DWSN on Nasdaq
DAWSON GEOPHYSICAL CO
American oil and gas field exploration services company based in Midland. Summary from the record
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Last updated Oct 19, 2026.
Overview
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- TickerDWSN on Nasdaq2
- IndustryOil & Gas Field Exploration Services2
- HeadquartersMidland, United States2
- Incorporated inTX3
- Business address508 West Wall, Suite 800, Midland, Tx 797013
- Filer categoryNon-accelerated filer, Smaller reporting company3
- Legal formProfessional Corporation2
- LEI549300R9G1EAMSMLXR092
- StatusActive2
- LEI statusIssued and current2
- Registered addressc/o CT CORPORATION SYSTEM, 1999 BRYAN ST., STE. 900, 75201 Dallas, United States2
- Registered withCorporations Section (Texas Secretary of State), 00513184002
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Except as otherwise specifically noted herein, references in this annual report on Form 10-K to the “Company,” “we,” “us” or “our” refer to Dawson Geophysical Company and its consolidated subsidiaries.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-2.2%Operating margin5
-2.6%Net margin5
2.0%Revenue growth, 20255
-12.3%Return on equity5
$7.1MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Fee Revenue brought in 82% of the revenue DAWSON GEOPHYSICAL CO broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Fee Revenue | $53.5M | $61.9M |
| Reimbursable Revenue | $20.7M | $13.7M |
Business segments
United States Operations brought in 79% of the revenue DAWSON GEOPHYSICAL CO broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| United States Operations | $61.2M | $59.8M |
| Canada Operations | $12.9M | $15.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue83¢$62.6M
- Other costs17¢$13.0M
- Income tax0¢$6.0K
Out of $75.6M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending49¢$6.8M
- Kept or used elsewhere51¢$7.1M
Out of $14.0M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Operating revenues | $75.6M | $74.2M |
| Total operating expenses | $62.6M | $63.0M |
| General and administrative | $9.0M | $9.9M |
| Depreciation and amortization | $5.7M | $5.7M |
| Total operating costs | $77.3M | $78.7M |
| Loss from operations | -$1.7M | -$4.5M |
| Interest income | $117.0K | $308.0K |
| Interest expense | -$536.0K | -$159.0K |
| Other income, net | $148.0K | $288.0K |
| Loss before income tax | -$1.9M | -$4.1M |
| Income tax expense | -$6.0K | -$7.0K |
| Net loss | -$1.9M | -$4.1M |
| Net unrealized income (loss) on foreign exchange rate translation | $386.0K | -$571.0K |
| Comprehensive loss | -$1.6M | -$4.7M |
| Basic loss per share of common stock (in dollars per share) | -$0.06 | -$0.13 |
| Diluted loss per share of common stock (in dollars per share) | -$0.06 | -$0.13 |
| Weighted average equivalent common shares outstanding (in shares) | 31.0M shares | 30.9M shares |
| Weighted average equivalent common shares outstanding - assuming dilution (in shares) | 31.0M shares | 30.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $4.9M | $1.4M | |
| Short-term investments | $370.0K | $0 | |
| Accounts receivable, net of allowance for credit losses of $250 at December 31, 2025 and 2024 | $9.4M | $10.0M | $12.7M |
| Prepaid expenses and other current assets | $7.2M | $3.2M | |
| Total current assets | $21.8M | $14.5M | |
| Property and equipment | $254.0M | $238.1M | |
| Less accumulated depreciation | -$223.2M | -$225.1M | |
| Property and equipment, net | $30.8M | $13.0M | |
| Operating lease right-of-use assets | $3.0M | $3.0M | |
| Intangibles, net | $364.0K | $348.0K | |
| Total assets | $56.0M | $30.9M | |
| Accounts payable | $9.6M | $3.4M | |
| Payroll costs and other taxes | $1.5M | $2.0M | |
| Other | $994.0K | $830.0K | |
| Deferred revenue | $7.5M | $1.6M | $11.8M |
| Current maturities of notes payable and finance leases | $6.2M | $1.0M | |
| Current maturities of operating lease liabilities | $1.1M | $1.1M | |
| Total current liabilities | $26.8M | $9.9M | |
| Notes payable and finance leases, net of current maturities | $11.3M | $1.5M | |
| Operating lease liabilities, net of current maturities | $2.0M | $2.1M | |
| Deferred tax liabilities, net | $17.0K | $16.0K | |
| Total liabilities | $40.2M | $13.6M | |
| Common stock-par value $0.01 per share; 35,000,000 shares authorized, 31,052,840 and 30,983,437 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $311.0K | $310.0K | |
| Additional paid-in capital | $157.2M | $157.1M | |
| Accumulated deficit | -$139.6M | -$137.6M | |
| Accumulated other comprehensive loss, net | -$2.1M | -$2.5M | |
| Total stockholders' equity | $15.8M | $17.3M | $31.4M |
| Total liabilities and stockholders' equity | $56.0M | $30.9M | |
| Allowance for credit losses | $250.0K | $250.0K | $250.0K |
| Preferred stock, par value (in dollars per share) | $1.00 | $1.00 | |
| Preferred stock, shares authorized | 4.0M shares | 4.0M shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized | 35.0M shares | 35.0M shares | |
| Common stock, shares issued | 31.1M shares | 31.0M shares | |
| Common stock, shares outstanding | 31.1M shares | 31.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $4.9M | $1.4M | |
| Short-term investments | $370.0K | $0 | |
| Accounts receivable, net of allowance for credit losses of $250 at December 31, 2025 and 2024 | $9.4M | $10.0M | $12.7M |
| Prepaid expenses and other current assets | $7.2M | $3.2M | |
| Total current assets | $21.8M | $14.5M | |
| Property and equipment | $254.0M | $238.1M | |
| Less accumulated depreciation | -$223.2M | -$225.1M | |
| Property and equipment, net | $30.8M | $13.0M | |
| Operating lease right-of-use assets | $3.0M | $3.0M | |
| Intangibles, net | $364.0K | $348.0K | |
| Total assets | $56.0M | $30.9M | |
| Accounts payable | $9.6M | $3.4M | |
| Payroll costs and other taxes | $1.5M | $2.0M | |
| Other | $994.0K | $830.0K | |
| Deferred revenue | $7.5M | $1.6M | $11.8M |
| Current maturities of notes payable and finance leases | $6.2M | $1.0M | |
| Current maturities of operating lease liabilities | $1.1M | $1.1M | |
| Total current liabilities | $26.8M | $9.9M | |
| Notes payable and finance leases, net of current maturities | $11.3M | $1.5M | |
| Operating lease liabilities, net of current maturities | $2.0M | $2.1M | |
| Deferred tax liabilities, net | $17.0K | $16.0K | |
| Total liabilities | $40.2M | $13.6M | |
| Common stock-par value $0.01 per share; 35,000,000 shares authorized, 31,052,840 and 30,983,437 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $311.0K | $310.0K | |
| Additional paid-in capital | $157.2M | $157.1M | |
| Accumulated deficit | -$139.6M | -$137.6M | |
| Accumulated other comprehensive loss, net | -$2.1M | -$2.5M | |
| Total stockholders' equity | $15.8M | $17.3M | $31.4M |
| Total liabilities and stockholders' equity | $56.0M | $30.9M | |
| Allowance for credit losses | $250.0K | $250.0K | $250.0K |
| Preferred stock, par value (in dollars per share) | $1.00 | $1.00 | |
| Preferred stock, shares authorized | 4.0M shares | 4.0M shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized | 35.0M shares | 35.0M shares | |
| Common stock, shares issued | 31.1M shares | 31.0M shares | |
| Common stock, shares outstanding | 31.1M shares | 31.0M shares |
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$1.9M | -$4.1M |
| Depreciation and amortization | $5.7M | $5.7M |
| Non-cash operating lease cost | $925.0K | $1.1M |
| Non-cash compensation | $130.0K | $473.0K |
| Deferred income tax expense | $1.0K | |
| Bad debt expense | $177.0K | |
| Gain on disposal of assets | -$439.0K | -$409.0K |
| Other | $11.0K | -$11.0K |
| Decrease in accounts receivable | $830.0K | $2.5M |
| (Increase) decrease in prepaid expenses and other assets | -$1.9M | $5.7M |
| Increase (decrease) in accounts payable | $6.1M | -$128.0K |
| Decrease in accrued liabilities | -$422.0K | -$1.2M |
| Decrease in operating lease liabilities | -$1.1M | -$1.2M |
| Increase (decrease) in deferred revenue | $5.9M | -$10.3M |
| Net cash provided by (used in) operating activities | $14.0M | -$1.9M |
| Capital expenditures, net of non-cash capital expenditures summarized below | -$6.8M | -$1.9M |
| Proceeds from disposal of assets | $468.0K | $533.0K |
| Proceeds from insurance claim | $332.0K | |
| Proceeds from maturity of short-term investments | $265.0K | |
| Acquisition of short-term investments | -$370.0K | |
| Net cash used in investing activities | -$6.7M | -$735.0K |
| Principal payments on notes payable | -$2.7M | -$947.0K |
| Principal payments on finance leases | -$934.0K | -$680.0K |
| Borrowings on line of credit (related party) | $3.5M | |
| Repayments on line of credit (related party) | -$3.5M | |
| Tax withholdings related to stock based compensation awards | -$48.0K | -$76.0K |
| Other | -$35.0K | |
| Dividends paid | -$9.9M | |
| Net cash used in financing activities | -$3.7M | -$11.6M |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | -$39.0K | -$223.0K |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $3.5M | -$14.4M |
| Cash paid for interest | $429.0K | $159.0K |
| Cash paid for income taxes | $9.0K | $59.0K |
| Cash received for income taxes | $70.0K | $17.0K |
| Increase (decrease) in accrued purchases of property and equipment | -$332.0K | |
| Finance leases incurred | $1.1M | $1.3M |
| Increase in right-of-use assets and operating lease liabilities | $909.0K | $977.0K |
| Financed equipment purchases | $15.4M | |
| Financed insurance premiums | $2.0M | $204.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led DAWSON GEOPHYSICAL CO, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerStephen C. Jumper Feb 12, 2015 to Aug 18, 202214
- Chief executive officerWayne A. Whitener Feb 14, 2006 to Aug 4, 201415
- PresidentStephen C. Jumper Feb 12, 2015 to Aug 18, 202214
- PresidentWayne A. Whitener Feb 14, 2006 to Aug 4, 201415
- Chief financial officerIan M. Shaw Apr 19, 2024 to now16
- Chief financial officerJames Kevin Brata Dec 18, 2008 to Aug 18, 202217
- Chief operating officerC. Ray Tobias Feb 12, 2015 to Aug 18, 202218
Board members and other officers (23)
- EVP, Chief Accounting OfficerChristina W. Hagan Feb 12, 2015 to May 25, 201619
- EVP, Chief Technical OfficerJames W. Thomas Feb 12, 2015 to Aug 11, 202020
- Vice PresidentJames Kevin Brata Jun 24, 2008 to Oct 27, 200821
- Vice PresidentDaniel G. Winn Feb 14, 2006 to Aug 4, 201422
- Secretary and TreasurerKenneth W. Uselton Feb 14, 2006 to Oct 27, 200823
- Board memberFarris Wilks Jan 5, 2026 to now24
- Board memberAlbert S. Conly Oct 4, 2024 to Oct 4, 202425
- Board memberJose Carlos Fernandes Oct 4, 2024 to Oct 4, 202426
- Board memberBruce Franklin Bradley Jan 27, 2022 to Oct 4, 202427
- Board memberMatthew Wilks Jan 27, 2022 to Oct 30, 202328
- Board memberSergei Krylov Jan 27, 2022 to now29
- Board memberMichael L. Klofas May 9, 2018 to Jan 20, 202230
- Board memberCraig W. Cooper Feb 12, 2015 to Jan 20, 202231
- Board memberPloeg Mark A. Vander Feb 12, 2015 to Jan 20, 202232
- Board memberStephen C. Jumper Feb 12, 2015 to Jan 20, 202214
- Board memberTed R. North Feb 12, 2015 to Jan 20, 202233
- Board memberStephanie P. Hurtt Jun 8, 2007 to Feb 12, 201534
- Board memberAllen T. McInnes Feb 13, 2006 to Jun 1, 201835
- Board memberEdward L. Flynn Feb 13, 2006 to Feb 12, 201536
- Board memberHerbert M. Gardner Feb 13, 2006 to Feb 12, 201537
- Board memberWilliam J. Barrett Feb 13, 2006 to Jan 2, 202038
- Board memberWayne A. Whitener Feb 14, 2006 to May 31, 201915
- Board memberWilliam C. Hurtt Jr. Apr 27, 2006 to May 8, 200639
Former names
- TGC INDUSTRIES INCNov 13, 1995 to Feb 11, 20153
Timeline
Filings
159 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 47 major events, 47 insider forms, 16 large holders, 26 other. The latest 20:
- Aug 14, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
- May 15, 202610-Q EDGAR
- May 14, 20268-K EDGAR
- Apr 30, 202610-K/A EDGAR
- Mar 31, 202610-K EDGAR
- Mar 31, 20268-K EDGAR
- Jan 5, 2026SCHEDULE 13D/A EDGAR
- Jan 5, 20264 EDGAR
- Nov 13, 202510-Q EDGAR
- Nov 12, 20258-K EDGAR
- Nov 6, 20258-K EDGAR
- Oct 29, 2025SCHEDULE 13D/A EDGAR
- Oct 28, 20254 OWNERSHIP DOCUMENT EDGAR
- Oct 28, 20254 OWNERSHIP DOCUMENT EDGAR
- Sep 9, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 21, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 18, 20254 OWNERSHIP DOCUMENT EDGAR
- Aug 18, 20254 OWNERSHIP DOCUMENT EDGAR
The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
5 open-market trades by officers, directors and large owners since October 2021: 5 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 14, 2023 | Wilks FarrisDirector | Buy | 8,895 | $2.23 | $19.8K | Form 4 |
| Jun 14, 2023 | Wilks FarrisDirector | Buy | 8,895 | $2.23 | $19.8K | Form 4 |
| Jun 13, 2023 | WB Acquisitions Inc.10% owner | Buy | 4,438 | $2.19 | $9.7K | Form 4 |
| Jun 12, 2023 | WB Acquisitions Inc.10% owner | Buy | 8,604 | $2.18 | $18.8K | Form 4 |
| Jun 12, 2023 | WB Acquisitions Inc.10% owner | Buy | 4,166 | $2.17 | $9.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Farris WilksSCHEDULE 13D/A, 1 filing Jan 5, 202640
- Dan H. WilksSCHEDULE 13D/A, 3 filings Jun 29, 2023 to Oct 29, 202541
- Arena InvestorsSC 13G/A, 2 filings Dec 21, 2021 to Feb 14, 202342
- RENAISSANCE TECHNOLOGIES LLCSC 13G/A, 2 filings Feb 11, 2022 to Feb 13, 202343
- DIMENSIONAL FUND ADVISORS LPSC 13G/A, 2 filings Feb 8, 2022 to Feb 10, 202344
- John M. SchneiderSC 13G/A, 2 filings Oct 8, 2021 to Feb 17, 202245
- Wilks Brothers, LLCSC 13D/A, 3 filings Oct 25, 2021 to Jan 28, 202246
- GRACE & WHITE INC /NYSC 13G/A, 1 filing Dec 7, 202147
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 39. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Grace & White Inc /ny | 702,917 | $4.2M | 0.7% | −76,226 |
| RBF Capital, LLC | 423,797 | $2.5M | 0.1% | No change |
| Vanguard Capital Management LLC | 156,877 | $931.8K | 0.0% | +43,636 |
| Gabelli Funds LLC | 145,200 | $862.5K | 0.0% | No change |
| Marshall Wace, Llp | 86,797 | $515.6K | 0.0% | +45,778 |
| Geode Capital Management, LLC | 83,645 | $496.9K | 0.0% | +2,459 |
| Hillsdale Investment Management Inc. | 54,404 | $323.2K | 0.0% | +20,000 |
| Us Bancorp \de\ | 53,443 | $317.5K | 0.0% | No change |
| Citadel Advisors LLC | 40,178 | $238.7K | 0.0% | New |
| Pinnacle Associates Ltd | 38,360 | $227.9K | 0.0% | −2,000 |
| Two Sigma Investments, LP | 34,016 | $202.1K | 0.0% | −600 |
| Vanguard Fiduciary Trust Co | 33,220 | $197.3K | 0.0% | No change |
| State Street Corp | 28,890 | $171.6K | 0.0% | No change |
| Salem Investment Counselors Inc | 26,225 | $155.8K | 0.0% | No change |
| BlackRock, Inc. | 21,955 | $130.4K | 0.0% | +5,302 |
| Bridgeway Capital Management, LLC | 21,710 | $129.0K | 0.0% | No change |
| Sanders Morris Harris LLC | 20,000 | $118.8K | 0.1% | New |
| Teton Advisors, LLC | 20,000 | $118.8K | 0.1% | No change |
| Jane Street Group, LLC | 15,496 | $92.0K | 0.0% | New |
| Kingswood Wealth Advisors, LLC | 14,228 | $84.5K | 0.0% | +193 |
| Northern Trust Corp | 13,830 | $82.2K | 0.0% | −3,829 |
| Raymond James Financial Inc | 10,593 | $62.9K | 0.0% | −300 |
| UBS Group AG | 5,209 | $30.9K | 0.0% | +4,009 |
| Integrated Wealth Concepts LLC | 4,500 | $26.7K | 0.0% | New |
| Mcguire Capital Advisors Inc | 2,000 | $11.9K | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARIan M. Shaw, Chief financial officer
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- 21SEC EDGARJames Kevin Brata, Vice President
- 22SEC EDGARDaniel G. Winn, Vice President
- 23
- 24SEC EDGARFarris Wilks, Board member
- 25SEC EDGARAlbert S. Conly, Board member
- 26SEC EDGARJose Carlos Fernandes, Board member
- 27SEC EDGARBruce Franklin Bradley, Board member
- 28SEC EDGARMatthew Wilks, Board member
- 29SEC EDGARSergei Krylov, Board member
- 30SEC EDGARMichael L. Klofas, Board member
- 31SEC EDGARCraig W. Cooper, Board member
- 32SEC EDGARPloeg Mark A. Vander, Board member
- 33SEC EDGARTed R. North, Board member
- 34SEC EDGARStephanie P. Hurtt, Board member
- 35SEC EDGARAllen T. McInnes, Board member
- 36SEC EDGAREdward L. Flynn, Board member
- 37SEC EDGARHerbert M. Gardner, Board member
- 38SEC EDGARWilliam J. Barrett, Board member
- 39SEC EDGARWilliam C. Hurtt Jr., Board member
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