ADDED
On March 27, 2026, there were 31,052,840 shares of Dawson Geophysical Company common stock, $0.01 par value outstanding.
In some cases, you can identify forward-looking statements by terms such as aim, may, will, should, expects, plans, anticipates, continues, could, intends, goals, target, projects, contemplates, believes, estimates, predicts or potential or the negative of these terms or other similar expressions.
and Iran conflict, and the unrest in the Middle East, , export controls and financial and economic sanctions imposed on certain industry sectors and parties as a result of the developments and broader consequences of the Russian-Ukrainian conflict, the U.S.
and Iran conflict, and the unrest in the Middle East related activities, and whether or not a future transaction or other action occurs that causes the Company to be delisted from Nasdaq and no longer be required to make filings with the Securities and Exchange Commission (the SEC ).
In August 2025, Dawson Operating LLC ( Dawson Operating ), a wholly-owned subsidiary of Dawson Geophysical Company, entered into an equipment purchase agreement with GTC, Inc.
( GTC ), a wholly-owned subsidiary of Geospace Technologies Corporation ( Geospace ), pursuant to which, among other things, Dawson Operating agreed to acquire new single point node channels from GTC for an aggregate purchase price of approximately $24.2 million (the Equipment Purchase Agreement ) subject to the terms and conditions thereof.
The Company paid cash of approximately $4.8 million upon execution of the Equipment Purchase Agreement, agreed to pay approximately $1.2 million in cash upon final delivery, and agreed to finance approximately $18.2 million through separate promissory notes to be issued in connection with each delivery of equipment (each, a Geospace Note and collectively, the Geospace Notes ).
Each Geospace Note is payable by Dawson Geophysical Company and Dawson Operating, jointly and severally, to GTC.
The Geospace Notes will each have a term of 36 months, bear a fixed interest rate of 8.75% annually and may be prepaid in whole or in part at any time without penalty.
As of December 31, 2025, we have taken delivery of $20.9 million of equipment and issued five Geospace Notes with an aggregate principal of approximately $15.5 million.
REMOVED
On March 31, 2025, there were 30,983,437 shares of Dawson Geophysical Company common stock, $0.01 par value outstanding.
When used in this Form 10-K, words such as anticipate, believe, estimate, expect, intend and similar expressions, as they relate to us or our management, identify forward-looking statements.
We generally use tens of thousands of recording channels in our 3-D seismic surveys with the largest project consisting in excess of 60,000 recording channels and dozens of energy source units.
We have operated one to two multi-component equipped crews in the U.S.
Due to the increase in demand for higher channel counts, in recent years we continued to make investments in additional channels.
We are continuing to test and evaluate single point node channels and we may lease or purchase new channels in the future.
The single point node channels are expected to increase our revenues through more competitive bids for our customers and increase our margins due to improved crew efficiencies.
As of December 31, 2024, we operate 130 vibrator energy source units and approximately 326,000 recording channels.
The recording channels consist of 116,000 single-channel GSR/GSX boxes, 186,000 channels of GSR Multi-channel boxes and a 24,000 channel INOVA Hawk System.
The GSR/GSX and INOVA Hawk crews utilize a recorder to manage the data acquisition while the individual system captures and holds the data until they are placed in the Data Transfer Module.