0001104659-26-037886 | 10-K | XBRL Viewer

Year Ended December 31,

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Segments - Income statement by operating segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating revenues
Operating revenues	$ 75,625	$ 74,154
Operating costs:
Operating expenses	62,609	63,021
General and administrative	9,010	9,946
Depreciation and amortization	5,670	5,736
Total operating costs	77,289	78,703
Loss from operations	(1,664)	(4,549)
Other income (expense):
Interest income	117	308
Interest expense	(536)	(159)
Other income (expense), net	148	288
Loss before income tax	(1,935)	(4,112)
Current	(6)
Deferred		(1)
Income tax expense	(6)	(7)
Net loss	(1,941)	(4,119)
Adjusted EBITDA	4,682	1,961
Fee revenue
Operating revenues
Operating revenues	61,876	53,479
Operating costs:
Operating expenses	48,860	42,346
Reimbursable revenue
Operating revenues
Operating revenues	13,749	20,675
Operating costs:
Operating expenses	13,749	20,675
USA Operations
Operating revenues
Operating revenues	59,834	61,229
Operating costs:
Operating expenses	51,232	53,278
General and administrative	7,565	8,542
Depreciation and amortization	4,859	4,752
Total operating costs	63,656	66,572
Loss from operations	(3,822)	(5,343)
Other income (expense):
Interest income	92	260
Interest expense	(487)	(114)
Other income (expense), net	141	297
Loss before income tax	(4,076)	(4,900)
Current	(6)
Income tax expense	(6)	(7)
Net loss	(4,082)	(4,907)
Adjusted EBITDA	1,706	192
USA Operations \| Fee revenue
Operating revenues
Operating revenues	46,350	40,748
Operating costs:
Operating expenses	37,748	32,797
USA Operations \| Reimbursable revenue
Operating revenues
Operating revenues	13,484	20,481
Operating costs:
Operating expenses	13,484	20,481
Canada Operations
Operating revenues
Operating revenues	15,791	12,925
Operating costs:
Operating expenses	11,377	9,743
General and administrative	1,445	1,404
Depreciation and amortization	811	984
Total operating costs	13,633	12,131
Loss from operations	2,158	794
Other income (expense):
Interest income	25	48
Interest expense	(49)	(45)
Other income (expense), net	7	(9)
Loss before income tax	2,141	788
Net loss	2,141	788
Adjusted EBITDA	2,976	1,769
Canada Operations \| Fee revenue
Operating revenues
Operating revenues	15,526	12,731
Operating costs:
Operating expenses	11,112	9,549
Canada Operations \| Reimbursable revenue
Operating revenues
Operating revenues	265	194
Operating costs:
Operating expenses	$ 265	$ 194

Supplemental Consolidated Financial Statement Information - Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable	$ 9,578,000	$ 3,381,000
Operating revenues	75,625,000	74,154,000
Accounts receivable, net	$ 9,389,000	9,970,000	$ 12,735,000
Wilks Brothers, LLC \| Dawson Geophysical Company
Related Party Transaction [Line Items]
Percentage of common stock owned	80.00%
Related party
Related Party Transaction [Line Items]
Accounts payable	$ 32,000	26,000
Operating revenues		30,000
Accounts receivable, net		0
Related party \| Hauling
Related Party Transaction [Line Items]
Related party expenses	$ 217,000	187,000
Related party \| Entertainment Charge
Related Party Transaction [Line Items]
Related party expenses		9,000
Related party \| Merger-related charges
Related Party Transaction [Line Items]
Related party expenses		$ 6,000

Equipment Purchase Agreement

12 Months Ended

Dec. 31, 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 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 December 31, 2025, we have taken delivery of $20.9 million of equipment and issued five Geospace Notes with an aggregate principal of approximately $15.5 million.

In January of 2026, the Company received the sixth and final delivery of equipment and executed the sixth and final promissory note for approximately $2.7 million.

Short-Term Investments

12 Months Ended

Dec. 31, 2025

Short-Term Investments.

Short-Term Investments

2.	Short-Term Investments

The Company had short-term investments at December 31, 2025, of $370,000 consisting of certificates of deposit with original maturities greater than three months but less than a year. These certificates of deposit are pledged as collateral under an outstanding letter of credit. See Note 7 for more information regarding the Company’s debt. The Company had no short-term investments at December 31, 2024.

Income Taxes - Cash (received) paid for income taxes, net of refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Federal	$ (70)
State:	$ 9	$ 42
Income Tax Paid, after Refund Received, State and Local Jurisdictions [Extensible Enumeration]	stpr:TX	stpr:TX
Income Tax Paid, after Refund Received, Foreign Jurisdiction [Extensible Enumeration]	CANADA	CANADA
Total cash (received) paid for income taxes, net of refunds	$ (61)	$ 42

Net Loss per Share - Anti-Dilutive Awards Excluded from Calculation (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	88,529	47,849
Restricted stock units
Anti-dilutive securities excluded from calculation of earnings per share
Number of securities excluded from calculation	88,529	47,849

Supplemental Consolidated Financial Statement Information - Deferred Costs and unbilled receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Summary of balances of and changes in contract assets
Beginning Balance	$ 391	$ 4,318
Billings and costs recognized in the current year that were included in the beginning balance	(391)	(4,318)
Unbilled receivables and deferred costs incurred related to uncompleted contracts at year end	3,836	391
Ending Balance	3,836	391
Total deferred costs amortized	15,800	24,900
Deferred costs impairment losses	$ 0	$ 0

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

8. 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 Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland and Plano, Texas and Calgary and Wheatland County, Alberta.

The components of lease cost for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Year Ended December 31,
	2025			2024
Finance lease cost
Depreciation of finance lease assets	$	1,955		$	833
Interest on lease liabilities		355			137
Total finance lease cost		2,310			970

Operating lease cost		856			991

Short-term lease cost		—			—
Total lease cost	$	3,166		$	1,961

Supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 was as follows (in thousands):


		Year Ended December 31,
		2025			2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	(1,228)		$	(1,359)
Operating cash flows from finance leases		$	(355)		$	(137)
Financing cash flows from finance leases		$	(934)		$	(680)
Right-of-use assets obtained in exchange for lease obligations
Operating leases		$	909		$	977
Finance leases		$	1,116		$	1,326

Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 was as follows (in thousands):


	December 31,
	2025			2024
Operating leases
Operating lease right-of-use assets	$	3,036		$	3,002

Operating lease liabilities - current	$	1,082		$	1,125
Operating lease liabilities - long-term		2,024			2,131
Total operating lease liabilities	$	3,106		$	3,256

Finance leases
Property and equipment, at cost	$	13,121		$	12,005
Accumulated depreciation		(10,285)			(9,044)
Property and equipment, net	$	2,836		$	2,961

Finance lease liabilities - current	$	1,095		$	842
Finance lease liabilities - long-term		1,472			1,512
Total finance lease liabilities	$	2,567		$	2,354

Weighted average remaining lease term
Operating leases		3.9 years			3.1 years
Finance leases		2.3 years			2.7 years

Weighted average discount rate
Operating leases		5.97%			5.27%
Finance leases		6.09%			6.44%

Maturities of lease liabilities at December 31, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
January 2026 - December 2026	$	1,238	$	1,223
January 2027 - December 2027		836		942
January 2028 - December 2028		650		465
January 2029 - December 2029		619		155
January 2030 - December 2030		103		5
Thereafter		—		—
Total payments under lease agreements		3,446		2,790

Less imputed interest		(340)		(223)

Total lease liabilities	$	3,106	$	2,567

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,941)	$ (4,119)

- Definition

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

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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of allowance for credit loss activity

The table below reflects all allowance for credit loss activity recorded during the years ending December 31, 2025, and December 31, 2024 (in thousands):


		Year Ended December 31,
			2025	2024
Beginning balance		$	(250)	$	(250)
Additional provisions to allowance			(177)		—
Write-offs against allowance - A/R			177		—
Recoveries collected			—		—
Ending balance		$	(250)	$	(250)

Equipment Purchase Agreement (Details) - GTC - Single point node channels $ in Millions	1 Months Ended
	Aug. 31, 2025 USD ($)	Jan. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) item
Supplemental Purchase Agreement Transaction Information
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			$ 20.9
Number of promissory notes \| item			5
Aggregate principal			$ 15.5
Subsequent events
Supplemental Purchase Agreement Transaction Information
Aggregate principal		$ 2.7
Dawson Operating
Supplemental Purchase Agreement Transaction Information
Aggregate purchase price	$ 24.2

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation

Summary of stock-based compensation expense

The following table summarizes stock-based compensation expense, which is included in operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Restricted stock unit awards	$	110	$	89
Common stock awards		20		384
Total compensation expense	$	130	$	473

Summary of the Company's nonvested restricted stock unit awards activity


	Number of Restricted Stock Unit Awards		Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024		92,500	$	1.94
Granted		250,000	$	2.24
Vested		(87,100)	$	1.94
Cash Settlement		—		—
Forfeited		(5,400)	$	1.94
Nonvested as of December 31, 2025		250,000	$	2.24

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($) item	Jan. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Number of states in which the Company operates \| item	48
Threshold period of past due (in days)	90 days
Allowance for credit losses	$ 250,000	$ 250,000	$ 250,000	$ 250,000
Number of asset Groups for impairment \| item		2
Impairment of long-lived assets	$ 0	$ 0
Option to extend	true
Impairment of intangibles	$ 0	$ 0
Maximum original expected duration of cancelable service contracts (in years)	1 year
Practical expedient, financing component	true
Number of reportable segments	2
Statutory federal rate (as a percent)	21.00%	21.00%
Net loss	$ 1,941,000	$ 4,119,000
Cash	4,907,000	$ 1,385,000		$ 15,772,000
Working capital	$ (5,000,000)
Minimum
Summary of Significant Accounting Policies
Renewal terms (in years)	1 year
Maximum
Summary of Significant Accounting Policies
Renewal terms (in years)	10 years

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Net Loss per Share

Schedule of computation of basic and diluted loss per share

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


		Year Ended December 31,
		2025			2024
Net loss		$	(1,941)		$	(4,119)
Weighted average common shares outstanding
Basic			31,016,792			30,879,855
Dilutive common stock options, restricted stock unit awards and restricted stock awards			—			—
Diluted			31,016,792			30,879,855
Basic loss per share of common stock		$	(0.06)		$	(0.13)
Diluted loss per share of common stock		$	(0.06)		$	(0.13)

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


		Year Ended December 31,
		2025			2024
Restricted stock units			88,529			47,849
Total			88,529			47,849

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of cash paid for income taxes, net of refunds

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 17, Recently Issued Accounting Policies, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows (in thousands):


		December 31,
		2025			2024
Federal		$	(70)		$	—
State:
Texas			9			42

Foreign
Canada			—			—

Total cash (received) paid for income taxes, net of refunds		$	(61)		$	42

Schedule of components of (loss) income before income tax


		December 31,
		2025			2024
Federal		$	(70)		$	—
State:
Texas			9			42

Foreign
Canada			—			—

Total cash (received) paid for income taxes, net of refunds		$	(61)		$	42

Schedule of components of income tax benefit (expense)

The Company’s components of income tax benefit (expense) were as follows (in thousands):


		Year Ended December 31,
		2025			2024
Current federal benefit		$	—		$	—
Current state expense			(6)			(6)
Deferred federal (expense) benefit			(14)			5
Deferred state benefit (expense)			14			(6)
Income tax expense		$	(6)		$	(7)

Schedule of the income tax provision differs from the amount computed by applying the statutory federal income tax rate to loss before income tax

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows (in thousands):


		Year Ended December 31,
		2025				2024
U.S Federal statutory tax rate		$	406	21%		$	864	21.0%
State Income Tax Expense, net of federal benefit including change in Valuation Allowance (a)			(93)	(5)%			(323)	(8.0)%
Change in Valuation Allowance (b)			(309)	(16)%			(443)	(11.0)%
True Up			49	3%			(11)	0.0%
Nontaxable or nondeductible items
Meals and Entertainment			(56)	(3)%			(88)	(2.0)%
Other			(3)	0%			(6)	0.0%
Income tax expense		$	(6)	0%		$	(7)	0%

(a)

State tax in New Mexico and Texas made up the majority (greater than 50%) of the tax effect in this category.

(b)

Valuation allowance is inclusive of Canadian operations, which is classified as a foreign disregarded entity for U.S. federal tax purposes.

Schedule of the principal components of the Company's net deferred tax assets (liabilities)

The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows:


		December 31,
		2025			2024
Deferred tax assets:
Federal tax net operating loss ("NOL") carryforward		$	16,636		$	16,596
Foreign tax NOL carryforward			5,892			6,342
State tax NOL carryforward			2,999			2,630
Intangible Assets - Breckenridge			938			935
Accrued severance			—			250
Other comprehensive income			505			583
Foreign deferred taxes			262			262
Property and equipment			333			—
Other			173			294
Gross deferred tax assets			27,738			27,892
Less valuation allowances			(27,703)			(27,527)
Net deferred tax assets			35			365
Deferred tax liabilities:
Right-of-use assets			(52)			—
Property and equipment			—			(381)
Net deferred tax liabilities		$	(17)		$	(16)

Domestic deferred tax liabilities		$	(17)		$	(16)
Foreign deferred tax liabilities			—			—
Net deferred tax liabilities		$	(17)		$	(16)

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value of Financial Instruments

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

At December 31, 2025 and 2024, the Company’s financial instruments included cash and cash equivalents, short-term investments in certificates of deposit, 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, finance leases and operating lease liabilities approximate their fair value based on a comparison with the prevailing market interest rates. Due to the short-term maturities of the Company’s investments in certificates of deposit, the carrying amounts approximate fair value at December 31, 2025. The fair values of the Company’s notes payable, finance leases, operating lease liabilities and investments in certificates of deposit 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Supplemental Consolidated Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Consolidated Financial Statement Information

Summary of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following at December 31, 2025 and 2024 (in thousands):


		December 31,
		2025			2024
Prepaid expenses		$	2,440		$	1,770
Other assets			893			1,025
Contract assets			3,836			391
Other current assets		$	7,169		$	3,186

Schedule of other current liabilities

Other current liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):


		December 31,
		2025			2024
Accrued Payables		$	725		$	607
Accrued self-insurance reserves			145			176
Other accrued expenses and current liabilities			124			47
Other current liabilities		$	994		$	830

Schedule of balances of and changes in contract assets

Following is a summary of balances of and changes in contract assets, which include unbilled receivables and deferred costs (in thousands):


	2025		2024

Beginning Balance	$	391	$	4,318
Billings and costs recognized in the current year that were included in the beginning balance		(391)		(4,318)
Unbilled receivables and deferred costs incurred related to uncompleted contracts at year end		3,836		391
Ending Balance	$	3,836	$	391

Schedule of balances of and changes in deferred revenue

Following is a summary of balances of and changes in deferred revenue (in thousands):


	2025		2024

Beginning Balance	$	1,570	$	11,829
Revenue recognized in the current year that was included in the beginning balance		(1,570)		(11,829)
Current period unearned revenue related to uncompleted contracts at year end		7,477		1,570
Ending Balance	$	7,477	$	1,570

Schedule of balances of accounts receivable

Following is a summary of balances of accounts receivable (in thousands):


	2025		2024

Beginning Balance	$	9,970	$	12,735
Ending Balance	$	9,389	$	9,970

Summary of Significant Accounting Policies - Allowance for credit loss activity (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Allowance for credit loss activity
Beginning balance	$ (250,000)
Additional provisions to allowance	(177,000)
Write-offs against allowance - A/R	177,000
Ending balance	$ (250,000)

Supplemental Consolidated Financial Statement Information - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other current liabilities
Accrued Payables	$ 725	$ 607
Accrued self-insurance reserves	145	176
Other accrued expenses and current liabilities	124	47
Other current liabilities	$ 994	$ 830

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Organization and Nature of Operations

The Company is a leading provider of onshore seismic data acquisition and processing services. Founded in 1952, the Company acquires and processes 2-D, 3-D and multi-component seismic data 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. The Company operates in the lower 48 states of the U.S. and in Canada.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the 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 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 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-K and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”).

Principles of Consolidation

The consolidated financial statements 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, Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash Equivalents

For purposes of the consolidated financial statements, the Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid debt instruments purchased with an initial maturity of three months or less to be cash equivalents.

Allowance for Current Expected Credit Loss

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. The Company's allowance for credit losses was $250,000 at January 1, 2024, December 31, 2024, and December 31, 2025.

The table below reflects all allowance for credit loss activity recorded during the years ending December 31, 2025, and December 31, 2024 (in thousands):


		Year Ended December 31,
			2025	2024
Beginning balance		$	(250)	$	(250)
Additional provisions to allowance			(177)		—
Write-offs against allowance - A/R			177		—
Recoveries collected			—		—
Ending balance		$	(250)	$	(250)

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 consolidated 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 year ended December 31, 2025.

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 a finance lease for financial reporting purposes. The Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland and Plano, Texas, and Calgary and Wheatland County, Alberta.

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 based on the information available at the lease commencement date. The Company gives consideration to its outstanding debt, as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The ROU assets are amortized to operating lease cost over the lease terms on a straight-line

basis and is included in operating expense. The Company does not recognize leases with an initial term of 12 months or less and does not separate lease and non-lease components.

Several of the Company’s leases include options to renew, with renewal terms that can extend from one to 10 years or more. The exercise of lease renewal options is primarily at the Company’s discretion. To measure operating lease recognition, the Company evaluates its lease agreements to determine if they have economic incentives for renewal or options to purchase. The Company deems leasehold improvements as one of the few economic incentives that would entice the Company to renew a lease and all of its leasehold improvements are currently fully amortized.

Intangibles

The Company has intangible assets consisting primarily of trademarks/tradenames (which are not amortized) resulting from a business combination. The Company tests for impairment on an annual basis during the fourth quarter, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. No impairment charges were recognized for the years ended December 31, 2025 and 2024.

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 receivers laid out and picked up compared to total receivers 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 capitalized in other current assets and generally amortized based on receivers laid out and picked up compared to total receivers 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 supported by underlying facts. 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 15 for additional disclosures related to disaggregated revenue.

Segments

Tony Clark, Chief Executive Officer, is our current chief operating decision maker. Our chief operating decision maker reviews the discrete segment financial information on a geographic basis for the US 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. 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 and amortization and (iv) non-recurring and other charges, such as strategic transaction costs or severance expenses. As a result, our business has two reportable segments, US operations and Canada Operations. We have included disclosures about our two reportable segments for all periods presented herein. See Note 15 for additional disclosures related to our reportable segments.

Stock-Based Compensation

The Company measures all stock-based compensation awards, which include stock options, restricted stock, restricted stock units and common stock awards, using the fair value method and recognizes compensation expense, net of actual forfeitures, as operating or general and administrative expense, as appropriate, in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period of the related awards.

Foreign Currency Translation

The U.S. Dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. Any transactions denominated in a currency other than the functional currency are remeasured with the resulting unrealized gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense). All assets and liabilities in the functional currency are then translated into U.S. Dollars at the exchange rate on the consolidated balance sheet date. Income and expenses are translated using the exchange rate applicable to each transaction. Equity transactions are translated using historical exchange rates. Adjustments resulting from translation are recorded as a separate component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Realized foreign currency transaction gains (losses) are included in the Consolidated Statements of Operations and Comprehensive Loss as other income (expense).

Income Taxes

The Company accounts for income taxes by recognizing amounts of taxes payable or refundable for the current year, and by using an asset and liability approach in recognizing the amount of deferred tax assets and liabilities for the future tax consequences of events that have been recognized in its financial statements or tax returns. The Company determines deferred taxes by identifying the types and amounts of existing temporary differences, measuring the total deferred tax asset or liability using the applicable tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates of deferred tax assets and liabilities is recognized in income in the year of an enacted rate change. The deferred tax asset is reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s methodology for recording income taxes requires judgment regarding assumptions and the use of estimates, including determining our annual effective tax rate and the valuation of deferred tax assets, which can create a variance between actual results and estimates and could have a material impact on its provision or benefit for income taxes. Due to recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the Consolidated Statements of Operations and Comprehensive Loss. The Company’s effective tax rates differ from the statutory federal rate of 21% for certain items such as state and local taxes, valuation allowances, and non-deductible expenses. The tax years that are open to examination for the U.S. are for years after 2021, for Canada and Texas it is years after 2020.

Use of Estimates in the Preparation of Financial Statements

Preparation of the accompanying consolidated 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 certain assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive estimates involve the Company’s estimates of the valuation allowance recorded against deferred tax assets, which include consideration of historical and forecasted operating results, and in the case of an indication of impairment of long-lived assets, the estimated fair value of asset groups for which impairment is indicated. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.

Risks and uncertainties

Our ability to be profitable in the future will depend on many factors beyond our control, but primarily on the level of demand for land-based seismic data acquisition services by oil and natural gas exploration and development companies. We incurred net losses of $1.9 million for the year ended December 31, 2025, and $4.1 million for the year ended December 31, 2024. As of December 31, 2025, we had $4.9 million in cash, and a negative working capital balance of $5.0 million. We believe that our cash flows from operations, and our current financial position are adequate to fund our obligations and continued operations.

Subsequent events

Management has considered subsequent events after December 31, 2025 and through the date on which these financial statements were issued. Significant subsequent events have been reflected within Note 3.

Advertising Costs (Details) - USD ($)	12 Months Ended
Advertising Costs (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Advertising Costs
Advertising costs	$ 61,000	$ 40,000

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S Federal statutory tax rate	$ 406	$ 864
State Income Tax Expense, net of federal benefit including change in Valuation Allowance	$ (93)	$ (323)
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	stpr:NM, stpr:TX	stpr:NM, stpr:TX
Change in Valuation Allowance	$ (309)	$ (443)
True Up	49	(11)
Nontaxable or nondeductible items
Meals and Entertainment	(56)	(88)
Other	(3)	(6)
Income tax expense	$ (6)	$ (7)
Tax Jurisdiction of Domicile [Extensible Enumeration]	U.S. Federal	U.S. Federal
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S Federal statutory tax rate (in percent)	21.00%	21.00%
State Income Tax Expense, net of federal benefit including change in Valuation Allowance (in percent)	(5.00%)	(8.00%)
Change in Valuation Allowance (in percent)	(16.00%)	(11.00%)
True Up (in percent)	3.00%
Nontaxable or nondeductible items
Meals and Entertainment (in percent)	(3.00%)	(2.00%)
Other (in percent)
Effective Income Tax Rate Reconciliation, Percent, Total	0.00%	0.00%

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2025

Concentrations of Credit Risk

Concentrations of Credit Risk

18. Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk at any given time may consist of cash and cash equivalents, restricted cash, money market funds and overnight investment accounts, short-term investments in certificates of deposit, trade and other receivables and other current assets. At December 31, 2025 and 2024, the Company had deposits with domestic and international banks in excess of federally insured limits. Management believes the credit risk associated with these deposits is minimal. Money market funds seek to preserve the value of the investment, but it is possible to lose money investing in these funds.

The Company’s sales are to clients whose activities relate to oil and natural gas exploration and production. The Company generally extends unsecured credit to these clients; therefore, collection of receivables may be affected by the economy surrounding the oil and natural gas industry or other economic conditions. The Company closely monitors extensions of credit and may negotiate payment terms that mitigate risk.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
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-Section 50
-Paragraph 21
-Subparagraph (d)(2)
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+ Details

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segments

Schedule of income statements by operating segment

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


	Year Ended December 31, 2025
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	46,350	$	15,526	$	61,876
Reimbursable revenue		13,484		265		13,749
		59,834		15,791		75,625

Operating costs:
Fee operating expenses		37,748		11,112		48,860
Reimbursable operating expenses		13,484		265		13,749
Operating expenses		51,232		11,377		62,609
General and administrative		7,565		1,445		9,010
Depreciation and amortization		4,859		811		5,670
		63,656		13,633		77,289

Income (loss) from operations		(3,822)		2,158		(1,664)

Other income (expense):
Interest income		92		25		117
Interest expense		(487)		(49)		(536)
Other income (expense), net		141		7		148
Income (loss) before income tax		(4,076)		2,141		(1,935)
Current		(6)		—		(6)
Deferred		—		—		—
Income tax expense		(6)		—		(6)
Net income (loss)	$	(4,082)	$	2,141	$	(1,941)

Adjusted EBITDA	$	1,706	$	2,976	$	4,682


	Year Ended December 31, 2024
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	40,748	$	12,731	$	53,479
Reimbursable revenue		20,481		194		20,675
		61,229		12,925		74,154

Operating costs:
Fee operating expenses		32,797		9,549		42,346
Reimbursable operating expenses		20,481		194		20,675
Operating expenses		53,278		9,743		63,021
General and administrative		8,542		1,404		9,946
Depreciation and amortization		4,752		984		5,736
		66,572		12,131		78,703

(Loss) income from operations		(5,343)		794		(4,549)

Other income (expense):
Interest income		260		48		308
Interest expense		(114)		(45)		(159)
Other income (expense), net		297		(9)		288
(Loss) income before income tax		(4,900)		788		(4,112)
Income tax benefit (expense)		(7)		—		(7)
Net (loss) income	$	(4,907)	$	788	$	(4,119)

Adjusted EBITDA	$	192	$	1,769	$	1,961

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

The reconciliation of the Company’s Adjusted EBITDA to its net (loss) income, which is the most directly comparable GAAP financial measure, is provided in the following table (in thousands):


	Year Ended December 31,
	2025 US		2025 CA		2025 Consol.		2024 US		2024 CA		2024 Consol.
Net (loss) income	$	(4,082)	$	2,141	$	(1,941)	$	(4,907)	$	788	$	(4,119)
Depreciation and amortization		4,859		811		5,670		4,752		984		5,736
Interest expense (income), net		395		24		419		(146)		(3)		(149)
Income tax expense		6		—		6		7		—		7
EBITDA		1,178		2,976		4,154		(294)		1,769		1,475
Strategic transaction costs		528		—		528		—		—		—
Severance expense		—		—		—		486		—		486
Adjusted EBITDA	$	1,706	$	2,976	$	4,682	$	192	$	1,769	$	1,961

Schedule of total assets by operating segment


		December 31,		December 31,
		2025		2024
Total Assets
United States		$	48,577	$	21,257
Canada			7,433		9,613
Total Assets		$	56,010	$	30,870

Income Taxes - Components of (loss) income before income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Domestic	$ (4,076)	$ (4,900)
Foreign	2,141	788
Loss before income tax	$ (1,935)	$ (4,112)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Supplemental Consolidated Financial Statement Information - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Supplemental Consolidated Financial Statement Information
Beginning Balance	$ 9,970	$ 12,735
Ending Balance	$ 9,389	$ 9,970

Advertising Costs

12 Months Ended

Dec. 31, 2025

Advertising Costs

Advertising Costs

11. Advertising Costs

Advertising costs are charged to expense as incurred. Advertising costs for the years ended December 31, 2025 and 2024 totaled $61,000 and $40,000, respectively.

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment
Property and equipment, Gross	$ 254,017	$ 238,064
Less accumulated depreciation	(223,242)	(225,085)
Property and equipment, net	30,775	12,979
Land
Property and Equipment
Property and equipment, Gross	501	501
Buildings and other
Property and Equipment
Property and equipment, Gross	$ 10,890	$ 10,064
Buildings and other \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	3 years	3 years
Buildings and other \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	40 years	40 years
Recording equipment
Property and Equipment
Property and equipment, Gross	$ 156,372	$ 140,307
Recording equipment \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	5 years	5 years
Recording equipment \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	10 years	10 years
Vibrator energy sources
Property and Equipment
Property and equipment, Gross	$ 65,298	$ 64,997
Vibrator energy sources \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	5 years	5 years
Vibrator energy sources \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	15 years	15 years
Vehicles
Property and Equipment
Property and equipment, Gross	$ 20,956	$ 22,195
Vehicles \| Minimum
Property and Equipment
Estimated useful lives of property and equipment (in years)	1 year 6 months	1 year 6 months
Vehicles \| Maximum
Property and Equipment
Estimated useful lives of property and equipment (in years)	10 years	10 years

Stock-Based Compensation - Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-Based Compensation
Outstanding stock options	0	0
Options granted (in shares)	0	0

Debt - Aggregate maturities of finance leases (net of imputed interest) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Aggregate maturities of finance leases
January 2026 - December 2026	$ 1,095
January 2027 - December 2027	877
January 2028 - December 2028	440
January 2029 - December 2029	150
January 2030 - December 2030	5
Obligations under finance leases	$ 2,567	$ 2,354
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation, Long-Term Debt and Lease Obligation, Current
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%

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
January 2026 - December 2026	$ 1,238
January 2027 - December 2027	836
January 2028 - December 2028	650
January 2029 - December 2029	619
January 2030 - December 2030	103
Total payments under lease agreements	3,446
Less imputed interest	(340)
Total lease liabilities	3,106	$ 3,256
Finance Leases
January 2026 - December 2026	1,223
January 2027 - December 2027	942
January 2028 - December 2028	465
January 2029 - December 2029	155
January 2030 - December 2030	5
Total payments under lease agreements	2,790
Less imputed interest	(223)
Total lease liabilities	$ 2,567	$ 2,354

Debt - Aggregate principal amount of outstanding notes payable and the interest rates (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Geospace Notes payable
Debt
Aggregate principal amount outstanding	$ 14,731
Interest rate (as a percent)	8.75%
Notes payable to finance companies for insurance
Debt
Aggregate principal amount outstanding	$ 258	$ 168
Notes payable to finance companies for insurance \| Minimum
Debt
Interest rate (as a percent)	6.35%
Notes payable to finance companies for insurance \| Maximum
Debt
Interest rate (as a percent)	9.47%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Employee Benefit Plans

Employee Benefit Plans

10. Employee Benefit Plans

The Company provides a 401(k) plan as part of its employee benefits package in order to retain quality personnel. The Company elected to match 100% of the employee contributions up to a maximum of 6% of the participant’s applicable compensation under its 401(k) plan for the years ended December 31, 2025 and 2024. The Company’s matching contributions under its 401(k) plan for the years ended December 31, 2025 and 2024 were approximately $584,000 and $568,000, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Mar. 27, 2026	Jun. 30, 2025
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Trading Symbol	DWSN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 9,180,000
Entity Common Stock, Shares Outstanding		31,052,840
Entity Central Index Key	0000799165
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Amendment Flag	false
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Houston, Texas
Documents Incorporated by Reference [Text Block]	Portions of the Registrant’s Proxy Statement for its 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K.

Supplemental Consolidated Financial Statement Information - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Summary of balances of and changes in contract assets
Beginning Balance	$ 1,570	$ 11,829
Revenue recognized in the current year that was included in the beginning balance	(1,570)	(11,829)
Current period unearned revenue related to uncompleted contracts at year end	7,477	1,570
Ending Balance	7,477	1,570
Revenue recognized related to uncompleted contracts	$ 8,400	$ 7,600

Net Loss per Share

12 Months Ended

Dec. 31, 2025

Net Loss per Share

Net Loss per Share

13. Net Loss per Share

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

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


		Year Ended December 31,
		2025			2024
Net loss		$	(1,941)		$	(4,119)
Weighted average common shares outstanding
Basic			31,016,792			30,879,855
Dilutive common stock options, restricted stock unit awards and restricted stock awards			—			—
Diluted			31,016,792			30,879,855
Basic loss per share of common stock		$	(0.06)		$	(0.13)
Diluted loss per share of common stock		$	(0.06)		$	(0.13)

The Company had a net loss in the years ended December 31, 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 the respective periods.

The following weighted average potentially dilutive securities have been from the calculation of diluted loss per share of common stock, as their effect would be anti-dilutive for the years ended December 31, 2025 and 2024:


		Year Ended December 31,
		2025			2024
Restricted stock units			88,529			47,849
Total			88,529			47,849

Debt (Details)		1 Months Ended	12 Months Ended
Debt (Details)	Oct. 31, 2025 USD ($) installment	Oct. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) item instrument	Dec. 31, 2024 USD ($)	May 02, 2024 USD ($)
Debt
Debt borrowed			$ 3,500,000
Debt repaid			3,500,000
Finance lease liabilities			2,567,000	$ 2,354,000
Restricted cash			0
Restricted cash deposit released					$ 5,000,000
Equify Revolving Credit Note
Debt
Maximum borrowing capacity	$ 5,035,032	$ 5,035,032
Number of monthly installments \| installment	36
Interest rate of loans outstanding	13.00%
Amount reduced on each monthly payment	$ 139,862
Debt borrowed			3,500,000
Debt repaid			3,500,000
Accrued interest			40,000
Available for withdrawal			4,900,000
Outstanding amount			$ 0
Borrowers prepay rate without prepayment fee (as a percent)		75.00%
Letters of Credit
Debt
Number of letters of credit \| item			1
Amount of letter of credit outstanding			$ 370,000
Notes payable to finance companies for insurance
Debt
Number of outstanding notes payable \| instrument			2
Total notes payable			$ 258,000	$ 168,000
Total insurance premiums			$ 258,000
Geospace notes payable
Debt
Number of outstanding notes payable \| instrument			5
Total notes payable			$ 14,731,000

Recently Issued Accounting Pronouncements

12 Months Ended

Dec. 31, 2025

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

17. 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 the Company on January 1, 2025. The Company adopted this ASU 2023-09 for the fiscal year ended December 31, 2025, as required under this standard. See footnote 12.

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 our 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Short-Term Investments (Details) - USD ($)	12 Months Ended
Short-Term Investments (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2025
Short-Term Investments
Short-term investments	$ 0	$ 370,000
Minimum
Short-Term Investments
Maturity period of certificates of deposit	3 months
Maximum
Short-Term Investments
Maturity period of certificates of deposit	1 year

Supplemental Consolidated Financial Statement Information - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental Consolidated Financial Statement Information
Prepaid expenses	$ 2,440	$ 1,770
Other assets	893	1,025
Contract assets	3,836	391	$ 4,318
Other current assets	$ 7,169	$ 3,186

Major Clients

12 Months Ended

Dec. 31, 2025

Major Clients

Major Clients

14. Major Clients

The Company has two operating segments, U.S and Canada, all of the clients whose revenue exceeded 10% of total revenue during the years ended December 31, 2025 and 2024, were U.S. segment clients. Sales to these clients, as a percentage of operating revenues that exceeded 10%, were as follows:

- 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.

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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment

Schedule of property and equipment

Property and equipment, together with the related estimated useful lives at December 31, 2025 and 2024, were as follows (in thousands):


		December 31,
		2025			2024		Useful Lives
Land		$	501		$	501		-
Buildings and other			10,890			10,064		3 to 40 years
Recording equipment			156,372			140,307		5 to 10 years
Vibrator energy sources			65,298			64,997		5 to 15 years
Vehicles			20,956			22,195		1.5 to 10 years
			254,017			238,064
Less accumulated depreciation			(223,242)			(225,085)
Property and equipment, net		$	30,775		$	12,979

Supplemental Consolidated Financial Statement Information

12 Months Ended

Dec. 31, 2025

Supplemental Consolidated Financial Statement Information

Supplemental Consolidated Financial Statement Information

6. Supplemental Consolidated Financial Statement Information

Other Current Assets and Other Current Liabilities

Prepaid expenses and other current assets consist of the following at December 31, 2025 and 2024 (in thousands):


		December 31,
		2025			2024
Prepaid expenses		$	2,440		$	1,770
Other assets			893			1,025
Contract assets			3,836			391
Other current assets		$	7,169		$	3,186

Other current liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):


		December 31,
		2025			2024
Accrued Payables		$	725		$	607
Accrued self-insurance reserves			145			176
Other accrued expenses and current liabilities			124			47
Other current liabilities		$	994		$	830

Related Party Transactions

For the year ending December 31, 2025, the Company incurred related party expenses of $217,000 related to hauling charges. During the year ended December 31, 2025, the Company maintained a revolving credit note with a related party finance company, further discussed in Note 7. These transactions occurred with various commonly controlled companies of Wilks Brothers, LLC, the holder of approximately 80% of the Company’s outstanding stock. As of December 31, 2025, the Company had approximately $32,000 of outstanding related party accounts payable.

For the year ending December 31, 2024, the Company incurred related party expenses of $187,000 related to hauling charges, $9,000 related to entertainment expenses and $6,000 related to the merger expenses paid to various commonly controlled companies of Wilks Brothers, LLC, For the year ended December 31, 2024, the Company recorded approximately $30,000 of related party revenue from a commonly controlled company of Wilks Brothers, LLC. As of December 31, 2024, the Company had approximately $26,000 of outstanding related party accounts payable and no outstanding related party accounts receivable.

Deferred Costs and unbilled receivables

Following is a summary of balances of and changes in contract assets, which include unbilled receivables and deferred costs (in thousands):


	2025		2024

Beginning Balance	$	391	$	4,318
Billings and costs recognized in the current year that were included in the beginning balance		(391)		(4,318)
Unbilled receivables and deferred costs incurred related to uncompleted contracts at year end		3,836		391
Ending Balance	$	3,836	$	391

The amount of total deferred costs amortized for the years ended December 31, 2025 and 2024, was $15.8 million and $24.9 million, respectively. There were no material impairment losses incurred during these periods.

Deferred Revenue

Following is a summary of balances of and changes in deferred revenue (in thousands):


	2025		2024

Beginning Balance	$	1,570	$	11,829
Revenue recognized in the current year that was included in the beginning balance		(1,570)		(11,829)
Current period unearned revenue related to uncompleted contracts at year end		7,477		1,570
Ending Balance	$	7,477	$	1,570

As work is performed, revenue is recognized and the corresponding liability balance of deferred revenue is reduced. During the years ended December 31, 2025 and 2024, the Company recognized revenue of $8.4 million and $7.6 million, respectively, related to uncompleted contracts at December 31, 2025 and 2024, respectively.

Accounts Receivable

Following is a summary of balances of accounts receivable (in thousands):


	2025		2024

Beginning Balance	$	9,970	$	12,735
Ending Balance	$	9,389	$	9,970

Income Taxes - Components of income tax benefit (expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Current state expense	$ (6)	$ (6)
Deferred federal (expense) benefit	(14)	5
Deferred state benefit (expense)	14	(6)
Income tax expense	$ (6)	$ (7)

- Definition

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

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+ Details

Debt - Aggregate maturities of notes payable (Details) - Notes payable $ in Thousands	Dec. 31, 2025 USD ($)
Notes payable
January 2026 - December 2026	$ 5,137
January 2027 - December 2027	5,219
January 2028 - December 2028	4,633
Obligations under notes payable	$ 14,989

- Definition

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

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+ Details

Income Taxes - Components of net deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Federal tax net operating loss ("NOL") carryforward	$ 16,636	$ 16,596
Foreign tax NOL carryforward	5,892	6,342
State tax NOL carryforward	2,999	2,630
Intangible Assets - Breckenridge	938	935
Accrued severance		250
Other comprehensive income	505	583
Foreign deferred taxes	262	262
Property and equipment	333
Other	173	294
Gross deferred tax assets	27,738	27,892
Less valuation allowances	(27,703)	(27,527)
Net deferred tax assets	35	365
Deferred tax liabilities:
Right-of-use assets	(52)
Property and equipment		(381)
Net deferred tax liabilities	(17)	(16)
Domestic
Deferred tax liabilities:
Net deferred tax liabilities	$ (17)	$ (16)

Leases - Components of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases
Depreciation of finance lease assets	$ 1,955	$ 833
Interest on lease liabilities	355	137
Total finance lease cost	2,310	970
Operating lease cost	856	991
Total lease cost	$ 3,166	$ 1,961

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases
Operating cash flows from operating leases	$ (1,228)	$ (1,359)
Operating cash flows from finance leases	(355)	(137)
Financing cash flows from finance leases	(934)	(680)
Right-of-use assets obtained in exchange for operating leases	909	977
Right-of-use assets obtained in exchange for finance leases	$ 1,116	$ 1,326

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,907,000	$ 1,385,000
Short-term investments	370,000	0
Accounts receivable, net of allowance for credit losses of $250 at December 31, 2025 and 2024	9,389,000	9,970,000
Prepaid expenses and other current assets	7,169,000	3,186,000
Total current assets	21,835,000	14,541,000
Property and equipment	254,017,000	238,064,000
Less accumulated depreciation	(223,242,000)	(225,085,000)
Property and equipment, net	30,775,000	12,979,000
Operating lease right-of-use assets	3,036,000	3,002,000
Intangibles, net	364,000	348,000
Total assets	56,010,000	30,870,000
Current liabilities:
Accounts payable	9,578,000	3,381,000
Accrued liabilities:
Payroll costs and other taxes	1,474,000	2,014,000
Other	994,000	830,000
Deferred revenue	7,477,000	1,570,000
Current maturities of notes payable and finance leases	6,232,000	1,010,000
Current maturities of operating lease liabilities	1,082,000	1,125,000
Total current liabilities	26,837,000	9,930,000
Long-term liabilities:
Notes payable and finance leases, net of current maturities	11,324,000	1,512,000
Operating lease liabilities, net of current maturities	2,024,000	2,131,000
Deferred tax liabilities, net	17,000	16,000
Total liabilities	40,202,000	13,589,000
Commitments and contingencies (Note 16)
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, 31,052,840 and 30,983,437 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	311,000	310,000
Additional paid-in capital	157,154,000	157,073,000
Accumulated deficit	(139,560,000)	(137,619,000)
Accumulated other comprehensive loss, net	(2,097,000)	(2,483,000)
Total stockholders' equity	15,808,000	17,281,000
Total liabilities and stockholders' equity	$ 56,010,000	$ 30,870,000

Stock-Based Compensation (Details) - USD ($) $ in Thousands				12 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 09, 2020	May 01, 2018	May 05, 2016	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2016
Stock-Based Compensation Plans
Number of awards previously granted under prior plans remains outstanding				0
Stock-based compensation expense				$ 130	$ 473
Restricted stock unit awards
Stock-Based Compensation Plans
Stock-based compensation expense				110	89
Common stock awards
Stock-Based Compensation Plans
Stock-based compensation expense				$ 20	$ 384
The 2016 Plan
Stock-Based Compensation Plans
Number of shares authorized		1,050,000				1,000,000
Percentage of stock dividend approved by the board		5.00%
Restated 2016 Plan
Stock-Based Compensation Plans
Number of shares authorized	2,050,000
Number of additional shares authorized	1,000,000
Shares available for future issuance				773,976
Option expiration term			10 years

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Net Loss per Share
Net loss	$ (1,941)	$ (4,119)
Weighted average common shares outstanding
Basic (in shares)	31,016,792	30,879,855
Diluted (in shares)	31,016,792	30,879,855
Basic loss per share of common stock (in dollars per share)	$ (0.06)	$ (0.13)
Diluted loss per share of common stock (in dollars per share)	$ (0.06)	$ (0.13)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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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

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating revenues	$ 75,625	$ 74,154
Operating expenses
Total operating expenses	62,609	63,021
General and administrative	9,010	9,946
Depreciation and amortization	5,670	5,736
Total operating costs	77,289	78,703
Loss from operations	(1,664)	(4,549)
Other income (expense):
Interest income	117	308
Interest expense	(536)	(159)
Other income, net	148	288
Loss before income tax	(1,935)	(4,112)
Income tax expense	(6)	(7)
Net loss	(1,941)	(4,119)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation	386	(571)
Comprehensive loss	$ (1,555)	$ (4,690)
Basic loss per share of common stock (in dollars per share)	$ (0.06)	$ (0.13)
Diluted loss per share of common stock (in dollars per share)	$ (0.06)	$ (0.13)
Weighted average equivalent common shares outstanding (in shares)	31,016,792	30,879,855
Weighted average equivalent common shares outstanding - assuming dilution (in shares)	31,016,792	30,879,855
Fee Revenue
Operating revenues	$ 61,876	$ 53,479
Operating expenses
Total operating expenses	48,860	42,346
Reimbursable Revenue
Operating revenues	13,749	20,675
Operating expenses
Total operating expenses	$ 13,749	$ 20,675

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation

Stock-Based Compensation

9. Stock-Based Compensation

Since the date of its effectiveness on May 5, 2016, the Company issues new grants of stock-based awards pursuant to the Dawson Geophysical Company 2016 Stock and Performance Incentive Plan (the “2016 Plan”). All of the Company’s prior plans have expired pursuant to their terms and no awards previously granted under prior plans remain outstanding. The awards outstanding and available under the 2016 Plan, as restated in 2020, and their associated accounting treatment are discussed below.

In 2016, the Company adopted the 2016 Plan, which provides for the issuance of up to 1,000,000 shares of authorized Company common stock, which authorized amount was increased to 1,050,000 as a result of the 5% stock dividend approved by the Board on May 1, 2018. At the annual shareholders’ meeting on June 9, 2020, the Company’s shareholders approved a restated version of the 2016 Plan (the “Restated 2016 Plan”), which authorized an additional 1,000,000 shares. The total aggregate numbers of shares of Common Stock reserved under the Restated 2016 Plan is 2,050,000 shares. As of December 31, 2025, there were approximately 773,976 shares available for future issuance. The Restated 2016 Plan provides for the issuance of stock-based compensation awards, including stock options, common stock, restricted stock, restricted stock units and other forms. Stock option grant prices awarded under the Restated 2016 Plan may not be less than the fair market value of the common stock subject to such option on the grant date, and the term of stock options shall extend no more than ten years after the grant date. The Restated 2016 Plan terminates June 9, 2030.

The Company’s employees and officers that hold unvested restricted stock awarded during 2016 or thereafter are not entitled to dividends when the Company pays dividends.

Impact of Stock-Based Compensation


	Year Ended December 31,
	2025		2024
Restricted stock unit awards	$	110	$	89
Common stock awards		20		384
Total compensation expense	$	130	$	473

Stock Options

There was no stock option activity during the years ended December 31, 2025 and 2024. There were no outstanding stock options as of December 31, 2025 or 2024.

Restricted Stock Awards

There was no restricted stock award activity during the years ended December 31, 2025 and 2024.

Restricted Stock Unit Awards

A summary of the status of the Company’s nonvested restricted stock unit awards as of December 31, 2025 and activity during the year then ended is as follows:


	Number of Restricted Stock Unit Awards		Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024		92,500	$	1.94
Granted		250,000	$	2.24
Vested		(87,100)	$	1.94
Cash Settlement		—		—
Forfeited		(5,400)	$	1.94
Nonvested as of December 31, 2025		250,000	$	2.24

The Company granted 250,000 restricted stock unit awards during the year ended December 31, 2025 with a weighted average grant date fair value of $2.24. The Company granted 96,700 restricted stock unit awards during the year ended December 31, 2024 with a weighted average grant date fair value of $1.94. The fair value of restricted stock unit awards equals the market price of the Company's stock on the grant date and generally vest in one year, or in annual increments over three years.

As of December 31, 2025, there were approximately $528,000 of unrecognized compensation costs related to nonvested restricted stock unit awards. These costs are expected to be recognized over a weighted average period of 2.82 years.

Common Stock Awards

The Company granted no common stock awards to outside directors during the year ended December 31, 2025. The Company granted 76,660 common stock awards with immediate vesting to outside directors with a weighted average grant date fair value of $1.63 during the year ended December 31, 2024.

Segments - Reconciliation of the Company Adjusted EBITDA to Net (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segments
Net Income (Loss)	$ (1,941)	$ (4,119)
Depreciation and amortization	5,670	5,736
Interest expense (income), net	419	(149)
Income tax expense	6	7
EBITDA	4,154	1,475
Strategic transaction costs	528
Severance expense		486
Adjusted EBITDA	4,682	1,961
United States
Segments
Net Income (Loss)	(4,082)	(4,907)
Depreciation and amortization	4,859	4,752
Interest expense (income), net	395	(146)
Income tax expense	6	7
EBITDA	1,178	(294)
Strategic transaction costs	528
Severance expense		486
Adjusted EBITDA	1,706	192
Canada
Segments
Net Income (Loss)	2,141	788
Depreciation and amortization	811	984
Interest expense (income), net	24	(3)
EBITDA	2,976	1,769
Adjusted EBITDA	$ 2,976	$ 1,769

Debt

12 Months Ended

Dec. 31, 2025

Debt

Debt

7. Debt

Equify Revolving Credit Note (related party)

On October 31, 2025, Dawson Geophysical Company (the “Company”) and Dawson Operating LLC, a Texas limited liability company and a wholly owned subsidiary of the Company (“Dawson Operating” and together with the Company, the “Borrowers”), entered into a Revolving Credit Note (the “Revolving Credit Note”) in favor of Equify Financial, as lender (the “Lender”). Dan Wilks and Farris Wilks, together with certain of their affiliates, collectively hold a controlling interest in the Company and in Equify.

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. During the year ended December 31, 2025, the Company borrowed and repaid approximately $3.5 million on this revolving credit note. As of December 31, 2025 the Company accrued interest of $40,000 associated with this borrowing. As of December 31, 2025 the amount available to draw on this revolving credit note was approximately $4.9 million, and there were no amounts outstanding. 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 Equify, dated as of October 31, 2025.

Letters of Credit

As of December 31, 2025, the Company had one letter of credit in the amount of $370,000 to support insurance policies for the Company. The letter of credit is secured by a certificate of deposit with First Financial Bank.

Other Indebtedness

As of December 31, 2025 the Company has five Geospace notes payable related to equipment purchases discussed in Note 3, totaling $14.7 million.

As of December 31, 2025, the Company has two notes payable to finance companies for various insurance premiums totaling $258,000.

In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024 include finance lease liabilities of $2.6 million and $2.4 million, respectively.

The company did not have any restricted cash during the year ended December 31, 2025. During the year ended December 31, 2024 the Company had a restricted cash deposit of $5 million that was released on May 2, 2024.

Maturities of Debt

The Company’s aggregate principal amount of outstanding notes payable and the interest rates and monthly payments as of December 31, 2025 and 2024 are as follows (in thousands):


		December 31, 2025			December 31, 2024
Geospace Notes payable
Aggregate principal amount outstanding			14,731			—
Interest rate			8.75%

The Company’s aggregate maturities of notes payable at December 31, 2025 are as follows (in thousands):

The Company’s aggregate maturities of finance leases at December 31, 2025 are as follows (in thousands):


January 2026 - December 2026	$	1,095
January 2027 - December 2027		877
January 2028 - December 2028		440
January 2029 - December 2029		150
January 2030 - December 2030		5
Obligations under finance leases	$	2,567

Interest rates on these leases ranged 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Commitments and Contingencies

16. 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 consolidated 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.

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Employee Benefit Plans
Employer matching contribution, percent matched	100.00%	100.00%
Matching contribution to the plan	$ 584,000	$ 568,000
Maximum
Employee Benefit Plans
Percentage of employees gross pay that is matched	6.00%	6.00%

Major Clients (Tables)

12 Months Ended

Dec. 31, 2025

Major Clients

Schedule of sales to major clients, as a percentage of operating revenues

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of lease cost, cash flow information and balance sheet information related to operating and finance leases

The components of lease cost for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Year Ended December 31,
	2025			2024
Finance lease cost
Depreciation of finance lease assets	$	1,955		$	833
Interest on lease liabilities		355			137
Total finance lease cost		2,310			970

Operating lease cost		856			991

Short-term lease cost		—			—
Total lease cost	$	3,166		$	1,961

Supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 was as follows (in thousands):


		Year Ended December 31,
		2025			2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	(1,228)		$	(1,359)
Operating cash flows from finance leases		$	(355)		$	(137)
Financing cash flows from finance leases		$	(934)		$	(680)
Right-of-use assets obtained in exchange for lease obligations
Operating leases		$	909		$	977
Finance leases		$	1,116		$	1,326

Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 was as follows (in thousands):


	December 31,
	2025			2024
Operating leases
Operating lease right-of-use assets	$	3,036		$	3,002

Operating lease liabilities - current	$	1,082		$	1,125
Operating lease liabilities - long-term		2,024			2,131
Total operating lease liabilities	$	3,106		$	3,256

Finance leases
Property and equipment, at cost	$	13,121		$	12,005
Accumulated depreciation		(10,285)			(9,044)
Property and equipment, net	$	2,836		$	2,961

Finance lease liabilities - current	$	1,095		$	842
Finance lease liabilities - long-term		1,472			1,512
Total finance lease liabilities	$	2,567		$	2,354

Weighted average remaining lease term
Operating leases		3.9 years			3.1 years
Finance leases		2.3 years			2.7 years

Weighted average discount rate
Operating leases		5.97%			5.27%
Finance leases		6.09%			6.44%

Schedule of maturities of lease liabilities - Operating Leases


	December 31,
	2025			2024
Operating leases
Operating lease right-of-use assets	$	3,036		$	3,002

Operating lease liabilities - current	$	1,082		$	1,125
Operating lease liabilities - long-term		2,024			2,131
Total operating lease liabilities	$	3,106		$	3,256

Finance leases
Property and equipment, at cost	$	13,121		$	12,005
Accumulated depreciation		(10,285)			(9,044)
Property and equipment, net	$	2,836		$	2,961

Finance lease liabilities - current	$	1,095		$	842
Finance lease liabilities - long-term		1,472			1,512
Total finance lease liabilities	$	2,567		$	2,354

Weighted average remaining lease term
Operating leases		3.9 years			3.1 years
Finance leases		2.3 years			2.7 years

Weighted average discount rate
Operating leases		5.97%			5.27%
Finance leases		6.09%			6.44%

Schedule of maturities of lease liabilities - Finance Leases


	December 31,
	2025			2024
Operating leases
Operating lease right-of-use assets	$	3,036		$	3,002

Operating lease liabilities - current	$	1,082		$	1,125
Operating lease liabilities - long-term		2,024			2,131
Total operating lease liabilities	$	3,106		$	3,256

Finance leases
Property and equipment, at cost	$	13,121		$	12,005
Accumulated depreciation		(10,285)			(9,044)
Property and equipment, net	$	2,836		$	2,961

Finance lease liabilities - current	$	1,095		$	842
Finance lease liabilities - long-term		1,472			1,512
Total finance lease liabilities	$	2,567		$	2,354

Weighted average remaining lease term
Operating leases		3.9 years			3.1 years
Finance leases		2.3 years			2.7 years

Weighted average discount rate
Operating leases		5.97%			5.27%
Finance leases		6.09%			6.44%

Segments - Company's total assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Segments
Total Assets	$ 56,010	$ 30,870
United States
Segments
Total Assets	48,577	21,257
Canada
Segments
Total Assets	$ 7,433	$ 9,613

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Stock-Based Compensation - Restricted Stock Awards, Restricted Stock Unit Awards and Common Stock Awards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted stock awards
Number of Restricted Stock Unit Awards
Granted (in shares)	0	0
Restricted stock unit awards
Number of Restricted Stock Unit Awards
Nonvested as of December 31, 2024 (in shares)	92,500
Granted (in shares)	250,000	96,700
Vested (in shares)	(87,100)
Forfeited (in shares)	(5,400)
Nonvested as of December 31, 2025 (in shares)	250,000	92,500
Weighted Average Grant-Date Fair Value
Nonvested as of December 31, 2024 (in dollars per share)	$ 1.94
Granted (in dollars per share)	2.24	$ 1.94
Vested (in dollars per share)	1.94
Forfeited (in dollars per share)	1.94
Nonvested as of December 31, 2025 (in dollars per share)	$ 2.24	$ 1.94
Additional disclosures
Vesting period	1 year
Annual increment period	3 years
Unrecognized compensation cost	$ 528,000
Period over which unrecognized compensation expense is expected to be recognized	2 years 9 months 25 days
Common stock awards
Number of Restricted Stock Unit Awards
Granted (in shares)	0	76,660
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)		$ 1.63

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property and Equipment

Property and Equipment

5. Property and Equipment

Property and equipment, together with the related estimated useful lives at December 31, 2025 and 2024, were as follows (in thousands):


		December 31,
		2025			2024		Useful Lives
Land		$	501		$	501		-
Buildings and other			10,890			10,064		3 to 40 years
Recording equipment			156,372			140,307		5 to 10 years
Vibrator energy sources			65,298			64,997		5 to 15 years
Vehicles			20,956			22,195		1.5 to 10 years
			254,017			238,064
Less accumulated depreciation			(223,242)			(225,085)
Property and equipment, net		$	30,775		$	12,979

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Organization and Nature of Operations

Basis of Presentation

Principles of Consolidation

Cash Equivalents

Allowance for Current Expected Credit Loss

The table below reflects all allowance for credit loss activity recorded during the years ending December 31, 2025, and December 31, 2024 (in thousands):


		Year Ended December 31,
			2025	2024
Beginning balance		$	(250)	$	(250)
Additional provisions to allowance			(177)		—
Write-offs against allowance - A/R			177		—
Recoveries collected			—		—
Ending balance		$	(250)	$	(250)

Property and Equipment

Impairment of Long-Lived Assets

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 a finance lease for financial reporting purposes. The Company is the lessee in a lease contract when we obtain the right to control the asset. The majority of our operating leases are non-cancelable operating leases for office, shop and warehouse space in Midland and Plano, Texas, and Calgary and Wheatland County, Alberta.

basis and is included in operating expense. The Company does not recognize leases with an initial term of 12 months or less and does not separate lease and non-lease components.

Intangibles

Revenue Recognition

Segments

Stock-Based Compensation

Foreign Currency Translation

Income Taxes

Use of Estimates in the Preparation of Financial Statements

Risks and uncertainties

Subsequent events

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (1,941)	$ (4,119)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,670	5,736
Non-cash operating lease cost	925	1,137
Non-cash compensation	130	473
Deferred income tax expense		1
Bad debt expense	177
Gain on disposal of assets	(439)	(409)
Other	11	(11)
Change in operating assets and liabilities:
Decrease in accounts receivable	830	2,543
(Increase) decrease in prepaid expenses and other assets	(1,903)	5,653
Increase (decrease) in accounts payable	6,140	(128)
Decrease in accrued liabilities	(422)	(1,244)
Decrease in operating lease liabilities	(1,108)	(1,239)
Increase (decrease) in deferred revenue	5,907	(10,259)
Net cash provided by (used in) operating activities	13,977	(1,866)
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(6,831)	(1,865)
Proceeds from disposal of assets	468	533
Proceeds from insurance claim		332
Proceeds from maturity of short-term investments		265
Acquisition of short-term investments	(370)
Net cash used in investing activities	(6,733)	(735)
Cash flows from financing activities:
Principal payments on notes payable	(2,666)	(947)
Principal payments on finance leases	(934)	(680)
Borrowings on line of credit (related party)	3,500
Repayments on line of credit (related party)	(3,500)
Tax withholdings related to stock based compensation awards	(48)	(76)
Other	(35)
Dividends paid		(9,860)
Net cash used in financing activities	(3,683)	(11,563)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(39)	(223)
Net increase (decrease) in cash and cash equivalents and restricted cash	3,522	(14,387)
Cash and cash equivalents and restricted cash at beginning of period	1,385	15,772
Cash and cash equivalents at end of period	4,907	1,385
Supplemental cash flow information:
Cash paid for interest	429	159
Cash paid for income taxes	9	59
Cash received for income taxes	70	17
Non-cash operating, investing and financing activities:
Increase (decrease) in accrued purchases of property and equipment		(332)
Finance leases incurred	1,116	1,326
Increase in right-of-use assets and operating lease liabilities	909	977
Financed equipment purchases	15,450
Financed insurance premiums	$ 2,036	$ 204

Segments (Details) - USD ($) $ in Millions	12 Months Ended
Segments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segments
Management charges incurred by the U.S. segment but allocated to the Canadian segment	$ 0.3	$ 0.3

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 250,000	$ 250,000
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	31,052,840	30,983,437
Common stock, shares outstanding	31,052,840	30,983,437

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented a cybersecurity program to assess, identify, and manage risks from cybersecurity threats that may result in material adverse effects on the confidentiality, integrity, and availability of our information systems. Primary responsibility for executing our cybersecurity program rests with our Vice President of Corporate Strategy and Planning, who has extensive cybersecurity and information technology knowledge and skills gained from over 30 years of related work experience. The Vice President of Corporate Strategy and Planning is responsible for implementing, monitoring and maintaining cybersecurity and data protection practices across our business and reports directly to our Chief Executive Officer. The Vice President of Corporate Strategy and Planning at times attends meetings of the Board to report on any material developments to our risk management practices, including our cybersecurity program. The Vice President of Corporate Strategy and Planning meets regularly with members of our Information Technology team, whose responsibilities are dedicated solely to cybersecurity matters. On a quarterly basis, we hold Information Technology Steering Committee meetings, which are attended by our Information Technology team, Chief Executive Officer and Chief Financial Officer, where we discuss the risk management measures implemented to identify and mitigate data protection and cybersecurity risks. Our Information Technology team also works with our contracted outside counsel to oversee compliance with legal, regulatory and contractual cybersecurity requirements. Our cybersecurity processes include automated tools and technical safeguards managed and monitored by our Information Technology team. We regularly conduct vulnerability testing and security audits. We also employ systems and processes designed to oversee, identify, and reduce the potential impact of a security incident at a third-party vendor, service provider or customer or otherwise implicating the third-party technology and systems we use. In addition to our internal cybersecurity capabilities, we also at times engage assessors, auditors, or other third parties to assist with the assessment, identification, and management of cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented a cybersecurity program to assess, identify, and manage risks from cybersecurity threats that may result in material adverse effects on the confidentiality, integrity, and availability of our information systems. Our cybersecurity processes include automated tools and technical safeguards managed and monitored by our Information Technology team. We regularly conduct vulnerability testing and security audits. We also employ systems and processes designed to oversee, identify, and reduce the potential impact of a security incident at a third-party vendor, service provider or customer or otherwise implicating the third-party technology and systems we use. In addition to our internal cybersecurity capabilities, we also at times engage assessors, auditors, or other third parties to assist with the assessment, identification, and management of cybersecurity risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board has the primary responsibility to oversee cybersecurity matters. The Board periodically reviews the measures implemented by the Company to identify and mitigate risks from cybersecurity threats. As part of such reviews, the Board receives reports from the members of our management team responsible for executing our cybersecurity program, which may address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board discusses with such members of our management team our information technology systems and procedures on any material cybersecurity risks identified. We have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported to the Board in a timely manner.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board periodically reviews the measures implemented by the Company to identify and mitigate risks from cybersecurity threats. As part of such reviews, the Board receives reports from the members of our management team responsible for executing our cybersecurity program, which may address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board discusses with such members of our management team our information technology systems and procedures on any material cybersecurity risks identified. We have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported to the Board in a timely manner.
Cybersecurity Risk Role of Management [Text Block]	the Board receives reports from the members of our management team responsible for executing our cybersecurity program, which may address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board discusses with such members of our management team our information technology systems and procedures on any material cybersecurity risks identified. We have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported to the Board in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Vice President of Corporate Strategy and Planning
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Primary responsibility for executing our cybersecurity program rests with our Vice President of Corporate Strategy and Planning, who has extensive cybersecurity and information technology knowledge and skills gained from over 30 years of related work experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Vice President of Corporate Strategy and Planning is responsible for implementing, monitoring and maintaining cybersecurity and data protection practices across our business and reports directly to our Chief Executive Officer.The Vice President of Corporate Strategy and Planning meets regularly with members of our Information Technology team, whose responsibilities are dedicated solely to cybersecurity matters. On a quarterly basis, we hold Information Technology Steering Committee meetings, which are attended by our Information Technology team, Chief Executive Officer and Chief Financial Officer, where we discuss the risk management measures implemented to identify and mitigate data protection and cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

12. Income Taxes


		December 31,
		2025			2024
Federal		$	(70)		$	—
State:
Texas			9			42

Foreign
Canada			—			—

Total cash (received) paid for income taxes, net of refunds		$	(61)		$	42

The Company’s components of (loss) income before income tax, were as follows (in thousands):


		Year Ended December 31,
		2025			2024
Domestic		$	(4,076)		$	(4,900)
Foreign			2,141			788
Loss before income tax		$	(1,935)		$	(4,112)

The Company’s components of income tax benefit (expense) were as follows (in thousands):


		Year Ended December 31,
		2025			2024
Current federal benefit		$	—		$	—
Current state expense			(6)			(6)
Deferred federal (expense) benefit			(14)			5
Deferred state benefit (expense)			14			(6)
Income tax expense		$	(6)		$	(7)

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows (in thousands):


		Year Ended December 31,
		2025				2024
U.S Federal statutory tax rate		$	406	21%		$	864	21.0%
State Income Tax Expense, net of federal benefit including change in Valuation Allowance (a)			(93)	(5)%			(323)	(8.0)%
Change in Valuation Allowance (b)			(309)	(16)%			(443)	(11.0)%
True Up			49	3%			(11)	0.0%
Nontaxable or nondeductible items
Meals and Entertainment			(56)	(3)%			(88)	(2.0)%
Other			(3)	0%			(6)	0.0%
Income tax expense		$	(6)	0%		$	(7)	0%

(a)

State tax in New Mexico and Texas made up the majority (greater than 50%) of the tax effect in this category.

(b)

Valuation allowance is inclusive of Canadian operations, which is classified as a foreign disregarded entity for U.S. federal tax purposes.

The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows:


		December 31,
		2025			2024
Deferred tax assets:
Federal tax net operating loss ("NOL") carryforward		$	16,636		$	16,596
Foreign tax NOL carryforward			5,892			6,342
State tax NOL carryforward			2,999			2,630
Intangible Assets - Breckenridge			938			935
Accrued severance			—			250
Other comprehensive income			505			583
Foreign deferred taxes			262			262
Property and equipment			333			—
Other			173			294
Gross deferred tax assets			27,738			27,892
Less valuation allowances			(27,703)			(27,527)
Net deferred tax assets			35			365
Deferred tax liabilities:
Right-of-use assets			(52)			—
Property and equipment			—			(381)
Net deferred tax liabilities		$	(17)		$	(16)

Domestic deferred tax liabilities		$	(17)		$	(16)
Foreign deferred tax liabilities			—			—
Net deferred tax liabilities		$	(17)		$	(16)

At December 31, 2025, the Company had a gross NOL for U.S. federal income tax purposes of approximately $174 million but expects approximately $94.8 million to expire unused with the remaining NOL beginning to expire in 2027. Losses incurred after the year ended December 31, 2017 have no expiration. The Company will carry forward the tax benefits related to federal net NOL of approximately $16.6 million. The Company also had state net NOLs that will affect state taxes of approximately $3.8 million at December 31, 2025. State NOLs began to expire in 2015 and continue to expire each year. The Company also had a Canadian gross NOL of $22.7 million that will begin to expire in 2037.

In evaluating the possible sources of taxable income during 2025 and 2024, the Company determined it is more likely than not that the remaining deferred tax assets will not be realizable. As a result, the Company recorded and maintained a full valuation allowance against foreign deferred tax assets and its federal and state deferred tax assets with

the exception of its trademark intangible. The change in valuation allowance amounted to $0.4 million and $1.1 million for the years ended December 31, 2025 and 2024, respectively, including amounts recorded as a component of other comprehensive income or loss.

At December 31, 2025 and 2024, the Company did not have any uncertain tax positions. The Company’s policy is to recognize interest and penalties related to an uncertain tax position in income tax expense. The Company did not have any material income tax interest or penalties for the years ended December 31, 2025 and 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

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			(4,119)		(4,119)
Unrealized (loss) income on foreign exchange rate translation				(571)
Other comprehensive income (loss)				(571)	(571)
Dividend			(9,860)		(9,860)
Stock-based compensation expense		89			89
Issuance of common stock as compensation	$ 2	382			384
Issuance of common stock as compensation (in shares)	210,510
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 Dec. 31, 2024	$ 310	157,073	(137,619)	(2,483)	$ 17,281
Balance at end of period (in shares) at Dec. 31, 2024	30,983,437				30,983,437
Increase (Decrease) in Stockholders' Equity
Net loss			(1,941)		$ (1,941)
Unrealized (loss) income on foreign exchange rate translation				386
Other comprehensive income (loss)				386	386
Stock-based compensation expense		129			129
Issuance of common stock as compensation	$ 1				1
Issuance of common stock as compensation (in shares)	99,200
Shares exchanged for taxes on stock-based compensation		(48)			(48)
Shares exchanged for taxes on stock-based compensation (in shares)	(29,797)
Balance at end of period at Dec. 31, 2025	$ 311	$ 157,154	$ (139,560)	$ (2,097)	$ 15,808
Balance at end of period (in shares) at Dec. 31, 2025	31,052,840				31,052,840

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt

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

The Company’s aggregate principal amount of outstanding notes payable and the interest rates and monthly payments as of December 31, 2025 and 2024 are as follows (in thousands):


		December 31, 2025			December 31, 2024
Geospace Notes payable
Aggregate principal amount outstanding			14,731			—
Interest rate			8.75%

Schedule of aggregate maturities of notes payable

The Company’s aggregate maturities of notes payable at December 31, 2025 are as follows (in thousands):

Schedule of aggregate maturities of finance leases

- 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.

+ 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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+ Details

Major Clients (Details) - segment	12 Months Ended
Major Clients (Details) - segment	Dec. 31, 2025	Dec. 31, 2024
Major Clients
Number of operating segments	2
Customer concentration risk \| Revenues \| A
Major Clients
Concentration risk percentage	51.00%	29.00%
Customer concentration risk \| Revenues \| B
Major Clients
Concentration risk percentage		14.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Leases - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating leases
Operating lease right-of-use assets	$ 3,036	$ 3,002
Operating lease liabilities - current	1,082	1,125
Operating lease liabilities - long-term	2,024	2,131
Total operating lease liabilities	3,106	3,256
Finance leases
Property and equipment, at cost	13,121	12,005
Accumulated depreciation	(10,285)	(9,044)
Property and equipment, net	$ 2,836	$ 2,961
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance lease liabilities - current	$ 1,095	$ 842
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Finance lease liabilities - long-term	$ 1,472	$ 1,512
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
Obligations under finance leases	$ 2,567	$ 2,354
Weighted average remaining lease term:
Operating leases	3 years 10 months 24 days	3 years 1 month 6 days
Finance leases	2 years 3 months 18 days	2 years 8 months 12 days
Weighted average discount rate:
Operating leases	5.97%	5.27%
Finance leases	6.09%	6.44%

Income Taxes - other (Details) - USD ($)	12 Months Ended
Income Taxes - other (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Change in valuation allowance	$ 400,000	$ 1,100,000
Unrecognized Tax Benefits	0	0
Income tax interest or penalties	0	$ 0
U.S. Federal
Income Taxes
Net operating loss carry forwards	174,000,000
Amount expects to expire unused	94,800,000
Tax benefits carry forward	16,600,000
State
Income Taxes
Net operating loss carry forwards	3,800,000
Canada
Income Taxes
Net operating loss carry forwards	$ 22,700,000

Segments

12 Months Ended

Dec. 31, 2025

Segments

Segments

15. Segments

The U.S. and Canada are the only operating segments for the Company.

The CODM manages and assesses the performance of the reportable segments by their adjusted EBITDA. The Company defines adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation and amortization and (iv) non-recurring and other charges, such as strategic transaction costs or severance expenses. The CODM reviews the adjusted EBITDA of the Company’s reportable segments, which drives the evaluation of the performance of the Company’s reportable segments and allocation of resources to those segments. The significant expense categories reviewed by the CODM are those presented on the face of the consolidated statement of operations.

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 $0.3 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively.

Disclosures of net property and equipment, capital expenditures and right-of-use assets are excluded because such information is not regularly reviewed by the CODM in making resource allocation decisions.

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


	Year Ended December 31, 2025
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	46,350	$	15,526	$	61,876
Reimbursable revenue		13,484		265		13,749
		59,834		15,791		75,625

Operating costs:
Fee operating expenses		37,748		11,112		48,860
Reimbursable operating expenses		13,484		265		13,749
Operating expenses		51,232		11,377		62,609
General and administrative		7,565		1,445		9,010
Depreciation and amortization		4,859		811		5,670
		63,656		13,633		77,289

Income (loss) from operations		(3,822)		2,158		(1,664)

Other income (expense):
Interest income		92		25		117
Interest expense		(487)		(49)		(536)
Other income (expense), net		141		7		148
Income (loss) before income tax		(4,076)		2,141		(1,935)
Current		(6)		—		(6)
Deferred		—		—		—
Income tax expense		(6)		—		(6)
Net income (loss)	$	(4,082)	$	2,141	$	(1,941)

Adjusted EBITDA	$	1,706	$	2,976	$	4,682


	Year Ended December 31, 2024
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	40,748	$	12,731	$	53,479
Reimbursable revenue		20,481		194		20,675
		61,229		12,925		74,154

Operating costs:
Fee operating expenses		32,797		9,549		42,346
Reimbursable operating expenses		20,481		194		20,675
Operating expenses		53,278		9,743		63,021
General and administrative		8,542		1,404		9,946
Depreciation and amortization		4,752		984		5,736
		66,572		12,131		78,703

(Loss) income from operations		(5,343)		794		(4,549)

Other income (expense):
Interest income		260		48		308
Interest expense		(114)		(45)		(159)
Other income (expense), net		297		(9)		288
(Loss) income before income tax		(4,900)		788		(4,112)
Income tax benefit (expense)		(7)		—		(7)
Net (loss) income	$	(4,907)	$	788	$	(4,119)

Adjusted EBITDA	$	192	$	1,769	$	1,961

The reconciliation of the Company’s Adjusted EBITDA to its net (loss) income, which is the most directly comparable GAAP financial measure, is provided in the following table (in thousands):


	Year Ended December 31,
	2025 US		2025 CA		2025 Consol.		2024 US		2024 CA		2024 Consol.
Net (loss) income	$	(4,082)	$	2,141	$	(1,941)	$	(4,907)	$	788	$	(4,119)
Depreciation and amortization		4,859		811		5,670		4,752		984		5,736
Interest expense (income), net		395		24		419		(146)		(3)		(149)
Income tax expense		6		—		6		7		—		7
EBITDA		1,178		2,976		4,154		(294)		1,769		1,475
Strategic transaction costs		528		—		528		—		—		—
Severance expense		—		—		—		486		—		486
Adjusted EBITDA	$	1,706	$	2,976	$	4,682	$	192	$	1,769	$	1,961

The following table presents the Company’s total assets by operating segment (in thousands):


		December 31,		December 31,
		2025		2024
Total Assets
United States		$	48,577	$	21,257
Canada			7,433		9,613
Total Assets		$	56,010	$	30,870