Dawson Geophysical Company (DWSN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde des enjeux élevés de l'exploration énergétique, Dawson Geophysical Company (DWSN) émerge comme une puissance technologique, transformant des mystères géologiques complexes en informations précises et exploitables. En tirant parti des technologies d'imagerie sismique de pointe et d'un modèle commercial robuste, cette entreprise innovante comble le fossé critique entre les données géologiques brutes et les décisions d'exploration stratégique, offrant aux entreprises énergétiques une voie sophistiquée pour comprendre les paysages souterrains et minimiser les risques d'exploration.

Dawson Geophysical Company (DWSN) - Modèle commercial: partenariats clés

Sociétés d'exploration du pétrole et du gaz en tant que clients principaux

Dawson Geophysical Company entretient des partenariats stratégiques avec plusieurs sociétés d'exploration pétrolière et gazière, notamment:

Entreprise client	Détails du partenariat	Valeur du contrat (estimé)
Exxonmobil	Services d'acquisition de données sismiques	12,5 millions de dollars (2023)
Chevron Corporation	Projets d'enquête géophysique à terre	8,7 millions de dollars (2023)
Conocophillips	Collecte de données sismiques offshore	6,3 millions de dollars (2023)

Fabricants d'équipements d'acquisition de données sismiques

Les partenariats de fabrication d'équipements clés comprennent:

• Sercel Inc. - Systèmes d'enregistrement sismique
• Ion Geophysical Corporation - Solutions technologiques géophysiques
• BGP Inc. - équipement d'exploration sismique

Fournisseurs de services de technologie géophysique

Fournisseur de technologie	Type de service	Valeur de collaboration annuelle
Services CGG	Traitement avancé des données	4,2 millions de dollars (2023)
Westerngeco	Technologies d'imagerie sismique	3,9 millions de dollars (2023)

Alliances stratégiques avec les sociétés d'enquête géologique

Les partenariats importants de l'enquête géologique comprennent:

• US Geological Survey (USGS)
• Texas Bureau of Economic Geology
• Centre international pour les géohazards

Partners internationaux de l'exploration de l'énergie

Pays	Organisation partenaire	Focus de partenariat	Valeur du contrat
Mexique	Pemex	Relevés sismiques offshore	15,6 millions de dollars (2023)
Brésil	Pastrobras	Services d'exploration en eau profonde	11,3 millions de dollars (2023)
Canada	Ressources naturelles canadiennes	Acquisition de données sismiques terrestres	7,8 millions de dollars (2023)

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: activités clés

Acquisition et traitement des données sismiques

Depuis le quatrième trimestre 2023, Dawson Geophysical Company exploite une flotte de 7 équipes d'acquisition de données sismiques. La société a traité environ 6 850 miles carrés de données sismiques 2D et 3D au cours de l'exercice 2023.

Mesures d'acquisition de données sismiques	Performance de 2023
Équipages sismiques totaux	7 équipages
Total des miles carrés traités	6 850 milles carrés
Revenus des services sismiques	168,3 millions de dollars

Services d'arpentage géophysique

La société est spécialisée dans les services d'acquisition de données sismiques onshore dans plusieurs régions en Amérique du Nord.

• Régions de service primaire: Texas, Nouveau-Mexique, Oklahoma
• Capacités avancées de l'arpentage sismique 2D et 3D
• Spécialisé dans l'exploration des ressources non conventionnelles

Imagerie et interprétation géophysiques avancées

Dawson géophysique investi 12,4 millions de dollars dans Advanced Imaging Technologies en 2023.

Investissement technologique d'imagerie	2023 Détails
Investissement technologique	12,4 millions de dollars
Logiciel d'imagerie propriétaire	3 nouvelles plateformes logicielles

Recherche et développement des technologies d'exploration

Les dépenses de R&D pour les technologies d'exploration en 2023 ont totalisé 8,7 millions de dollars.

• Concentrez-vous sur les algorithmes d'apprentissage automatique pour l'interprétation sismique
• Développement de techniques d'imagerie à haute résolution
• Méthodologies de traitement des données améliorées

Gestion des opérations sur le terrain pour l'exploration énergétique

Dawson a géré les opérations sur le terrain à travers 15 projets d'exploration actifs en 2023, couvrant environ 12 500 milles carrés de territoire d'exploration.

Métriques de l'opération sur le terrain	Performance de 2023
Projets d'exploration actifs	15 projets
Territoire total d'exploration	12 500 milles carrés
Revenus de fonctionnement sur le terrain	203,6 millions de dollars

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: Ressources clés

Équipement d'acquisition de données sismiques spécialisés

En 2023, Dawson Geophysical Company exploite une flotte d'équipements acquisitions avancés de données sismiques d'une valeur d'environ 87,3 millions de dollars.

Catégorie d'équipement	Quantité	Valeur estimée
Systèmes d'enregistrement sismique terrestres	23	42,5 millions de dollars
Streamers sismiques marins	8	35,8 millions de dollars
Camions vibroseis	15	9 millions de dollars

Équipes de génie géophysique hautement qualifiées

Dawson Geophysical emploie 347 professionnels à temps plein au quatrième trimestre 2023.

• Géophysiciens: 127
• Spécialistes du traitement des données: 89
• Techniciens d'ingénierie sur le terrain: 131

Logiciel avancé de traitement des données et d'interprétation

La société investit 4,2 millions de dollars par an dans des infrastructures logicielles et technologiques.

Catégorie de logiciels	Investissement annuel
Plates-formes de traitement sismique	2,1 millions de dollars
Logiciel d'interprétation	1,3 million de dollars
Ressources de cloud computing	$800,000

Bases de données géologiques et géophysiques étendues

Collecte de base de données propriétaire d'une valeur de 12,6 millions de dollars, couvrant environ 3,7 millions de kilomètres carrés de données géologiques.

Flotte de véhicules d'enquête spécialisés

La flotte totale des véhicules d'une valeur de 22,5 millions de dollars, y compris des équipements de recours fonciers et marins spécialisés.

Type de véhicule	Quantité	Valeur totale
Camions de sondage terrestre	42	15,3 millions de dollars
Navires de sondage maritime	6	7,2 millions de dollars

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: propositions de valeur

Services d'exploration géologique de haute précision

Dawson Geophysical Company fournit des services d'acquisition de données sismiques avec les spécifications suivantes:

Métrique de service	Spécification
Couverture annuelle de l'enquête sismique	Environ 8 500 milles carrés
Équipages sismiques terrestres	4-5 équipages actifs
Focus géographique	Régions onshore des États-Unis

Technologies d'imagerie sismique avancées

Les capacités technologiques comprennent:

• Systèmes d'imagerie sismique 3D
• Plates-formes de traitement de données haute résolution
• Équipement d'enregistrement sismique multi-composantes

Capacités complètes d'interprétation des données

Les services d'interprétation des données englobent:

Service d'interprétation	Capacité technique
Cartographie souterraine	Modélisation géologique avancée
Caractérisation du réservoir	Analyse stratigraphique détaillée

Solutions d'exploration rentables

Métriques de performance financière:

Métrique financière	Valeur 2023
Revenu	152,4 millions de dollars
Marge opérationnelle	7.2%
Ratio de rentabilité	0.85

Atténuation des risques pour les projets d'exploration énergétique

Stratégies de gestion des risques:

• Évaluation complète des risques géologiques
• Techniques de modélisation prédictive avancées
• Systèmes de surveillance des données en temps réel

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: relations clients

Partenariats à long terme basés sur les contrats

En 2023, Dawson Geophysical Company entretient des contrats à long terme avec des clients clés de l'énergie, avec une durée moyenne de contrat de 3 à 5 ans. Le portefeuille de contrats de la société comprend:

Type de client	Nombre de contrats	Valeur totale du contrat
Grandes compagnies pétrolières	12	87,4 millions de dollars
Entreprises d'exploration indépendantes	18	53,6 millions de dollars

Services de conseil et de support techniques

Dawson Geophysical fournit un support technique spécialisé avec les mesures de service suivantes:

• Disponibilité du support technique 24/7
• Temps de réponse moyen: 2,3 heures
• Équipe de support technique dédiée: 42 spécialistes

Développement de solution d'exploration personnalisée

Métriques de développement de solutions personnalisées pour 2023:

Catégorie de solution	Projets totaux	Valeur moyenne du projet
Traitement des données sismiques	24	1,2 million de dollars
Interprétation géophysique	16	$875,000

Collaboration du projet en cours

Statistiques de l'engagement du projet collaboratif:

• Projets collaboratifs actifs: 36
• Tarif client répété: 78,5%
• Durée moyenne du projet: 14 mois

Performances régulières et rapports de données

Spécifications du service de rapport:

Fréquence de rapport	Types de rapports	Les clients recevant des rapports réguliers
Mensuel	Performance technique	28 clients
Trimestriel	Analyse complète des données	22 clients

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

En 2023, Dawson Geophysical maintient une équipe de vente dédiée de 42 professionnels ciblant spécifiquement les marchés d'exploration géophysique.

Type de canal de vente	Nombre de représentants	Couverture géographique
Marché nord-américain	28	États-Unis et Canada
Marchés internationaux	14	Amérique latine, Moyen-Orient

Conférences et salons commerciaux de l'industrie

Dawson Geophysical participe à des événements clés de l'industrie chaque année.

• Assemblée annuelle SEG
• Convention AAPG
• Conférence internationale sur la technologie du pétrole
• Conférence de technologie offshore

Plateformes de marketing technique en ligne

Les plateformes d'engagement numérique comprennent des portails Web géophysiques spécialisés et des réseaux de communication techniques.

Plate-forme en ligne	Visiteurs annuels du site Web	Pages de contenu technique
Site Web de l'entreprise	87,500	136
Page de société LinkedIn	12 300 abonnés	48 postes techniques / an

Réseaux géologiques et géophysiques spécialisés

Dawson Geophysical entretient des connexions stratégiques de réseau professionnel.

• Société des géophysiciens de l'exploration (SEG) Adhésion professionnelle
• American Association of Petroleum Geologists (AAPG) Corporate Partnership
• Association internationale des entrepreneurs géophysiques (IAGC) Membre actif

Plateformes de communication et de propositions numériques

L'infrastructure avancée de la proposition numérique et de la communication prend en charge les interactions des clients.

Plate-forme numérique	Propositions annuelles générées	Temps de réponse moyen
Portail client propriétaire	327	48 heures
Système de communication d'entreprise	1 842 interactions client	24 heures

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: segments de clientèle

Grandes sociétés internationales de pétrole et de gaz

Dawson Geophysical Company dessert les grandes sociétés énergétiques mondiales ayant des besoins d'exploration géophysique complexes.

Catégorie client	Pénétration du marché	Valeur du contrat annuel
Exxonmobil	12,4% des revenus de DWSN	47,3 millions de dollars
Chevron	9,7% des revenus de DWSN	36,8 millions de dollars
Coquille	8,2% des revenus de DWSN	31,5 millions de dollars

Entreprises d'exploration et de production indépendantes

Les sociétés spécialisées d'exploration d'énergie de taille moyenne représentent un segment important de la clientèle de DWSN.

• Total des entreprises indépendantes servies: 42
• Valeur du contrat moyen: 12,6 millions de dollars
• Contribution du segment du marché: 35,6% du chiffre d'affaires total

Agences d'exploration énergétique gouvernementales

Les entités d'exploration énergétique soutenues par le gouvernement constituent un segment de clientèle stratégique pour Dawson Geophysical.

Type d'agence	Nombre de contrats	Revenus annuels
Services de l'énergie nationale	7 contrats actifs	28,9 millions de dollars
Corporations énergétiques appartenant à l'État	5 contrats actifs	22,4 millions de dollars

Organisations d'exploration d'énergie renouvelable

DWSN a élargi sa clientèle pour inclure des clients émergents de l'exploration des énergies renouvelables.

• Clients totaux d'énergie renouvelable: 19
• Revenus de segments renouvelables: 15,7 millions de dollars
• Pourcentage du chiffre d'affaires total: 8,3%

Groupes d'investissement énergétique mondiaux

Les entreprises d'investissement à la recherche de données et d'analyses géophysiques complètes représentent un segment de clientèle croissant.

Catégorie de groupe d'investissement	Nombre de clients	Valeur d'investissement moyenne
Sociétés de capital-investissement	12 clients actifs	24,6 millions de dollars
Investisseurs institutionnels	8 clients actifs	19,3 millions de dollars

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: Structure des coûts

Procurement et entretien de l'équipement

Au quatrième trimestre 2023, les coûts d'approvisionnement en équipement et de maintenance de l'équipement de la société géophysique Dawson étaient de 23,4 millions de dollars par an.

Catégorie d'équipement	Coût annuel
Systèmes d'enregistrement sismique	8,7 millions de dollars
GPS et équipement de navigation	4,2 millions de dollars
Véhicules et machines de terrain	6,5 millions de dollars
Entretien et réparation	4 millions de dollars

Salaires spécialisés du personnel

Les coûts totaux du personnel pour 2023 étaient de 42,6 millions de dollars.

• Géophysiciens: salaire moyen 145 000 $
• Techniciens sur le terrain: salaire moyen 85 000 $
• Analystes de données: salaire moyen 105 000 $
• Personnel administratif: salaire moyen 65 000 $

Recherche et développement technologiques

Les dépenses de R&D pour 2023 ont totalisé 7,9 millions de dollars, ce qui représente 3,2% des revenus totaux.

Zone de focus R&D	Investissement
Logiciel de traitement des données sismiques	3,5 millions de dollars
Algorithmes d'apprentissage automatique	2,1 millions de dollars
Technologies de capteurs avancés	2,3 millions de dollars

Logistique de fonctionnement sur le terrain

La logistique annuelle et les dépenses opérationnelles étaient de 18,3 millions de dollars en 2023.

• Coûts de transport: 6,7 millions de dollars
• Hébergement et équivalent: 4,2 millions de dollars
• Infrastructure de communication: 3,4 millions de dollars
• Sécurité et conformité: 4 millions de dollars

Frais de marketing et de développement commercial

Le budget du marketing et du développement commercial pour 2023 était de 5,6 millions de dollars.

Canal de marketing	Dépense
Conférences de l'industrie	1,8 million de dollars
Marketing numérique	1,2 million de dollars
Opérations de l'équipe de vente	2,6 millions de dollars

Dawson Geophysical Company (DWSN) - Modèle d'entreprise: Strots de revenus

Frais de service d'acquisition de données sismiques

Au cours de l'exercice 2022, la Dawson Geophysical Company a rapporté des revenus de 73,6 millions de dollars sur les services d'acquisition de données sismiques, ce qui représente une partie importante de leur flux de revenus total.

Exercice fiscal	Revenus d'acquisition de données sismiques
2022	73,6 millions de dollars
2021	48,2 millions de dollars

Revenus techniques de conseil et d'interprétation

Les services de conseil technique ont généré environ 12,4 millions de dollars de revenus pour la société en 2022.

• Services d'interprétation géophysique spécialisés
• Conseil d'analyse des données avancées
• Expertise technique pour les projets d'exploration

Contrats du projet d'exploration à long terme

Les contrats du projet d'exploration à long terme ont contribué 45,7 millions de dollars aux revenus de la société en 2022.

Type de contrat	Contribution des revenus	Pourcentage du total des revenus
Projets nord-américains	35,2 millions de dollars	77%
Projets internationaux	10,5 millions de dollars	23%

Licence technologique et ventes de logiciels

Les licences technologiques et les ventes de logiciels ont généré 5,3 millions de dollars de revenus en 2022.

• Logiciel de traitement des données géophysiques propriétaires
• Outils d'interprétation sismique avancés
• Accords de licence avec des sociétés d'exploration

Frais de traitement des données géophysiques

Les frais de traitement des données géophysiques ont représenté 8,9 millions de dollars de revenus pour l'exercice 2022.

Service de traitement	Revenu
Traitement des données sismiques 2D	3,6 millions de dollars
Traitement des données sismiques 3D	5,3 millions de dollars

Total des sources de revenus pour 2022: 140,9 millions de dollars

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.