DAWSON GEOPHYSICAL REPORTS THIRD QUARTER 2022 RESULTS

MIDLAND, Texas, Nov. 10, 2022 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its third quarter ended September 30, 2022.

For the quarter ended September 30, 2022, the Company reported revenues of $3,538,000, an increase of approximately 85% compared to $1,914,000 for the comparable quarter ended September 30, 2021. For the third quarter of 2022, the Company reported a net loss of $7,603,000 or $0.32 loss per common share compared to a net loss of $7,865,000 or $0.33 loss per common share for the third quarter of 2021. The Company reported negative EBITDA of $5,332,000 for the quarter ended September 30, 2022 compared to negative EBITDA of $4,662,000 for the quarter ended September 30, 2021.

For the nine months ended September 30, 2022, the Company reported revenues of $22,818,000, an increase of approximately 65% compared to $13,855,000 for the nine months ended September 30, 2021. For the nine months ended September 30, 2022, the Company reported a net loss of $17,672,000 or $0.74 loss per common share compared to a net loss of $22,110,000 or $0.94 loss per common share for the nine months ended September 30, 2021. The Company reported negative EBITDA of $10,334,000 for the nine months ended September 30, 2022 compared to negative EBITDA of $12,187,000 for the nine months ended September 30, 2021.

During the third quarter of 2022, the Company operated one small crew beginning in August for most of the quarter with a second small crew deployed for intermittent periods during the back half of the quarter. The projects completed in the third quarter were small in size and not in close proximity to one another, which had a negative effect on operating efficiencies. The Company did not operate a crew in Canada in the third quarter.