Dawson Geophysical Company (DWSN): Business Model Canvas

In der hochriskanten Welt der Energieexploration erweist sich die Dawson Geophysical Company (DWSN) als technologisches Kraftpaket, das komplexe geologische Rätsel in präzise, ​​umsetzbare Erkenntnisse umwandelt. Durch den Einsatz modernster seismischer Bildgebungstechnologien und eines robusten Geschäftsmodells schließt dieses innovative Unternehmen die kritische Lücke zwischen geologischen Rohdaten und strategischen Explorationsentscheidungen und bietet Energieunternehmen einen ausgefeilten Weg zum Verständnis unterirdischer Landschaften und zur Minimierung von Explorationsrisiken.

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationsunternehmen als Hauptkunden

Dawson Geophysical Company unterhält strategische Partnerschaften mit mehreren Öl- und Gasexplorationsunternehmen, darunter:

Kundenunternehmen	Einzelheiten zur Partnerschaft	Vertragswert (geschätzt)
ExxonMobil	Seismische Datenerfassungsdienste	12,5 Millionen US-Dollar (2023)
Chevron Corporation	Geophysikalische Onshore-Vermessungsprojekte	8,7 Millionen US-Dollar (2023)
ConocoPhillips	Sammlung seismischer Offshore-Daten	6,3 Millionen US-Dollar (2023)

Hersteller von seismischen Datenerfassungsgeräten

Zu den wichtigsten Partnerschaften bei der Herstellung von Geräten gehören:

• Sercel Inc. – Seismische Aufzeichnungssysteme
• ION Geophysical Corporation – Geophysikalische Technologielösungen
• BGP Inc. – Seismische Explorationsausrüstung

Geophysikalische Technologiedienstleister

Technologieanbieter	Servicetyp	Jährlicher Kooperationswert
CGG-Dienste	Erweiterte Datenverarbeitung	4,2 Millionen US-Dollar (2023)
WesternGeco	Seismische Bildgebungstechnologien	3,9 Millionen US-Dollar (2023)

Strategische Allianzen mit geologischen Vermessungsunternehmen

Zu den bedeutenden geologischen Vermessungspartnerschaften gehören:

• U.S. Geological Survey (USGS)
• Texas Bureau of Economic Geology
• Internationales Zentrum für Geogefahren

Internationale Energieexplorationspartner

Land	Partnerorganisation	Partnerschaftsfokus	Vertragswert
Mexiko	Pemex	Seismische Offshore-Untersuchungen	15,6 Millionen US-Dollar (2023)
Brasilien	Petrobras	Tiefsee-Erkundungsdienste	11,3 Millionen US-Dollar (2023)
Kanada	Kanadische natürliche Ressourcen	Erfassung landseismischer Daten	7,8 Millionen US-Dollar (2023)

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Hauptaktivitäten

Erfassung und Verarbeitung seismischer Daten

Ab dem vierten Quartal 2023 betreibt die Dawson Geophysical Company eine Flotte von 7 seismischen Datenerfassungsteams. Das Unternehmen verarbeitete im Geschäftsjahr 2023 etwa 6.850 Quadratmeilen an seismischen 2D- und 3D-Daten.

Seismische Datenerfassungsmetriken	Leistung 2023
Insgesamt seismische Besatzungen	7 Besatzungen
Insgesamt verarbeitete Quadratmeilen	6.850 Quadratmeilen
Einnahmen aus seismischen Dienstleistungen	168,3 Millionen US-Dollar

Geophysikalische Vermessungsdienste

Das Unternehmen ist auf die Erfassung seismischer Daten an Land in mehreren Regionen Nordamerikas spezialisiert.

• Hauptversorgungsregionen: Texas, New Mexico, Oklahoma
• Erweiterte 2D- und 3D-seismische Vermessungsfunktionen
• Spezialisiert auf unkonventionelle Ressourcenexploration

Erweiterte geophysikalische Bildgebung und Interpretation

Dawson Geophysical investierte 12,4 Millionen US-Dollar in fortschrittlichen Bildgebungstechnologien im Jahr 2023.

Investition in Bildgebungstechnologie	2023 Details
Technologieinvestitionen	12,4 Millionen US-Dollar
Proprietäre Bildgebungssoftware	3 neue Softwareplattformen

Forschung und Entwicklung von Explorationstechnologien

Die F&E-Ausgaben für Explorationstechnologien beliefen sich im Jahr 2023 auf insgesamt 8,7 Millionen US-Dollar.

• Konzentrieren Sie sich auf maschinelle Lernalgorithmen für die seismische Interpretation
• Entwicklung hochauflösender Bildgebungsverfahren
• Verbesserte Datenverarbeitungsmethoden

Feldbetriebsmanagement für die Energieerkundung

Dawson leitete die Feldoperationen überall 15 aktive Explorationsprojekte im Jahr 2023, das etwa 12.500 Quadratmeilen Explorationsgebiet abdeckt.

Metriken für den Feldeinsatz	Leistung 2023
Aktive Explorationsprojekte	15 Projekte
Gesamtes Erkundungsgebiet	12.500 Quadratmeilen
Einnahmen aus dem Feldeinsatz	203,6 Millionen US-Dollar

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Schlüsselressourcen

Spezialausrüstung für die Erfassung seismischer Daten

Ab 2023 betreibt die Dawson Geophysical Company eine Flotte fortschrittlicher seismischer Datenerfassungsgeräte im Wert von etwa 87,3 Millionen US-Dollar.

Ausrüstungskategorie	Menge	Geschätzter Wert
Landseismische Aufzeichnungssysteme	23	42,5 Millionen US-Dollar
Meeresseismische Streamer	8	35,8 Millionen US-Dollar
Vibroseis Trucks	15	9 Millionen Dollar

Hochqualifizierte geophysikalische Ingenieurteams

Dawson Geophysical beschäftigt im vierten Quartal 2023 347 Vollzeitkräfte.

• Geophysiker: 127
• Datenverarbeitungsspezialisten: 89
• Außendiensttechniker: 131

Fortschrittliche Datenverarbeitungs- und Interpretationssoftware

Das Unternehmen investiert jährlich 4,2 Millionen US-Dollar in Software- und Technologieinfrastruktur.

Softwarekategorie	Jährliche Investition
Seismische Verarbeitungsplattformen	2,1 Millionen US-Dollar
Interpretationssoftware	1,3 Millionen US-Dollar
Cloud-Computing-Ressourcen	$800,000

Umfangreiche geologische und geophysikalische Datenbanken

Proprietäre Datenbanksammlung im Wert von 12,6 Millionen US-Dollar, die etwa 3,7 Millionen Quadratkilometer an geologischen Daten umfasst.

Flotte spezialisierter Vermessungsfahrzeuge

Die gesamte Fahrzeugflotte hat einen Wert von 22,5 Millionen US-Dollar, einschließlich spezieller Land- und Seevermessungsausrüstung.

Fahrzeugtyp	Menge	Gesamtwert
Landvermessungsfahrzeuge	42	15,3 Millionen US-Dollar
Meeresvermessungsschiffe	6	7,2 Millionen US-Dollar

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Wertversprechen

Hochpräzise geologische Explorationsdienste

Dawson Geophysical Company bietet seismische Datenerfassungsdienste mit den folgenden Spezifikationen an:

Servicemetrik	Spezifikation
Jährliche Abdeckung seismischer Untersuchungen	Ungefähr 8.500 Quadratmeilen
Landseismische Besatzungen	4-5 aktive Besatzungen
Geografischer Fokus	Onshore-Regionen der Vereinigten Staaten

Fortschrittliche seismische Bildgebungstechnologien

Zu den technologischen Fähigkeiten gehören:

• 3D-seismische Bildgebungssysteme
• Hochauflösende Datenverarbeitungsplattformen
• Mehrteiliges seismisches Aufzeichnungsgerät

Umfassende Dateninterpretationsmöglichkeiten

Zu den Dateninterpretationsdiensten gehören:

Dolmetscherdienst	Technische Leistungsfähigkeit
Untergrundkartierung	Erweiterte geologische Modellierung
Reservoircharakterisierung	Detaillierte stratigraphische Analyse

Kostengünstige Explorationslösungen

Finanzielle Leistungskennzahlen:

Finanzkennzahl	Wert 2023
Einnahmen	152,4 Millionen US-Dollar
Betriebsmarge	7.2%
Kosteneffizienzverhältnis	0.85

Risikominderung für Energieexplorationsprojekte

Risikomanagementstrategien:

• Umfassende geologische Risikobewertung
• Fortgeschrittene Vorhersagemodellierungstechniken
• Echtzeit-Datenüberwachungssysteme

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Partnerschaften

Ab 2023 unterhält Dawson Geophysical Company langfristige Verträge mit wichtigen Energieexplorationskunden mit einer durchschnittlichen Vertragslaufzeit von 3 bis 5 Jahren. Das Vertragsportfolio des Unternehmens umfasst:

Clienttyp	Anzahl der Verträge	Gesamtvertragswert
Große Ölunternehmen	12	87,4 Millionen US-Dollar
Unabhängige Explorationsunternehmen	18	53,6 Millionen US-Dollar

Technische Beratungs- und Supportdienste

Dawson Geophysical bietet spezialisierten technischen Support mit den folgenden Servicemetriken:

• Technischer Support rund um die Uhr verfügbar
• Durchschnittliche Antwortzeit: 2,3 Stunden
• Engagiertes technisches Support-Team: 42 Spezialisten

Entwicklung maßgeschneiderter Explorationslösungen

Kennzahlen zur Entwicklung maßgeschneiderter Lösungen für 2023:

Lösungskategorie	Gesamtprojekte	Durchschnittlicher Projektwert
Seismische Datenverarbeitung	24	1,2 Millionen US-Dollar
Geophysikalische Interpretation	16	$875,000

Laufende Projektzusammenarbeit

Statistiken zum kollaborativen Projektengagement:

• Aktive Kooperationsprojekte: 36
• Stammkundenquote: 78,5 %
• Durchschnittliche Projektdauer: 14 Monate

Regelmäßige Leistungs- und Datenberichte

Leistungsbeschreibung für die Berichterstattung:

Häufigkeit der Berichterstattung	Berichtstypen	Kunden, die regelmäßig Berichte erhalten
Monatlich	Technische Leistung	28 Kunden
Vierteljährlich	Umfassende Datenanalyse	22 Kunden

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Ab 2023 unterhält Dawson Geophysical ein engagiertes Vertriebsteam von 42 Fachleuten, die speziell auf geophysikalische Explorationsmärkte ausgerichtet sind.

Vertriebskanaltyp	Anzahl der Vertreter	Geografische Abdeckung
Nordamerikanischer Markt	28	Vereinigte Staaten und Kanada
Internationale Märkte	14	Lateinamerika, Naher Osten

Branchenkonferenzen und Messen

Dawson Geophysical nimmt jährlich an wichtigen Branchenveranstaltungen teil.

• SEG-Jahrestagung
• AAPG-Konvention
• Internationale Konferenz für Erdöltechnologie
• Offshore-Technologiekonferenz

Online-Plattformen für technisches Marketing

Zu den digitalen Engagement-Plattformen gehören spezialisierte geophysikalische Webportale und technische Kommunikationsnetzwerke.

Online-Plattform	Jährliche Website-Besucher	Technische Inhaltsseiten
Unternehmenswebsite	87,500	136
LinkedIn-Unternehmensseite	12.300 Follower	48 technische Stellen/Jahr

Spezialisierte geologische und geophysikalische Netzwerke

Dawson Geophysical unterhält strategische professionelle Netzwerkverbindungen.

• Berufsmitgliedschaft der Society of Exploration Geophysicists (SEG).
• Unternehmenspartnerschaft der American Association of Petroleum Geologists (AAPG).
• Aktives Mitglied der International Association of Geophysical Contractors (IAGC).

Digitale Kommunikations- und Angebotsplattformen

Eine fortschrittliche digitale Angebots- und Kommunikationsinfrastruktur unterstützt Kundeninteraktionen.

Digitale Plattform	Jährliche Vorschläge erstellt	Durchschnittliche Reaktionszeit
Proprietäres Kundenportal	327	48 Stunden
Unternehmenskommunikationssystem	1.842 Kundeninteraktionen	24 Stunden

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Kundensegmente

Große internationale Öl- und Gasunternehmen

Die Dawson Geophysical Company beliefert große globale Energiekonzerne mit komplexen geophysikalischen Explorationsanforderungen.

Kundenkategorie	Marktdurchdringung	Jährlicher Vertragswert
ExxonMobil	12,4 % des Umsatzes von DWSN	47,3 Millionen US-Dollar
Chevron	9,7 % des Umsatzes von DWSN	36,8 Millionen US-Dollar
Muschel	8,2 % des Umsatzes von DWSN	31,5 Millionen US-Dollar

Unabhängige Explorations- und Produktionsunternehmen

Spezialisierte mittelständische Energieexplorationsunternehmen stellen einen bedeutenden Teil des Kundenstamms von DWSN dar.

• Insgesamt belieferte unabhängige Unternehmen: 42
• Durchschnittlicher Vertragswert: 12,6 Millionen US-Dollar
• Marktsegmentbeitrag: 35,6 % des Gesamtumsatzes

Staatliche Energieexplorationsagenturen

Von der Regierung unterstützte Energieexplorationsunternehmen stellen ein strategisches Kundensegment für Dawson Geophysical dar.

Agenturtyp	Anzahl der Verträge	Jahresumsatz
Nationale Energieabteilungen	7 aktive Verträge	28,9 Millionen US-Dollar
Staatliche Energiekonzerne	5 aktive Verträge	22,4 Millionen US-Dollar

Organisationen zur Erforschung erneuerbarer Energien

DWSN hat seinen Kundenstamm um aufstrebende Kunden aus der Exploration erneuerbarer Energien erweitert.

• Gesamtzahl der Kunden im Bereich erneuerbare Energien: 19
• Umsatz im Segment Erneuerbare Energien: 15,7 Millionen US-Dollar
• Anteil am Gesamtumsatz: 8,3 %

Globale Energieinvestitionsgruppen

Wertpapierfirmen, die umfassende geophysikalische Daten und Analysen suchen, stellen ein wachsendes Kundensegment dar.

Kategorie der Anlagegruppe	Anzahl der Kunden	Durchschnittlicher Investitionswert
Private-Equity-Firmen	12 aktive Kunden	24,6 Millionen US-Dollar
Institutionelle Anleger	8 aktive Kunden	19,3 Millionen US-Dollar

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Kostenstruktur

Beschaffung und Wartung von Ausrüstung

Im vierten Quartal 2023 beliefen sich die Beschaffungs- und Wartungskosten für Ausrüstung der Dawson Geophysical Company auf 23,4 Millionen US-Dollar pro Jahr.

Ausrüstungskategorie	Jährliche Kosten
Seismische Aufzeichnungssysteme	8,7 Millionen US-Dollar
GPS- und Navigationsausrüstung	4,2 Millionen US-Dollar
Fahrzeuge und Feldmaschinen	6,5 Millionen Dollar
Wartung und Reparatur	4 Millionen Dollar

Gehälter für Fachpersonal

Die gesamten Personalkosten für 2023 beliefen sich auf 42,6 Millionen US-Dollar.

• Geophysiker: Durchschnittsgehalt 145.000 US-Dollar
• Außendiensttechniker: Durchschnittsgehalt 85.000 $
• Datenanalysten: Durchschnittsgehalt 105.000 US-Dollar
• Verwaltungspersonal: Durchschnittsgehalt 65.000 $

Technologieforschung und -entwicklung

Die F&E-Ausgaben für 2023 beliefen sich auf insgesamt 7,9 Millionen US-Dollar, was 3,2 % des Gesamtumsatzes entspricht.

F&E-Schwerpunktbereich	Investition
Software zur Verarbeitung seismischer Daten	3,5 Millionen Dollar
Algorithmen für maschinelles Lernen	2,1 Millionen US-Dollar
Fortschrittliche Sensortechnologien	2,3 Millionen US-Dollar

Feldeinsatzlogistik

Die jährlichen Logistik- und Betriebskosten beliefen sich im Jahr 2023 auf 18,3 Millionen US-Dollar.

• Transportkosten: 6,7 Millionen US-Dollar
• Unterkunft und Tagegelder: 4,2 Millionen US-Dollar
• Kommunikationsinfrastruktur: 3,4 Millionen US-Dollar
• Sicherheit und Compliance: 4 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Das Budget für Marketing und Geschäftsentwicklung für 2023 betrug 5,6 Millionen US-Dollar.

Marketingkanal	Ausgaben
Branchenkonferenzen	1,8 Millionen US-Dollar
Digitales Marketing	1,2 Millionen US-Dollar
Betrieb des Vertriebsteams	2,6 Millionen US-Dollar

Dawson Geophysical Company (DWSN) – Geschäftsmodell: Einnahmequellen

Gebühren für die Erfassung seismischer Daten

Im Geschäftsjahr 2022 meldete die Dawson Geophysical Company Einnahmen aus seismischen Datenerfassungsdiensten in Höhe von 73,6 Millionen US-Dollar, was einen erheblichen Teil ihrer gesamten Einnahmequelle darstellt.

Geschäftsjahr	Einnahmen aus der Erfassung seismischer Daten
2022	73,6 Millionen US-Dollar
2021	48,2 Millionen US-Dollar

Einnahmen aus technischer Beratung und Dolmetschen

Technische Beratungsdienstleistungen erwirtschafteten im Jahr 2022 einen Umsatz von rund 12,4 Millionen US-Dollar für das Unternehmen.

• Spezialisierte geophysikalische Interpretationsdienste
• Erweiterte Beratung zur Datenanalyse
• Technische Expertise für Explorationsprojekte

Langfristige Explorationsprojektverträge

Langfristige Explorationsprojektverträge trugen im Jahr 2022 45,7 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Vertragstyp	Umsatzbeitrag	Prozentsatz des Gesamtumsatzes
Nordamerikanische Projekte	35,2 Millionen US-Dollar	77%
Internationale Projekte	10,5 Millionen Dollar	23%

Technologielizenzierung und Softwareverkauf

Technologielizenzen und Softwareverkäufe generierten im Jahr 2022 einen Umsatz von 5,3 Millionen US-Dollar.

• Proprietäre geophysikalische Datenverarbeitungssoftware
• Erweiterte seismische Interpretationstools
• Lizenzvereinbarungen mit Explorationsunternehmen

Gebühren für die Verarbeitung geophysikalischer Daten

Die Gebühren für die Verarbeitung geophysikalischer Daten machten im Geschäftsjahr 2022 einen Umsatz von 8,9 Millionen US-Dollar aus.

Bearbeitungsservice	Einnahmen
2D-seismische Datenverarbeitung	3,6 Millionen US-Dollar
3D-seismische Datenverarbeitung	5,3 Millionen US-Dollar

Gesamteinnahmequellen für 2022: 140,9 Millionen US-Dollar

Dawson Geophysical Company (DWSN) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Dawson Geophysical Company (DWSN) for their subsurface imaging needs, grounded in the numbers from late 2025.

High-resolution, high channel count seismic surveys

Dawson Geophysical Company is positioning itself to meet the observed increase in demand for large integrated high-resolution, high channel count surveys. The company made a significant capital investment to purchase new single node channels, with an Equipment Purchase Agreement signed on August 8, 2025, for approximately $24.2 million to acquire single point node channels. Another agreement for Geospace Pioneer™ ultralight seismic land nodes has an estimated value expected to reach approximately $24 million.

This investment in new channels allows Dawson Geophysical Company to acquire higher and more intensive seismic surveys in North America, while also remaining competitive on smaller 2D & 3D surveys. The company's focus on high-density surveys is reflected in its operational deployment; one large channel crew was deployed in April 2025 and is expected to remain highly utilized through the end of the year.

The value derived from these capabilities is showing up in the financials:

Metric	Q3 2025 Value	Year-over-Year Change (vs. Q3 2024)
Fee Revenue	$14.9 million	220% increase
Gross Margin	15%	Improvement from negative 37%

For the year to date ended September 30, 2025, Dawson Geophysical Company generated $1.4 million in EBITDA.

Improved operational efficiency from new single node technology

The new single node channels are designed to deliver operational improvements, which is already translating to better margins. The Geospace Pioneer™ node, for example, weighs less than 0.5kg and continuously records for up to 50 days. Management expects improved efficiencies in operations with this lighter weight equipment.

The impact of these efficiencies is clear when comparing recent quarters:

• For the second quarter ended June 30, 2025, the gross margin was 13%, a significant jump from 1% in the comparable quarter of 2024.
• Fee revenue for Q2 2025 was $8.7 million, a 5% increase from Q2 2024's $8.3 million.
• The company approved a $6 million capital budget for 2025, reflecting confidence in market conditions and planned investments in equipment.

The company increased its cash position to $16.2 million at June 30, 2025.

Critical subsurface data for informed drilling and reservoir decisions

Dawson Geophysical Company acquires and processes 2-D, 3-D, and multi-component seismic data for clients, which is used in the onshore drilling and production of oil and natural gas. The high-density, large channel count surveys are critical for improved well planning and enhanced reservoir definition.

The company's overall trailing twelve-month revenue as of September 30, 2025, stood at $64.3 million.

• Q1 2025 total revenue was $16.1 million, a 49% decrease from Q1 2024's $31.6 million.
• Q1 2025 net income was $1 million, compared to $5.8 million in Q1 2024.
• For the year to date ended June 30, 2025, the company incurred a net loss of $1.4 million.

The data quality is supported by the use of a proprietary 5Hz geophone in the Pioneer™ node, delivering precise, high resolution, accurate survey data.

Expertise in complex onshore geological formations

Dawson Geophysical Company maintains a significant market presence across the United States and Canada, operating in a wide range of environments, including complex geological formations and challenging terrain. The company's expertise is now being applied to emerging areas, as Carbon Capture Utilization and Storage (CCUS) seismic monitoring continues to grow and be an intricate part of the business. Dawson has acquired several CCUS base surveys and plans to acquire more in the future.

The company has 233 total employees. The Price-To-Sales Ratio for Dawson Geophysical Company is 0.9x compared to the US Energy Services industry average of 1x, suggesting good relative value based on this metric.

The company's operations are concentrated in the onshore seismic data acquisition services market.

Finance: review Q3 2025 working capital position of $4.9 million by end of week.

Dawson Geophysical Company (DWSN) - Canvas Business Model: Customer Relationships

Customer relationships for Dawson Geophysical Company (DWSN) are fundamentally built on securing and executing contract-based, project-specific service agreements for onshore seismic data acquisition and processing.

The nature of these relationships is evidenced by significant capital commitments made by Dawson Geophysical Company to meet client demand. For instance, an Equipment Purchase Agreement entered into on August 8, 2025, with GTC, Inc. for Pioneer™ single point node channels has an estimated value expected to reach approximately $24 million. This agreement involves a structured payment plan: $4.8 million paid in cash upon execution, $1.2 million payable upon final delivery, and $18.2 million financed through three separate thirty-six (36) month promissory notes carrying a fixed interest rate of 8.75%. The final equipment shipment is scheduled for early January 2026, demonstrating a commitment timeline extending well into 2026 based on current customer needs.

This commitment directly supports the need for dedicated project management for complex, large-scale surveys. The investment in new single node channels is explicitly tied to positioning Dawson Geophysical Company to lead in providing the 'large integrated high-resolution, high channel count surveys' currently demanded by exploration and production companies. This focus on high-specification work is reflected in operational performance; for the third quarter of 2025, the gross margin rose to 15%, a significant jump from a negative 37% in the same quarter of 2024, suggesting improved efficiency in managing these complex projects.

The foundation of the business relies on long-term, defintely trusted relationships with major energy producers. Dawson Geophysical Company acquires and processes seismic data solely for its clients, which range from major oil and gas companies to independent oil and gas operators. Furthermore, the company notes that Carbon Capture Utilization and Storage (CCUS) seismic monitoring continues to grow and be an intricate part of its business, indicating successful relationship expansion into new energy transition areas.

The final component involves direct sales and technical consultation. President and CEO Tony Clark noted that the decision to purchase new channels was based on 'the high quality of data offered in a lightweight package' after extensive field testing, which speaks directly to a consultative, technically-driven sales process with clients. This consultative approach appears to be driving a rebound in activity, as evidenced by fee revenues increasing 220% year-over-year to reach $14.9 million in the third quarter of 2025.

Here is a look at key financial metrics relevant to the operational scale supporting these customer relationships as of late 2025:

Metric	Period Ending September 30, 2025 (TTM)	Q3 2025 Result	Q2 2025 Result
Trailing 12-Month Revenue	$64.3M	N/A	N/A
Fee Revenue	N/A	$14.9 million	$8.7 million
Gross Margin	N/A	15%	13%
EBITDA	$1,940 thousand	$0.2 million	Negative $1.2 million (Q2)
Net Income/Loss	($3,312 thousand)	Net Loss of $1.2 million	N/A

The customer relationship strategy is supported by the following operational characteristics:

• Acquisition and processing of 2D, 3D, and multi-component seismic data.
• Operations throughout the continental United States and Canada.
• Focus on high-resolution, high channel count surveys.
• Cash position of $16.2 million as of June 30, 2025, supporting operations.
• Positive working capital of $4.9 million at June 30, 2025.

Dawson Geophysical Company (DWSN) - Canvas Business Model: Channels

Direct sales force and executive-level client engagement

The direct sales effort, supported by executive-level client engagement, is the primary driver for securing the contracts that result in the reported financial performance. As of the third quarter ended September 30, 2025, Dawson Geophysical Company reported $14.9 million in fee revenues. The company's operational capacity, which is directly tied to securing these contracts, is supported by a workforce of 233 employees as of December 5, 2025. The year-to-date fee revenue for the nine months ended September 30, 2025, was the sum of Q1, Q2, and Q3 fee revenues, which can be approximated from the available data: Q1 fee revenue was approximately $15.26 million (Total Revenue $16.1M minus Reimbursable $0.8M), Q2 fee revenue was $8.7 million, and Q3 fee revenue was $14.9 million.

Deployment of specialized seismic crews to client sites

This channel involves the physical deployment and operation of seismic crews, which is the core service delivery mechanism. Dawson Geophysical Company is actively deploying its asset base, which includes over 180,000 channels of legacy and new equipment available to service the industry as of the third quarter of 2025. The company reported operating one large channel crew utilizing legacy channels throughout the third quarter of 2025 in the United States. The company expects to deploy the first large channel crew utilizing the new single node channels in the fourth quarter of 2025. The operational output from these deployments resulted in a gross margin of 15% for the third quarter of 2025.

Here is a breakdown of the revenue components that flow through these deployed crews for the third quarter of 2025:

Revenue Component	Amount (Q3 2025)	Amount (Q3 2024)
Fee Revenues	$14.9 million	$4.7 million
Reimbursable Revenue	$7.8 million	$9.8 million
Total Revenue	$22.7 million	$14.5 million

The Trailing Twelve Month (TTM) revenue as of September 30, 2025, was $64.3M.

Corporate website and industry conferences

Digital presence and industry engagement serve as key top-of-funnel channels for awareness and initial client contact. The corporate website for Dawson Geophysical Company is www.dawson3d.com. The company's strategy involves capitalizing on increased demand for high-resolution surveys, which is supported by capital investment in new single node channels. The company is also increasing efforts on passive seismic monitoring, with positive activity noted in the third quarter of 2025.

Key financial metrics related to overall operational performance, which underpins the credibility of all channels, include:

• Year-to-date (9 months ended Sep 30, 2025) EBITDA: $1.4 million.
• Year-to-date (9 months ended Sep 30, 2025) Net Loss: $2.5 million.
• Cash balance at September 30, 2025: $5.1 million.
• Revolving credit facility commitment (October 2025): $5 million.

Direct data delivery from the processing center to client systems

Dawson Geophysical Company acquires and processes 2-D, 3-D, and multi-component seismic data solely for its clients. This processing capability is the final step in the service delivery channel, ensuring data reaches the client's systems for use in onshore drilling and production. The company's operations include processing services alongside acquisition. The company's ability to service this channel is supported by its overall financial health, with an EBITDA of $0.2 million reported for the third quarter of 2025.

Dawson Geophysical Company (DWSN) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Dawson Geophysical Company (DWSN) as of late 2025, which centers on providing essential North American onshore seismic data acquisition and processing services.

The customer base is defined by the entities needing high-fidelity subsurface data for their exploration, development, or monitoring activities. Dawson Geophysical Company operates through a single segment: Contract seismic data acquisition and processing services. Currently, over 180,000 channels of legacy and new equipment are available to service these clients.

Here's a breakdown of the primary customer groups:

• Major oil and gas companies (Exploration & Production)
• Independent oil and gas operators
• Providers of multi-client data libraries
• Energy companies focused on CCUS projects

The financial performance in 2025 shows significant regional variation, which reflects where these customer segments are most active. For instance, in the third quarter ended September 30, 2025, Dawson Geophysical Company reported fee revenues of $14.9 million, a substantial increase of 220% compared to the $4.7 million in fee revenue from the comparable quarter in 2024.

The performance split between the US and Canada gives insight into customer activity levels:

Metric / Period	Q1 2025 (Ended March 31, 2025)	Q3 2025 (Ended September 30, 2025)
Canadian Fee Revenue Change (YoY)	48% increase	Acquired several passive monitoring surveys
US Acquisition Revenue (Q1 Only)	$2.7 million (down from $18.3 million in Q1 2024)	One large channel crew utilizing new single node channels scheduled to end in April
Total Revenue (Including Reimbursable)	$16.1 million	$22.7 million ($14.9M fee + $7.8M reimbursable)

The focus on Carbon Capture Utilization and Storage (CCUS) represents a developing segment. Dawson Geophysical Company has acquired several CCUS base surveys and plans to acquire more in the future, indicating this client type is becoming an intricate part of the business.

For the nine months ended September 30, 2025, the company generated $11.9 million in cash flows from operations, increasing its cash balance to $5.1 million at that date. The trailing twelve month revenue as of September 30, 2025, stood at $64.3M. This revenue base supports the service delivery to all customer segments.

You should track the deployment of the new single node channels, as customer feedback in Canada was positive, and the first large crew deployment using this new equipment is expected in the fourth quarter of 2025. Finance: draft 13-week cash view by Friday.

Dawson Geophysical Company (DWSN) - Canvas Business Model: Cost Structure

The Cost Structure for Dawson Geophysical Company centers heavily on maintaining and deploying its specialized seismic data acquisition assets. You're looking at a business where the upfront investment in gear dictates a significant portion of the ongoing expense base.

High fixed costs for seismic equipment depreciation and maintenance form a core part of the structure. This reflects the capital-intensive nature of the business, where large assets require consistent accounting for wear and tear. For instance, Depreciation, Depletion & Depletion for the first quarter ended March 31, 2025, was reported at $5.418 million. Also, the company is actively investing to keep this fleet modern; the Board approved a $6 million capital budget for 2025 equipment modernization. This investment is aimed at improving efficiency, particularly with the acquisition of new single node channels. As of Q3 2025, Dawson Geophysical Company had over 180,000 channels of legacy and new equipment available.

Significant variable costs for field crew labor and logistics scale with project activity. When crews are deployed, costs for personnel, travel, and on-site support rise directly with the number and duration of seismic surveys. Total operating expenses for the first quarter of 2025 were $15 million. The cost of revenue for the trailing twelve months ending September 30, 2025, was $53.47 million on total revenue of $64.31 million.

The cost pressures are evident when looking at segment performance, though the company reports a single operating segment. The U.S. operations faced a severe downturn in Q1 2025, with revenues dropping to $2.7 million from $18.3 million in Q1 2024. While the overall company reported an income from operations of $1 million for Q1 2025, the cost base remains sensitive to utilization rates, especially in the U.S. market. The Canadian segment, however, showed strength, generating a net income of $5.5 million in Q1 2025.

The cost structure is also influenced by financing costs related to asset acquisition. On October 31, 2025, Dawson Geophysical Company entered a Revolving Credit Note for $5,035,032 with Equify Financial, carrying a 13% interest rate. This debt is secured by the company's vibrator energy source vehicles.

Here's a quick look at key cost-related figures from recent periods:

Cost/Expense Metric	Amount (Millions USD)	Period/Context
Capital Budget (Approved)	$6.00	Fiscal Year 2025
Depreciation, Depletion & Amortization	$5.418	Q1 2025 (Ended March 31, 2025)
Total Operating Expenses	$15.00	Q1 2025 (Ended March 31, 2025)
Cost of Revenue (TTM)	$53.47	Ended September 30, 2025
New Revolving Credit Note Principal	$5.035	Entered October 31, 2025

The variable nature of field labor and logistics means that managing crew utilization is paramount to controlling the cost of revenue. You see this pressure reflected in the gross margin, which was 28% for Q1 2025, up from 1% in the comparable quarter of 2024, showing some improvement in operational cost control relative to revenue.

Key cost drivers that you need to watch include:

• Equipment depreciation schedules for existing assets.
• Field labor rates and crew mobilization expenses.
• Interest expense on new financing like the 13% Revolving Credit Note.
• Costs associated with deploying the new single node channels.
• The utilization rate of the 180,000+ available channels.

Finance: draft 13-week cash view by Friday.

Dawson Geophysical Company (DWSN) - Canvas Business Model: Revenue Streams

The revenue streams for Dawson Geophysical Company center on providing specialized onshore seismic data acquisition and processing services, primarily to the oil and gas industry, but also including emerging areas like carbon capture utilization and storage (CCUS) monitoring. The core income is derived from contracts for these services, supplemented by reimbursements for specific pass-through costs incurred during project execution.

The primary revenue component is fee revenue from contract seismic data acquisition and processing. This reflects the direct service charges for deploying crews, equipment, and expertise to generate subsurface imaging data for clients. The recent performance shows significant upward momentum in this core area, driven by the deployment of new single node channels.

For the trailing twelve-month period ending September 30, 2025, Dawson Geophysical Company reported total revenue of $64.31M. This figure represents the sum of all revenue sources over the preceding four quarters.

To give you a clearer picture of the recent revenue composition, here is a breakdown of the most recent reported quarters:

Metric	Q3 2025 (Ended Sep 30)	Q2 2025 (Ended Jun 30)	Q1 2025 (Ended Mar 31)
Fee Revenue	$14.9 million	$8.7 million	$15.26 million
Reimbursable Revenue	$7.8 million	$1.1 million	$0.819 million
Total Revenue (Reported)	$22.75 million	$9.85 million (Implied Total)	$16.08 million

You can see the reimbursable revenue for pass-through costs, which covers expenses like travel or materials paid by Dawson on behalf of the client, was $1.1 million for the second quarter ended June 30, 2025. This component can fluctuate based on the nature of the contracts in that specific period.

A key highlight in the revenue stream's profitability profile is the performance of the Canadian segment. The revenue from Canadian operations showed strong profitability in Q1 2025. Specifically, the Canadian segment generated $5.5 million in net income for the first quarter ended March 31, 2025, while its fee revenue increased by 48% compared to Q1 2024. This success is attributed to the efficient utilization of their new single node channels in that market.

The overall revenue generation is supported by several key operational factors:

• Deployment of new single node channels, leading to a 220% increase in Q3 2025 fee revenue year-over-year.
• A current inventory of over 180,000 channels available for service deployment.
• Anticipated continued revenue growth from large channel crew deployments planned for the fourth quarter of 2025.