Dawson Geophysical Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Dawson Geophysical Co. has filed its Q1 2024 10-Q report, detailing financial data and related party transactions.</b>

AI Summary

DAWSON GEOPHYSICAL CO (DWSN) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Dawson Geophysical Co. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing includes financial data for the period, referencing various equity and debt accounts. Related party transactions with Wilks Brothers LLC and Breckenridge Geophysical LLC are noted for Q1 2024 and Q1 2023 respectively. The company's business address is 508 West Wall Street, Suite 800, Midland, TX 79701. The filing references a past litigation event, Weatherford Litigation, dating back to April 1, 2019.

Why It Matters

For investors and stakeholders tracking DAWSON GEOPHYSICAL CO, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational details of Dawson Geophysical Co. Understanding the related party transactions and financial health is crucial for assessing the company's stability and future prospects.

Risk Assessment

Risk Level: medium — DAWSON GEOPHYSICAL CO shows moderate risk based on this filing. The company operates in the oil and gas field exploration services sector, which is subject to commodity price volatility and exploration activity levels, as indicated by its SIC code 1382.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand the company's current financial position and operational risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-14 — Filing Date (10-Q filing)
• 1382 — SIC Code (Oil and Gas Field Exploration Services)
• TX — State of Incorporation (Dawson Geophysical Co.)

Key Players & Entities

• DAWSON GEOPHYSICAL CO (company) — Filer name
• DWSN (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-14 (date) — Filing date
• Midland, TX (location) — Business address city and state
• Wilks Brothers LLC (company) — Related party
• Breckenridge Geophysical LLC (company) — Related party
• Weatherford Litigation (legal) — Past litigation event

FAQ

Risk Factors

• Industry Volatility [high — market]: The company operates in the oil and gas field exploration services industry, which is subject to significant fluctuations in commodity prices and exploration spending.
• Operational Risks [medium — operational]: The nature of geophysical services involves complex operations that can be subject to equipment failures, weather disruptions, and project execution challenges.
• Debt Obligations [medium — financial]: The company's financial structure may include debt, which exposes it to interest rate fluctuations and the ability to service its obligations.

Key Dates

• 2024-03-31: Quarterly Period End — Financial results for Q1 2024 are reported.
• 2024-05-14: Filing Date — The 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Key Financial Figures

• $0.01 — stered Trading Symbol Common Stock, $0.01 par value The NASDAQ Stock Market D

Filing Documents

• dwsn-20240331x10q.htm (10-Q) — 1226KB
• dwsn-20240331xex31d1.htm (EX-31.1) — 14KB
• dwsn-20240331xex31d2.htm (EX-31.2) — 15KB
• dwsn-20240331xex32d1.htm (EX-32.1) — 7KB
• dwsn-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-008146.txt (&nbsp;) — 5498KB
• dwsn-20240331.xsd (EX-101.SCH) — 32KB
• dwsn-20240331_cal.xml (EX-101.CAL) — 48KB
• dwsn-20240331_def.xml (EX-101.DEF) — 146KB
• dwsn-20240331_lab.xml (EX-101.LAB) — 314KB
• dwsn-20240331_pre.xml (EX-101.PRE) — 234KB
• dwsn-20240331x10q_htm.xml (XML) — 971KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income/Loss for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

OTHER INFORMATION

Part II. OTHER INFORMATION 19

Legal Proceedings

Item 1. Legal Proceedings 19

Risk Factors

Item 1A. Risk Factors 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19

Other Information

Item 5. Other Information 20

Exhibits

Item 6. Exhibits 21

Signatures

Signatures 22 2 Table of Contents

FINANCIAL INFORMATIO N

PART I. FINANCIAL INFORMATIO N

FINANCIAL STATEMENT S (UNAUDITED)

ITEM 1. FINANCIAL STATEMENT S (UNAUDITED) DAWSON GEOPHYSICAL COMPANY CONDENSED CONSOLIDATED BALANCE SHEET S (unaudited and amounts in thousands, except share data) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 11,462 $ 10,772 Restricted cash 5,000 5,000 Short-term investments 265 265 Accounts receivable, net 14,888 12,735 Prepaid expenses and other current assets 6,578 8,654 Total current assets 38,193 37,426 Property and equipment, net 16,290 16,508 Right-of-use assets 2,928 3,208 Intangibles, net 369 377 Total assets $ 57,780 $ 57,519 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,415 $ 3,883 Accrued liabilities: Dividend payable 9,860 — Other 4,019 4,124 Deferred revenue 5,318 11,829 Current maturities of notes payable and finance leases 1,111 1,380 Current maturities of operating lease liabilities 1,137 1,202 Total current liabilities 26,860 22,418 Long-term liabilities: Notes payable and finance leases, net of current maturities 1,520 1,289 Operating lease liabilities, net of current maturities 2,125 2,363 Deferred tax liabilities, net 15 15 Total long-term liabilities 3,660 3,667 Commitments and contingencies — — Stockholders' equity: Preferred stock-par value $ 1.00 per share; 4,000,000 shares authorized, none outstanding — — Common stock-par value $ 0.01 per share; 35,000,000 shares authorized, 30,812,329 shares issued, and 30,812,329 shares outstanding at March 31, 2024 and December 31, 2023 308 308 Additional paid-in capital 156,678 156,678 Accumulated deficit ( 127,654 ) ( 123,640 ) Accumulated other comprehensive loss, net ( 2,072 ) ( 1,912 ) Total stockholders' equity 27,260 31,434 Total liabilities and stockholders' equity $ 57,780 $ 57,519 See accompanying notes to the condensed consolidated financial

View Full Filing

View this 10-Q filing on SEC EDGAR