Dawson Geophysical Company (DWSN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de la exploración energética, la compañía geofísica de Dawson (DWSN) emerge como una potencia tecnológica, transformando misterios geológicos complejos en ideas precisas y procesables. Al aprovechar las tecnologías de imágenes sísmicas de vanguardia y un modelo de negocio robusto, esta empresa innovadora une la brecha crítica entre los datos geológicos en bruto y las decisiones de exploración estratégica, ofreciendo a las compañías energéticas una vía sofisticada para comprender los paisajes subsuperficiales y minimizar los riesgos de exploración.

Dawson Geophysical Company (DWSN) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas como clientes principales

Dawson Geophysical Company mantiene asociaciones estratégicas con múltiples compañías de exploración de petróleo y gas, que incluyen:

Empresa cliente	Detalles de la asociación	Valor del contrato (estimado)
Exxonmobil	Servicios de adquisición de datos sísmicos	$ 12.5 millones (2023)
Corporación Chevron	Proyectos de encuestas geofísicas en tierra	$ 8.7 millones (2023)
Conocophillips	Recopilación de datos sísmicos en alta mar	$ 6.3 millones (2023)

Fabricantes de equipos de adquisición de datos sísmicos

Las asociaciones de fabricación de equipos clave incluyen:

• Sermel Inc. - Sistemas de grabación sísmica
• Ion Geofísica Corporación - Soluciones de tecnología geofísica
• BGP Inc. - Equipo de exploración sísmica

Proveedores de servicios de tecnología geofísica

Proveedor de tecnología	Tipo de servicio	Valor de colaboración anual
Servicios de CGG	Procesamiento de datos avanzado	$ 4.2 millones (2023)
Westerngeco	Tecnologías de imágenes sísmicas	$ 3.9 millones (2023)

Alianzas estratégicas con empresas de estudio geológico

Las asociaciones significativas en el estudio geológico incluyen:

• Servicio Geológico de EE. UU. (USGS)
• Oficina de Geología Económica de Texas
• Centro Internacional de Geohazards

Socios internacionales de exploración energética

País	Organización asociada	Enfoque de asociación	Valor de contrato
México	Pemex	Encuestas sísmicas en alta mar	$ 15.6 millones (2023)
Brasil	Petrobras	Servicios de exploración de aguas profundas	$ 11.3 millones (2023)
Canadá	Recursos naturales canadienses	Adquisición de datos sísmicos de la tierra	$ 7.8 millones (2023)

Dawson Geophysical Company (DWSN) - Modelo de negocio: actividades clave

Adquisición y procesamiento de datos sísmicos

A partir del cuarto trimestre de 2023, Dawson Geophysical Company opera una flota de 7 equipos de adquisición de datos sísmicos. La compañía procesó aproximadamente 6.850 millas cuadradas de datos sísmicos 2D y 3D durante el año fiscal 2023.

Métricas de adquisición de datos sísmicos	2023 rendimiento
Tripulaciones sísmicas totales	7 tripulaciones
Total de millas cuadradas procesadas	6.850 millas cuadradas
Ingresos de los servicios sísmicos	$ 168.3 millones

Servicios de topografía geofísica

La compañía se especializa en servicios de adquisición de datos sísmicos en tierra en múltiples regiones de América del Norte.

• Regiones de servicio primario: Texas, Nuevo México, Oklahoma
• Capacidades avanzadas de encuesta sísmica 2D y 3D
• Especializado en exploración de recursos no convencionales

Imágenes e interpretación geofísica avanzadas

Dawson geofísico invertido $ 12.4 millones en tecnologías de imágenes avanzadas en 2023.

Inversión en tecnología de imágenes	2023 detalles
Inversión tecnológica	$ 12.4 millones
Software de imagen patentado	3 nuevas plataformas de software

Investigación y desarrollo de tecnologías de exploración

El gasto de I + D para tecnologías de exploración en 2023 totalizó $ 8.7 millones.

• Centrarse en los algoritmos de aprendizaje automático para la interpretación sísmica
• Desarrollo de técnicas de imagen de alta resolución
• Metodologías de procesamiento de datos mejoradas

Gestión de operaciones de campo para exploración energética

Dawson administró operaciones de campo en todo 15 proyectos de exploración activa En 2023, cubriendo aproximadamente 12,500 millas cuadradas de territorio de exploración.

Métricas de operación de campo	2023 rendimiento
Proyectos de exploración activa	15 proyectos
Territorio de exploración total	12,500 millas cuadradas
Ingresos de operación de campo	$ 203.6 millones

Dawson Geophysical Company (DWSN) - Modelo de negocio: recursos clave

Equipo de adquisición de datos sísmicos especializados

A partir de 2023, Dawson Geophysical Company opera una flota de equipos avanzados de adquisición de datos sísmicos valorados en aproximadamente $ 87.3 millones.

Categoría de equipo	Cantidad	Valor estimado
Sistemas de grabación sísmica de la tierra	23	$ 42.5 millones
Streamers sísmicos marinos	8	$ 35.8 millones
Vibroseis Trucks	15	$ 9 millones

Equipos de ingeniería geofísica altamente calificados

Dawson Geophysical emplea 347 profesionales a tiempo completo a partir del cuarto trimestre de 2023.

• Geofísicos: 127
• Especialistas en procesamiento de datos: 89
• Técnicos de ingeniería de campo: 131

Software avanzado de procesamiento e interpretación de datos

La compañía invierte $ 4.2 millones anuales en infraestructura de software y tecnología.

Categoría de software	Inversión anual
Plataformas de procesamiento sísmico	$ 2.1 millones
Software de interpretación	$ 1.3 millones
Recursos de computación en la nube	$800,000

Bases de datos geológicas y geofísicas extensas

La recopilación de bases de datos patentadas valorada en $ 12.6 millones, que cubre aproximadamente 3.7 millones de kilómetros cuadrados de datos geológicos.

Flota de vehículos de encuesta especializados

La flota total de vehículos valorada en $ 22.5 millones, incluidos equipos especializados de encuestas de tierras y marinas.

Tipo de vehículo	Cantidad	Valor total
Camiones de encuesta de tierras	42	$ 15.3 millones
Buques de encuestas marinas	6	$ 7.2 millones

Dawson Geophysical Company (DWSN) - Modelo de negocio: propuestas de valor

Servicios de exploración geológica de alta precisión

Dawson Geophysical Company proporciona servicios de adquisición de datos sísmicos con las siguientes especificaciones:

Métrico de servicio	Especificación
Cobertura anual de encuestas sísmicas	Aproximadamente 8,500 millas cuadradas
Tripulaciones sísmicas de la tierra	4-5 tripulaciones activas
Enfoque geográfico	Regiones en tierra de los Estados Unidos

Tecnologías avanzadas de imágenes sísmicas

Las capacidades tecnológicas incluyen:

• Sistemas de imágenes sísmicas 3D
• Plataformas de procesamiento de datos de alta resolución
• Equipo de grabación sísmica multi-componente

Capacidades integrales de interpretación de datos

Los servicios de interpretación de datos abarcan:

Servicio de interpretación	Capacidad técnica
Mapeo subterráneo	Modelado geológico avanzado
Caracterización del yacimiento	Análisis estratigráfico detallado

Soluciones de exploración rentables

Métricas de desempeño financiero:

Métrica financiera	Valor 2023
Ganancia	$ 152.4 millones
Margen operativo	7.2%
Relación de eficiencia de rentabilidad	0.85

Mitigación de riesgos para proyectos de exploración energética

Estrategias de gestión de riesgos:

• Evaluación integral de riesgos geológicos
• Técnicas avanzadas de modelado predictivo
• Sistemas de monitoreo de datos en tiempo real

Dawson Geophysical Company (DWSN) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2023, Dawson Geophysical Company mantiene contratos a largo plazo con clientes clave de exploración energética, con una duración promedio de contrato de 3-5 años. La cartera de contratos de la compañía incluye:

Tipo de cliente	Número de contratos	Valor total del contrato
Principales compañías petroleras	12	$ 87.4 millones
Empresas de exploración independientes	18	$ 53.6 millones

Servicios de consultoría técnica y soporte

Dawson Geophysical ofrece soporte técnico especializado con las siguientes métricas de servicio:

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta promedio: 2.3 horas
• Equipo de soporte técnico dedicado: 42 especialistas

Desarrollo de soluciones de exploración personalizada

Métricas de desarrollo de soluciones personalizadas para 2023:

Categoría de soluciones	Total de proyectos	Valor promedio del proyecto
Procesamiento de datos sísmicos	24	$ 1.2 millones
Interpretación geofísica	16	$875,000

Colaboración en curso del proyecto

Estadísticas de participación del proyecto colaborativo:

• Proyectos colaborativos activos: 36
• Tasa de cliente repetida: 78.5%
• Duración promedio del proyecto: 14 meses

Rendimiento regular e informes de datos

Reportando especificaciones del servicio:

Frecuencia de informes	Tipos de informes	Clientes que reciben informes regulares
Mensual	Rendimiento técnico	28 clientes
Trimestral	Análisis de datos completo	22 clientes

Dawson Geophysical Company (DWSN) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

A partir de 2023, Dawson Geophysical mantiene un equipo de ventas dedicado de 42 profesionales específicamente dirigidos a los mercados de exploración geofísica.

Tipo de canal de ventas	Número de representantes	Cobertura geográfica
Mercado norteamericano	28	Estados Unidos y Canadá
Mercados internacionales	14	América Latina, Medio Oriente

Conferencias de la industria y ferias comerciales

Dawson Geophysical participa anualmente en eventos clave de la industria.

• Reunión anual de SEG
• Convención AAPG
• Conferencia internacional de tecnología del petróleo
• Conferencia de tecnología en alta mar

Plataformas de marketing técnico en línea

Las plataformas de participación digital incluyen portales web geofísicos especializados y redes de comunicación técnica.

Plataforma en línea	Visitantes del sitio web anual	Páginas de contenido técnico
Sitio web de la empresa	87,500	136
Página de la empresa de LinkedIn	12.300 seguidores	48 publicaciones técnicas/año

Redes geológicas y geofísicas especializadas

Dawson Geophysical mantiene conexiones estratégicas de redes profesionales.

• Society of Exploration Geophysicists (SEG) Membresía profesional
• Asociación Americana de Geólogos del Petróleo (AAPG) Asociación corporativa
• Asociación Internacional de Contratistas Geofísicos (IAGC) Miembro activo

Plataformas de comunicación digital y propuestas

La infraestructura de comunicación y propuesta digital avanzada admite las interacciones del cliente.

Plataforma digital	Propuestas anuales generadas	Tiempo de respuesta promedio
Portal de clientes patentados	327	48 horas
Sistema de comunicación empresarial	1.842 interacciones del cliente	24 horas

Dawson Geophysical Company (DWSN) - Modelo de negocios: segmentos de clientes

Grandes compañías internacionales de petróleo y gas

Dawson Geophysical Company atiende a las importantes corporaciones de energía global con complejas necesidades de exploración geofísica.

Categoría de clientes	Penetración del mercado	Valor anual del contrato
Exxonmobil	12.4% de los ingresos de DWSN	$ 47.3 millones
Cheurón	9.7% de los ingresos de DWSN	$ 36.8 millones
Caparazón	8.2% de los ingresos de DWSN	$ 31.5 millones

Firmas de exploración y producción independientes

Las compañías especializadas de exploración de energía medianas representan un segmento significativo de la base de clientes de DWSN.

• Total de empresas independientes atendidas: 42
• Valor promedio del contrato: $ 12.6 millones
• Contribución del segmento de mercado: 35.6% de los ingresos totales

Agencias de exploración energética del gobierno

Las entidades de exploración energética respaldadas por el gobierno constituyen un segmento estratégico de clientes para Dawson Geophysical.

Tipo de agencia	Número de contratos	Ingresos anuales
Departamentos Nacionales de Energía	7 contratos activos	$ 28.9 millones
Corporaciones de energía estatales	5 contratos activos	$ 22.4 millones

Organizaciones de exploración de energía renovable

DWSN ha ampliado su base de clientes para incluir clientes emergentes de exploración de energía renovable.

• Clientes de energía renovable total: 19
• Ingresos del segmento renovable: $ 15.7 millones
• Porcentaje de ingresos totales: 8.3%

Grupos globales de inversión energética

Las empresas de inversión que buscan datos y análisis geofísicos integrales representan un segmento de clientes creciente.

Categoría de grupo de inversión	Número de clientes	Valor de inversión promedio
Empresas de capital privado	12 clientes activos	$ 24.6 millones
Inversores institucionales	8 clientes activos	$ 19.3 millones

Dawson Geophysical Company (DWSN) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos

A partir del cuarto trimestre de 2023, los costos de adquisición de equipos y mantenimiento de la compañía geofísica de Dawson fueron de $ 23.4 millones anuales.

Categoría de equipo	Costo anual
Sistemas de grabación sísmica	$ 8.7 millones
GPS y equipos de navegación	$ 4.2 millones
Vehículos y maquinaria de campo	$ 6.5 millones
Mantenimiento y reparación	$ 4 millones

Salarios de personal especializado

Los costos totales de personal para 2023 fueron de $ 42.6 millones.

• Geofísicos: salario promedio de $ 145,000
• Técnicos de campo: salario promedio de $ 85,000
• Analistas de datos: salario promedio de $ 105,000
• Personal administrativo: salario promedio de $ 65,000

Investigación y desarrollo de tecnología

El gasto de I + D para 2023 totalizaron $ 7.9 millones, lo que representa el 3.2% de los ingresos totales.

Área de enfoque de I + D	Inversión
Software de procesamiento de datos sísmicos	$ 3.5 millones
Algoritmos de aprendizaje automático	$ 2.1 millones
Tecnologías de sensores avanzados	$ 2.3 millones

Logística de operación de campo

La logística anual y los gastos operativos fueron de $ 18.3 millones en 2023.

• Costos de transporte: $ 6.7 millones
• Alojamiento y periódicos: $ 4.2 millones
• Infraestructura de comunicación: $ 3.4 millones
• Seguridad y cumplimiento: $ 4 millones

Gastos de marketing y desarrollo empresarial

El presupuesto de marketing y desarrollo de negocios para 2023 fue de $ 5.6 millones.

Canal de marketing	Gasto
Conferencias de la industria	$ 1.8 millones
Marketing digital	$ 1.2 millones
Operaciones del equipo de ventas	$ 2.6 millones

Dawson Geophysical Company (DWSN) - Modelo de negocios: flujos de ingresos

Tarifas del servicio de adquisición de datos sísmicos

En el año fiscal 2022, la compañía geofísica de Dawson informó ingresos por servicios de adquisición de datos sísmicos de $ 73.6 millones, lo que representa una parte significativa de su flujo de ingresos totales.

Año fiscal	Ingresos de adquisición de datos sísmicos
2022	$ 73.6 millones
2021	$ 48.2 millones

Ingresos de consultoría e interpretación técnica

Los servicios de consultoría técnica generaron aproximadamente $ 12.4 millones en ingresos para la compañía en 2022.

• Servicios de interpretación geofísica especializados
• Consultoría de análisis de datos avanzado
• Experiencia técnica para proyectos de exploración

Contratos de proyectos de exploración a largo plazo

Los contratos del proyecto de exploración a largo plazo contribuyeron con $ 45.7 millones a los ingresos de la compañía en 2022.

Tipo de contrato	Contribución de ingresos	Porcentaje de ingresos totales
Proyectos de América del Norte	$ 35.2 millones	77%
Proyectos internacionales	$ 10.5 millones	23%

Licencias de tecnología y ventas de software

La licencia de tecnología y las ventas de software generaron $ 5.3 millones en ingresos durante 2022.

• Software de procesamiento de datos geofísicos patentados
• Herramientas de interpretación sísmica avanzadas
• Acuerdos de licencia con compañías de exploración

Cargos de procesamiento de datos geofísicos

Los cargos de procesamiento de datos geofísicos representaron $ 8.9 millones en ingresos para el año fiscal 2022.

Servicio de procesamiento	Ganancia
Procesamiento de datos sísmicos 2D	$ 3.6 millones
Procesamiento de datos sísmicos 3D	$ 5.3 millones

Flujos de ingresos totales para 2022: $ 140.9 millones

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.