Dawson Geophysical Q2 revenue $12.5M, net loss $3.5M; crew count reduced to one

DAWSON GEOPHYSICAL CO

2024-Q2 EPS reported $0.07 revenue$14,000

Revenue $12.5M, down 38% YoY from $20.2M; net loss $3.5M ($0.12/share) vs loss $4.4M ($0.18/share) in prior year.
Negative Adjusted EBITDA of $2.3M vs negative $2.5M a year ago; year-to-date net income $2.3M ($0.07/share).
Began Q2 with two crews, dropped to one in late May; expects two crews in Q3 and full deployment through mid-2025.
Special cash dividend of $0.32/share paid May 6 for ~$9.9M; cash $11.2M, working capital $9M.
Expects Canadian ops to resume in Q4; evaluating divestiture of under-utilized assets.

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