道森地探 2025年季度报告

For the Transition Period From INDEXPageNumber Item1. Financial Statements (unaudited)3Condensed Consolidated Statements of Operations and Comprehensive Income/Loss fortheThree Months EndedMarch 31, 2025and2024 (unaudited)4 ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) (unaudited and amounts in thousands, except share data) Current assets:Cash and cash equivalents Accounts receivable, net $2,665$11,031Prepaid expenses and other current assets4,770Total current assets18,466Property and equipment236,132Less accumulated depreciation(224,420)Property and equipment, net11,712Operating lease right-of-use assets2,752Intangibles, net347Total assets$33,277$Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable$3,895$Accrued liabilities:Payroll costs and other taxes1,647Other1,088Deferred revenue1,723Current maturities of notes payable and finance leases2,310Current maturities of operating lease liabilities1,146Total current liabilities11,809Long-term liabilities:Notes payable and finance leases, net of current maturities1,327 CommonStockAdditionalOtherAccumulatComprehens employees and outside directors based on estimated grant date fair values. Grant date fair value is determined byaveraging the high and low stock price on the grant date. We recognize compensation costs for awards granted overthe requisite service period based on the grant date fair value in fee operating expenses and general andadministrative expenseson our consolidated statements of operations.During the three months ended March 31,2025, we grantednoshare-based payment awards to employees or outside directors, and recognized expense related Risks and Uncertainties.The Company’s ability to be profitable in the future will depend on many factorsbeyond its control, but primarily on the level of demand for land-based seismic data acquisition services by oil andnatural gas exploration and development companies. The Company generated net income of $1.0million and $5.8million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had$2.7million in cash, and a positive working capital balance of $6.7million. We believe that our cash flows from Fee revenue$2,726$12,533$15,259Reimbursable revenue5702498193,29612,78216,078 Operating costs:Fee operating expenses4,6156,34510,960Reimbursable operating expenses570249819Operating expenses5,1856,59411,779General and administrative1,5554391,9941,0771941,271 Other income (expense):Interest income—44Interest expense(63)(13)(76)Other income (expense), net41(8)33(Loss) income before income tax(4,543)5,538995Income tax expense(3)—(3)Net (loss) income$(4,546)$5,538$992$(3,403)$5,741$2,338 Operating costs:Fee operating expenses12,8944,22017,114Reimbursable operating expenses4,809374,846 20,8384,94425,782Income from operations2,2583,5445,802Other income (expense): Income before income tax2,5063,542(202)— 10Adjusted EBITDA$3,748$3,822$7,570 right of use assets disaggregated by operating segment (in thousands):March31,December 31, Canada16,4069,613Total Assets$33,277$30,870 Net Property and EquipmentUnited States$9,741$10,818Canada1,9712,161Total$11,712$12,979 As of March 31, 2025, the Company hasnooutstanding letters of credit. As of March 31, 2025, the Company hasthreeshort-term notes payable to finance companies for variousinsurance premiums totaling $1.5million. As of December 31, 2024, the Company hadoneoutstanding short-termnote payable to a finance company for various insurance premiums totaling $168,000.In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstandingnotes payable and the interest rates as of March 31, 2025, and December 31, 2024: Interest rates6.35% and9.74% The aggregate maturities of finance leases as of March 31, 2025, are as follows (in thousands):April 2025 - March 2026$836April 2026 - March 2027799April 2027 - March 2028462 Obligations under finance leases$2,163Interest rates on these leases range from4.86% to8.74%. 6. LEASES leases for office and shop space in Midland and Plano Texas, and Calgary, Alberta. There have been no materialchanges to our leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on Maturities of lease liabilities as of March 31, 2025, are as follows (in thousands):Operating LeasesFinance Leases Total payments under lease agreements Less imputed interest(243)(190)Total lease liabilities$2,984$2,163 From time to time, the Company is a party to various legal proceedings arising in the ordinary course ofbusiness. Although the Company cannot predict the outcomes of any such legal proceedings, management believesthat the resolution of pending legal actions will not have a material adverse effect on the Company’s financialcondition, results of operations or liquidity, as the Company believes it is ade