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Dawson Geophysical Company (DWSN+4.35%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total operating revenues of $74.2 million for 2024, a decrease from $96.8 million in the previous year. This decline is attributed to a decrease in demand for the company's seismic data acquisition services.
Operating expenses totaled $78.7 million for the year, down from $109.9 million in 2023. The decrease is primarily due to cost reduction initiatives and decreased crew production and utilization.
Dawson Geophysical reported a net loss of $4.1 million for 2024, compared to a net loss of $12.1 million in 2023. The improvement is attributed to reduced operating costs and severance expenses.
The company had two major clients accounting for approximately 43% of its revenues in 2024. The remaining revenues were derived from various other clients.
Dawson Geophysical's cash and cash equivalents totaled $1.4 million as of December 31, 2024, with a positive working capital balance of $4.6 million.
The company operates primarily in the United States and Canada, with the U.S. operations generating the majority of the revenue.
Dawson Geophysical's board of directors approved a capital expenditure budget of $6 million for 2025, focusing on potential purchases of new single point node channels.
The company identified no impairments of long-lived assets during the year, as the fair value of the tested assets exceeded their carrying value.
Dawson Geophysical's management continues to focus on maintaining an efficient and cost-effective administrative structure, with general and administrative expenses expected to decrease further in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dawson Geophysical Company annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.