Dawson Geophysical Company reported revenues of $74.2 million for the full year ended December 31, 2024, a 23% decrease from $96.8 million in 2023. Despite the revenue decline, the company generated a net loss of $4.1 million, or $0.13 per common share, a significant improvement from the $12.1 million net loss, or $0.45 per common share, in the prior year.
The company achieved positive Adjusted EBITDA of $2 million for the year ended December 31, 2024, marking its first positive annual Adjusted EBITDA since 2020. This was driven by a 25% reduction in general and administrative expenses year-over-year and an improved gross margin of 21% in 2024, up from 16% in 2023.
Dawson Geophysical's Board of Directors approved a capital budget of $6 million for 2025, designated for the potential purchase of new single node channels. The company reported a strong backlog for the six months ended September 30, 2025, which is greater than 150% of the revenues for the comparable period in 2024.
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