Dawson Geophysical Company (NASDAQ:DWSN) reported better-than-expected fourth-quarter results on Monday, sending its shares higher in early trading.
The seismic data acquisition services provider saw its stock gain 2.95% in pre-market trading following the announcement.
Fourth-quarter revenue climbed to $27.0 million, marking a 72% increase from $15.6 million in the same period a year earlier. Fee revenue totaled $22.9 million, up 67% year-over-year. The company posted net income of $0.6 million, or $0.02 per share, compared with a net loss of $0.8 million, or -$0.03 per share, in the fourth quarter of 2024. Adjusted EBITDA jumped 248% to $3.3 million, up from $0.9 million in the prior-year quarter.
For the full year 2025, Dawson reported revenue of $75.6 million, a 2% increase from $74.2 million in 2024. Fee revenue rose 16% year-over-year to $61.9 million.
The company recorded a net loss of $1.9 million, or -$0.06 per share, improving from a net loss of $4.1 million, or -$0.13 per share, in 2024. Adjusted EBITDA for the year increased 139% to $4.7 million, compared with $2.0 million the previous year.
“I am proud of the continued progress the Dawson team made during 2025, generating $14.0 million of cash from our operations,” said Tony Clark, President and CEO.
During the fourth quarter and continuing into the first quarter of 2026, the company operated one large channel crew and three smaller crews across the United States.
Dawson also restarted operations in Canada during the fourth quarter, initially deploying two crews and expanding to three large channel count crews in the first quarter of 2026. Management expects utilization and revenue to rise during the opening quarter of the year.
The company generated $14.0 million in operating cash flow in 2025 and increased its cash balance to $4.9 million at year-end, up from $1.4 million at the end of 2024. Dawson’s board has approved a $3 million capital expenditure budget for 2026.