A Midland-based company specializing in onshore seismic data acquisition and processing services across the United States and Canada has disclosed its financial performance for the third quarter of 2024.
According to a news release, Dawson Geophysical reported revenues of $14.4 million for the third quarter, marking a 37% decline from $23 million in the same period last year. The company recorded a net loss of $5.6 million, or $0.18 per share, compared to a $5.2 million loss at this time last year. For the nine months ending September 30, 2024, the net loss was reported as $3.3 million.
"We began the quarter with one crew operating in the United States and had two small channel crews operating later in the quarter," said CEO Tony Clark. He further explained that they currently have one crew operating and plan to deploy a second large channel crew in mid-November, which will utilize most of their channels in the United States. "Our seasonal operations in Canada resumed in October, and we expect increased revenues and profitability from Canada through the first quarter of 2025," Clark added.
The company's board has approved a $6 million capital budget for new single node channels aimed at improving efficiency, as said in a news release. As of September 30, 2024, Dawson Geophysical's cash position was reported at $7 million with positive working capital amounting to $4.4 million.
Clark expressed optimism about the company's future prospects: "We expect to finish the year strong and believe that we are positioned to capitalize on the opportunities in our industry."