capital of $4.4 million, having generated $3.6 million in cash from operations for the nine months ended September 30, 2024 [7]. Industry Context - Dawson Geophysical Company is a leading provider of onshore seismic data acquisition services in North America, serving a diverse client base including major and independent oil and gas operators [8]. - The company is also expanding its services in Carbon Capture Utilization and Storage (CCUS) seismic monitoring, which is becoming an integral part of its business strategy [8].
DAWSON GEOPHYSICAL REPORTS THIRD QUARTER 2024 RESULTS