DWSN

MKT CAP:$100M

Dawson Geophysical Company

Market Cap

$100M

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Equipment & Services·🇺🇸·NASDAQ

Stock Price

$2.95+$1.33 (+82.10%)

Apr 23, 2026

Company Details

Dawson Geophysical Company provides onshore seismic data acquisition and processing services in the United States and Canada. The company acquires and processes 2-D, 3-D, and multi-component seismic data for its clients, including oil and g...

CEO

Anthony Clark

IPO Date

Apr 5, 1994

Website

www.dawson3d.com

Key Metrics TTM

Revenue

$76M

+2.0% YoY

Net Income

-$2M

EPS (Diluted)

-$0.06

Free Cash Flow

$8M

Revenue / Share

$2.44

Gross Margin

36.8%

Operating Margin

-1.5%

Net Margin

-2.6%

FCF Margin

10.1%

P/S

1.3x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 31, 2026

$76M+2.0%EPS -$0.06

Q4 2025

Mar 31, 2026

$27M+72.3%EPS $0.02

Q3 2025

Nov 13, 2025

$23M+57.7%EPS -$0.04

Q2 2025

Aug 13, 2025

$10M-21.3%EPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$11M	$8M	-$7M
Q1 22	$22M	$19M	-$1M
Q3 22	$7M	$5M	-$7M
Q4 22	$15M	$12M	-$6M
Q1 23	$29M	$27M	-$573.0K
Q2 23	$20M	$18M	-$5M
Q3 23	$23M	$21M	-$6M
Q4 23	$24M	$5M	-$2M
Q1 24	$32M	$30M	$6M
Q2 24	$13M	$11M	-$4M
Q3 24	$14M	-$2M	-$6M
Q4 24	$16M	-$49M	-$664.0K
Q1 25	$16M	$15M	$1M
Q2 25	$10M	$9M	-$2M
Q3 25	$23M	$938.0K	-$1M
Q4 25	$27M	$3M	$1M

Valuation

Quarter	P/S	P/E
Q4 21	2.2x	—
Q1 22	1.5x	—
Q3 22	0.9x	—
Q4 22	0.9x	—
Q1 23	0.5x	—
Q2 23	0.7x	—
Q3 23	0.8x	—
Q4 23	0.5x	—
Q1 24	0.5x	—
Q2 24	0.7x	—
Q3 24	0.6x	—
Q4 24	0.6x	—
Q1 25	0.6x	—
Q2 25	0.8x	—
Q3 25	0.9x	—
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$11M	-$11M
Q1 22	-$9M	-$9M
Q3 22	-$3M	-$4M
Q4 22	$1M	$341.0K
Q1 23	-$2M	-$3M
Q2 23	$8M	$7M
Q3 23	-$3M	-$4M
Q4 23	-$2M	-$3M
Q1 24	$2M	$1M
Q2 24	$6M	$5M
Q3 24	-$4M	-$4M
Q4 24	-$5M	-$6M
Q1 25	$2M	$2M
Q2 25	$15M	$14M
Q3 25	-$5M	-$10M
Q4 25	$2M	$2M

Capital Expenditures

Quarter	CapEx
Q4 21	$494.0K
Q1 22	$28.0K
Q3 22	$495.0K
Q4 22	$959.0K
Q1 23	$2M
Q2 23	$415.0K
Q3 23	$602.0K
Q4 23	$1M
Q1 24	$684.0K
Q2 24	$804.0K
Q3 24	$69.0K
Q4 24	$308.0K
Q1 25	$0
Q2 25	$683.0K
Q3 25	$5M
Q4 25	$199.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+22.0%	+1.8%
Q1 22	+86.7%	+36.0%
Q3 22	+3749.2%	+52.9%
Q4 22	+666.0%	+112.3%
Q1 23	+171.3%	+70.4%
Q2 23	-7.8%	+6.9%
Q3 23	+209.1%	+97.8%
Q4 23	+65.4%	+28.1%
Q1 24	+7.4%	-14.0%
Q2 24	-38.1%	-34.9%
Q3 24	-37.2%	-29.5%
Q4 24	-35.5%	-38.0%
Q1 25	-49.1%	-41.6%
Q2 25	-21.3%	-24.9%
Q3 25	+57.7%	+18.3%
Q4 25	+72.3%	+56.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$279.0K	1.3%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$44.0K	0.3%
Q2 25	$43.0K	0.4%
Q3 25	$0	0.0%
Q4 25	$43.0K	0.2%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 21	$4M	—
Q1 22	$6M	—
Q3 22	$3M	—
Q4 22	$3M	—
Q1 23	$3M	—
Q2 23	$3M	—
Q3 23	$2M	—
Q4 23	$4M	—
Q1 24	$2M	—
Q2 24	$2M	—
Q3 24	$3M	—
Q4 24	$3M	—
Q1 25	$2M	—
Q2 25	$2M	—
Q3 25	—	$2M
Q4 25	$3M	—

Revenue Segments

Quarter	Fee Revenue	Reimbursable Revenue
Q1 24	$27M	$5M
Q2 24	$8M	$4M
Q3 24	$5M	$10M
Q4 24	$14M	$2M
Q1 25	$15M	$819.0K
Q2 25	$9M	$1M
Q3 25	$15M	$8M
Q4 25	$23M	$4M

Revenue by Geography

Quarter	Canada	United States
Q4 21	$4M	$7M
Q4 22	$4M	$11M
Q1 23	$11M	$19M
Q2 23	$103.0K	$20M
Q3 23	$14.0K	$23M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$14M	$265.0K	$15M
Q2 22	$30M	$265.0K	$30M
Q3 22	$24M	$265.0K	$24M
Q4 22	$24M	$265.0K	$24M
Q1 23	$11M	$265.0K	$11M
Q2 23	$23M	$265.0K	$23M
Q3 23	$14M	$265.0K	$14M
Q4 23	$16M	$265.0K	$16M
Q1 24	$16M	$265.0K	$17M
Q2 24	$11M	$265.0K	$11M
Q3 24	$7M	$0	$7M
Q4 24	$1M	$0	$1M
Q1 25	$3M	$0	$3M
Q2 25	$16M	$0	$16M
Q3 25	$5M	$0	$5M
Q4 25	$5M	$370.0K	$5M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	24M	+0.1%	+0.7%
Q1 22	24M	+0.2%	+0.9%
Q3 22	24M	+0.5%	+1.2%
Q4 22	24M	0.0%	+0.8%
Q1 23	25M	+5.0%	+5.7%
Q2 23	25M	0.0%	+5.5%
Q3 23	26M	+4.5%	+9.8%
Q4 23	31M	+17.9%	+29.4%
Q1 24	31M	0.0%	+23.2%
Q2 24	31M	+0.0%	+23.3%
Q3 24	31M	+0.3%	+18.2%
Q4 24	31M	+0.2%	+0.6%
Q1 25	31M	+0.2%	+0.7%
Q2 25	31M	-0.2%	+0.6%
Q3 25	31M	+0.1%	+0.3%
Q4 25	31M	+0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$57.1K	190
Q1 22	$115.4K	190
Q3 22	$39.1K	190
Q4 22	$64.9K	226
Q1 23	$130.1K	226
Q2 23	$89.5K	226
Q3 23	$101.6K	226
Q4 23	$86.3K	281
Q1 24	$112.4K	281
Q2 24	$44.5K	281
Q3 24	$51.3K	281
Q4 24	$67.1K	233
Q1 25	$69.0K	233
Q2 25	$42.3K	233
Q3 25	$97.6K	233
Q4 25	$100.2K	269

Revenue / Employee