Revenue performance remains highly erratic, with gross margins oscillating between a peak of 95.0% in 2024Q1 and a negative 13.0% in 2024Q3, reflecting the company's struggle to maintain pricing power.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 96.25M | 75.63M | 74.15M | 96.85M | 51.63M | 24.7M | 86.1M | 145.77M | 154.16M | 157.15M | 133.33M | 234.69M | 143.94M | 134.53M | 196.32M | 151.03M | 108.32M | 90.43M | 86.77M | 90.4M | 67.76M | 30.85M | 20.08M | 8.47M | 6.26M | 10.1M | 6.46M | 4.6M | 17.07M | 16.31M | 9.34M |
| Revenue Growth % | 64.11% | 1.98% | -23.43% | 87.58% | 109.07% | -71.32% | -40.94% | -5.44% | -1.9% | 17.86% | -43.19% | 63.05% | 6.99% | -31.47% | 29.99% | 39.43% | 19.78% | 4.22% | -4.01% | 33.41% | 119.63% | 53.61% | 137.18% | 35.22% | -38% | 56.46% | 40.32% | -73.05% | 4.7% | 74.6% | -57.2% |
| Cost of Goods Sold | 72.13M | 68.28M | 68.76M | 95.15M | 58.38M | 12.86M | 17.17M | 21.83M | 29.96M | 39.23M | 44.28M | 47.07M | 101.02M | 132.32M | 160.78M | 104.02M | 85.93M | 65.38M | 55.94M | 60.45M | 40.83M | 18.15M | 15.78M | 6.95M | 7.03M | 10.32M | 5.41M | 3.32M | 13.82M | 14.05M | 8.08M |
| COGS % of Revenue | - | 90.29% | 92.72% | 98.25% | 113.07% | 52.09% | 19.95% | 14.97% | 19.43% | 24.97% | 33.21% | 20.06% | 70.18% | 98.35% | 81.9% | 68.88% | 79.33% | 72.3% | 64.46% | 66.87% | 60.26% | 58.84% | 78.56% | 82.06% | 112.22% | 102.12% | 83.79% | 72.08% | 80.94% | 86.15% | 86.47% |
| Gross Profit | 24.12M | 7.35M | 5.4M | 1.7M | -6.75M | 11.83M | 68.93M | 123.95M | 124.2M | 117.91M | 89.05M | 187.61M | 42.92M | 2.21M | 35.53M | 47.01M | 22.39M | 25.05M | 30.83M | 29.95M | 26.93M | 12.7M | 4.31M | 1.52M | -765.13K | -214.52K | 1.05M | 1.28M | 3.25M | 2.26M | 1.26M |
| Gross Margin % | 25.06% | 9.71% | 7.28% | 1.75% | -13.07% | 47.91% | 80.05% | 85.03% | 80.57% | 75.03% | 66.79% | 79.94% | 29.82% | 1.65% | 18.1% | 31.12% | 20.67% | 27.7% | 35.54% | 33.13% | 39.74% | 41.16% | 21.44% | 17.94% | -12.22% | -2.12% | 16.21% | 27.92% | 19.06% | 13.85% | 13.53% |
| Gross Profit Growth % | - | 36.11% | 218.03% | 125.16% | -157.01% | -82.83% | -44.39% | -0.2% | 5.33% | 32.42% | -52.54% | 337.15% | 1837.58% | -93.77% | -24.4% | 109.98% | -10.64% | -18.75% | 2.95% | 11.22% | 112.04% | 194.87% | 183.51% | 298.55% | -256.67% | -120.5% | -18.54% | -60.53% | 44.09% | 78.77% | -36.64% |
| Operating Expenses | 17.98M | 9.01M | 9.95M | 14.77M | 15.46M | 41.06M | 82.92M | 140.19M | 149.22M | 155.35M | 138.48M | 228.29M | 55.11M | 9.59M | 8.76M | 28.84M | 22.24M | 20.14M | 18.38M | 16.61M | 12.53M | 5.35M | 1.31M | 932.71K | 884.57K | 934.33K | 2.61M | 2.76M | 1.16M | 920.53K | 809.7K |
| OpEx % of Revenue | - | 11.91% | 13.41% | 15.25% | 29.93% | 166.28% | 96.3% | 96.17% | 96.8% | 98.86% | 103.86% | 97.28% | 38.29% | 7.13% | 4.46% | 19.1% | 20.53% | 22.28% | 21.18% | 18.37% | 18.49% | 17.34% | 6.54% | 11.01% | 14.13% | 9.25% | 40.49% | 60.08% | 6.8% | 5.64% | 8.67% |
| Selling, General & Admin | 9.96M | 9.01M | 9.95M | 14.77M | 15.46M | 12.05M | 13.92M | 17.17M | 16.29M | 16.19M | 16.82M | 22.73M | 12.15M | 9.59M | 8.76M | 9.63M | 6.89M | 5.52M | 4.47M | 3.86M | 2.99M | 2.15M | 1.31M | 932.71K | 884.57K | 916.26K | 969.88K | 878.94K | 1.16M | 920.53K | 809.7K |
| SG&A % of Revenue | - | 11.91% | 13.41% | 15.25% | 29.93% | 48.78% | 16.17% | 11.78% | 10.57% | 10.3% | 12.62% | 9.68% | 8.44% | 7.13% | 4.46% | 6.37% | 6.37% | 6.11% | 5.15% | 4.28% | 4.41% | 6.97% | 6.54% | 11.01% | 14.13% | 9.07% | 15.02% | 19.1% | 6.8% | 5.64% | 8.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 305K | 0 | 0 | 0 | 0 | 29.02M | 69M | 123.02M | -170K | 712K | 3.11M | 1.1M | 42.96M | 0 | 0 | 19.21M | 15.34M | 14.62M | 13.91M | 12.74M | 9.54M | 3.2M | 0 | 0 | 0 | 18.07K | 1.64M | 1.89M | 0 | 0 | 0 |
| Operating Income | 6.14M | -1.66M | -4.55M | -13.07M | -22.2M | -29.23M | -13.99M | -16.25M | -25.03M | -37.44M | -49.44M | -40.68M | -12.19M | -7.38M | 26.78M | 18.16M | 147.63K | 4.91M | 12.45M | 13.34M | 14.4M | 7.35M | 2.99M | 586.46K | -1.65M | -1.15M | -1.57M | -1.48M | 2.09M | 1.34M | -1.4M |
| Operating Margin % | 6.38% | -2.2% | -6.13% | -13.5% | -43% | -118.36% | -16.25% | -11.14% | -16.23% | -23.82% | -37.08% | -17.33% | -8.47% | -5.48% | 13.64% | 12.03% | 0.14% | 5.43% | 14.35% | 14.76% | 21.25% | 23.82% | 14.9% | 6.93% | -26.34% | -11.37% | -24.28% | -32.16% | 12.27% | 8.21% | -15.02% |
| Operating Income Growth % | - | 63.42% | 65.2% | 41.13% | 24.05% | -108.91% | 13.87% | 35.09% | 33.15% | 24.27% | -21.52% | -233.63% | -65.27% | -127.55% | 47.42% | 12203.92% | -96.99% | -60.59% | -6.65% | -7.34% | 95.93% | 145.52% | 410.41% | 135.55% | -43.6% | 26.72% | -5.96% | -170.65% | 56.5% | 195.4% | 24.13% |
| EBITDA | 12.53M | 4.01M | 1.19M | -4.58M | -10.37M | -16.37M | 3.18M | 6.78M | 4.93M | 1.79M | -5.15M | 6.39M | 12.18M | 17.27M | 52.28M | 37.38M | 15.49M | 19.53M | 26.37M | 26.09M | 23.94M | 10.55M | 4.1M | 1.9M | -126.89K | 468.67K | 76.59K | 405.74K | 3.87M | 2.76M | -588.99K |
| EBITDA Margin % | 13.02% | 5.3% | 1.6% | -4.73% | -20.09% | -66.28% | 3.7% | 4.65% | 3.2% | 1.14% | -3.86% | 2.72% | 8.46% | 12.83% | 26.63% | 24.75% | 14.3% | 21.6% | 30.39% | 28.86% | 35.33% | 34.2% | 20.41% | 22.44% | -2.03% | 4.64% | 1.19% | 8.82% | 22.68% | 16.95% | -6.31% |
| EBITDA Growth % | 432.26% | 237.49% | 125.93% | 55.86% | 36.63% | -614.36% | -53.07% | 37.49% | 174.76% | 134.83% | -180.64% | -47.55% | -29.44% | -66.97% | 39.87% | 141.29% | -20.68% | -25.93% | 1.08% | 8.96% | 126.91% | 157.37% | 115.7% | 1597.79% | -127.07% | 511.91% | -81.12% | -89.52% | 40.11% | 569.28% | -25.64% |
| D&A (Non-Cash Add-back) | 6.4M | 5.67M | 5.74M | 8.49M | 11.83M | 12.86M | 17.17M | 23.03M | 29.96M | 39.23M | 44.28M | 47.07M | 24.38M | 24.64M | 25.5M | 19.21M | 15.34M | 14.62M | 13.91M | 12.74M | 9.54M | 3.2M | 1.11M | 1.31M | 1.52M | 1.62M | 1.64M | 1.89M | 1.78M | 1.43M | 813.72K |
| EBIT | 6.37M | -1.4M | -3.95M | -12.14M | -18.51M | -29.1M | -13.09M | -15.02M | -24.8M | -36.95M | -45.98M | -39.42M | -13.55M | -7.38M | 26.78M | 18.16M | 147.63K | 4.91M | 12.45M | 13.34M | 14.4M | 7.35M | 2.99M | 586.46K | -1.65M | -1.15M | -1.57M | -1.48M | 2.09M | 1.34M | 453.75K |
| Net Interest Income | -839K | -419K | 149K | 473K | 286K | 199K | 319K | 113K | -8K | 148K | 87K | -450K | -599.3K | -1.09M | -1.22M | -784.42K | -790.42K | -1.02M | -929.66K | -604.62K | -780.78K | -364.85K | -60.88K | -8.79K | -16.81K | -18.07K | -142.32K | 0 | -261.48K | 0 | -65.06K |
| Interest Income | 122K | 117K | 308K | 576K | 316K | 220K | 402K | 548K | 400K | 306K | 347K | 159K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 961K | 536K | 159K | 103K | 31K | 21K | 83K | 435K | 408K | 158K | 260K | 609K | 599.3K | 1.09M | 1.22M | 784.42K | 790.42K | 1.02M | 929.66K | 604.62K | 780.78K | 364.85K | 60.88K | 8.79K | 16.81K | 18.07K | 142.32K | 0 | 261.48K | 0 | 65.06K |
| Other Income/Expense | -1.4M | -271K | 437K | 827K | 3.66M | 113K | 820K | 794K | -178K | 860K | 1.25M | 648K | 11.72M | -1.09M | -1.22M | -784.42K | -790.42K | -1.02M | -929.66K | -604.62K | -780.78K | -364.85K | -60.88K | -22.5K | -45K | 0 | -142.32K | -391K | -261.48K | -202.16K | 1.79M |
| Pretax Income | 4.74M | -1.94M | -4.11M | -12.24M | -18.54M | -29.12M | -13.17M | -15.45M | -25.2M | -36.58M | -46.24M | -40.03M | -12.62M | -8.47M | 25.56M | 17.38M | -642.78K | 3.89M | 11.53M | 12.74M | 13.62M | 6.98M | 0 | 563.96K | -1.69M | 0 | -1.71M | -1.87M | 1.83M | 1.14M | 388.7K |
| Pretax Margin % | 4.93% | -2.56% | -5.55% | -12.64% | -35.91% | -117.91% | -15.3% | -10.6% | -16.35% | -23.28% | -34.68% | -17.06% | -8.77% | -6.3% | 13.02% | 11.51% | -0.59% | 4.3% | 13.28% | 14.09% | 20.1% | 22.64% | - | 6.66% | -27.06% | - | -26.49% | -40.66% | 10.73% | 6.97% | 4.16% |
| Income Tax | 13K | 6K | 7K | -96K | 107K | -26K | 24K | -239K | -798K | -5.31M | -6.45M | -13.76M | -3.87M | -2.15M | 9.89M | 6.55M | 579.9K | 2.01M | 4.63M | 5.13M | 5.51M | 783.63K | 60.88K | 31.29K | 61.81K | 0 | 202K | 593.5K | 1.22K | -170K | 0 |
| Effective Tax Rate % | 0.27% | -0.31% | -0.17% | 0.78% | -0.58% | 0.09% | -0.18% | 1.55% | 3.17% | 14.53% | 13.95% | 34.36% | 30.64% | 25.43% | 38.68% | 37.67% | -90.22% | 51.65% | 40.14% | 40.28% | 40.44% | 11.22% | - | 5.55% | -3.65% | - | -11.81% | -31.73% | 0.07% | -14.96% | 0% |
| Net Income | 4.73M | -1.94M | -4.12M | -12.15M | -18.64M | -29.09M | -13.2M | -15.21M | -24.41M | -31.27M | -39.79M | -26.28M | -8.75M | -6.32M | 15.67M | 10.83M | -1.22M | 1.88M | 6.9M | 7.61M | 8.11M | 6.2M | 2.93M | 555.16K | -1.71M | -1.15M | -1.91M | -2.07M | 1.83M | 1.31M | -1.01M |
| Net Margin % | 4.91% | -2.57% | -5.55% | -12.54% | -36.11% | -117.8% | -15.33% | -10.44% | -15.83% | -19.9% | -29.84% | -11.2% | -6.08% | -4.69% | 7.98% | 7.17% | -1.13% | 2.08% | 7.95% | 8.42% | 11.97% | 20.1% | 14.6% | 6.56% | -27.33% | -11.37% | -29.62% | -45.06% | 10.73% | 8.01% | -10.86% |
| Net Income Growth % | 152.69% | 52.88% | 66.09% | 34.85% | 35.91% | -120.45% | 13.26% | 37.67% | 21.94% | 21.43% | -51.42% | -200.24% | -38.58% | -140.3% | 44.67% | 986.02% | -165.05% | -72.75% | -9.32% | -6.21% | 30.81% | 111.45% | 428.22% | 132.44% | -48.98% | 39.92% | 7.77% | -213.18% | 40.24% | 228.8% | 61.77% |
| Net Income (Continuing) | 4.73M | -1.94M | -4.12M | -12.15M | -18.64M | -29.09M | -13.2M | -15.21M | -24.41M | -31.79M | -38.33M | -26.28M | -9.53M | -6.32M | 15.67M | 10.83M | -1.22M | 1.88M | 6.9M | 7.61M | 8.11M | 6.2M | 2.87M | 555.16K | -1.71M | -1.15M | -1.91M | -2.07M | 1.83M | 1.31M | 388.7K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.15 | -0.06 | -0.13 | -0.45 | -0.75 | -1.23 | -0.56 | -0.66 | -1.07 | -1.37 | -1.75 | -1.21 | -1.03 | -0.83 | 2.04 | 1.43 | -0.17 | 0.25 | 0.94 | 1.03 | 1.04 | 0.91 | 0.49 | 0.08 | -0.65 | -0.49 | -0.82 | -0.89 | 0.78 | 0.55 | -0.93 |
| EPS Growth % | 153.18% | 51.85% | 71.11% | 40% | 39.02% | -119.64% | 15.15% | 38.32% | 21.9% | 21.71% | -44.63% | -17.48% | -24.1% | -140.69% | 42.66% | 941.18% | -168% | -73.4% | -8.74% | -0.96% | 14.29% | 85.71% | 503.45% | 112.49% | -32.65% | 40.24% | 7.87% | -214.1% | 41.82% | 159.14% | 67.02% |
| EPS (Basic) | - | -0.06 | -0.13 | -0.45 | -0.75 | -1.23 | -0.56 | -0.66 | -1.07 | -1.38 | -1.75 | -1.21 | -1.03 | -0.83 | 2.07 | 1.45 | -0.17 | 0.25 | 0.94 | 1.03 | 1.04 | 1.42 | 0.91 | 0.10 | -0.65 | -0.49 | -0.82 | -0.89 | 0.79 | 0.79 | -0.93 |
| Diluted Shares Outstanding | 31.11M | 31.02M | 30.88M | 26.75M | 24.97M | 23.57M | 23.38M | 23.18M | 22.91M | 22.78M | 22.69M | 21.72M | 8.48M | 7.64M | 7.66M | 7.54M | 7.41M | 7.43M | 7.43M | 7.42M | 7.77M | 6.74M | 5.83M | 3.09M | 2.63M | 2.34M | 2.34M | 2.34M | 2.36M | 1.04M | 1.09M |
| Basic Shares Outstanding | 31.05M | 31.02M | 30.88M | 26.75M | 24.97M | 23.57M | 23.38M | 23.18M | 22.81M | 22.71M | 22.69M | 21.72M | 8.48M | 7.64M | 7.53M | 7.43M | 7.41M | 7.41M | 7.4M | 7.39M | 7.71M | 4.2M | 2.83M | 2.73M | 2.63M | 2.34M | 2.34M | 2.34M | 2.33M | 1.04M | 1.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 19.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.33% | 52.5% | - |
High cyclical revenue volatility
As evidenced by the quarterly income statement data, DWSN's top-line performance exhibits extreme volatility, with growth rates swinging from a 128.3% expansion in 2026Q1 to a 49.1% contraction in 2025Q1, reflecting the highly project-based and cyclical nature of seismic data acquisition services in North America.
The dramatic fluctuations in revenue suggest that the company remains tethered to the timing of specific, large-scale seismic surveys rather than a consistent baseline of recurring demand. Investors should monitor whether the recent 2026Q1 surge represents a sustainable shift in Permian Basin activity or merely a temporary concentration of project completions.
Based on the reported financial figures, DWSN's gross margins have demonstrated significant instability, oscillating between a peak of 95.0% in 2024Q1 and a negative 13.0% in 2024Q3, which highlights the company's difficulty in maintaining pricing power amidst shifting utilization levels of its specialized field equipment.
The extreme variance in gross margins implies that the company's cost structure is highly sensitive to project-specific mobilization and demobilization expenses. This lack of margin consistency suggests that the firm may struggle to achieve the economies of scale necessary to offset the high fixed costs inherent in maintaining a specialized seismic fleet.
According to the provided income statement data, DWSN's operating income frequently fails to scale with revenue, as evidenced by the 2025Q3 period where a $22.7M revenue base resulted in a $1.2M operating loss, indicating that SG&A expenses remain disproportionately high relative to current project-based revenue generation.
The inability to consistently convert revenue growth into positive operating income suggests that the company's current overhead structure is not optimized for the prevailing market environment. This may indicate that management is maintaining a level of operational readiness that the current project backlog cannot adequately support.
While the company reported a net income of $7.7M in 2026Q1, historical data indicates that such profitability is often short-lived, as the firm has frequently slipped into net losses in preceding quarters, suggesting that the current earnings profile may be driven by non-recurring project timing rather than structural improvement.
Short-sellers would likely focus on the recurring nature of these losses and the potential for future margin compression if project demand softens. The reliance on sporadic, high-value contracts warrants further investigation into whether the company can maintain its current trajectory without significant capital support from its parent entity.
Quick answers to the most common questions about buying DWSN stock.
For fiscal year 2025, Dawson Geophysical Company (DWSN) reported total revenue of $75.6M. This represents a 709.7% increase compared to $9.3M in 1996.
Dawson Geophysical Company (DWSN) reported a net loss of $1.9M for the fiscal year ending 2025.
Dawson Geophysical Company (DWSN) reported an operating income of $-1.7M, resulting in an operating profit margin of -2.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Dawson Geophysical Company (DWSN) generated $7.3M in gross profit for the year, representing a gross profit margin of 9.7%. This demonstrates the company's core pricing power and production efficiency.