0001104659-25-111340 | 10-Q | XBRL Viewer

September 30, 2025

December 31, 2024

Notes payable to finance company for insurance

Aggregate principal amount outstanding

Interest rates range from 6.35% to 9.47%

INCOME TAXES	9 Months Ended
Sep. 30, 2025
INCOME TAXES
INCOME TAXES	10. INCOME TAXES For the three and nine months ended September 30, 2025, the Company’s effective tax rates were -0.9% and -0.2%, respectively. For the three and nine months ended September 30, 2024, the Company’s effective tax rates were 0.6% and -1.1%, respectively. The Company’s nominal effective tax rate for the periods above was due to the presence of net operating loss carryovers and adjustments to the valuation allowance on deferred tax assets. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over an extended amount of time. Such objective evidence limits the ability to consider other subjective evidence, such as projections for taxable earnings. The Company has recorded valuation allowances against the associated deferred tax assets for the amounts it deems are not more likely than not realizable. Based on management’s belief that not all the net operating losses are realizable, a federal valuation allowance and additional state valuation allowances were maintained during the three and nine months ended September 30, 2025 and 2024. In addition, due to the Company’s recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the condensed consolidated financial statements. The amount of the valuation allowances considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth.

INCOME TAXES

9 Months Ended

Sep. 30, 2025

10. INCOME TAXES

For the three and nine months ended September 30, 2025, the Company’s effective tax rates were -0.9% and -0.2%, respectively. For the three and nine months ended September 30, 2024, the Company’s effective tax rates were 0.6% and -1.1%, respectively. The Company’s nominal effective tax rate for the periods above was due to the presence of net operating loss carryovers and adjustments to the valuation allowance on deferred tax assets.

The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over an extended amount of time. Such objective evidence limits the ability to consider other subjective evidence, such as projections for taxable earnings.

The Company has recorded valuation allowances against the associated deferred tax assets for the amounts it deems are not more likely than not realizable. Based on management’s belief that not all the net operating losses are realizable, a federal valuation allowance and additional state valuation allowances were maintained during the three and nine months ended September 30, 2025 and 2024. In addition, due to the Company’s recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the condensed consolidated financial statements. The amount of the valuation allowances considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth.

- Definition

The entire disclosure for income tax.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 5,081	$ 1,385
Accounts receivable, net	2,171	9,970
Prepaid expenses and other current assets	5,934	3,186
Total current assets	13,186	14,541
Property and equipment	250,374	238,064
Less accumulated depreciation	(226,553)	(225,085)
Property and equipment, net	23,821	12,979
Operating lease right-of-use assets	3,209	3,002
Intangibles, net	359	348
Total assets	40,575	30,870
Current liabilities:
Accounts payable	5,698	3,381
Accrued liabilities:
Payroll costs and other taxes	1,403	2,014
Other	1,052	830
Deferred revenue	3,709	1,570
Current maturities of notes payable and finance leases	3,598	1,010
Current maturities of operating lease liabilities	1,075	1,125
Total current liabilities	16,535	9,930
Long-term liabilities:
Notes payable and finance leases, net of current maturities	6,545	1,512
Operating lease liabilities, net of current maturities	2,290	2,131
Deferred tax liabilities, net	16	16
Total long-term liabilities	8,851	3,659
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding
Common stock-par value $0.01 per share; 35,000,000 shares authorized, 31,047,801 and 30,983,437 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	310	310
Additional paid-in capital	157,115	157,073
Accumulated deficit	(140,129)	(137,619)
Accumulated other comprehensive loss, net	(2,107)	(2,483)
Total stockholders' equity	15,189	17,281
Total liabilities and stockholders' equity	$ 40,575	$ 30,870

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	4,000,000	4,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	31,047,801	30,983,437
Common stock, shares outstanding	31,047,801	30,983,437

OPERATING SEGMENTS (Details)	3 Months Ended		9 Months Ended
OPERATING SEGMENTS (Details)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
OPERATING SEGMENTS
Number of reportable segments \| segment			2
Management charges incurred by the U.S. segment but allocated to the Canadian segment \| $	$ 23,000	$ 19,000	$ 237,000	$ 191,000

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Operating Leases
October 2025 - September 2026	$ 1,247
October 2026 - September 2027	969
October 2027 - September 2028	661
October 2028 - September 2029	632
October 2029 - September 2030	244
Total payments under lease agreements	3,753
Less imputed interest	(388)
Total lease liabilities	3,365
Finance Leases
October 2025 - September 2026	1,207
October 2026 - September 2027	928
October 2027 - September 2028	436
October 2028 - September 2029	113
Total payments under lease agreements	2,684
Less imputed interest	(200)
Total lease liabilities	$ 2,484	$ 2,400

SUBSEQUENT EVENTS (Details)				2 Months Ended	3 Months Ended	9 Months Ended
SUBSEQUENT EVENTS (Details)	Nov. 03, 2025 USD ($)	Oct. 31, 2025 USD ($) installment	Oct. 27, 2025 shares	Sep. 29, 2025 USD ($)	Sep. 30, 2025 shares	Sep. 30, 2025 shares	Oct. 28, 2025 USD ($)
SUBSEQUENT EVENTS
Granted (in shares) \| shares					0	5,050
Geospace Notes
SUBSEQUENT EVENTS
Term of debt (in months)				36 months
Interest rate (as a percent)				8.75%	8.75%	8.75%
Monthly payment of principal and interest				$ 239,000
Subsequent events \| Restricted stock units
SUBSEQUENT EVENTS
Vesting period			3 years
Subsequent events \| Restricted stock units \| Tranche one
SUBSEQUENT EVENTS
Restricted stock vesting percentage			33.33%
Subsequent events \| Restricted stock units \| Tranche two
SUBSEQUENT EVENTS
Restricted stock vesting percentage			33.33%
Subsequent events \| Restricted stock units \| Tranche three
SUBSEQUENT EVENTS
Restricted stock vesting percentage			33.33%
Subsequent events \| Restricted stock units \| Tony Clark, President and Chief Executive Officer
SUBSEQUENT EVENTS
Granted (in shares) \| shares			150,000
Subsequent events \| Restricted stock units \| Ray Mays, Executive Vice President and Chief Operating Officer
SUBSEQUENT EVENTS
Granted (in shares) \| shares			100,000
Subsequent events \| Geospace Notes
SUBSEQUENT EVENTS
Term of debt (in months)	36 months
Interest rate (as a percent)	8.75%
Monthly payment of principal and interest	$ 222,000
Subsequent events \| Geospace Note - Note Three
SUBSEQUENT EVENTS
Amount							$ 3,500,000
Subsequent events \| Geospace Notes - Note Four
SUBSEQUENT EVENTS
Amount	$ 3,500,000
Subsequent events \| Revolving Credit Note
SUBSEQUENT EVENTS
Maximum borrowing capacity		$ 5,035,032
Number of monthly installments \| installment		36
Principal amount		$ 139,862
Interest rate of loans outstanding		13.00%
Amount reduced on each monthly payment		$ 139,862
Borrowers repay		75.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2025

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

At September 30, 2025 and December 31, 2024, the Company’s financial instruments included cash and cash equivalents, accounts receivable, other current assets, accounts payable, other current liabilities, notes payable, finance leases and operating lease liabilities. Due to the short-term maturities of cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current

liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the notes payable approximate their fair value based on comparisons with the prevailing market interest rate. The fair values of the Company’s notes payable are level 2 measurements in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

DEBT - Aggregate principal amount and interest rates (Details) - Notes payable to finance companies for insurance - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
DEBT
Aggregate principal amount outstanding	$ 206	$ 168
Minimum
DEBT
Interest rates	6.35%	6.35%
Maximum
DEBT
Interest rates	9.47%	9.47%

- Definition

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,153)	$ (2,349)	$ 992	$ (5,617)	$ (3,546)	$ 5,846	$ (2,510)	$ (3,317)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

9 Months Ended

Sep. 30, 2025

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

11. SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

Contract Assets (in thousands)

Contract assets were $0.4 million and $4.3 million at January 1, 2025 and 2024, respectively. The Company’s contract assets incurred to fulfill contracts with customers at September 30, 2025 and 2024, were $2.4 million and $0.4 million, respectively.

Contract assets at September 30, 2025, compared to January 1, 2025, increased primarily as a result of new projects for clients with large third party reimbursables where data had not yet been recorded. Contract assets at September 30, 2024, compared to January 1, 2024, decreased primarily as a result of the completion of several projects during that nine month period that had deferred fulfillment costs at January 1, 2025.

The amount of total contract assets amortized for the nine months ended September 30, 2025, and 2024, was $10.1 million and $22.7 million, respectively. There were no material impairment losses incurred during these periods.

Deferred Revenue (in thousands)

Deferred revenue was $1.6 million and $11.8 million at January 1, 2025 and 2024, respectively. The Company’s deferred revenue at September 30, 2025 and 2024 was $3.7 million and $0.7 million, respectively.

Deferred revenue at September 30, 2025 compared to January 1, 2025 increased primarily as a result of new projects for clients with large third party reimbursables where data had not yet been recorded. Deferred revenue at September 30, 2024, compared to January 1, 2024, decreased primarily as a result of completing projects for clients with prepayments for third party reimbursables.

Revenue recognized for the nine months ended September 30, 2025 and 2024 that was included in the contract liability balance at the beginning of 2025 and 2024 was $1.6 million and $11.8 million, respectively.

Accounts Receivable (in thousands)

Accounts receivable related to contracts with customers was $9.9 million and $12.5 million at January 1, 2025 and 2024, respectively.

Accounts receivable related to contracts with customers was $2.1 million and $2.8 million at September 30, 2025 and 2024, respectively.

Related Party Transactions

For the three and nine months ended September 30, 2025, the Company incurred related party expenses totaling approximately $33,000 and $128,000, respectively. These are charges by various commonly controlled companies of Wilks Brothers, LLC, the holder of approximately 80% of the Company’s outstanding stock. All transactions for the year consisted of trucking charges. As of September 30, 2025, the Company had approximately $19,000 outstanding related party accounts payable.

For the three and nine months ended September 30, 2024, the Company incurred related party expenses totaling approximately $20,000 and $132,000, respectively. These transactions consisted of trucking charges of $117,000, merger-related charges of $6,000 and client hosting expenses of $9,000. For the three and nine months ended September 30, 2024, the Company received related party revenue of $8,000 and $22,000, respectively, for partial use of leased office space.

NET INCOME (LOSS) PER SHARE - Anti-Dilutive Awards Excluded from Calculation (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	94,532	57,924	32,799
Restricted stock units
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	94,532	57,924	32,799

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
NET INCOME (LOSS) PER SHARE
Aggregate payment of special cash dividend								$ 9,860
Net Income (Loss)	$ (1,153)	$ (2,349)	$ 992	$ (5,617)	$ (3,546)	$ 5,846	$ (2,510)	$ (3,317)
Weighted average common shares outstanding
Basic (in shares)	31,047,801			30,906,777			31,006,304	30,845,076
Diluted (in shares)	31,047,801			30,906,777			31,006,304	30,845,076
Basic loss per share of common stock (in dollars per share)	$ (0.04)			$ (0.18)			$ (0.08)	$ (0.11)
Diluted loss per share of common stock (in dollars per share)	$ (0.04)			$ (0.18)			$ (0.08)	$ (0.11)
Dilutive securities (in shares)	0
Special cash dividend, 2024 Q2
NET INCOME (LOSS) PER SHARE
Cash dividend declared per share of common stock					$ 0.32
Dividends, date declared					Mar. 28, 2024
Dividends, date paid					May 06, 2024
Dividends, date of record					Apr. 22, 2024
Aggregate payment of special cash dividend					$ 9,900

OPERATING SEGMENTS - Reconciliation of EBITDA to net income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Reconciliation
Net (loss) income	$ (1,153)	$ (2,349)	$ 992	$ (5,617)	$ (3,546)	$ 5,846	$ (2,510)	$ (3,317)
Depreciation and amortization	1,349			1,388			3,794	4,383
Interest expense (income), net	12			(37)			107	(170)
Income tax expense (benefit)	10			(35)			6	36
EBITDA	218			(4,301)			1,397	932
United States
Reconciliation
Net (loss) income	60			(4,423)			(5,783)	(4,552)
Depreciation and amortization	1,160			1,144			3,218	3,611
Interest expense (income), net	11			(34)			94	(157)
Income tax expense (benefit)	10			(35)			6	36
EBITDA	1,241			(3,348)			(2,465)	(1,062)
Canada
Reconciliation
Net (loss) income	(1,213)			(1,194)			3,273	1,235
Depreciation and amortization	189			244			576	772
Interest expense (income), net	1			(3)			13	(13)
EBITDA	$ (1,023)			$ (953)			$ 3,862	$ 1,994

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance at beginning of period at Dec. 31, 2023	$ 308	$ 156,678	$ (123,640)	$ (1,912)	$ 31,434
Balance at beginning of period (in shares) at Dec. 31, 2023	30,812,329
Increase (Decrease) in Stockholders' Equity
Net (loss) income			5,846		5,846
Unrealized (loss) income on foreign exchange rate translation				(160)	(160)
Dividends			(9,860)		(9,860)
Balance at end of period at Mar. 31, 2024	$ 308	156,678	(127,654)	(2,072)	27,260
Balance at end of period (in shares) at Mar. 31, 2024	30,812,329
Balance at beginning of period at Dec. 31, 2023	$ 308	156,678	(123,640)	(1,912)	31,434
Balance at beginning of period (in shares) at Dec. 31, 2023	30,812,329
Increase (Decrease) in Stockholders' Equity
Net (loss) income					(3,317)
Balance at end of period at Sep. 30, 2024	$ 309	156,905	(136,817)	(2,153)	18,244
Balance at end of period (in shares) at Sep. 30, 2024	30,906,777
Balance at beginning of period at Mar. 31, 2024	$ 308	156,678	(127,654)	(2,072)	27,260
Balance at beginning of period (in shares) at Mar. 31, 2024	30,812,329
Increase (Decrease) in Stockholders' Equity
Net (loss) income			(3,546)		(3,546)
Unrealized (loss) income on foreign exchange rate translation				(110)	(110)
Issuance of common stock as compensation	$ 1	258			259
Issuance of common stock as compensation (in shares)	133,850
Shares exchanged for taxes on stock-based compensation		(76)			(76)
Shares exchanged for taxes on stock-based compensation (in shares)	(39,402)
Balance at end of period at Jun. 30, 2024	$ 309	156,860	(131,200)	(2,182)	23,787
Balance at end of period (in shares) at Jun. 30, 2024	30,906,777
Increase (Decrease) in Stockholders' Equity
Net (loss) income			(5,617)		(5,617)
Unrealized (loss) income on foreign exchange rate translation				29	29
Stock-based compensation expense		45			45
Balance at end of period at Sep. 30, 2024	$ 309	156,905	(136,817)	(2,153)	18,244
Balance at end of period (in shares) at Sep. 30, 2024	30,906,777
Balance at beginning of period at Dec. 31, 2024	$ 310	157,073	(137,619)	(2,483)	$ 17,281
Balance at beginning of period (in shares) at Dec. 31, 2024	30,983,437				30,983,437
Increase (Decrease) in Stockholders' Equity
Net (loss) income			992		$ 992
Unrealized (loss) income on foreign exchange rate translation				(30)	(30)
Stock-based compensation expense		44			44
Issuance of common stock as compensation (in shares)	1,050
Shares exchanged for taxes on stock-based compensation (in shares)	(325)
Balance at end of period at Mar. 31, 2025	$ 310	157,117	(136,627)	(2,513)	18,287
Balance at end of period (in shares) at Mar. 31, 2025	30,984,162
Balance at beginning of period at Dec. 31, 2024	$ 310	157,073	(137,619)	(2,483)	$ 17,281
Balance at beginning of period (in shares) at Dec. 31, 2024	30,983,437				30,983,437
Increase (Decrease) in Stockholders' Equity
Net (loss) income					$ (2,510)
Balance at end of period at Sep. 30, 2025	$ 310	157,115	(140,129)	(2,107)	$ 15,189
Balance at end of period (in shares) at Sep. 30, 2025	31,047,801				31,047,801
Balance at beginning of period at Mar. 31, 2025	$ 310	157,117	(136,627)	(2,513)	$ 18,287
Balance at beginning of period (in shares) at Mar. 31, 2025	30,984,162
Increase (Decrease) in Stockholders' Equity
Net (loss) income			(2,349)		(2,349)
Unrealized (loss) income on foreign exchange rate translation				477	477
Stock-based compensation expense		43			43
Issuance of common stock as compensation (in shares)	91,100
Shares exchanged for taxes on stock-based compensation		(45)			(45)
Shares exchanged for taxes on stock-based compensation (in shares)	(27,461)
Balance at end of period at Jun. 30, 2025	$ 310	157,115	(138,976)	(2,036)	16,413
Balance at end of period (in shares) at Jun. 30, 2025	31,047,801
Increase (Decrease) in Stockholders' Equity
Net (loss) income			(1,153)		(1,153)
Unrealized (loss) income on foreign exchange rate translation				(71)	(71)
Balance at end of period at Sep. 30, 2025	$ 310	$ 157,115	$ (140,129)	$ (2,107)	$ 15,189
Balance at end of period (in shares) at Sep. 30, 2025	31,047,801				31,047,801

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation.

These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The December 31, 2024, balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Significant Accounting Policies

Principles of Consolidation. The condensed consolidated financial statements as of September 30, 2025, and for the three and nine months ended September 30, 2025, and 2024, include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC, and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.

Dividends. The Company records dividends declared as an addition to accumulated deficit when declaration of such dividends is not subject to restrictions in the jurisdictions in which the Company operates, or in conflict with information in the Company’s bylaws.

Allowance for Current Expected Credit Losses. The Company’s allowance for credit losses reflects its current estimate expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for credit losses on accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. With the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. For the nine months ended September 30, 2025, the Company incurred $177,000 of credit losses. For the three months ended September 30, 2025 the Company incurred no credit losses. The Company's allowance for credit losses was $250,000 at September 30, 2025 and December 31, 2024.

Leases. The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as a finance lease or an operating lease for financial reporting purposes. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate. The right-of-use assets are amortized to operating lease cost over the lease terms in

a manner that results in straight-line operating lease cost and is included in operating expense. Several of the Company’s leases include options to renew and the exercise of lease renewal options is primarily at the Company’s discretion.

Property and Equipment. Property and equipment is capitalized at historical cost or the fair value of assets acquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period.

Impairment of Long-lived Assets. Long-lived assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value of the asset group may not be recoverable. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the asset group and the fair value of the asset group is below its carrying value. Depending upon the facts and circumstances, when indicators of asset impairment exist, management will test the asset group for impairment through developing a forecast of future undiscounted cash flows expected to be generated by the asset group or by estimating the fair value of assets within the asset group in lieu of detailed cash flow projections. If either the future undiscounted cashflows expected to be generated by the asset group or the fair of the assets within the asset group exceeds the carrying value of the asset group no impairment would be recognized. During the year ended December 31, 2024, management tested two of its asset groups for impairment through estimating the fair value of certain assets within the asset groups using a market approach or cost approach, as applicable. Because the fair value of these assets collectively exceeded the carrying value of the asset group, no impairment charges were recognized for the year ended December 31, 2024. No impairment test was required during the three and nine months ended September 30, 2025.

Use of Estimates in the Preparation of Financial Statements. Preparation of the accompanying financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.

Revenue Recognition. Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated revenue for the service contract. In the case of a cancelled service contract, the client is billed and revenue is recognized for any third party charges and square miles of data recorded up to the date of cancellation.

The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract.

Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue.

In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are included in prepaid expenses and other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract.

Estimates for total revenue and total fulfillment cost on any service contract are based on certain qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates.

Additionally, the Company’s policy includes (i) ignoring the financing component when estimating the transaction price for service contracts completed within one year, (ii) excluding sales tax collected from the customer when determining the transaction price, and (iii) expensing incremental costs to obtain a customer contract if the amortization period for those costs would otherwise be one year or less. See note 5 for additional disclosures related to disaggregated revenue.

Share-based compensation. We measure and record compensation expense for share-based payment awards to employees and outside directors based on estimated grant date fair values. Grant date fair value is determined by averaging the high and low stock price on the grant date. We recognize compensation costs for awards granted over the requisite service period based on the grant date fair value in fee operating expenses and general and administrative expenses on our consolidated statements of operations. During the three and nine months ended September 30, 2025 we granted 0 and 5,050 shares, respectively. For the nine months ended September 30, 2025, we recognized expense related to restricted stock unit awards of $70,000 and $17,000 in fee operating expenses and general and administrative expenses, respectively. Additionally, we recognize forfeitures of share-based compensation as they occur.

Risks and Uncertainties. The Company’s ability to be profitable in the future will depend on many factors beyond its control, but primarily on the level of demand for land-based seismic data acquisition services by oil and natural gas exploration and development companies. The Company incurred net losses of $1.2 million and $5.6 million for the three months ended September 30, 2025 and 2024, respectively. The Company incurred a net losses of $2.5 million and $3.3 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had $5.1 million in cash, and a negative working capital balance of $3.3 million. The Company believes that our cash flows from operations, and our current financial position are adequate to fund our continued operations.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 seeks to improve transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The updated guidance is effective for annual periods after January 1, 2025, and will be reflected through additional disclosures in the Company’s 2025 10-K.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, ASU 2024-03 enhances the disclosures required for certain expense captions in the Company's annual and interim consolidated financial statements. This ASU is effective prospectively or retrospectively for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient to simplify the application of Topic 326, Financial Instruments - Credit Losses, to current accounts receivable and current contract assets arising from revenue transactions accounted for under topic 606, Revenue from Contracts with Customers. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this standard on its disclosures.

OPERATING SEGMENTS - Income statement (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating revenues
Operating revenues	$ 22,746			$ 14,421			$ 48,675	$ 58,517
Operating costs:
Operating expenses	20,459			16,151			40,955	50,502
General and administrative	2,110			2,630			6,435	7,347
Depreciation and amortization	1,349			1,388			3,794	4,383
Total operating costs	23,918			20,169			51,184	62,232
Loss from operations	(1,172)			(5,748)			(2,509)	(3,715)
Other income (expense):
Interest income	59			72			98	290
Interest expense	(71)			(35)			(205)	(120)
Other income (expense), net	41			59			112	264
Loss before income tax	(1,143)			(5,652)			(2,504)	(3,281)
Income tax benefit (expense)	(10)			35			(6)	(36)
Net loss	(1,153)	$ (2,349)	$ 992	(5,617)	$ (3,546)	$ 5,846	(2,510)	(3,317)
Other comprehensive income (loss):
Net unrealized (loss) income on foreign exchange rate translation	(71)			29			376	(241)
Comprehensive loss	(1,224)			(5,588)			(2,134)	(3,558)
EBITDA	218			(4,301)			1,397	932
Fee revenue
Operating revenues
Operating revenues	14,942			4,663			38,936	39,727
Operating costs:
Operating expenses	12,655			6,393			31,216	31,712
Reimbursable revenue
Operating revenues
Operating revenues	7,804			9,758			9,739	18,790
Operating costs:
Operating expenses	7,804			9,758			9,739	18,790
USA Operations
Operating revenues
Operating revenues	22,579			14,410			35,395	50,013
Operating costs:
Operating expenses	19,532			15,410			32,575	44,946
General and administrative	1,839			2,405			5,392	6,416
Depreciation and amortization	1,160			1,144			3,218	3,611
Total operating costs	22,531			18,959			41,185	54,973
Loss from operations	48			(4,549)			(5,790)	(4,960)
Other income (expense):
Interest income	49			58			75	246
Interest expense	(60)			(24)			(169)	(89)
Other income (expense), net	33			57			107	287
Loss before income tax	70			(4,458)			(5,777)	(4,516)
Income tax benefit (expense)	(10)			35			(6)	(36)
Net loss	60			(4,423)			(5,783)	(4,552)
Other comprehensive income (loss):
Comprehensive loss	60			(4,423)			(5,783)	(4,552)
EBITDA	1,241			(3,348)			(2,465)	(1,062)
USA Operations \| Fee revenue
Operating revenues
Operating revenues	14,776			4,652			25,906	31,260
Operating costs:
Operating expenses	11,729			5,652			23,086	26,193
USA Operations \| Reimbursable revenue
Operating revenues
Operating revenues	7,803			9,758			9,489	18,753
Operating costs:
Operating expenses	7,803			9,758			9,489	18,753
Canada Operations
Operating revenues
Operating revenues	167			11			13,280	8,504
Operating costs:
Operating expenses	927			741			8,380	5,556
General and administrative	271			225			1,043	931
Depreciation and amortization	189			244			576	772
Total operating costs	1,387			1,210			9,999	7,259
Loss from operations	(1,220)			(1,199)			3,281	1,245
Other income (expense):
Interest income	10			14			23	44
Interest expense	(11)			(11)			(36)	(31)
Other income (expense), net	8			2			5	(23)
Loss before income tax	(1,213)			(1,194)			3,273	1,235
Net loss	(1,213)			(1,194)			3,273	1,235
Other comprehensive income (loss):
Net unrealized (loss) income on foreign exchange rate translation	(71)			29			376	(241)
Comprehensive loss	(1,284)			(1,165)			3,649	994
EBITDA	(1,023)			(953)			3,862	1,994
Canada Operations \| Fee revenue
Operating revenues
Operating revenues	166			11			13,030	8,467
Operating costs:
Operating expenses	926			$ 741			8,130	5,519
Canada Operations \| Reimbursable revenue
Operating revenues
Operating revenues	1						250	37
Operating costs:
Operating expenses	$ 1						$ 250	$ 37

Debt - Aggregate maturities of notes payable for equipment purchases and interest rates (Details) - Geospace Notes - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 29, 2025
Notes payable
October 2025 - September 2026	$ 2,306
October 2026 - September 2027	2,516
October 2027 - September 2028	2,631
Obligations under notes payable	$ 7,453
Interest rates on notes (as a percent)	8.75%	8.75%

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Topic 942
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

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-Topic 235
-SubTopic 10
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The December 31, 2024, balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
Principles of Consolidation	Principles of Consolidation. The condensed consolidated financial statements as of September 30, 2025, and for the three and nine months ended September 30, 2025, and 2024, include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC, and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.
Dividends	Dividends. The Company records dividends declared as an addition to accumulated deficit when declaration of such dividends is not subject to restrictions in the jurisdictions in which the Company operates, or in conflict with information in the Company’s bylaws.
Allowance for Current Expected Credit Losses	Allowance for Current Expected Credit Losses. The Company’s allowance for credit losses reflects its current estimate expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for credit losses on accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. With the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. For the nine months ended September 30, 2025, the Company incurred $177,000 of credit losses. For the three months ended September 30, 2025 the Company incurred no credit losses. The Company's allowance for credit losses was $250,000 at September 30, 2025 and December 31, 2024.
Leases	Leases. The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as a finance lease or an operating lease for financial reporting purposes. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate. The right-of-use assets are amortized to operating lease cost over the lease terms in a manner that results in straight-line operating lease cost and is included in operating expense. Several of the Company’s leases include options to renew and the exercise of lease renewal options is primarily at the Company’s discretion.
Property and Equipment	Property and Equipment. Property and equipment is capitalized at historical cost or the fair value of assets acquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period.
Impairment of Long-lived Assets	Impairment of Long-lived Assets. Long-lived assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value of the asset group may not be recoverable. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the asset group and the fair value of the asset group is below its carrying value. Depending upon the facts and circumstances, when indicators of asset impairment exist, management will test the asset group for impairment through developing a forecast of future undiscounted cash flows expected to be generated by the asset group or by estimating the fair value of assets within the asset group in lieu of detailed cash flow projections. If either the future undiscounted cashflows expected to be generated by the asset group or the fair of the assets within the asset group exceeds the carrying value of the asset group no impairment would be recognized. During the year ended December 31, 2024, management tested two of its asset groups for impairment through estimating the fair value of certain assets within the asset groups using a market approach or cost approach, as applicable. Because the fair value of these assets collectively exceeded the carrying value of the asset group, no impairment charges were recognized for the year ended December 31, 2024. No impairment test was required during the three and nine months ended September 30, 2025.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements. Preparation of the accompanying financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition. Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated revenue for the service contract. In the case of a cancelled service contract, the client is billed and revenue is recognized for any third party charges and square miles of data recorded up to the date of cancellation. The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are included in prepaid expenses and other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on certain qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. Additionally, the Company’s policy includes (i) ignoring the financing component when estimating the transaction price for service contracts completed within one year, (ii) excluding sales tax collected from the customer when determining the transaction price, and (iii) expensing incremental costs to obtain a customer contract if the amortization period for those costs would otherwise be one year or less. See note 5 for additional disclosures related to disaggregated revenue.
Share-based compensation	Share-based compensation. We measure and record compensation expense for share-based payment awards to employees and outside directors based on estimated grant date fair values. Grant date fair value is determined by averaging the high and low stock price on the grant date. We recognize compensation costs for awards granted over the requisite service period based on the grant date fair value in fee operating expenses and general and administrative expenses on our consolidated statements of operations. During the three and nine months ended September 30, 2025 we granted 0 and 5,050 shares, respectively. For the nine months ended September 30, 2025, we recognized expense related to restricted stock unit awards of $70,000 and $17,000 in fee operating expenses and general and administrative expenses, respectively. Additionally, we recognize forfeitures of share-based compensation as they occur.
Risks and uncertainties	Risks and Uncertainties. The Company’s ability to be profitable in the future will depend on many factors beyond its control, but primarily on the level of demand for land-based seismic data acquisition services by oil and natural gas exploration and development companies. The Company incurred net losses of $1.2 million and $5.6 million for the three months ended September 30, 2025 and 2024, respectively. The Company incurred a net losses of $2.5 million and $3.3 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had $5.1 million in cash, and a negative working capital balance of $3.3 million. The Company believes that our cash flows from operations, and our current financial position are adequate to fund our continued operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 seeks to improve transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The updated guidance is effective for annual periods after January 1, 2025, and will be reflected through additional disclosures in the Company’s 2025 10-K. In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, ASU 2024-03 enhances the disclosures required for certain expense captions in the Company's annual and interim consolidated financial statements. This ASU is effective prospectively or retrospectively for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient to simplify the application of Topic 326, Financial Instruments - Credit Losses, to current accounts receivable and current contract assets arising from revenue transactions accounted for under topic 606, Revenue from Contracts with Customers. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this standard on its disclosures.

NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2025

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

9. NET INCOME (LOSS) PER SHARE

Basic income (loss) per share is computed by dividing the net income (loss) by the weighted average shares outstanding. Diluted income (loss) per share is computed by dividing the net income (loss) by the weighted average diluted shares outstanding.

A $0.32 per share special cash dividend on the Company’s common stock was declared on March 28, 2024, and paid on May 6, 2024 to stockholders of record as of the close of business on April 22, 2024. The aggregate payment was approximately $9.9 million.

The computation of basic and diluted income (loss) per share (in thousands, except share and per share data) was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net loss	$	(1,153)	$	(5,617)	$	(2,510)	$	(3,317)
Weighted average common shares outstanding
Basic		31,047,801		30,906,777		31,006,304		30,845,076
Dilutive common stock options, restricted stock unit awards and restricted stock awards		—		—		—		—
Diluted		31,047,801		30,906,777		31,006,304		30,845,076
Basic loss per share of common stock	$	(0.04)	$	(0.18)	$	(0.08)	$	(0.11)
Diluted loss per share of common stock	$	(0.04)	$	(0.18)	$	(0.08)	$	(0.11)

The Company had a net loss for the three and nine months ended September 30, 2025, and 2024. As a result, all stock options, restricted stock unit awards and restricted stock awards were anti-dilutive and excluded from weighted average shares used in determining the diluted

loss per share of common stock for those periods. There were no potentially dilutive securities during the three months ended September 30, 2025.

The following weighted average numbers of stock options, restricted stock unit awards and restricted stock awards have been excluded from the calculation of diluted loss per share of common stock, as their effect would be anti-dilutive for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Restricted stock units		—		94,532		57,924		32,799
Total		—		94,532		57,924		32,799

NET INCOME (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

NET INCOME (LOSS) PER SHARE

Schedule of computation of basic and diluted income (loss) per share

The computation of basic and diluted income (loss) per share (in thousands, except share and per share data) was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net loss	$	(1,153)	$	(5,617)	$	(2,510)	$	(3,317)
Weighted average common shares outstanding
Basic		31,047,801		30,906,777		31,006,304		30,845,076
Dilutive common stock options, restricted stock unit awards and restricted stock awards		—		—		—		—
Diluted		31,047,801		30,906,777		31,006,304		30,845,076
Basic loss per share of common stock	$	(0.04)	$	(0.18)	$	(0.08)	$	(0.11)
Diluted loss per share of common stock	$	(0.04)	$	(0.18)	$	(0.08)	$	(0.11)

Schedule of weighted average numbers of securities that have been excluded from the calculation of diluted loss per share of common stock


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Restricted stock units		—		94,532		57,924		32,799
Total		—		94,532		57,924		32,799

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Related party purchase expenses	$ 33,000	$ 20,000	$ 128,000	$ 132,000
Accounts payable	$ 5,698,000		$ 5,698,000		$ 3,381,000
Merger-related charges
Related Party Transaction [Line Items]
Related party purchase expenses				6,000
Trucking charges
Related Party Transaction [Line Items]
Related party purchase expenses				117,000
Client hosting expenses
Related Party Transaction [Line Items]
Related party purchase expenses				9,000
Wilks Brothers, LLC \| Dawson Geophysical Company
Related Party Transaction [Line Items]
Percentage of common stock owned	80.00%		80.00%
Related party
Related Party Transaction [Line Items]
Revenue from use of leased office space		$ 8,000		$ 22,000
Accounts payable	$ 19,000		$ 19,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended						9 Months Ended		12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2025 USD ($) shares	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Threshold period of past due (in days)							90 days
Credit losses incurred	$ 0						$ 177,000
Allowance for credit losses	$ 250,000						$ 250,000		$ 250,000
Number of asset Groups for impairment \| item									2
Impairment of long-lived assets									$ 0
Maximum original expected duration of cancelable service contracts (in years)							1 year
Practical expedient, financing component							true
Number of shares granted \| shares	0						5,050
Net (loss) income	$ (1,153,000)	$ (2,349,000)	$ 992,000	$ (5,617,000)	$ (3,546,000)	$ 5,846,000	$ (2,510,000)	$ (3,317,000)
Cash	5,081,000			$ 6,980,000			5,081,000	$ 6,980,000	$ 1,385,000	$ 15,772,000
Working capital	$ 3,300,000						3,300,000
Restricted stock unit awards \| Fee operating expenses
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Stock-based compensation expense							70,000
Restricted stock unit awards \| General and administrative expenses
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Stock-based compensation expense							$ 17,000

OPERATING SEGMENTS - Total assets, net property and equipment, capital expenditures and operating right of use assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Total assets by operating segment
Total Assets	$ 40,575		$ 30,870
Net Property and Equipment	23,821		12,979
Capital Expenditures	14,575	$ 2,325
Net Operating Right-of-use Assets	3,209		3,002
United States
Total assets by operating segment
Total Assets	35,384		21,257
Net Property and Equipment	21,760		10,818
Capital Expenditures	14,170	1,120
Net Operating Right-of-use Assets	2,221		1,881
Canada
Total assets by operating segment
Total Assets	5,191		9,613
Net Property and Equipment	2,061		2,161
Capital Expenditures	405	$ 1,205
Net Operating Right-of-use Assets	$ 988		$ 1,121

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

OPERATING SEGMENTS

Schedule of income statements by operating segment

The following tables present the Company’s income statements by operating segment (in thousands):


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	14,776	$	166	$	14,942	$	25,906	$	13,030	$	38,936
Reimbursable revenue		7,803		1		7,804		9,489		250		9,739
		22,579		167		22,746		35,395		13,280		48,675

Operating costs:
Fee operating expenses		11,729		926		12,655		23,086		8,130		31,216
Reimbursable operating expenses		7,803		1		7,804		9,489		250		9,739
Operating expenses		19,532		927		20,459		32,575		8,380		40,955
General and administrative		1,839		271		2,110		5,392		1,043		6,435
Depreciation and amortization		1,160		189		1,349		3,218		576		3,794
		22,531		1,387		23,918		41,185		9,999		51,184

Income (loss) from operations		48		(1,220)		(1,172)		(5,790)		3,281		(2,509)

Other income (expense):
Interest income		49		10		59		75		23		98
Interest expense		(60)		(11)		(71)		(169)		(36)		(205)
Other income (expense), net		33		8		41		107		5		112
Income (loss) before income tax		70		(1,213)		(1,143)		(5,777)		3,273		(2,504)
Income tax expense		(10)		—		(10)		(6)		—		(6)
Net income (loss)	$	60	$	(1,213)	$	(1,153)	$	(5,783)	$	3,273	$	(2,510)
Other Comprehensive income (loss):
Net unrealized (loss) income on foreign exchange rate translation		-		(71)		(71)		-		376		376
Comprehensive income (loss)	$	60	$	(1,284)	$	(1,224)	$	(5,783)	$	3,649	$	(2,134)

EBITDA	$	1,241	$	(1,023)	$	218	$	(2,465)	$	3,862	$	1,397


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	4,652	$	11	$	4,663	$	31,260	$	8,467	$	39,727
Reimbursable revenue		9,758		—		9,758		18,753		37		18,790
		14,410		11		14,421		50,013		8,504		58,517

Operating costs:
Fee operating expenses		5,652		741		6,393		26,193		5,519		31,712
Reimbursable operating expenses		9,758		—		9,758		18,753		37		18,790
Operating expenses		15,410		741		16,151		44,946		5,556		50,502
General and administrative		2,405		225		2,630		6,416		931		7,347
Depreciation and amortization		1,144		244		1,388		3,611		772		4,383
		18,959		1,210		20,169		54,973		7,259		62,232

(Loss) income from operations		(4,549)		(1,199)		(5,748)		(4,960)		1,245		(3,715)

Other income (expense):
Interest income		58		14		72		246		44		290
Interest expense		(24)		(11)		(35)		(89)		(31)		(120)
Other income (expense), net		57		2		59		287		(23)		264
(Loss) income before income tax		(4,458)		(1,194)		(5,652)		(4,516)		1,235		(3,281)
Income tax benefit (expense)		35		—		35		(36)		—		(36)
Net (loss) income	$	(4,423)	$	(1,194)	$	(5,617)	$	(4,552)	$	1,235	$	(3,317)
Other Comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		—		29		29		—		(241)		(241)
Comprehensive (loss) income	$	(4,423)	$	(1,165)	$	(5,588)	$	(4,552)	$	994	$	(3,558)

EBITDA	$	(3,348)	$	(953)	$	(4,301)	$	(1,062)	$	1,994	$	932

Schedule of total assets disaggregated by operating segment

The following tables present the Company’s total assets, net property and equipment, capital expenditures and operating right of use assets disaggregated by operating segment (in thousands):


	September 30,		December 31,
	2025		2024
Total Assets
United States	$	35,384	$	21,257
Canada		5,191		9,613
Total Assets	$	40,575	$	30,870

Schedule of net property and equipment, capital expenditures and operating right-of-use assets

The following tables present the Company’s total assets, net property and equipment, capital expenditures and operating right of use assets disaggregated by operating segment (in thousands):



	September 30,		December 31,
	2025		2024
Net Property and Equipment
United States	$	21,760	$	10,818
Canada		2,061		2,161
Total	$	23,821	$	12,979


	September 30,		September 30,
	2025		2024
Capital Expenditures
United States	$	14,170	$	1,120
Canada		405		1,205
Total Capital Expenditures	$	14,575	$	2,325


	September 30,		December 31,
	2025		2024
Net Operating Right-of-use Assets
United States	$	2,221	$	1,881
Canada		988		1,121
Total	$	3,209	$	3,002

Schedule of reconciliation of the Company's EBITDA to net income (loss)

The reconciliation of the Company’s EBITDA to net income (loss) which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands):


	Three Months Ended September 30,
	2025 US		2025 CA		2025 Consol.		2024 US		2024 CA		2024 Consol.
Net income (loss)	$	60	$	(1,213)	$	(1,153)	$	(4,423)	$	(1,194)	$	(5,617)
Depreciation and amortization		1,160		189		1,349		1,144		244		1,388
Interest expense (income), net		11		1		12		(34)		(3)		(37)
Income tax expense (benefit)		10		—		10		(35)		—		(35)
EBITDA	$	1,241	$	(1,023)	$	218	$	(3,348)	$	(953)	$	(4,301)


	Nine Months Ended September 30,
	2025 US		2025 CA		2025 Consol.		2024 US		2024 CA		2024 Consol.
Net (loss) income	$	(5,783)	$	3,273	$	(2,510)	$	(4,552)	$	1,235	$	(3,317)
Depreciation and amortization		3,218		576		3,794		3,611		772		4,383
Interest expense (income), net		94		13		107		(157)		(13)		(170)
Income tax expense		6		—		6		36		—		36
EBITDA	$	(2,465)	$	3,862	$	1,397	$	(1,062)	$	1,994	$	932

OPERATING SEGMENTS

9 Months Ended

Sep. 30, 2025

OPERATING SEGMENTS

OPERATING SEGMENTS

5. OPERATING SEGMENTS

The Company’s chief operating decision maker (President and Chief Executive Officer) reviews the discrete segment financial information on a geographic basis for the U.S. operations and Canada Operations. The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel. As a result, the Company has two reportable segments, U.S. Operations and Canada Operations. The performance of our segments is evaluated primarily on Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual items. For the three and nine months ended September 30, 2025, and 2024, there were no unusual items and therefore Adjusted EBITDA and EBITDA were equal.

Beginning in the year ended December 31, 2024, a portion of the management charges incurred by the U.S. segment were allocated to the Canadian segment based upon an activity level determined to be appropriate by management. These charges totaled approximately $23,000 and $19,000 for the three months ended September 30, 2025 and 2024, respectively and approximately $237,000 and $191,000 for the nine months ended September 30, 2025 and 2024, respectively.

The following tables present the Company’s income statements by operating segment (in thousands):


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	14,776	$	166	$	14,942	$	25,906	$	13,030	$	38,936
Reimbursable revenue		7,803		1		7,804		9,489		250		9,739
		22,579		167		22,746		35,395		13,280		48,675

Operating costs:
Fee operating expenses		11,729		926		12,655		23,086		8,130		31,216
Reimbursable operating expenses		7,803		1		7,804		9,489		250		9,739
Operating expenses		19,532		927		20,459		32,575		8,380		40,955
General and administrative		1,839		271		2,110		5,392		1,043		6,435
Depreciation and amortization		1,160		189		1,349		3,218		576		3,794
		22,531		1,387		23,918		41,185		9,999		51,184

Income (loss) from operations		48		(1,220)		(1,172)		(5,790)		3,281		(2,509)

Other income (expense):
Interest income		49		10		59		75		23		98
Interest expense		(60)		(11)		(71)		(169)		(36)		(205)
Other income (expense), net		33		8		41		107		5		112
Income (loss) before income tax		70		(1,213)		(1,143)		(5,777)		3,273		(2,504)
Income tax expense		(10)		—		(10)		(6)		—		(6)
Net income (loss)	$	60	$	(1,213)	$	(1,153)	$	(5,783)	$	3,273	$	(2,510)
Other Comprehensive income (loss):
Net unrealized (loss) income on foreign exchange rate translation		-		(71)		(71)		-		376		376
Comprehensive income (loss)	$	60	$	(1,284)	$	(1,224)	$	(5,783)	$	3,649	$	(2,134)

EBITDA	$	1,241	$	(1,023)	$	218	$	(2,465)	$	3,862	$	1,397


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	USA Operations		Canada Operations		Consolidated		USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	4,652	$	11	$	4,663	$	31,260	$	8,467	$	39,727
Reimbursable revenue		9,758		—		9,758		18,753		37		18,790
		14,410		11		14,421		50,013		8,504		58,517

Operating costs:
Fee operating expenses		5,652		741		6,393		26,193		5,519		31,712
Reimbursable operating expenses		9,758		—		9,758		18,753		37		18,790
Operating expenses		15,410		741		16,151		44,946		5,556		50,502
General and administrative		2,405		225		2,630		6,416		931		7,347
Depreciation and amortization		1,144		244		1,388		3,611		772		4,383
		18,959		1,210		20,169		54,973		7,259		62,232

(Loss) income from operations		(4,549)		(1,199)		(5,748)		(4,960)		1,245		(3,715)

Other income (expense):
Interest income		58		14		72		246		44		290
Interest expense		(24)		(11)		(35)		(89)		(31)		(120)
Other income (expense), net		57		2		59		287		(23)		264
(Loss) income before income tax		(4,458)		(1,194)		(5,652)		(4,516)		1,235		(3,281)
Income tax benefit (expense)		35		—		35		(36)		—		(36)
Net (loss) income	$	(4,423)	$	(1,194)	$	(5,617)	$	(4,552)	$	1,235	$	(3,317)
Other Comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		—		29		29		—		(241)		(241)
Comprehensive (loss) income	$	(4,423)	$	(1,165)	$	(5,588)	$	(4,552)	$	994	$	(3,558)

EBITDA	$	(3,348)	$	(953)	$	(4,301)	$	(1,062)	$	1,994	$	932

The following tables present the Company’s total assets, net property and equipment, capital expenditures and operating right of use assets disaggregated by operating segment (in thousands):


	September 30,		December 31,
	2025		2024
Total Assets
United States	$	35,384	$	21,257
Canada		5,191		9,613
Total Assets	$	40,575	$	30,870



	September 30,		December 31,
	2025		2024
Net Property and Equipment
United States	$	21,760	$	10,818
Canada		2,061		2,161
Total	$	23,821	$	12,979


	September 30,		September 30,
	2025		2024
Capital Expenditures
United States	$	14,170	$	1,120
Canada		405		1,205
Total Capital Expenditures	$	14,575	$	2,325


	September 30,		December 31,
	2025		2024
Net Operating Right-of-use Assets
United States	$	2,221	$	1,881
Canada		988		1,121
Total	$	3,209	$	3,002

The reconciliation of the Company’s EBITDA to net income (loss) which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands):


	Three Months Ended September 30,
	2025 US		2025 CA		2025 Consol.		2024 US		2024 CA		2024 Consol.
Net income (loss)	$	60	$	(1,213)	$	(1,153)	$	(4,423)	$	(1,194)	$	(5,617)
Depreciation and amortization		1,160		189		1,349		1,144		244		1,388
Interest expense (income), net		11		1		12		(34)		(3)		(37)
Income tax expense (benefit)		10		—		10		(35)		—		(35)
EBITDA	$	1,241	$	(1,023)	$	218	$	(3,348)	$	(953)	$	(4,301)


	Nine Months Ended September 30,
	2025 US		2025 CA		2025 Consol.		2024 US		2024 CA		2024 Consol.
Net (loss) income	$	(5,783)	$	3,273	$	(2,510)	$	(4,552)	$	1,235	$	(3,317)
Depreciation and amortization		3,218		576		3,794		3,611		772		4,383
Interest expense (income), net		94		13		107		(157)		(13)		(170)
Income tax expense		6		—		6		36		—		36
EBITDA	$	(2,465)	$	3,862	$	1,397	$	(1,062)	$	1,994	$	932

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 280
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+ Details

LEASES (Tables)

9 Months Ended

Sep. 30, 2025

LEASES

Schedule of maturities of lease liabilities - Operating Leases

Maturities of lease liabilities as of September 30, 2025, are as follows (in thousands):


	Operating Leases		Finance Leases
October 2025 - September 2026	$	1,247	$	1,207
October 2026 - September 2027		969		928
October 2027 - September 2028		661		436
October 2028 - September 2029		632		113
October 2029 - September 2030		244		—
Thereafter		—		—
Total payments under lease agreements		3,753		2,684

Less imputed interest		(388)		(200)

Total lease liabilities	$	3,365	$	2,484

Schedule of maturities of lease liabilities - Finance Leases

Maturities of lease liabilities as of September 30, 2025, are as follows (in thousands):


	Operating Leases		Finance Leases
October 2025 - September 2026	$	1,247	$	1,207
October 2026 - September 2027		969		928
October 2027 - September 2028		661		436
October 2028 - September 2029		632		113
October 2029 - September 2030		244		—
Thereafter		—		—
Total payments under lease agreements		3,753		2,684

Less imputed interest		(388)		(200)

Total lease liabilities	$	3,365	$	2,484

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jan. 01, 2025	Sep. 30, 2024	Jan. 01, 2024
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
Accounts receivable related to contracts with customers	$ 2.1	$ 9.9	$ 2.8	$ 12.5

LEASES

9 Months Ended

Sep. 30, 2025

LEASES

LEASES

7. LEASES

The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland and Plano Texas, and Calgary, Alberta. The Company extended and modified its Midland office operating lease during the third quarter of 2025, otherwise, there have been no material changes to our other leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on April 2, 2025.

Maturities of lease liabilities as of September 30, 2025, are as follows (in thousands):


	Operating Leases		Finance Leases
October 2025 - September 2026	$	1,247	$	1,207
October 2026 - September 2027		969		928
October 2027 - September 2028		661		436
October 2028 - September 2029		632		113
October 2029 - September 2030		244		—
Thereafter		—		—
Total payments under lease agreements		3,753		2,684

Less imputed interest		(388)		(200)

Total lease liabilities	$	3,365	$	2,484

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jan. 01, 2025	Dec. 31, 2024	Jan. 01, 2024
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
Contract assets	$ 2,400	$ 400	$ 400		$ 4,300
Contract assets amortized	10,100	22,700
Deferred revenue	3,709	700	$ 1,600	$ 1,570	$ 11,800
Revenue recognized	$ 1,600	$ 11,800

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
INCOME TAXES
Effective tax rate (as percent)	(0.90%)	0.60%	(0.20%)	(1.10%)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (2,510,000)	$ (3,317,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,794,000	4,383,000
Non-cash operating lease cost	738,000	851,000
Non-cash compensation	87,000	304,000
Bad debt expense	177,000
Gain on disposal of assets	(382,000)	(264,000)
Other	11,000	1,000
Change in operating assets and liabilities:
Decrease in accounts receivable	8,023,000	9,828,000
(Increase) decrease in prepaid expenses and other assets	(996,000)	5,240,000
Increase (decrease) in accounts payable	2,073,000	(233,000)
Decrease in accrued liabilities	(427,000)	(1,166,000)
Decrease in operating lease liabilities	(836,000)	(930,000)
Increase (decrease) in deferred revenue	2,139,000	(11,138,000)
Net cash provided by operating activities	11,891,000	3,559,000
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(6,117,000)	(1,557,000)
Proceeds from disposal of assets	393,000	382,000
Proceeds from maturity of short-term investments		265,000
Net cash used in investing activities	(5,724,000)	(910,000)
Cash flows from financing activities:
Principal payments on notes payable	(1,795,000)	(911,000)
Principal payments on finance leases	(611,000)	(503,000)
Tax withholdings related to stock based compensation awards	(45,000)	(76,000)
Dividends paid		(9,860,000)
Net cash used in financing activities	(2,451,000)	(11,350,000)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(20,000)	(91,000)
Net increase (decrease) in cash and cash equivalents and restricted cash	3,696,000	(8,792,000)
Cash and cash equivalents and restricted cash at beginning of period	1,385,000	15,772,000
Cash and cash equivalents at end of period	5,081,000	6,980,000
Supplemental cash flow information:
Cash paid for interest	204,000	120,000
Cash paid for income taxes		59,000
Non-cash operating, investing and financing activities:
Increase (decrease) in accrued purchases of property and equipment	199,000	(217,000)
Finance leases incurred	718,000	$ 985,000
Increase in right-of-use assets and operating lease liabilities	909,000
Financed equipment purchases	7,541,000
Financed insurance premiums	$ 1,746,000

DEBT (Details)		2 Months Ended
DEBT (Details)	Nov. 03, 2025 USD ($)	Sep. 29, 2025 USD ($) ft² property	Sep. 30, 2025 USD ($) instrument	Aug. 08, 2025 USD ($)	Dec. 31, 2024 USD ($) instrument
DEBT
Finance lease			$ 2,484,000		$ 2,400,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]			Long-Term Debt and Lease Obligation, Long-Term Debt and Lease Obligation, Current		Long-Term Debt and Lease Obligation, Long-Term Debt and Lease Obligation, Current
Letters of Credit
DEBT
Amount of letter of credit outstanding			$ 0
Geospace Notes
DEBT
Number of notes issued			2
Term of debt (in months)		36 months
Interest rate (as a percent)		8.75%	8.75%
Monthly payment of principal and interest		$ 239,000
Number of properties \| property		2
Geospace Notes \| Subsequent Event [Member]
DEBT
Term of debt (in months)	36 months
Interest rate (as a percent)	8.75%
Monthly payment of principal and interest	$ 222,000
Geospace Notes \| Foot property used as a field office
DEBT
Area of owned properties \| ft²		61,402
Geospace Notes \| Foot property used as an inventory
DEBT
Area of owned properties \| ft²		6,600
Geospace Notes - Note One
DEBT
Amount				$ 3,600,000
Geospace Notes - Note Two
DEBT
Amount		$ 3,900,000
Notes payable to finance companies for insurance
DEBT
Number of outstanding notes payable \| instrument			2		1
Total insurance premiums			$ 200,000		$ 168,000

ORGANIZATION AND NATURE OF OPERATIONS

9 Months Ended

Sep. 30, 2025

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

1. ORGANIZATION AND NATURE OF OPERATIONS

Dawson Geophysical Company, and its consolidated subsidiaries (the “Company”) is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Company acquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

Geospace Notes

Following the execution of the Equipment Purchase Agreement, the parties agreed to deliver a portion of the third delivery ahead of the originally scheduled date, and an additional Geospace Note was issued in connection with the additional delivery. On October 28, 2025, the Company executed the Third Geospace Note for approximately $3.5 million. On November 3, 2025, the Company received the remainder of its originally scheduled third delivery of nodal equipment and a Geospace Note was issued in connection with the delivery for approximately $3.5 million. Both notes have terms of 36 months with interest rates of 8.75% and will have combined monthly payments of principal and interest totaling approximately $222,000 per month.

Revolving Credit Note

On October 31, 2025, Dawson Geophysical Company and Dawson Operating, as borrowers (the “Borrowers”), entered into a Revolving Credit Note (the “Revolving Credit Note”) in favor of Equify Financial, as lender (the “Lender”), a related party affiliated through common control.

Pursuant to the Revolving Credit Note, the Borrowers, jointly and severally, may, from time to time until November 20, 2028, request loans from the Lender for up to an aggregate principal amount of $5,035,032. The loans outstanding under the Revolving Credit Note are payable by the Borrowers in thirty-six (36) monthly installments of principal in the amount of $139,862, together with all accrued and unpaid interest on the outstanding principal balance thereunder, commencing on December 20, 2025, and continuing thereafter until the maturity date. The interest rate applicable to loans outstanding under the Revolving Credit Note is a rate per annum equal to 13%.

The maximum borrowing limit under the Revolving Credit Note is initially $5,035,032, and such amount is reduced by $139,862 on each monthly payment date. The Borrowers may prepay up to 75% of the then outstanding principal and accrued but unpaid interest at any time without a prepayment fee. The obligations under the Revolving Credit Note are secured by a lien on the Company’s vibrator energy source vehicles, pursuant to a Security Agreement by and between the Company and Lender, dated as of October 31, 2025.

All outstanding amounts owed under the Revolving Credit Note become due and payable no later than the maturity date of November 20, 2028, and are subject to acceleration upon the occurrence of events of default which the Company considers usual and customary for an agreement of this type, including failure to make payments under the Revolving Credit Note, non-performance of covenants and obligations or insolvency or bankruptcy (as defined in the Revolving Credit Note).

Executive Stock Compensation Agreement

On October 27, 2025, the Compensation Committee of the Board of Directors granted 150,000 restricted stock units to Tony Clark, President and Chief Executive Officer and 100,000 restricted stock units to Ray Mays, Executive Vice President and Chief Operating Officer. The restricted stock units vest over three years with one third vesting on the first anniversary date, one third vesting on the second anniversary date and one third vesting on the third anniversary date.

EQUIPMENT PURCHASE AGREEMENT

9 Months Ended

Sep. 30, 2025

EQUIPMENT PURCHASE AGREEMENT

EQUIPMENT PURCHASE AGREEMENT

3. EQUIPMENT PURCHASE AGREEMENT

In August 2025, Dawson Operating LLC (“Dawson Operating”), a wholly-owned subsidiary of Dawson Geophysical Company, entered into an equipment purchase agreement with GTC, Inc. (“GTC”), a wholly-owned subsidiary of Geospace Technologies Corporation (“Geospace”), pursuant to which, among other things, Dawson Operating agreed to acquire new single point node channels from GTC in three shipments for an aggregate purchase price of approximately $24.2 million (the “Equipment Purchase Agreement”) subject to the terms and conditions thereof. The Company paid cash of approximately $4.8 million upon execution of the Equipment Purchase Agreement, agreed to pay approximately $1.2 million in cash upon final delivery, and agreed to finance approximately $18.2 million through separate promissory notes to be issued in connection with each delivery of equipment (each, a “Geospace Note” and collectively, the “Geospace Notes”). Each Geospace Note is payable by Dawson Geophysical Company and Dawson Operating, jointly and severally, to GTC. The Geospace Notes will each have a term of 36 months, bear a fixed interest rate of 8.75% annually and may be prepaid in whole or in part at any time without penalty.

As of September 30, 2025, the Company has taken delivery of $10.4 million of equipment and issued two Geospace Notes with an aggregate principal of approximately $7.5 million.

DEBT - Aggregate maturities of finance leases (net of imputed interest) (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Aggregate maturities of finance leases
October 2025 - September 2026	$ 1,086
October 2026 - September 2027	869
October 2027 - September 2028	418
October 2028 - September 2029	111
Obligations under finance leases	$ 2,484	$ 2,400
Minimum
Aggregate maturities of finance leases
Interests rates on leases (as a percentage)	4.86%
Maximum
Aggregate maturities of finance leases
Interests rates on leases (as a percentage)	8.74%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating revenues	$ 22,746			$ 14,421			$ 48,675	$ 58,517
Operating expenses
Total operating expenses	20,459			16,151			40,955	50,502
General and administrative	2,110			2,630			6,435	7,347
Depreciation and amortization	1,349			1,388			3,794	4,383
Total operating costs	23,918			20,169			51,184	62,232
Loss from operations	(1,172)			(5,748)			(2,509)	(3,715)
Other income (expense):
Interest income	59			72			98	290
Interest expense	(71)			(35)			(205)	(120)
Other income (expense), net	41			59			112	264
Loss before income tax	(1,143)			(5,652)			(2,504)	(3,281)
Income tax (expense) benefit	(10)			35			(6)	(36)
Net loss	(1,153)	$ (2,349)	$ 992	(5,617)	$ (3,546)	$ 5,846	(2,510)	(3,317)
Other comprehensive income (loss):
Net unrealized (loss) income on foreign exchange rate translation	(71)			29			376	(241)
Comprehensive loss	$ (1,224)			$ (5,588)			$ (2,134)	$ (3,558)
Basic loss per share of common stock (in dollars per share)	$ (0.04)			$ (0.18)			$ (0.08)	$ (0.11)
Diluted loss per share of common stock (in dollars per share)	$ (0.04)			$ (0.18)			$ (0.08)	$ (0.11)
Weighted average equivalent common shares outstanding (in shares)	31,047,801			30,906,777			31,006,304	30,845,076
Weighted average equivalent common shares outstanding - assuming dilution (in shares)	31,047,801			30,906,777			31,006,304	30,845,076
Fee Revenue
Operating revenues	$ 14,942			$ 4,663			$ 38,936	$ 39,727
Operating expenses
Total operating expenses	12,655			6,393			31,216	31,712
Reimbursable Revenue
Operating revenues	7,804			9,758			9,739	18,790
Operating expenses
Total operating expenses	$ 7,804			$ 9,758			$ 9,739	$ 18,790

DEBT (Tables)

9 Months Ended

Sep. 30, 2025

DEBT

Schedule of aggregate principal amount of outstanding notes payable and the interest rates

The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of September 30, 2025, and December 31, 2024:

Schedule of aggregate maturities of notes payable

The aggregate maturities of notes payable for equipment purchases as of September 30, 2025, are as follows (in thousands):

Schedule of aggregate maturities of finance leases

The aggregate maturities of finance leases (net of imputed interest) as of September 30, 2025, are as follows (in thousands):


October 2025 - September 2026	$	1,086
October 2026 - September 2027		869
October 2027 - September 2028		418
October 2028 - September 2029		111
October 2029 - September 2030		—
Obligations under finance leases	$	2,484

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 10, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Securities Act File Number	001-32472
Entity Registrant Name	DAWSON GEOPHYSICAL COMPANY
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-2095844
Entity Address, Address Line One	508 West Wall, Suite 800
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	684-3000
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Trading Symbol	DWSN
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,047,801
Entity Central Index Key	0000799165
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Amendment Flag	false

DEBT

9 Months Ended

Sep. 30, 2025

DEBT

DEBT

6. DEBT

Letters of Credit

As of September 30, 2025, the Company has no outstanding letters of credit.

Geospace Notes

In connection with the Equipment Purchase Agreement, as of September 30, 2025, the Company has issued two Geospace Notes. Dawson Operating and Dawson Geophysical Company issued the first Geospace Note on August 8, 2025, for approximately $3.6 million. Dawson Operating and Dawson Geophysical Company issued the second Geospace Note on September 29, 2025 for approximately $3.9 million. Each Note has a term of 36 months with a fixed interest rate of 8.75% annually and may be prepaid in whole or in part at any time without penalty. The combined monthly principal and interest payments due on these notes totals approximately $239,000. These notes are collateralized by both the equipment purchased and two owned properties in Midland that consist of a 61,402 square foot property used as a field office and a 6,600 square foot property used as an inventory and storage facility.

Other Indebtedness

As of September 30, 2025, the Company has two short-term notes payable to finance companies for various insurance premiums totaling $0.2 million. As of December 31, 2024, the Company had one outstanding short-term note payable to a finance company for various insurance premiums totaling $168,000.

In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheet as of September 30, 2025, and December 31, 2024, include finance leases of $2.5 million and $2.4 million, respectively.

Maturities and Interest Rates of Debt

The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of September 30, 2025, and December 31, 2024:

The aggregate maturities of notes payable for equipment purchases as of September 30, 2025, are as follows (in thousands):

Interest rates on these notes are 8.75%.

The aggregate maturities of finance leases (net of imputed interest) as of September 30, 2025, are as follows (in thousands):


October 2025 - September 2026	$	1,086
October 2026 - September 2027		869
October 2027 - September 2028		418
October 2028 - September 2029		111
October 2029 - September 2030		—
Obligations under finance leases	$	2,484

Interest rates on these leases range from 4.86% to 8.74%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUIPMENT PURCHASE AGREEMENT (Details) - GTC - Single point node channels $ in Millions	1 Months Ended
	Aug. 31, 2025 USD ($) item	Sep. 30, 2025 USD ($) item
EQUIPMENT PURCHASE AGREEMENT
Purchase price paid in cash	$ 4.8
Purchase price payable in cash upon acceptance of the third and final delivery	1.2
Note payable issued	$ 18.2
Term of promissory notes (in months)	36 months
Fixed interest rate (as a percent)	8.75%
Amount of equipment		$ 10.4
Number of promissory notes \| item		2
Aggregate principal		$ 7.5
Dawson Operating
EQUIPMENT PURCHASE AGREEMENT
Number of equipment deliveries \| item	3
Aggregate purchase price	$ 24.2

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

8. COMMITMENTS AND CONTINGENCIES

From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured.

Additionally, the Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has experienced in the past, and may experience in the future, disputes that could affect its revenues and results of operations in any period.