DAWSON GEOFísica Companhia (DWSN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo da exploração de energia de alto risco, a Dawson Geophysical Company (DWSN) surge como uma potência tecnológica, transformando mistérios geológicos complexos em idéias precisas e acionáveis. Ao alavancar as tecnologias de imagem sísmica de ponta e um modelo de negócios robusto, esta empresa inovadora preenche a lacuna crítica entre dados geológicos brutos e decisões estratégicas de exploração, oferecendo às empresas de energia um caminho sofisticado para entender as paisagens subsuficas e minimizar os riscos de exploração.

DAWSON GEOFísica Companhia (DWSN) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás como clientes primários

A Dawson Geophysical Company mantém parcerias estratégicas com várias empresas de exploração de petróleo e gás, incluindo:

Empresa cliente	Detalhes da parceria	Valor do contrato (estimado)
ExxonMobil	Serviços de aquisição de dados sísmicos	US $ 12,5 milhões (2023)
Chevron Corporation	Projetos de pesquisa geofísica onshore	US $ 8,7 milhões (2023)
ConocoPhillips	Coleta de dados sísmicos offshore	US $ 6,3 milhões (2023)

Fabricantes de equipamentos de aquisição de dados sísmicos

As parcerias de fabricação de equipamentos -chave incluem:

• Sercel Inc. - sistemas de gravação sísmica
• Ion Geofysical Corporation - Soluções de Tecnologia Geofísica
• BGP Inc. - Equipamento de exploração sísmica

Provedores de serviços de tecnologia geofísica

Provedor de tecnologia	Tipo de serviço	Valor anual de colaboração
Serviços CGG	Processamento de dados avançado	US $ 4,2 milhões (2023)
Westerngeco	Tecnologias de imagem sísmica	US $ 3,9 milhões (2023)

Alianças estratégicas com empresas de pesquisa geológica

Parcerias significativas de pesquisa geológica incluem:

• Pesquisa Geológica dos EUA (USGS)
• Bureau de Geologia Econômica do Texas
• Centro Internacional de Geohazards

Parceiros internacionais de exploração de energia

País	Organização parceira	Foco em parceria	Valor do contrato
México	PEMEX	Pesquisas sísmicas offshore	US $ 15,6 milhões (2023)
Brasil	Petrobras	Serviços de exploração de águas profundas	US $ 11,3 milhões (2023)
Canadá	Recursos naturais canadenses	Aquisição de dados sísmicos da terra	US $ 7,8 milhões (2023)

DAWSON Geofísica Companhia (DWSN) - Modelo de Negócios: Atividades -chave

Aquisição e processamento de dados sísmicos

A partir do quarto trimestre 2023, a Dawson Geophysical Company opera uma frota de 7 equipes de aquisição de dados sísmicos. A empresa processou aproximadamente 6.850 milhas quadradas de dados sísmicos 2D e 3D durante o ano fiscal de 2023.

Métricas de aquisição de dados sísmicos	2023 desempenho
Total de equipes sísmicas	7 equipes
Total de milhas quadradas processadas	6.850 milhas quadradas
Receita de serviços sísmicos	US $ 168,3 milhões

Serviços de levantamento geofísico

A empresa é especializada em serviços de aquisição de dados sísmicos onshore em várias regiões da América do Norte.

• Regiões de serviço primário: Texas, Novo México, Oklahoma
• Capacidades avançadas de levantamento 2D e 3D
• Especializado em exploração de recursos não convencionais

Imagem geofísica avançada e interpretação

A Dawson Geofísica investiu US $ 12,4 milhões em tecnologias avançadas de imagem em 2023.

Investimento em tecnologia de imagem	2023 Detalhes
Investimento em tecnologia	US $ 12,4 milhões
Software de imagem proprietário	3 novas plataformas de software

Pesquisa e desenvolvimento de tecnologias de exploração

As despesas de P&D para tecnologias de exploração em 2023 totalizaram US $ 8,7 milhões.

• Concentre -se nos algoritmos de aprendizado de máquina para interpretação sísmica
• Desenvolvimento de técnicas de imagem de alta resolução
• Metodologias aprimoradas de processamento de dados

Gerenciamento de operação de campo para exploração de energia

Dawson gerenciou operações de campo em todo 15 projetos de exploração ativos Em 2023, cobrindo aproximadamente 12.500 milhas quadradas de território de exploração.

Métricas de operação de campo	2023 desempenho
Projetos de exploração ativos	15 projetos
Território total de exploração	12.500 milhas quadradas
Receita de operação de campo	US $ 203,6 milhões

DAWSON GEOFísica Company (DWSN) - Modelo de negócios: Recursos -chave

Equipamento especializado de aquisição de dados sísmicos

A partir de 2023, a Dawson Geophysical Company opera uma frota de equipamentos avançados de aquisição de dados sísmicos avaliados em aproximadamente US $ 87,3 milhões.

Categoria de equipamento	Quantidade	Valor estimado
Sistemas de gravação sísmica terrestre	23	US $ 42,5 milhões
Serpentinas sísmicas marinhas	8	US $ 35,8 milhões
Caminhões vibroseis	15	US $ 9 milhões

Equipes de engenharia geofísica altamente qualificadas

A Dawson Geofysical emprega 347 profissionais em período integral a partir do quarto trimestre 2023.

• Geofísicos: 127
• Especialistas em processamento de dados: 89
• Técnicos de engenharia de campo: 131

Software avançado de processamento e interpretação de dados

A empresa investe US $ 4,2 milhões anualmente em infraestrutura de software e tecnologia.

Categoria de software	Investimento anual
Plataformas de processamento sísmico	US $ 2,1 milhões
Software de interpretação	US $ 1,3 milhão
Recursos de computação em nuvem	$800,000

Extensos bancos de dados geológicos e geofísicos

A coleção proprietária de banco de dados avaliada em US $ 12,6 milhões, cobrindo aproximadamente 3,7 milhões de quilômetros quadrados de dados geológicos.

Frota de veículos de pesquisa especializados

A frota total de veículos no valor de US $ 22,5 milhões, incluindo equipamentos especializados em terras e pesquisas marítimas.

Tipo de veículo	Quantidade	Valor total
Caminhões de pesquisa de terras	42	US $ 15,3 milhões
Navios de pesquisa marítima	6	US $ 7,2 milhões

DAWSON GEOFísica Companhia (DWSN) - Modelo de Negócios: Proposições de Valor

Serviços de exploração geológica de alta precisão

A Dawson Geophysical Company fornece serviços de aquisição de dados sísmicos com as seguintes especificações:

Métrica de serviço	Especificação
Cobertura anual da pesquisa sísmica	Aproximadamente 8.500 milhas quadradas
Crews sísmicos terrestres	4-5 equipes ativas
Foco geográfico	Regiões Onshore dos Estados Unidos

Tecnologias avançadas de imagem sísmica

Os recursos de tecnologia incluem:

• Sistemas de imagem sísmica 3D
• Plataformas de processamento de dados de alta resolução
• Equipamento de gravação sísmica multi-componente

Recursos abrangentes de interpretação de dados

Serviços de interpretação de dados abrangem:

Serviço de interpretação	Capacidade técnica
Mapeamento do subsolo	Modelagem geológica avançada
Caracterização do reservatório	Análise estratigráfica detalhada

Soluções de exploração econômicas

Métricas de desempenho financeiro:

Métrica financeira	2023 valor
Receita	US $ 152,4 milhões
Margem operacional	7.2%
Índice de eficiência de custos	0.85

Mitigação de risco para projetos de exploração de energia

Estratégias de gerenciamento de riscos:

• Avaliação abrangente de risco geológico
• Técnicas avançadas de modelagem preditiva
• Sistemas de monitoramento de dados em tempo real

DAWSON GEOFísica Companhia (DWSN) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir de 2023, a Dawson Geophysical Company mantém contratos de longo prazo com os principais clientes de exploração de energia, com uma duração média do contrato de 3-5 anos. O portfólio de contratos da empresa inclui:

Tipo de cliente	Número de contratos	Valor total do contrato
Principais empresas de petróleo	12	US $ 87,4 milhões
Empresas de exploração independentes	18	US $ 53,6 milhões

Serviços de consultoria e suporte técnico

A Dawson Geofysical fornece suporte técnico especializado com as seguintes métricas de serviço:

• Disponibilidade de suporte técnico 24/7
• Tempo médio de resposta: 2,3 horas
• Equipe de suporte técnico dedicado: 42 especialistas

Desenvolvimento de solução de exploração personalizada

Métricas de desenvolvimento de soluções personalizadas para 2023:

Categoria de solução	Total de projetos	Valor médio do projeto
Processamento de dados sísmicos	24	US $ 1,2 milhão
Interpretação geofísica	16	$875,000

Colaboração em andamento em andamento

Estatísticas de engajamento de projetos colaborativos:

• Projetos de colaboração ativa: 36
• Repetir taxa de cliente: 78,5%
• Duração média do projeto: 14 meses

Desempenho regular e relatório de dados

Especificações de serviço de relatório:

Frequência de relatório	Tipos de relatório	Clientes recebendo relatórios regulares
Mensal	Desempenho técnico	28 clientes
Trimestral	Análise abrangente de dados	22 clientes

DAWSON GEOFísica Companhia (DWSN) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A partir de 2023, a Dawson Geophysical mantém uma equipe de vendas dedicada de 42 profissionais visando especificamente os mercados de exploração geofísica.

Tipo de canal de vendas	Número de representantes	Cobertura geográfica
Mercado norte -americano	28	Estados Unidos e Canadá
Mercados internacionais	14	América Latina, Oriente Médio

Conferências e feiras do setor

A Dawson Geofysical participa de eventos importantes da indústria anualmente.

• Seg Reunião Anual
• Convenção AAPG
• Conferência Internacional de Tecnologia de Petróleo
• Conferência de Tecnologia Offshore

Plataformas de marketing técnico online

As plataformas de engajamento digital incluem portais geofísicos especializados e redes de comunicação técnica.

Plataforma online	Visitantes anuais do site	Páginas de conteúdo técnico
Site da empresa	87,500	136
Página da empresa do LinkedIn	12.300 seguidores	48 postagens técnicas/ano

Redes geológicas e geofísicas especializadas

A Dawson Geofysical mantém conexões estratégicas de redes profissionais.

• Sociedade de Geofísicos de Exploração (SEG) Associação Profissional
• Associação Americana de Geólogos de Petróleo (AAPG) Parceria Corporativa
• Associação Internacional de Empreiteiros Geofísicos (IAGC) Membro ativo

Plataformas de comunicação e proposta digital

Proposta digital avançada e infraestrutura de comunicação suporta interações com o cliente.

Plataforma digital	Propostas anuais geradas	Tempo médio de resposta
Portal de clientes proprietários	327	48 horas
Sistema de comunicação corporativa	1.842 interações com o cliente	24 horas

DAWSON GEOFísica Companhia (DWSN) - Modelo de negócios: segmentos de clientes

Grandes empresas internacionais de petróleo e gás

A Dawson Geofysical Company atende às principais corporações globais de energia com necessidades complexas de exploração geofísica.

Categoria de cliente	Penetração de mercado	Valor anual do contrato
ExxonMobil	12,4% da receita do DWSN	US $ 47,3 milhões
Chevron	9,7% da receita da DWSN	US $ 36,8 milhões
Concha	8,2% da receita do DWSN	US $ 31,5 milhões

Empresas de exploração e produção independentes

As empresas especializadas de exploração de energia de médio porte representam um segmento significativo da base de clientes da DWSN.

• Total de empresas independentes servidas: 42
• Valor médio do contrato: US $ 12,6 milhões
• Contribuição do segmento de mercado: 35,6% da receita total

Agências de exploração de energia do governo

As entidades de exploração de energia apoiadas pelo governo constituem um segmento estratégico de clientes para a Dawson Geofísica.

Tipo de agência	Número de contratos	Receita anual
Departamentos Nacionais de Energia	7 contratos ativos	US $ 28,9 milhões
Empresas de energia estatais	5 contratos ativos	US $ 22,4 milhões

Organizações de exploração de energia renovável

A DWSN expandiu sua base de clientes para incluir clientes emergentes de exploração de energia renovável.

• Total de clientes de energia renovável: 19
• Receita do segmento renovável: US $ 15,7 milhões
• Porcentagem de receita total: 8,3%

Grupos de investimento em energia global

As empresas de investimento que buscam dados e análises geofísicas abrangentes representam um segmento de clientes em crescimento.

Categoria em grupo de investimentos	Número de clientes	Valor médio de investimento
Empresas de private equity	12 clientes ativos	US $ 24,6 milhões
Investidores institucionais	8 clientes ativos	US $ 19,3 milhões

DAWSON GEOFísica Companhia (DWSN) - Modelo de Negócios: Estrutura de Custos

Compra e manutenção de equipamentos

A partir do quarto trimestre 2023, os custos de compra e manutenção de equipamentos da Dawson Geophysical Company eram de US $ 23,4 milhões anualmente.

Categoria de equipamento	Custo anual
Sistemas de gravação sísmica	US $ 8,7 milhões
GPS e equipamento de navegação	US $ 4,2 milhões
Veículos e máquinas de campo	US $ 6,5 milhões
Manutenção e reparo	US $ 4 milhões

Salários de pessoal especializado

Os custos totais de pessoal para 2023 foram de US $ 42,6 milhões.

• Geofísicos: salário médio $ 145.000
• Técnicos de campo: salário médio $ 85.000
• Analistas de dados: salário médio $ 105.000
• Equipe administrativo: salário médio $ 65.000

Pesquisa e desenvolvimento de tecnologia

As despesas de P&D em 2023 totalizaram US $ 7,9 milhões, representando 3,2% da receita total.

Área de foco em P&D	Investimento
Software de processamento de dados sísmicos	US $ 3,5 milhões
Algoritmos de aprendizado de máquina	US $ 2,1 milhões
Tecnologias de sensores avançados	US $ 2,3 milhões

Operação de campo Logística

A logística anual e as despesas operacionais foram de US $ 18,3 milhões em 2023.

• Custos de transporte: US $ 6,7 milhões
• Acomodação e diários: US $ 4,2 milhões
• Infraestrutura de comunicação: US $ 3,4 milhões
• Segurança e conformidade: US $ 4 milhões

Despesas de marketing e desenvolvimento de negócios

O orçamento de marketing e desenvolvimento de negócios para 2023 foi de US $ 5,6 milhões.

Canal de marketing	Gasto
Conferências do setor	US $ 1,8 milhão
Marketing digital	US $ 1,2 milhão
Operações da equipe de vendas	US $ 2,6 milhões

DAWSON GEOFísica Companhia (DWSN) - Modelo de negócios: fluxos de receita

Taxas de serviço de aquisição de dados sísmicos

No ano fiscal de 2022, a Dawson Geophysical Company relatou receitas de serviço de aquisição de dados sísmicos de US $ 73,6 milhões, representando uma parcela significativa de seu fluxo total de receita.

Ano fiscal	Receita de aquisição de dados sísmicos
2022	US $ 73,6 milhões
2021	US $ 48,2 milhões

Receitas de consultoria e interpretação técnicas

Os serviços de consultoria técnica geraram aproximadamente US $ 12,4 milhões em receita para a empresa em 2022.

• Serviços especializados de interpretação geofísica
• Consultoria avançada de análise de dados
• Experiência técnica para projetos de exploração

Contratos de projeto de exploração de longo prazo

Os contratos de projeto de exploração de longo prazo contribuíram com US $ 45,7 milhões para a receita da empresa em 2022.

Tipo de contrato	Contribuição da receita	Porcentagem da receita total
Projetos norte -americanos	US $ 35,2 milhões	77%
Projetos internacionais	US $ 10,5 milhões	23%

Licenciamento de tecnologia e vendas de software

O licenciamento de tecnologia e as vendas de software geraram US $ 5,3 milhões em receita durante 2022.

• Software de processamento de dados geofísicos proprietários
• Ferramentas avançadas de interpretação sísmica
• Acordos de licenciamento com empresas de exploração

Cargas de processamento de dados geofísicos

As cobranças de processamento de dados geofísicos representaram US $ 8,9 milhões em receita para o ano fiscal de 2022.

Serviço de processamento	Receita
Processamento de dados sísmicos 2D	US $ 3,6 milhões
Processamento de dados sísmicos 3D	US $ 5,3 milhões

Fluxos totais de receita para 2022: US $ 140,9 milhões

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.