Dawson Geophysical Company reported revenues of $16.1 million for the first quarter ended March 31, 2025, a 49% decrease compared to $31.6 million in the comparable quarter of 2024. The company generated net income of $1 million, or $0.03 per common share, for the quarter, down from $5.8 million, or $0.19 per common share, in the prior year period.
Despite the overall decline, Dawson's Canadian operations saw a 48% increase in fee revenue compared to the first quarter of 2024. These operations generated net income of $5.5 million and Adjusted EBITDA of $5.7 million for the three months ended March 31, 2025, attributed to the utilization of single node channels and efficient operations.
The company expects one large channel crew to be highly utilized from April through the end of the year in the United States, with revenue projected to increase in the second quarter due to a strong backlog. Dawson continues to test new single node channels and plans to reinvest profits in new equipment, supported by a $6 million capital budget for 2025.
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