Here are 1-3 brief analogies for Dawson Geophysical (DWSN):

• Think of them as the 'Google Maps' for finding oil and gas underground.
• They're like a highly specialized Schlumberger or Halliburton, but exclusively focused on onshore seismic mapping to pinpoint where oil and gas deposits are located before drilling.

• Seismic Data Acquisition Services: The company's crews collect geophysical data from the field to provide insights into subsurface geological structures.
• Seismic Data Processing Services: Raw acquired seismic data is analyzed and interpreted to create detailed images of the subsurface for clients, primarily in the oil and gas and potash mining industries.

Major Customers of Dawson Geophysical (DWSN)

Dawson Geophysical (DWSN) primarily sells its services to other companies. Based on the provided description, its major customers fall into the following categories:

• Oil and gas companies, including independent oil and gas operators, engaged in the exploration and development of oil and natural gas.
• Providers of multi-client data libraries.
• Companies within the potash mining industry.

Tony Clark President and Chief Executive Officer

Tony Clark joined Dawson Geophysical in April 2023 as part of the asset purchase of Breckenridge Geophysical. He served as President of Breckenridge Geophysical for five years prior to that acquisition. Before his time at Breckenridge, he started the multi-client department of Global Geophysical, acquiring over 6,500 square miles of data in three and a half years. His career, spanning over 35 years in leadership roles across various seismic companies, also includes owning several multi-client companies after entering the industry in 1982. Mr. Clark was appointed President and Chief Executive Officer of Dawson Geophysical in November 2023.

Ian Shaw Chief Financial Officer

Ian Shaw is the Chief Financial Officer of Dawson Geophysical Company. In this role, he is responsible for the company's financial planning, management, and reporting. He oversees all financial operations, including accounting, treasury, financial analysis, and capital management. Mr. Shaw's expertise in financial strategy and commitment to fiscal discipline are key to the financial health and stability of the company.

Ray Mays Executive Vice President and Chief Operating Officer

Ray Mays joined Dawson Geophysical in April 2023 as part of the asset purchase of Breckenridge Geophysical, where he previously served as Vice President. His career in the Energy Exploration Industry encompasses a broad range of development and leadership roles, including positions with Mobil Oil, Halliburton, and CGGVeritas. He served as Vice President of Operations in the U.S. for Veritas and Global Geophysical and possesses extensive domestic and international experience in challenging regions.

Alan Mark Nelson Vice President, HSSE

Alan Mark Nelson joined Dawson Geophysical in 1993 and was elected Vice President in January 2004. He has over 30 years of seismic experience and holds a Master's degree in Environmental Science, in addition to being a registered environmental professional. Mr. Nelson has also served as Chairman of the Health, Safety and Environmental Committee of the International Association of Geophysical Contractors.

Philip Lathram Vice President of Corporate Strategy and Planning

The key risks to Dawson Geophysical (DWSN) are primarily driven by the cyclical and volatile nature of the energy industry and the specific challenges within the seismic data acquisition market.

1. Sustained Low Demand and Challenged Market Conditions: Dawson Geophysical faces a significant risk from the ongoing lack of meaningful and sustainable demand for North American onshore seismic data acquisition services. The market has been severely impacted by downturns in the oil and gas industry and the lingering effects of broader economic conditions. Management has indicated that a dramatic increase in demand is not anticipated in the near to medium term, leading to low operational utilization and softened pricing for the company's services.

2. High Fixed Costs and Historical Net Losses: The seismic data acquisition industry is characterized by high fixed costs associated with equipment depreciation, maintenance, and crew expenses. These high fixed costs, coupled with significant capital expenditure requirements for new equipment, make the company vulnerable to continuing or increasing operating losses during periods of reduced demand or operational downtime. Dawson Geophysical has historically incurred net losses, reporting $4.1 million for the year ended December 31, 2024, and $12.1 million for the year ended December 31, 2023.

3. Volatility of Oil and Gas Exploration Budgets and Limited Project Visibility: Dawson Geophysical's revenue generation is directly tied to the capital budgets of its oil and gas exploration and production (E&P) clients. These budgets are highly sensitive to fluctuating oil and natural gas prices, leading to volatile demand for seismic services. This results in limited visibility into future projects, particularly in the Lower 48, making it challenging for the company to predict future activity levels and secure long-term contracts.

• The accelerating global energy transition and decarbonization efforts, which are reducing long-term demand for fossil fuel exploration and development, thereby shrinking the core market for onshore seismic data acquisition services.
• Rapid advancements and increasing adoption of alternative geophysical data acquisition technologies, such as Distributed Acoustic Sensing (DAS) and other fiber-optic sensing systems, which can provide highly detailed subsurface data with potentially lower operational costs and less environmental impact than traditional seismic crews.

Dawson Geophysical Company provides onshore seismic data acquisition and processing services primarily to the oil and gas industry and also serves the potash mining industry in the United States and Canada. The addressable markets for these services are primarily within the North American geophysical services sector.

The North America Geophysical Services Market, which encompasses services for oil and gas, mining, and infrastructure sectors, was valued at approximately USD 5.6 billion in 2023 and is projected to grow to about USD 9.6 billion by 2032, with a compound annual growth rate (CAGR) of 6.1% between 2024 and 2032. Within this broader market, the U.S. geophysical services market alone is anticipated to exceed USD 8 billion by 2032.

For Dawson Geophysical's focus on the oil and gas industry, the oil and gas segment is a dominant part of the geophysical services market, representing over 45% of the market share in 2025, which equated to USD 6.8 billion for upstream oil and gas. This segment is expected to capture 69.20% of the seismic services market share in 2026. Given Dawson Geophysical's specialization in onshore services, the onshore segment is a key component of its addressable market. The onshore segment of the seismic data processing and imaging software market is estimated to hold the largest share of 61.2% in 2025, and the onshore segment of the seismic services market was valued at USD 1.9 billion in 2022.

For services provided to the potash mining industry, a specific market size for seismic services exclusively for potash mining is not distinctly available. However, the mining sector is a component of the broader North America Geophysical Services Market described above, which accounts for Dawson Geophysical's addressable market for these services.

1. Deployment of Advanced Seismic Data Acquisition Equipment: Dawson Geophysical has made significant capital investments in new single node channels, which are small, lightweight, and autonomous land wireless seismic data acquisition solutions. These new channels were deployed starting in the third quarter of 2025 and are expected to significantly improve operational efficiency, enabling the company to undertake higher-resolution and more intensive seismic surveys. This advanced equipment is projected to enhance the company's competitive position and lead to improved top-line and bottom-line results.
2. Increased Demand for High-Resolution, High Channel Count Surveys: The company is observing a growing demand for large, integrated, high-resolution, and high channel count seismic surveys. Dawson Geophysical's investment in new equipment and its capability to provide such sophisticated surveys position it to capitalize on this market trend, driving increased revenue from specialized projects.
3. Recovery and Increased Spending in the Oil and Gas Sector: While the seismic data acquisition market has faced challenges, Dawson Geophysical maintains an optimistic long-term outlook tied to the eventual recovery of the oil and gas sector. As exploration and production (E&P) companies increase their capital allocation, the demand for seismic services is expected to rise. Improved crew utilization in the U.S., which led to a significant revenue increase in the second quarter of 2025, is indicative of this potential recovery.
4. Expansion of Passive Seismic Monitoring Services: Dawson Geophysical is focusing on improving its financial performance through enhanced efforts in passive seismic monitoring. The Canadian segment, in particular, has acquired several passive monitoring surveys and is preparing for a robust winter season, integrating the new single node channels. Positive feedback from customers regarding these services suggests a growing revenue stream from this specialized offering.
5. Strong Project Backlog and Improved Crew Utilization: The company has reported an improving backlog with multiple jobs contracted for the swift deployment of its newly acquired equipment. This strong backlog, coupled with improved crew utilization, particularly in the U.S. and Canada, is expected to be a significant driver of increased fee revenues in the coming quarters.

Share Issuance

• Dawson Geophysical Company granted 100,000 restricted stock units (RSUs) to its EVP & Chief Operating Officer on October 27, 2025, which are scheduled to vest in three equal annual installments beginning in October 2026.

Inbound Investments

• In January 2022, WB Acquisitions Inc., a subsidiary of Wilks Brothers, LLC (Dawson's controlling shareholder), completed a tender offer to acquire 15,285,001 shares of Dawson Geophysical's common stock at $2.34 per share, totaling approximately $35.76 million, increasing their combined ownership to about 73.5% of the outstanding shares.

Capital Expenditures

• For the year ended December 31, 2023, the Company allocated cash for capital expenditures of $3.7 million, primarily focused on rolling stock, recording equipment, and maintenance capital requirements.
• In 2024, Dawson Geophysical utilized $1.9 million of its capital budget, which had been increased to $6 million for the potential purchase of new single point node channels.
• The Board of Directors approved a capital budget of $6 million for 2025, with a significant capital investment announced in Q2 2025 for $24.2 million to purchase new single point node channels from Geospace Technologies, with deliveries scheduled between August 2025 and January 2026, aimed at improving operational efficiency.