Midland-based Dawson Geophysical Company has announced its fourth-quarter results for the year ending in 2024.
According to a news release, Dawson Geophysical is a leading provider of North American onshore seismic data acquisition services, operating throughout the continental United States and Canada. The company acquires and processes 2-D, 3-D, and multi-component seismic data exclusively for its clients, which include major oil and gas companies, independent operators, and providers of multi-client data libraries.
Dawson Geophysical reported revenues of $15.6 million during the fourth quarter, marking a 36% decline from $24.3 million in 2023. For the entire year of 2024, the company reported revenues of $74.2 million, representing a 23% decrease from $96.8 million in the previous year.
The company's fourth-quarter revenue included reimbursable revenue of $1.9 million compared to $5.7 million for the same period in 2023. The gross margin for this quarter was recorded at 23%, slightly up from 22% in the comparable quarter of the previous year. Additionally, Dawson generated positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of $0.9 million in the fourth quarter compared to an adjusted EBITDA of $1.7 million in last year's quarters.
"I am proud of the progress the Dawson team made during 2024," said CEO Tony Clark. "We significantly adjusted our cost structure improving our gross margin from 16% in 2023 to 21% in 2024 and reduced our general and administrative expenses by 25% year-over-year." Clark further said that they have taken steps towards returning to profitability with a strong backlog of projects heading into 2025.