0001104659-26-062455 | 10-Q | XBRL Viewer

March 31, 2026

December 31, 2025

Notes payable to finance company for insurance

Aggregate principal amount outstanding

Interest rates range from 6.60% to 7.49%

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OPERATING SEGMENTS - Reconciliation of the Company Adjusted EBITDA to net income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segments
Net Income (Loss)	$ 7,661	$ 992
Depreciation and amortization	1,997	1,271
Interest expense (income), net	492	72
Income tax expense	10	3
EBITDA	10,160	2,338
Strategic transaction costs	695
Adjusted EBITDA	10,855	2,338
United States
Segments
Net Income (Loss)	2,276	(4,546)
Depreciation and amortization	1,766	1,077
Interest expense (income), net	478	63
Income tax expense	10	3
EBITDA	4,530	(3,403)
Strategic transaction costs	695
Adjusted EBITDA	5,225	(3,403)
Canada
Segments
Net Income (Loss)	5,385	5,538
Depreciation and amortization	231	194
Interest expense (income), net	14	9
EBITDA	5,630	5,741
Adjusted EBITDA	$ 5,630	$ 5,741

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Related party purchase expenses		$ 74,000
Related party expenses	$ 52,000
Accounts payable	$ 9,127,000		$ 9,578,000
Wilks Brothers, LLC \| Dawson Geophysical Company
Related Party Transaction [Line Items]
Percentage of common stock owned	79.00%
Related party
Related Party Transaction [Line Items]
Accounts payable	$ 0

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

Schedule of balances of and changes in deferred revenue

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


	2026		2025

Beginning Balance	$	7,477	$	1,570
Revenue recognized in the current year that was included in the beginning balance		(7,352)		(1,568)
Current period unearned revenue related to uncompleted contracts at quarter end		6,245		1,721
Ending Balance	$	6,370	$	1,723

Schedule of balances of and changes in contract assets

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):


	2026		2025

Beginning Balance	$	4	$	391
Billings and costs recognized in the current year that were included in the beginning balance		(3,738)		(391)
Unbilled receivables and deferred costs incurred related to uncompleted contracts at quarter end		7,013		728
Ending Balance	$	3,279	$	728

Schedule of balances of accounts receivable

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


	2026		2025

Beginning Balance	$	9,360	$	9,921
Ending Balance	$	19,408	$	11,007

EQUIPMENT PURCHASE AGREEMENT (Details) $ in Thousands	1 Months Ended	3 Months Ended
EQUIPMENT PURCHASE AGREEMENT (Details) $ in Thousands	Aug. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) item instrument	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Supplemental Purchase Agreement Transaction Information
Remaining cash payment paid		$ 1,413	$ 440
Number of notes issued \| item		6
Aggregate principal amount		$ 18,200
Aggregate principal amount outstanding		$ 16,100
Geospace Notes payable
Supplemental Purchase Agreement Transaction Information
Term of debt (in months)	36 months
Interest rate (as a percent)	8.75%	8.75%		8.75%
Number of notes issued \| instrument		6
Aggregate principal amount outstanding		$ 16,142		$ 14,731
First five notes
Supplemental Purchase Agreement Transaction Information
Remaining cash payment paid		900
Geospace note six
Supplemental Purchase Agreement Transaction Information
Proceeds from notes payable		$ 2,700
GTC \| Single point node channels
Supplemental Purchase Agreement Transaction Information
Purchase price paid in cash	$ 4,800
Purchase price payable in cash upon acceptance of the third and final delivery	1,200
Note payable issued	18,200
Dawson Operating \| GTC \| Single point node channels
Supplemental Purchase Agreement Transaction Information
Aggregate purchase price	$ 24,200

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The December 31, 2025, balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Significant Accounting Policies

Principles of Consolidation. The condensed consolidated financial statements as of March 31, 2026, and December 31, 2025,and for the three months ended March 31, 2026, and 2025, include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC, and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.

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

Allowance for Current Expected Credit Losses. The Company’s allowance for credit losses reflects its current estimate expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for credit losses on accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. with the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. For the three months ended March 31, 2026, the Company incurred no credit losses. For the three months ended March 31, 2025 the Company incurred $177,000 of credit losses. The Company's allowance for credit losses was $250,000 at March 31, 2026 and 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 a finance lease or an operating lease for financial reporting purposes. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate. The right-of-use assets are amortized to operating lease cost over the lease terms in a manner that results in straight-line operating lease cost and is included in operating expense. Several of the Company’s leases include options to renew and the exercise of lease renewal options is primarily at the Company’s discretion.

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

Impairment of Long-lived Assets. Long-lived assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value of the asset group may not be recoverable. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the asset group and the fair value of the asset group is below its carrying value. Depending upon the facts and circumstances, when indicators of asset impairment exist, management will test the asset group for impairment through developing a forecast of future undiscounted cash flows expected to be generated by the asset group or by estimating the fair value of assets within the asset group in lieu of detailed cash flow projections. If either the future undiscounted cashflows expected to be generated by the asset group or the fair of the assets within the asset group exceeds the carrying value of the asset group no impairment would be recognized. No impairment test was required during the quarter ended March 31, 2026, or the year ended December 31, 2025 and no impairment charges were recognized during those periods.

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

Revenue Recognition. Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on 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 included in prepaid expenses and other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract.

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

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

Share-based compensation. We measure and record compensation expense for share-based payment awards to employees and outside directors based on estimated grant date fair values. Grant date fair value is determined by averaging the high and low stock price on the grant date. We recognize compensation costs for awards granted over the requisite service period based on the grant date fair value in fee operating expenses and general and administrative expenses on our consolidated statements of operations. During the three months ended March 31, 2026 and 2025, we granted 0 and 0 shares, respectively. For the three months ended March 31, 2026, we recognized expense related to restricted stock unit awards of $19,000 and $28,000 in fee operating expenses and general and administrative expenses, respectively. Additionally, we recognize forfeitures of share-based compensation as they occur.

Risks and Uncertainties. The Company’s ability to be profitable in the future will depend on many factors beyond its control, but primarily on the level of demand for land-based seismic data acquisition services by oil and natural gas exploration and development companies. The Company generated net income of $7.7 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had $1.4 million in cash, and a positive working capital balance of $0.4 million. We believe that our cash flows from operations, and our current financial position are adequate to fund our continued operations.

Recently Issued Accounting Pronouncements

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

In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient to simplify the application of Topic 326, Financial Instruments - Credit Losses, to current accounts receivable and current contract assets arising from revenue transactions accounted for under topic 606, Revenue from Contracts with Customers. This ASU was implemented January 1, 2026, and did not have a material impact on our disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU intends to improve the guidance for interim reporting and clarify when that guidance is applicable. ASU 2025-11 provides a comprehensive list of required disclosures and also requires entities to disclose events since the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-11 on its financial statements and related disclosures.

DEBT - Aggregate maturities of finance leases (net of imputed interest) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Aggregate maturities of finance leases
April 2026 - March 2027	$ 1,238
April 2027 - March 2028	919
April 2028 - March 2029	387
April 2029 - March 2030	99
Obligations under finance leases	$ 2,643	$ 2,600
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)	13.33%

OPERATING SEGMENTS - Income statement by operating segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating revenues
Operating revenues	$ 36,699	$ 16,078
Operating costs:
Operating expenses	23,621	11,779
General and administrative	2,941	1,994
Depreciation and amortization	1,997	1,271
Total operating costs	28,559	15,044
Income from operations	8,140	1,034
Other income (expense):
Interest income	9	4
Interest expense	(501)	(76)
Other income (expense), net	23	33
Income before income tax	7,671	995
Income tax expense	(10)	(3)
Net income	7,661	992
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation	(186)	(30)
Comprehensive income	7,475	962
Adjusted EBITDA	10,855	2,338
Fee revenue
Operating revenues
Operating revenues	32,508	15,259
Operating costs:
Operating expenses	19,430	10,960
Reimbursable revenue
Operating revenues
Operating revenues	4,191	819
Operating costs:
Operating expenses	4,191	819
USA Operations
Operating revenues
Operating revenues	24,873	3,296
Operating costs:
Operating expenses	17,890	5,185
General and administrative	2,476	1,555
Depreciation and amortization	1,766	1,077
Total operating costs	22,132	7,817
Income from operations	2,741	(4,521)
Other income (expense):
Interest income	6
Interest expense	(484)	(63)
Other income (expense), net	23	41
Income before income tax	2,286	(4,543)
Income tax expense	(10)	(3)
Net income	2,276	(4,546)
Other Comprehensive loss:
Comprehensive income	2,276	(4,546)
Adjusted EBITDA	5,225	(3,403)
USA Operations \| Fee revenue
Operating revenues
Operating revenues	20,865	2,726
Operating costs:
Operating expenses	13,882	4,615
USA Operations \| Reimbursable revenue
Operating revenues
Operating revenues	4,008	570
Operating costs:
Operating expenses	4,008	570
Canada Operations
Operating revenues
Operating revenues	11,826	12,782
Operating costs:
Operating expenses	5,731	6,594
General and administrative	465	439
Depreciation and amortization	231	194
Total operating costs	6,427	7,227
Income from operations	5,399	5,555
Other income (expense):
Interest income	3	4
Interest expense	(17)	(13)
Other income (expense), net		(8)
Income before income tax	5,385	5,538
Net income	5,385	5,538
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation	(186)	(30)
Comprehensive income	5,199	5,508
Adjusted EBITDA	5,630	5,741
Canada Operations \| Fee revenue
Operating revenues
Operating revenues	11,643	12,533
Operating costs:
Operating expenses	5,548	6,345
Canada Operations \| Reimbursable revenue
Operating revenues
Operating revenues	183	249
Operating costs:
Operating expenses	$ 183	$ 249

LEASES

3 Months Ended

Mar. 31, 2026

LEASES

LEASES

7. LEASES

The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland and Plano Texas, and Calgary, Alberta. There have been no material changes to our other leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on March 31, 2026.

Maturities of lease liabilities as of March 31, 2026, are as follows (in thousands):


	Operating Leases		Finance Leases
April 2026 - March 2027	$	1,232	$	1,384
April 2027 - March 2028		736		984
April 2028 - March 2029		675		405
April 2029 - March 2030		605		101
April 2030 - March 2031		—		—
Thereafter		—		—
Total payments under lease agreements		3,248		2,874

Less imputed interest		(313)		(231)

Total lease liabilities	$	2,935	$	2,643

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

LEASES

Schedule of maturities of lease liabilities - operating leases

Maturities of lease liabilities as of March 31, 2026, are as follows (in thousands):


	Operating Leases		Finance Leases
April 2026 - March 2027	$	1,232	$	1,384
April 2027 - March 2028		736		984
April 2028 - March 2029		675		405
April 2029 - March 2030		605		101
April 2030 - March 2031		—		—
Thereafter		—		—
Total payments under lease agreements		3,248		2,874

Less imputed interest		(313)		(231)

Total lease liabilities	$	2,935	$	2,643

Schedule of maturities of lease liabilities - finance leases

Maturities of lease liabilities as of March 31, 2026, are as follows (in thousands):


	Operating Leases		Finance Leases
April 2026 - March 2027	$	1,232	$	1,384
April 2027 - March 2028		736		984
April 2028 - March 2029		675		405
April 2029 - March 2030		605		101
April 2030 - March 2031		—		—
Thereafter		—		—
Total payments under lease agreements		3,248		2,874

Less imputed interest		(313)		(231)

Total lease liabilities	$	2,935	$	2,643

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary of balances of and changes in contract assets
Beginning Balance	$ 7,477	$ 1,570
Revenue recognized in the current year that was included in the beginning balance	(7,352)	(1,568)
Current period unearned revenue related to uncompleted contracts at quarter end	6,245	1,721
Ending Balance	$ 6,370	$ 1,723

OPERATING SEGMENTS (Details)	3 Months Ended
OPERATING SEGMENTS (Details)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
OPERATING SEGMENTS
Number of reportable segments \| segment	2
Management charges incurred by the U.S. segment but allocated to the Canadian segment \| $	$ 138,000	$ 160,000

NET INCOME PER SHARE

3 Months Ended

Mar. 31, 2026

NET INCOME PER SHARE

NET INCOME PER SHARE

9. NET INCOME PER SHARE

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

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


		Three Months Ended March 31,
		2026			2025
Net income		$	7,661		$	992
Weighted average common shares outstanding
Basic			31,052,840			30,983,445
Dilutive common stock options, restricted stock unit awards and restricted stock awards			54,980			51,744
Diluted			31,107,820			31,035,189
Basic income per share of common stock		$	0.25		$	0.03
Diluted income per share of common stock		$	0.25		$	0.03

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 7,661,000	$ 992,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,997,000	1,271,000
Non-cash operating lease cost	191,000	250,000
Non-cash compensation	47,000	44,000
Bad debt expense	0	177,000
Gain on disposal of assets	(93,000)	(185,000)
Other	(13,000)	11,000
Change in operating assets and liabilities:
Increase in accounts receivable	(10,207,000)	(1,259,000)
Decrease in prepaid expenses and other assets	640,000	161,000
(Decrease) increase in accounts payable	(437,000)	516,000
Increase (decrease) in accrued liabilities	1,121,000	(107,000)
Decrease in operating lease liabilities	(265,000)	(272,000)
(Decrease) increase in deferred revenue	(1,107,000)	153,000
Net cash (used in) provided by operating activities	(465,000)	1,752,000
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(1,433,000)
Proceeds from disposal of assets	93,000	185,000
Net cash (used in) provided by investing activities	(1,340,000)	185,000
Cash flows from financing activities:
Principal payments on notes payable	(1,413,000)	(440,000)
Principal payments on finance leases	(274,000)	(191,000)
Borrowings on line of credit (related party)	4,250,000
Repayments on line of credit (related party)	(4,250,000)
Net cash used in financing activities	(1,687,000)	(631,000)
Effect of exchange rate changes on cash and cash equivalents	(41,000)	(26,000)
Net (decrease) increase in cash and cash equivalents	(3,533,000)	1,280,000
Cash and cash equivalents at beginning of period	4,907,000	1,385,000
Cash and cash equivalents at end of period	1,374,000	2,665,000
Supplemental cash flow information:
Cash paid for interest	383,000	65,000
Non-cash operating, investing and financing activities:
Finance leases incurred	361,000
Increase in right-of-use assets and operating lease liabilities	106,000
Financed equipment purchases	2,698,000
Financed insurance premiums	$ 128,000	$ 1,746,000

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

At March 31, 2026 and December 31, 2025, the Company’s financial instruments included cash and cash equivalents, accounts receivable, other current assets, accounts payable, other current liabilities, notes payable, finance leases and operating lease liabilities. Due to the short-term maturities of cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the notes payable approximate their fair value based on comparisons with the prevailing market interest rate. The fair values of the Company’s notes payable are level 2 measurements in the fair value hierarchy.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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+ Details

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective tax rate (as percent)	0.10%	0.30%

ORGANIZATION AND NATURE OF OPERATIONS

3 Months Ended

Mar. 31, 2026

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

1. ORGANIZATION AND NATURE OF OPERATIONS

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies
Threshold period of past due (in days)	90 days
Credit losses incurred	$ 0	$ 177,000
Allowance for credit losses	250,000		$ 250,000
Impairment of long-lived assets	$ 0		0
Practical expedient, financing component	true
Granted (in shares)	0	0
Net Income (Loss)	$ 7,661,000	$ 992,000
Cash	1,374,000	$ 2,665,000	$ 4,907,000	$ 1,385,000
Working capital	400,000
Fee operating expenses \| Restricted stock units
Summary of Significant Accounting Policies
Stock-based compensation expense	19,000
General and administrative expenses \| Restricted stock units
Summary of Significant Accounting Policies
Stock-based compensation expense	$ 28,000

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

DEBT

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

The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of March 31, 2026, and December 31, 2025:


		March 31, 2026			December 31, 2025
Geospace Notes payable
Aggregate principal amount outstanding		$	16,142		$	14,731
Interest rate of 8.75%

Schedule of aggregate maturities of notes payable

The aggregate maturities of notes payable as of March 31, 2026, are as follows (in thousands):

Schedule of aggregate maturities of finance leases

The aggregate maturities of finance leases (net of imputed interest) as of March 31, 2026, are as follows (in thousands):


April 2026 - March 2027	$	1,238
April 2027 - March 2028		919
April 2028 - March 2029		387
April 2029 - March 2030		99
April 2030 - March 2031		—
Obligations under finance leases	$	2,643

- 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

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+ Details

DEBT - Aggregate maturities of notes payable (Details) - Notes payable $ in Thousands	Mar. 31, 2026 USD ($)
Notes payable
April 2026 - March 2027	$ 6,081
April 2027 - March 2028	6,244
April 2028 - March 2029	4,077
Obligations under notes payable	$ 16,402

- Definition

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

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

8. COMMITMENTS AND CONTINGENCIES

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

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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,374	$ 4,907
Short-term investments	370	370
Accounts receivable, net	19,440	9,389
Prepaid expenses and other current assets	6,667	7,169
Total current assets	27,851	21,835
Property and equipment	253,620	254,017
Less accumulated depreciation	(220,373)	(223,242)
Property and equipment, net	33,247	30,775
Operating lease right-of-use assets	2,939	3,036
Intangibles, net	359	364
Total assets	64,396	56,010
Current liabilities:
Accounts payable	9,127	9,578
Accrued liabilities:
Payroll costs and other taxes	2,211	1,474
Other	1,361	994
Deferred revenue	6,370	7,477
Current maturities of notes payable and finance leases	7,319	6,232
Current maturities of operating lease liabilities	1,087	1,082
Total current liabilities	27,475	26,837
Long-term liabilities:
Notes payable and finance leases, net of current maturities	11,726	11,324
Operating lease liabilities, net of current maturities	1,848	2,024
Deferred tax liabilities, net	17	17
Total liabilities	41,066	40,202
Commitments and contingencies
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 shares issued and outstanding at March 31, 2026 and December 31, 2025	311	311
Additional paid-in capital	157,201	157,154
Accumulated deficit	(131,899)	(139,560)
Accumulated other comprehensive loss, net	(2,283)	(2,097)
Total stockholders' equity	23,330	15,808
Total liabilities and stockholders' equity	$ 64,396	$ 56,010

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating Leases
April 2026 - March 2027	$ 1,232
April 2027 - March 2028	736
April 2028 - March 2029	675
April 2029 - March 2030	605
Total payments under lease agreements	3,248
Less imputed interest	(313)
Total lease liabilities	2,935
Finance Leases
April 2026 - March 2027	1,384
April 2027 - March 2028	984
April 2028 - March 2029	405
April 2029 - March 2030	101
Total payments under lease agreements	2,874
Less imputed interest	(231)
Total lease liabilities	$ 2,643	$ 2,600

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating revenues	$ 36,699	$ 16,078
Operating expenses
Total operating expenses	23,621	11,779
General and administrative	2,941	1,994
Depreciation and amortization	1,997	1,271
Total operating costs	28,559	15,044
Income from operations	8,140	1,034
Other income (expense):
Interest income	9	4
Interest expense	(501)	(76)
Other income, net	23	33
Income before income tax	7,671	995
Income tax expense	(10)	(3)
Net income	7,661	992
Other comprehensive income (loss):
Net unrealized loss on foreign exchange rate translation	(186)	(30)
Comprehensive income	$ 7,475	$ 962
Basic income per share of common stock (in dollars per share)	$ 0.25	$ 0.03
Diluted income per share of common stock (in dollars per share)	$ 0.25	$ 0.03
Weighted average equivalent common shares outstanding (in shares)	31,052,840	30,983,445
Weighted average equivalent common shares outstanding - assuming dilution (in shares)	31,107,820	31,035,189
Fee Revenue
Operating revenues	$ 32,508	$ 15,259
Operating expenses
Total operating expenses	19,430	10,960
Reimbursable Revenue
Operating revenues	4,191	819
Operating expenses
Total operating expenses	$ 4,191	$ 819

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Deferred Costs and unbilled receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary of balances of and changes in contract assets
Beginning Balance	$ 4	$ 391
Billings and costs recognized in the current year that were included in the beginning balance	(3,738)	(391)
Unbilled receivables and deferred costs incurred related to uncompleted contracts at quarter end	7,013	728
Ending Balance	$ 3,279	$ 728

DEBT

3 Months Ended

Mar. 31, 2026

DEBT

DEBT

6. 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 three months ended March 31, 2026, the Company borrowed and repaid approximately $4.3 million on this revolving credit note. As of March 31, 2026 the amount available to draw on this revolving credit note was approximately $4.5 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 March 31, 2026, the Company has one letter of credit in the amount of $370,000 to support our insurance policies. The letter of credit is secured by a certificate of deposit with First Financial Bank.

Other Indebtedness

As of March 31, 2026 the Company has six Geospace Notes payable related to equipment purchases discussed in Note 3, totaling $16.1 million.

As of March 31, 2026, the Company has three notes payable to finance companies for various insurance premiums totaling $260,000.

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 March 31, 2026 and December 31, 2025 include finance lease liabilities of $2.6 million and $2.6 million, respectively.

Maturities and Interest Rates of Debt

The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of March 31, 2026, and December 31, 2025:


		March 31, 2026			December 31, 2025
Geospace Notes payable
Aggregate principal amount outstanding		$	16,142		$	14,731
Interest rate of 8.75%

The aggregate maturities of notes payable as of March 31, 2026, are as follows (in thousands):

The aggregate maturities of finance leases (net of imputed interest) as of March 31, 2026, are as follows (in thousands):


April 2026 - March 2027	$	1,238
April 2027 - March 2028		919
April 2028 - March 2029		387
April 2029 - March 2030		99
April 2030 - March 2031		—
Obligations under finance leases	$	2,643

Interest rates on these leases range from 4.86% to 13.33%.

- 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

OPERATING SEGMENTS

Schedule of income statements by operating segment

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


	Three Months Ended March 31, 2026
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	20,865	$	11,643	$	32,508
Reimbursable revenue		4,008		183		4,191
		24,873		11,826		36,699

Operating costs:
Fee operating expenses		13,882		5,548		19,430
Reimbursable operating expenses		4,008		183		4,191
Operating expenses		17,890		5,731		23,621
General and administrative		2,476		465		2,941
Depreciation and amortization		1,766		231		1,997
		22,132		6,427		28,559

Income from operations		2,741		5,399		8,140

Other income (expense):
Interest income		6		3		9
Interest expense		(484)		(17)		(501)
Other income (expense), net		23		—		23
Income before income tax		2,286		5,385		7,671
Income tax expense		(10)		—		(10)
Net income	$	2,276	$	5,385	$	7,661
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation		-		(186)		(186)
Comprehensive income	$	2,276	$	5,199	$	7,475

Adjusted EBITDA	$	5,225	$	5,630	$	10,855


	Three Months Ended March 31, 2025
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	2,726	$	12,533	$	15,259
Reimbursable revenue		570		249		819
		3,296		12,782		16,078

Operating costs:
Fee operating expenses		4,615		6,345		10,960
Reimbursable operating expenses		570		249		819
Operating expenses		5,185		6,594		11,779
General and administrative		1,555		439		1,994
Depreciation and amortization		1,077		194		1,271
		7,817		7,227		15,044

(Loss) income from operations		(4,521)		5,555		1,034

Other income (expense):
Interest income		—		4		4
Interest expense		(63)		(13)		(76)
Other income (expense), net		41		(8)		33
(Loss) income before income tax		(4,543)		5,538		995
Income tax expense		(3)		—		(3)
Net (loss) income	$	(4,546)	$	5,538	$	992
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation		—		(30)		(30)
Comprehensive (loss) income	$	(4,546)	$	5,508	$	962

Adjusted EBITDA	$	(3,403)	$	5,741	$	2,338

Schedule of total assets by operating segment

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


		March 31,		December 31,
		2026		2025
Total Assets
United States		$	48,650	$	48,577
Canada			15,746		7,433
Total Assets		$	64,396	$	56,010

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



		March 31,		December 31,
		2026		2025
Net Property and Equipment
United States		$	31,399	$	28,683
Canada			1,848		2,092
Total		$	33,247	$	30,775


		March 31,		March 31,
		2026		2025
Capital Expenditures
United States		$	4,484	$	—
Canada			8		—
Total Capital Expenditures		$	4,492	$	—


		March 31,		December 31,
		2026		2025
Net Operating Right-of-use Assets
United States		$	2,068	$	2,093
Canada			871		943
Total		$	2,939	$	3,036

Schedule of reconciliation of the Company's Adjusted EBITDA to net income (loss) and to net cash provided by (used in) operating activities

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


	Three Months Ended March 31,
	2026 US		2026 CA		2026 Consol.		2025 US		2025 CA		2025 Consol.
Net income (loss)	$	2,276	$	5,385	$	7,661	$	(4,546)	$	5,538	$	992
Depreciation and amortization		1,766		231		1,997		1,077		194		1,271
Interest expense (income), net		478		14		492		63		9		72
Income tax expense		10		—		10		3		—		3
EBITDA		4,530		5,630		10,160		(3,403)		5,741		2,338
Strategic transaction costs		695		—		695		—		—		—
Adjusted EBITDA	$	5,225	$	5,630	$	10,855	$	(3,403)	$	5,741	$	2,338


	Three Months Ended March 31,
	2026 US		2026 CA		2026 Consol.		2025 US		2025 CA		2025 Consol.
Net cash provided by (used in) operating activities	$	1,899	$	(2,364)	$	(465)	$	1,544	$	208	$	1,752
Changes in working capital and other items		2,809		8,054		10,863		(4,530)		5,587		1,057
Non-cash adjustments to net income (loss)		(178)		(60)		(238)		(417)		(54)		(471)
EBITDA		4,530		5,630		10,160		(3,403)		5,741		2,338
Strategic transaction costs		695		—		695		—		—		—
Adjusted EBITDA	$	5,225	$	5,630	$	10,855	$	(3,403)	$	5,741	$	2,338

DEBT - Aggregate principal amount of outstanding notes payable and the interest rates (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Aug. 31, 2025
Debt
Aggregate principal amount outstanding	$ 16,100
Geospace Notes payable
Debt
Aggregate principal amount outstanding	$ 16,142	$ 14,731
Interest rate (as a percent)	8.75%	8.75%	8.75%
Notes payable to finance companies for insurance
Debt
Aggregate principal amount outstanding	$ 260	$ 258
Notes payable to finance companies for insurance \| Minimum
Debt
Interest rate (as a percent)	6.60%	6.60%
Notes payable to finance companies for insurance \| Maximum
Debt
Interest rate (as a percent)	7.49%	7.49%

- 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

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 13, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,052,840
Entity Central Index Key	0000799165
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	4,000,000	4,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	31,052,840	31,052,840
Common stock, shares outstanding	31,052,840	31,052,840

OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2026

OPERATING SEGMENTS

OPERATING SEGMENTS

5. OPERATING SEGMENTS

The Company’s chief operating decision maker (President and Chief Executive Officer) reviews the discrete segment financial information on a geographic basis for the U.S. operations and Canada Operations. As a result, our business has two reportable segments, 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 expenses or severance expenses.

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 $138,000 and $160,000 for the three months ended March 31, 2026 and 2025, respectively.

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


	Three Months Ended March 31, 2026
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	20,865	$	11,643	$	32,508
Reimbursable revenue		4,008		183		4,191
		24,873		11,826		36,699

Operating costs:
Fee operating expenses		13,882		5,548		19,430
Reimbursable operating expenses		4,008		183		4,191
Operating expenses		17,890		5,731		23,621
General and administrative		2,476		465		2,941
Depreciation and amortization		1,766		231		1,997
		22,132		6,427		28,559

Income from operations		2,741		5,399		8,140

Other income (expense):
Interest income		6		3		9
Interest expense		(484)		(17)		(501)
Other income (expense), net		23		—		23
Income before income tax		2,286		5,385		7,671
Income tax expense		(10)		—		(10)
Net income	$	2,276	$	5,385	$	7,661
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation		-		(186)		(186)
Comprehensive income	$	2,276	$	5,199	$	7,475

Adjusted EBITDA	$	5,225	$	5,630	$	10,855


	Three Months Ended March 31, 2025
	USA Operations		Canada Operations		Consolidated
Operating revenues
Fee revenue	$	2,726	$	12,533	$	15,259
Reimbursable revenue		570		249		819
		3,296		12,782		16,078

Operating costs:
Fee operating expenses		4,615		6,345		10,960
Reimbursable operating expenses		570		249		819
Operating expenses		5,185		6,594		11,779
General and administrative		1,555		439		1,994
Depreciation and amortization		1,077		194		1,271
		7,817		7,227		15,044

(Loss) income from operations		(4,521)		5,555		1,034

Other income (expense):
Interest income		—		4		4
Interest expense		(63)		(13)		(76)
Other income (expense), net		41		(8)		33
(Loss) income before income tax		(4,543)		5,538		995
Income tax expense		(3)		—		(3)
Net (loss) income	$	(4,546)	$	5,538	$	992
Other Comprehensive loss:
Net unrealized loss on foreign exchange rate translation		—		(30)		(30)
Comprehensive (loss) income	$	(4,546)	$	5,508	$	962

Adjusted EBITDA	$	(3,403)	$	5,741	$	2,338

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


		March 31,		December 31,
		2026		2025
Total Assets
United States		$	48,650	$	48,577
Canada			15,746		7,433
Total Assets		$	64,396	$	56,010



		March 31,		December 31,
		2026		2025
Net Property and Equipment
United States		$	31,399	$	28,683
Canada			1,848		2,092
Total		$	33,247	$	30,775


		March 31,		March 31,
		2026		2025
Capital Expenditures
United States		$	4,484	$	—
Canada			8		—
Total Capital Expenditures		$	4,492	$	—


		March 31,		December 31,
		2026		2025
Net Operating Right-of-use Assets
United States		$	2,068	$	2,093
Canada			871		943
Total		$	2,939	$	3,036

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


	Three Months Ended March 31,
	2026 US		2026 CA		2026 Consol.		2025 US		2025 CA		2025 Consol.
Net income (loss)	$	2,276	$	5,385	$	7,661	$	(4,546)	$	5,538	$	992
Depreciation and amortization		1,766		231		1,997		1,077		194		1,271
Interest expense (income), net		478		14		492		63		9		72
Income tax expense		10		—		10		3		—		3
EBITDA		4,530		5,630		10,160		(3,403)		5,741		2,338
Strategic transaction costs		695		—		695		—		—		—
Adjusted EBITDA	$	5,225	$	5,630	$	10,855	$	(3,403)	$	5,741	$	2,338


	Three Months Ended March 31,
	2026 US		2026 CA		2026 Consol.		2025 US		2025 CA		2025 Consol.
Net cash provided by (used in) operating activities	$	1,899	$	(2,364)	$	(465)	$	1,544	$	208	$	1,752
Changes in working capital and other items		2,809		8,054		10,863		(4,530)		5,587		1,057
Non-cash adjustments to net income (loss)		(178)		(60)		(238)		(417)		(54)		(471)
EBITDA		4,530		5,630		10,160		(3,403)		5,741		2,338
Strategic transaction costs		695		—		695		—		—		—
Adjusted EBITDA	$	5,225	$	5,630	$	10,855	$	(3,403)	$	5,741	$	2,338

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

3 Months Ended

Mar. 31, 2026

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

11. SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

Deferred Revenue

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


	2026		2025

Beginning Balance	$	7,477	$	1,570
Revenue recognized in the current year that was included in the beginning balance		(7,352)		(1,568)
Current period unearned revenue related to uncompleted contracts at quarter end		6,245		1,721
Ending Balance	$	6,370	$	1,723

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):


	2026		2025

Beginning Balance	$	4	$	391
Billings and costs recognized in the current year that were included in the beginning balance		(3,738)		(391)
Unbilled receivables and deferred costs incurred related to uncompleted contracts at quarter end		7,013		728
Ending Balance	$	3,279	$	728

Accounts Receivable

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


	2026		2025

Beginning Balance	$	9,360	$	9,921
Ending Balance	$	19,408	$	11,007

Related Party Transactions

For the three months ended March 31, 2026, the Company incurred related party expenses totaling approximately $52,000. These are charges by various commonly controlled companies of Wilks Brothers, LLC, the holder of approximately 79% of the Company’s outstanding stock. All transactions for the year consisted of interest charges related to our Equify revolving credit note, further discussed in Note 6. As of March 31, 2026, the Company had no outstanding related party accounts payable.

For the three months ended March 31, 2025, the Company incurred related party expenses totaling approximately $74,000. All transactions consisted of trucking charges.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

EQUIPMENT PURCHASE AGREEMENT

3 Months Ended

Mar. 31, 2026

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 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.

During the three months ended March, 31, 2026, we paid the remaining cash payment of $0.9 million and entered into the final Geospace note for $2.7 million. As of March 31, 2026, the Company has taken delivery of all the contracted equipment and issued six Geospace Notes with an aggregate principal of approximately $18.2 million, with $16.1 million outstanding at March 31, 2026.

OPERATING SEGMENTS - Reconciliation of the Company Adjusted EBITDA to net cash provided by (used in) operating activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reconciliation
Net cash provided by (used in) operating activities	$ (465)	$ 1,752
Changes in working capital and other items	10,863	1,057
Non-cash adjustments to net income (loss)	(238)	(471)
EBITDA	10,160	2,338
Strategic transaction costs	695
Adjusted EBITDA	10,855	2,338
United States
Reconciliation
Net cash provided by (used in) operating activities	1,899	1,544
Changes in working capital and other items	2,809	(4,530)
Non-cash adjustments to net income (loss)	(178)	(417)
EBITDA	4,530	(3,403)
Strategic transaction costs	695
Adjusted EBITDA	5,225	(3,403)
Canada
Reconciliation
Net cash provided by (used in) operating activities	(2,364)	208
Changes in working capital and other items	8,054	5,587
Non-cash adjustments to net income (loss)	(60)	(54)
EBITDA	5,630	5,741
Adjusted EBITDA	$ 5,630	$ 5,741

NET INCOME PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

NET INCOME PER SHARE

Schedule of computation of basic and diluted income per share

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


		Three Months Ended March 31,
		2026			2025
Net income		$	7,661		$	992
Weighted average common shares outstanding
Basic			31,052,840			30,983,445
Dilutive common stock options, restricted stock unit awards and restricted stock awards			54,980			51,744
Diluted			31,107,820			31,035,189
Basic income per share of common stock		$	0.25		$	0.03
Diluted income per share of common stock		$	0.25		$	0.03

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
Beginning Balance	$ 9,360	$ 11,007	$ 9,921
Ending Balance	$ 19,408	$ 9,360	$ 11,007

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The December 31, 2025, balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Principles of Consolidation	Principles of Consolidation. The condensed consolidated financial statements as of March 31, 2026, and December 31, 2025,and for the three months ended March 31, 2026, and 2025, include the accounts of the Company and its wholly-owned subsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC, and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.
Dividends	Dividends. The Company records dividends declared as an addition to accumulated deficit when declaration of such dividends is not subject to restrictions in the jurisdictions in which the Company operates, or in conflict with information in the Company’s bylaws.
Allowance for Current Expected Credit Losses	Allowance for Current Expected Credit Losses. The Company’s allowance for credit losses reflects its current estimate expected to be incurred over the life of the financial instrument and is determined based on a number of factors. Management determines the need for any allowance for credit losses on accounts receivable based on its review of past-due accounts, its past experience of historical write-offs, its current client base, when customer accounts exceed 90 days past due and specific customer account reviews. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. with the adoption of ASU No. 2016-13 in 2020, the Company made an accounting policy election to write off accrued interest amounts by reversing interest income. For the three months ended March 31, 2026, the Company incurred no credit losses. For the three months ended March 31, 2025 the Company incurred $177,000 of credit losses. The Company's allowance for credit losses was $250,000 at March 31, 2026 and December 31, 2025.
Leases	Leases. The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as a finance lease or an operating lease for financial reporting purposes. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under finance leases are amortized using the straight-line method over the initial lease term. Amortization of assets under finance leases is included in depreciation expense. For operating leases, where readily determinable, the Company uses the implicit interest rate in determining the present value of future minimum lease payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate. The right-of-use assets are amortized to operating lease cost over the lease terms in a manner that results in straight-line operating lease cost and is included in operating expense. Several of the Company’s leases include options to renew and the exercise of lease renewal options is primarily at the Company’s discretion.
Property and Equipment	Property and Equipment. Property and equipment is capitalized at historical cost or the fair value of assets acquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period.
Impairment of Long-Lived Assets	Impairment of Long-lived Assets. Long-lived assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value of the asset group may not be recoverable. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the asset group and the fair value of the asset group is below its carrying value. Depending upon the facts and circumstances, when indicators of asset impairment exist, management will test the asset group for impairment through developing a forecast of future undiscounted cash flows expected to be generated by the asset group or by estimating the fair value of assets within the asset group in lieu of detailed cash flow projections. If either the future undiscounted cashflows expected to be generated by the asset group or the fair of the assets within the asset group exceeds the carrying value of the asset group no impairment would be recognized. No impairment test was required during the quarter ended March 31, 2026, or the year ended December 31, 2025 and no impairment charges were recognized during those periods.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements. Preparation of the accompanying financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition. Services are provided under cancelable service contracts which usually have an original expected duration of one year or less. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues as the services are performed. Revenue is generally recognized based on 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 included in prepaid expenses and other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on certain qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. Additionally, the Company’s policy includes (i) ignoring the financing component when estimating the transaction price for service contracts completed within one year, (ii) excluding sales tax collected from the customer when determining the transaction price, and (iii) expensing incremental costs to obtain a customer contract if the amortization period for those costs would otherwise be one year or less. See note 5 for additional disclosures related to disaggregated revenue.
Share-based compensation	Share-based compensation. We measure and record compensation expense for share-based payment awards to employees and outside directors based on estimated grant date fair values. Grant date fair value is determined by averaging the high and low stock price on the grant date. We recognize compensation costs for awards granted over the requisite service period based on the grant date fair value in fee operating expenses and general and administrative expenses on our consolidated statements of operations. During the three months ended March 31, 2026 and 2025, we granted 0 and 0 shares, respectively. For the three months ended March 31, 2026, we recognized expense related to restricted stock unit awards of $19,000 and $28,000 in fee operating expenses and general and administrative expenses, respectively. Additionally, we recognize forfeitures of share-based compensation as they occur.
Risks and uncertainties	Risks and Uncertainties. The Company’s ability to be profitable in the future will depend on many factors beyond its control, but primarily on the level of demand for land-based seismic data acquisition services by oil and natural gas exploration and development companies. The Company generated net income of $7.7 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had $1.4 million in cash, and a positive working capital balance of $0.4 million. We believe that our cash flows from operations, and our current financial position are adequate to fund our continued operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, ASU 2024-03 enhances the disclosures required for certain expense captions in the Company's annual and interim consolidated financial statements. This ASU is effective prospectively or retrospectively for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient to simplify the application of Topic 326, Financial Instruments - Credit Losses, to current accounts receivable and current contract assets arising from revenue transactions accounted for under topic 606, Revenue from Contracts with Customers. This ASU was implemented January 1, 2026, and did not have a material impact on our disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU intends to improve the guidance for interim reporting and clarify when that guidance is applicable. ASU 2025-11 provides a comprehensive list of required disclosures and also requires entities to disclose events since the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-11 on its financial statements and related disclosures.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,661	$ 992

- Definition

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

+ References

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NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
NET INCOME PER SHARE
Net Income (Loss)	$ 7,661	$ 992
Weighted average common shares outstanding
Basic (in shares)	31,052,840	30,983,445
Dilutive common stock options, restricted stock unit awards and restricted stock awards	54,980	51,744
Diluted (in shares)	31,107,820	31,035,189
Basic income per share of common stock (in dollars per share)	$ 0.25	$ 0.03
Diluted income per share of common stock (in dollars per share)	$ 0.25	$ 0.03

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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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-SubTopic 10
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-Section 45
-Paragraph 7
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+ Details

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance at beginning of period at Dec. 31, 2024	$ 310	$ 157,073	$ (137,619)	$ (2,483)	$ 17,281
Balance at beginning of period (in shares) at Dec. 31, 2024	30,983,437
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			992		992
Unrealized loss on foreign exchange rate translation				(30)	(30)
Stock-based compensation expense		44			44
Issuance of common stock as compensation (in shares)	1,050
Shares exchanged for taxes on stock-based compensation (in shares)	(325)
Balance at end of period at Mar. 31, 2025	$ 310	157,117	(136,627)	(2,513)	18,287
Balance at end of period (in shares) at Mar. 31, 2025	30,984,162
Balance at beginning of period at Dec. 31, 2025	$ 311	157,154	(139,560)	(2,097)	$ 15,808
Balance at beginning of period (in shares) at Dec. 31, 2025	31,052,840				31,052,840
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			7,661		$ 7,661
Unrealized loss on foreign exchange rate translation				(186)	(186)
Stock-based compensation expense		47			47
Balance at end of period at Mar. 31, 2026	$ 311	$ 157,201	$ (131,899)	$ (2,283)	$ 23,330
Balance at end of period (in shares) at Mar. 31, 2026	31,052,840				31,052,840

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

For the three months ended March 31, 2026 and 2025, the Company’s effective tax rates were 0.1% and 0.3%, respectively. The Company’s nominal effective tax rate for the periods above was due to the presence of net operating loss carryovers and adjustments to the valuation allowance on deferred tax assets.

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

The Company has recorded valuation allowances against the associated deferred tax assets for the amounts it deems are not more likely than not realizable. Based on management’s belief that not all the net operating losses are realizable, a federal valuation allowance and additional state valuation allowances were maintained during the three months ended March 31, 2026 and, 2025. In addition, due to the

Company’s recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the condensed consolidated financial statements. The amount of the valuation allowances considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth.

- Definition

The entire disclosure for income tax.

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+ Details

DEBT (Details)		3 Months Ended
DEBT (Details)	Oct. 31, 2025 USD ($) installment	Mar. 31, 2026 USD ($) item instrument	Dec. 31, 2025 USD ($)
Debt
Debt borrowed		$ 4,250,000
Debt repaid		4,250,000
Finance lease liabilities		$ 2,643,000	$ 2,600,000
Number of notes issued \| item		6
Total notes payable		$ 16,100,000
Equify Revolving Credit Note
Debt
Maximum borrowing capacity	$ 5,035,032
Number of monthly installments \| installment	36
Monthly installment of principal amount	$ 139,862
Interest rate of loans outstanding	13.00%
Debt borrowed		4,300,000
Debt repaid		4,300,000
Available for withdrawal		4,500,000
Outstanding amount		$ 0
Borrowers prepay rate without prepayment fee (as a percent)	75.00%
Letters of Credit
Debt
Number of letters of credit \| instrument		1
Amount of letter of credit outstanding		$ 370,000
Geospace notes payable
Debt
Number of notes issued \| instrument		6
Total notes payable		$ 16,142,000	14,731,000
Notes payable to finance companies for insurance
Debt
Number of outstanding notes payable \| instrument		3
Total notes payable		$ 260,000	$ 258,000
Total insurance premiums		$ 260,000

OPERATING SEGMENTS - Company's total assets net property and equipment, capital expenditures and operating right of use assets disaggregated by operating segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Segments
Total Assets	$ 64,396	$ 56,010
Net Property and Equipment	33,247	30,775
Capital Expenditures	4,492
Net Operating Right-of-use Assets	2,939	3,036
United States
Segments
Total Assets	48,650	48,577
Net Property and Equipment	31,399	28,683
Capital Expenditures	4,484
Net Operating Right-of-use Assets	2,068	2,093
Canada
Segments
Total Assets	15,746	7,433
Net Property and Equipment	1,848	2,092
Capital Expenditures	8
Net Operating Right-of-use Assets	$ 871	$ 943

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details