DWSNHIGH SIGNALOPERATIONAL10-K

DWSN executed a major business transformation with revenue surging 294% to $145.8M alongside a significant $24.2M equipment purchase agreement for single point node channels.

The company appears to have successfully scaled operations dramatically, moving from marginal performance to substantial growth. The equipment purchase agreement signals strategic investment in new technology capabilities that likely enabled this revenue expansion.

Comparing 2026-03-31 vs 2025-04-02View on EDGAR →
FINANCIAL ANALYSIS

DWSN demonstrated exceptional financial transformation with revenue exploding 294% to $145.8M while operating cash flow swung from negative $1.9M to positive $14.0M. Total assets grew 81% to $56.0M and cash increased 254% to $4.9M, though total debt surged 649% to $11.3M and total liabilities nearly tripled to $40.2M. The financial profile suggests successful business scaling funded through increased leverage, with the company investing heavily in growth while generating strong operational cash flows.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+849%
-$1.9M→$14.0M

Operating cash flow surged 849% — exceptional cash generation, highest quality earnings signal.

Total Debt
Balance Sheet
+648.9%
$1.5M→$11.3M

Debt increased 648.9% — substantial leverage increase; assess whether deployed for growth or covering losses.

Revenue
P&L
+294.2%
$37.0M→$145.8M

Strong top-line growth of 294.2% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+266.3%
$1.9M→$6.8M

Capital expenditure jumped 266.3% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+254.3%
$1.4M→$4.9M

Cash position surged 254.3% — strong cash generation or capital raise providing significant financial cushion.

Interest Expense
P&L
+232.3%
$31K→$103K

Interest expense surged 232.3% — significant debt increase or rising rates materially impacting earnings.

Total Liabilities
Balance Sheet
+195.8%
$13.6M→$40.2M

Liabilities grew 195.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Liabilities
Balance Sheet
+170.3%
$9.9M→$26.8M

Current liabilities surged 170.3% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+81.4%
$30.9M→$56.0M

Asset base grew 81.4% — expansion through organic growth, acquisitions, or capital deployment.

Dividends Paid
Cash Flow
-66.6%
$1.9M→$646K

Dividends cut 66.6% — significant signal of cash flow stress or capital reallocation priorities.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-02
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.
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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.
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