Dawson Geophysical Company reported revenues of $14.4 million for the third quarter ended September 30, 2024. This represents a 37% decrease compared to $23 million in the comparable quarter of 2023. The company incurred a net loss of $5.6 million, or $0.18 per common share, for the quarter.
The net loss for the third quarter of 2024 compares to a net loss of $5.2 million, or $0.20 per common share, in the third quarter of 2023. Dawson Geophysical also reported negative EBITDA of $4.3 million for the quarter, compared to negative EBITDA of $3.4 million in the prior year period.
For the nine months ended September 30, 2024, the company's net loss improved to $3.3 million, or $0.11 per common share, from a net loss of $10 million, or $0.40 per common share, in the same period of 2023. The Board of Directors approved an increase in the capital budget to $6 million for the potential purchase of new single node channels, aiming to improve revenue and margins through enhanced crew efficiency.
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