Dawson Geophysical Company reported its first quarter results for the period ended March 31, 2025. The company experienced a significant decrease in revenues, reporting $16.1 million, a decline of 49% compared to $31.6 million during the same quarter in 2024. The gross margin for the quarter stood at 28%, down from 36% in the comparable period of the previous year. Dawson Geophysical generated a net income of $1 million, with Adjusted EBITDA at $2.3 million for the quarter, which is a decrease from the $7.6 million of Adjusted EBITDA recorded in the first quarter of 2024. In terms of operations, Dawson Geophysical began the quarter with one crew operating in the United States and expanded to two small crews later in the period. Currently, the company is operating one large channel crew and expects it to be highly utilized through the remainder of the year. Dawson anticipates increased revenue in the United States in the second quarter due to a strong backlog. Additionally, the company's seasonal operations in Canada saw an increase in fee revenue of 48% compared to the first quarter of 2024, generating a net income of $5.5 million and Adjusted EBITDA of $5.7 million for the three months ended March 31, 2025. The company continues to test new single node channels, which have shown promising results in improving efficiency and margins. Dawson plans to reinvest profits into new single node channels, expecting enhancements in both top line and bottom line results. The Board of Directors has approved a capital budget of $6 million for 2025 to support the purchase of new equipment if warranted by the level of seismic activity in the market. As of March 31, 2025, Dawson's cash position increased to $2.7 million, with an improved working capital position of $6.7 million.