10-Q · May 15, 2026
Dawson Geophysical Company showed significant revenue growth in Q4 2026, achieving $36.7 million compared to $16.1 million in Q4 2025, largely driven by increased crew utilization. Despite overall positive trends, the…
Earnings analysis · 10-Q
DWSN earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Dawson reported $17.9 million of second-quarter revenue and diluted EPS of negative $0.11. Revenue increased approximately 79% year over year from $10 million but declined materially from $37 million in the preceding…
Read full summary
Dawson reported $17.9 million of second-quarter revenue and diluted EPS of negative $0.11. Revenue increased approximately 79% year over year from $10 million but declined materially from $37 million in the preceding quarter, and the company incurred a $3.4 million net loss including $1.7 million of strategic transaction costs. The filing provides no formal revenue or EPS guidance; management expects Canada operations to resume in Q4 2026 and has set a $3 million 2026 capital budget.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.11
What stood out
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Revenue grew sharply year over year
Second-quarter revenue was $17.9 million, up from $10 million in Q2 2025, a year-over-year increase of approximately 79%. Revenue declined from $37 million in Q1 2026, however.
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Adjusted EBITDA turned positive
Adjusted EBITDA turned positive, while fee gross margin improved year over year from 11.5% in Q2 2025. The filing does not disclose a current-quarter gross-margin percentage in the provided text.
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Canada restart and $3 million capex budget
Management expects Canada operations to resume in Q4 2026 and set a 2026 capital budget of $3 million, providing a limited quantitative operating outlook.
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No reported control deficiencies
Disclosure controls were deemed effective as of June 30, 2026, and the company reported no material changes in internal control during the quarter.
What to watch
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Strategic costs drove a quarterly loss
The company reported a $3.4 million net loss for the quarter, including $1.7 million of strategic transaction costs, creating a significant drag on profitability and increasing execution uncertainty around the transaction strategy.
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Sharp sequential revenue and EPS reversal
Revenue fell from $37 million in Q1 2026 to $17.9 million in Q2 2026, while diluted EPS declined from $0.25 to negative $0.11, indicating substantial sequential operating volatility.
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Unhedged market and currency exposure
The company states there was no material change in its market-risk profile during the six months ended June 30, 2026, but remains exposed to interest-rate, credit-concentration and Canadian foreign-currency risks; it has entered into no hedge arrangements or derivative instruments.
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Prior 10-K risks remain in effect
The filing states that there have been no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K, so previously disclosed liquidity, working-capital and technology-execution risks remain applicable.
Management's outlook
No formal revenue or EPS guidance was provided. Management expects Canada operations to resume in Q4 2026 and identified a 2026 capital budget of $3 million; outlook was otherwise deferred to the earnings release/call.
Earlier filings 4
10-K · April 30, 2026
Dawson Geophysical Company reported a return to profitability in Q4 2025, achieving a revenue of $27 million and a diluted EPS of $0.02, attributed to improved crew utilization in the U.S. and Canada and enhanced…
10-K · March 31, 2026
Dawson returned to quarterly GAAP profitability in Q4 2025 with revenue of $27.0 million and diluted EPS of $0.02, helped by higher U.S. and Canada crew utilization and improved margins. Management invested in fleet…
10-Q · August 13, 2025
Dawson reported Q2 revenue of $9.851M and a GAAP loss per share of $(0.08). The company significantly strengthened liquidity (cash $16.228M at June 30, 2025) and generated strong operating cash flow of $16.627M for the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.