道森地探 2025年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit such files).Yes⌧No◻ DAWSON GEOPHYSICAL COMPANYCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) DAWSON GEOPHYSICAL COMPANY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION AND NATURE OF OPERATIONS Dawson Geophysical Company (the “Company”) is a leading provider of North American onshore seismic dataacquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Companyacquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In the opinion of the Company’s management, the condensed consolidated financial statements reflect alladjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Thepreparation of these condensed consolidated financial statements in conformity with U.S. generally acceptedaccounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts These condensed consolidated financial statements have been prepared using accounting principles generallyaccepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules ofRegulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote These condensed consolidated financial statements and accompanying notes should be read in conjunction withthe Company’s annual consolidated financial statements and the notes thereto included in the Company’s AnnualReport on Form 10-K for the year ended December 31, 2024. The December 31, 2024, balance sheet information was Significant Accounting Policies Principles of Consolidation.The condensed consolidated financial statements as of March 31, 2025, and for thethree months ended March 31, 2025, and 2024, include the accounts of the Company and its wholly-ownedsubsidiaries, Dawson Operating LLC, Dawson Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Dividends.The Company records dividends declared as an addition to accumulated deficit when declaration ofsuch dividends is not subject to restrictions in the jurisdictions in which the Company operates, or in conflict with Allowancefor Current Expected Credit Losses.The Company’s allowance for credit losses reflects its currentestimate expected to be incurred over the life of the financial instrument and is determined based on a number offactors. Management determines the need for any allowance for credit losses on accounts receivable based on itsreview of past-due accounts, its past experience of historical write-offs, its current client base, when customeraccounts exceed90 dayspast due and specific customer account reviews. While the collectability of outstandingclient invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift Leases. The Company leases certain vehicles, seismic recording equipment, real property and office equipmentunder lease agreements. The Company evaluates each lease to determine its appropriate classification as a financelease or an operating lease for financial reporting purposes. The assets and liabilities under finance leases arerecorded at the lower of the present value of the minimum lease payments or the fair market value of the related payments. In the absence of an implicit rate, the Company uses its incremental borrowing rate. The right-of-useassets are amortized to operating lease cost over the lease terms in Table of Contents a manner that results in straight-line operating lease cost and is included in operating expense. Several of theCompany’s leases include options to renew and the exercise of lease renewal options is primarily at the Company’s Property and Equipment.Property and equipment is capitalized at historical cost or the fair value of assetsacquired in a business combination and is depreciated over the useful life of the asset. Management’s estimation ofthis useful life is based on circumstances that exist in the seismic industry and information available at the time of thepurchase of the asset. As circumstances change and new information becomes available, these estimates could Impairment of Long-lived Assets.Long-lived assets are tested for impairment at the asset group level whenevents 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 torecover the carrying value of the asset group and the fair