Dawson Geophysical | 10-Q: FY2025 Q3 Revenue: USD 22.75 M

Revenue: As of FY2025 Q3, the actual value is USD 22.75 M.

EPS: As of FY2025 Q3, the actual value is USD -0.04.

EBIT: As of FY2025 Q3, the actual value is USD -1.16 M.

Segment Revenue

• U.S. Operations: Fee revenue for the third quarter of 2025 was $14.8 million, a 217.6% increase compared to $4.7 million for the same period in 2024. For the first nine months of 2025, fee revenue was $25.9 million, a 17.1% decrease compared to $31.3 million for the same period in 2024.
• Canada Operations: Fee revenue for the third quarter of 2025 was $166,000, compared to $11,000 for the same period in 2024. For the first nine months of 2025, fee revenue was $13.0 million, a 53.9% increase compared to $8.5 million for the same period in 2024.

Operational Metrics

• Net Income: The company reported a net loss of $1.2 million for the third quarter of 2025, compared to a net loss of $5.6 million for the same period in 2024. For the first nine months of 2025, the net loss was $2.5 million, compared to $3.3 million for the same period in 2024.
• Operating Expenses: Total operating expenses for the third quarter of 2025 were $23.9 million, an 18.6% increase from the same period in 2024. For the first nine months of 2025, operating expenses were $51.2 million, a 17.8% decrease from the same period in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: For the nine months ended September 30, 2025, net cash provided by operating activities was $11.9 million, compared to $3.6 million for the same period in 2024.
• Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was $5.7 million, compared to $0.9 million for the same period in 2024.
• Net Cash Used in Financing Activities: For the nine months ended September 30, 2025, net cash used in financing activities was $2.5 million, compared to $11.4 million for the same period in 2024.

Unique Metrics

• Capital Expenditures: For the nine months ended September 30, 2025, capital expenditures were $12.6 million, primarily for new node channels and rolling stock and maintenance capital requirements.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue operating one large channel crew in the U.S. and expects to start another large channel project utilizing new single node channels, anticipated to end in the second quarter of 2026. Seasonal operations in Canada resumed in October, with expectations for a successful season.
• Non-Core Business: The company has entered into a Revolving Credit Note with Equify Financial, allowing for loans up to $5,035,032, secured by a lien on the company’s vibrator energy source vehicles.