道森地探 2025年度报告

Securities registered pursuant to Section12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes◻No⌧Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes◻No⌧ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) hasbeen subject to such filing requirements for the past 90 days. Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§ 232 405 of the chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes◻No⌧ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Largeacceleratedfiler◻Acceleratedfiler◻Non-accelerated filer⌧Smallerreportingcompany☒Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.◻ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness ofits internal control over financial reporting under section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report. Yes☐No⌧ included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No⌧ On March 27, 2026, there were 31,052,840 shares of Dawson Geophysical Company common stock, $0.01 par value outstanding.As used in this report, the terms “we,” “our,” “us,” “Dawson” and the “Company” refer to Dawson Geophysical Company unless thecontext indicates otherwise. DOCUMENTS INCORPORATED BY REFERENCEPortions of the Registrant’s Proxy Statement for its 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K. TABLE OF CONTENTS PART IItem1.Business3Item1A.Risk Factors7Item1B.Unresolved Staff Comments18Item1C.Cybersecurity18Item2.Properties19Item3.Legal Proceedings19Item 4.Mine Safety Disclosures19PART IIItem5.Market for Our Common Equity and Related Stockholder Matters20Item6.[Reserved]20Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations20Item7A.Quantitative and Qualitative Disclosures about Market Risk26Item8.Financial Statements and Supplementary Data27Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure27Item9A.Controls and Procedures27Item9B.Other Information28Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections29PART IIIItem10.Directors, Executive Officers and Corporate Governance29Item11.Executive Compensation29Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters29Item13.Certain Relationships and Related Transactions and Director Independence29Item14.Principal Accounting Fees and Services29PART IVItem15.Exhibits and Financial Statement Schedules30Index to Exhibits31Signatures35Index to Financial StatementsF-1 DAWSON GEOPHYSICAL COMPANY FORM 10-KFor the Year Ended December 31, 2025 DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning ofSection27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section21E of theSecurities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statementsof historical fact contained in this Annual Report on Form 10-K are forward-looking statements, includingwithout limitation statements regarding ourforecasts, estimates or other expectations regarding futureevents, operations or financial results, including statements under “Management’s Discussion and Analysisof Financial Condition and Results of Operations” and “Business” regarding technological advan