Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to €4.88, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 229% over the past three years. New Risk • Jun 25
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 63% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risk High level of debt (63% net debt to equity). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.62, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 14x in the Energy Services industry in Europe. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €3.50, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 13x in the Energy Services industry in Europe. Total returns to shareholders of 121% over the past three years. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Albert Conly was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 28
Dawson Geophysical Company to Report Q4, 2025 Results on Mar 30, 2026 Dawson Geophysical Company announced that they will report Q4, 2025 results After-Market on Mar 30, 2026 Announcement • May 01
Dawson Geophysical Company, Annual General Meeting, Jun 17, 2025 Dawson Geophysical Company, Annual General Meeting, Jun 17, 2025. Announcement • Apr 02
Dawson Geophysical Company announced delayed annual 10-K filing On 04/01/2025, Dawson Geophysical Company announced that they will be unable to file their next 10-K by the deadline required by the SEC. Reported Earnings • Nov 14
Third quarter 2024 earnings released: US$0.18 loss per share (vs US$0.20 loss in 3Q 2023) Third quarter 2024 results: US$0.18 loss per share. Revenue: US$14.4m (down 37% from 3Q 2023). Net loss: US$5.62m (loss widened 8.1% from 3Q 2023). New Risk • Oct 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (€44.1m market cap, or US$48.8m). Reported Earnings • Aug 13
Second quarter 2024 earnings released: US$0.12 loss per share (vs US$0.18 loss in 2Q 2023) Second quarter 2024 results: US$0.12 loss per share (improved from US$0.18 loss in 2Q 2023). Revenue: US$12.5m (down 38% from 2Q 2023). Net loss: US$3.55m (loss narrowed 20% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: US$0.19 (vs US$0.017 loss in 1Q 2023) First quarter 2024 results: EPS: US$0.19 (up from US$0.017 loss in 1Q 2023). Revenue: US$31.6m (up 7.4% from 1Q 2023). Net income: US$5.85m (up US$6.26m from 1Q 2023). Profit margin: 19% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • May 01
Dawson Geophysical Company, Annual General Meeting, Jun 18, 2024 Dawson Geophysical Company, Annual General Meeting, Jun 18, 2024, at 10:00 Central Standard Time. Agenda: To elect five directors to serve until the next annual meeting of shareholders and until their respective successors shall be elected and qualified; to ratify the selection of RSM US LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024; to vote upon a non-binding advisory resolution regarding the compensation of our named executive officers as disclosed in this Proxy Statement; and to transact such other business as may properly come before the meeting and any adjournment thereof. Announcement • Apr 03
Dawson Geophysical Company Declares Special Cash Dividend, Payable on May 6, 2024 Dawson Geophysical Company's Board of Directors announced that they have declared a special cash dividend on the company's common stock of $0.32 per share, payable on May 6, 2024, to stockholders of record as of the close of business on April 22, 2024. The aggregate payment will be approximately $9.9 million. Reported Earnings • Apr 02
Full year 2023 earnings released: US$0.45 loss per share (vs US$0.86 loss in FY 2022) Full year 2023 results: US$0.45 loss per share (improved from US$0.86 loss in FY 2022). Revenue: US$96.8m (up 158% from FY 2022). Net loss: US$12.1m (loss narrowed 41% from FY 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Jan 10
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. Director Emeritus Gary Hoover is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 09
Dawson Geophysical Company, Annual General Meeting, Nov 30, 2023 Dawson Geophysical Company, Annual General Meeting, Nov 30, 2023, at 10:00 US Eastern Standard Time. Agenda: To elect five directors to serve until the next annual meeting of shareholders and until their respective successors shall be elected and qualified; to amend the Restated Articles of Incorporation, as amended, of the Company (the Charter") to remove Section 7(6)(f) requiring a supermajority vote for business combinations; to amend the Charter to permit shareholders to take non-unanimous action by written consent; to ratify the selection of RSM US LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2023; to vote upon a non-binding advisory resolution regarding the compensation of named executive officers as disclosed in this Proxy Statement; and to transact such other business as may properly come before the meeting and any adjournment thereof. Announcement • Dec 10
Dawson Geophysical Company, Annual General Meeting, Dec 20, 2022 Dawson Geophysical Company, Annual General Meeting, Dec 20, 2022, at 10:00 Central Standard Time. Agenda: To elect five directors to serve until the next annual meeting of shareholders and until their respective successors shall be elected and qualified; To ratify the selection of RSM US LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022; and to discuss other mattes. Announcement • Apr 14
Dawson Geophysical Company Announces Board Changes On April 12, 2022, Albert S. Conly and Jose Carlos Fernandes were appointed to the board of directors of Dawson Geophysical Company, effective immediately. The Board also approved the appointment of (i) Mr. Conly and Mr. Fernandes to serve as members of the Audit Committee of the Board (the “Audit Committee”), along with Bruce Bradley who currently serves on the Audit Committee, (ii) Mr. Bradley and Mr. Conly to serve as members of the Compensation Committee of the Board, with Mr. Bradley serving as chair, and (iii) Sergei Krylov and Matt Wilks to serve as members of the Nominating Committee of the Board, with Mr. Krylov serving as chair. The Board has determined that each of Mr. Conly and Mr. Fernandes is “independent” within the meaning of the applicable rules and regulations of the Securities and Exchange Commission and the listing standards of the Nasdaq Stock Market, and that Mr. Conly qualifies as an “audit committee financial expert,” as such term is defined in Item 407(d)(5)(ii) of Regulation S-K. The selection of Mr. Conly and Mr. Fernandes as directors of the Company was not made pursuant to any arrangement or understanding with any other person. There are no family relationships between each of Mr. Conly and Mr. Fernandes and any director or executive officer of the Company and there are no relationships for each of Mr. Conly and Mr. Fernandes that would require disclosure under Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934, as amended. Announcement • Jan 12
Dawson Geophysical Company Shares May Delist from the NASDAQ Wilks Brothers, LLC ("Wilks") announced that WB Acquisitions Inc., a subsidiary of Wilks ("Merger Sub"), Dawson Geophysical Company and Wilks, have agreed to a series of amendments to the Agreement and Plan of Merger, dated October 25, 2021 as amended by Amendment No. 1 dated December 14, 2021 and Amendment No. 2 dated January 4, 2022, by and among Dawson, Wilks and Merger Sub (as so amended, the "Merger Agreement") that are intended to facilitate completion of the Offer and the back end merger. If Merger Sub completes the Merger, Dawson shareholders not tendering their Shares in the Offer (other than Dawson or any of its subsidiaries, the Parent Related Entities or any shareholders who have properly exercised their appraisal rights) will receive cash in an amount equal to the $2.34Offer Price, without interest and less any required withholding taxes. In addition, Dawson, as the surviving corporation in the Merger, will become a subsidiary of Parent and its affiliates, and the Shares will no longer be publicly traded. If Merger Sub does not complete the Merger, then the shareholders of Dawson not tendering in the Offer will not receive any consideration and will become minority shareholders in a company over which Wilks and its affiliates have significant influence. In addition, there may be so few remaining shareholders and publicly traded shares that there will no longer be an active or liquid public trading market for Shares. In addition, Dawson may no longer be required to make filings with the SEC and the number of outstanding shareholders could be reduced to a number which requires delisting of Dawson's shares from the NASDAQ. Reported Earnings • Nov 06
Third quarter 2021 earnings released: US$0.33 loss per share (vs US$0.34 loss in 3Q 2020) The company reported a poor third quarter result with weaker revenues, weaker control over costs and no improvement to losses. Third quarter 2021 results: Revenue: US$1.91m (down 78% from 3Q 2020). Net loss: US$7.87m (flat on 3Q 2020). Reported Earnings • Aug 13
Second quarter 2021 earnings released: US$0.38 loss per share (vs US$0.064 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$193.0k (down 99% from 2Q 2020). Net loss: US$9.02m (down US$10.5m from profit in 2Q 2020). Executive Departure • May 15
Independent Director has left the company On the 11th of May, Craig Cooper's tenure as Independent Director ended after 6.3 years in the role. We don't have any record of a personal shareholding under Craig's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 14
First quarter 2021 earnings released: US$0.22 loss per share (vs US$0.043 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$11.7m (down 70% from 1Q 2020). Net loss: US$5.23m (down US$6.22m from profit in 1Q 2020). Executive Departure • Apr 08
CTO & Executive VP has left the company On the 5th of April, James Thomas' tenure as CTO & Executive VP ended after 6.2 years in the role. As of December 2020, James personally held 67.43k shares (€116k worth at the time). James is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 12
Full year 2020 earnings released: US$0.56 loss per share (vs US$0.66 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: US$86.1m (down 41% from FY 2019). Net loss: US$13.2m (loss narrowed 13% from FY 2019). Announcement • Feb 27
Dawson Geophysical Company to Report Q4, 2020 Results on Mar 11, 2021 Dawson Geophysical Company announced that they will report Q4, 2020 results Pre-Market on Mar 11, 2021 Is New 90 Day High Low • Feb 23
New 90-day high: €2.60 The company is up 60% from its price of €1.62 on 25 November 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 5.0% over the same period. Announcement • Feb 10
Dawson Geophysical Company, Annual General Meeting, May 04, 2021 Dawson Geophysical Company, Annual General Meeting, May 04, 2021. Is New 90 Day High Low • Jan 26
New 90-day high: €2.28 The company is up 31% from its price of €1.74 on 28 October 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €2.14 The company is up 26% from its price of €1.70 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 40% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of US$11.2m, with losses narrowing by 47% from the prior year. Total revenue was US$110.8m over the last 12 months, down 21% from the prior year. 
