Dawson Geophysical (DWSN) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-32472
Entity Registrant Name	DAWSON GEOPHYSICAL COMPANY
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-2095844
Entity Address, Address Line One	508 West Wall, Suite 800
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	684-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,812,329
Entity Central Index Key	0000799165
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 11,462	$ 10,772
Restricted cash	5,000	5,000
Short-term investments	265	265
Accounts receivable, net	14,888	12,735
Prepaid expenses and other current assets	6,578	8,654
Total current assets	38,193	37,426
Property and equipment, net	16,290	16,508
Right-of-use assets	2,928	3,208
Intangibles, net	369	377
Total assets	57,780	57,519
Current liabilities:
Accounts payable	5,415	3,883
Accrued liabilities:
Dividend payable	9,860
Other	4,019	4,124
Deferred revenue	5,318	11,829
Current maturities of notes payable and finance leases	1,111	1,380
Current maturities of operating lease liabilities	1,137	1,202
Total current liabilities	26,860	22,418
Long-term liabilities:
Notes payable and finance leases, net of current maturities	1,520	1,289
Operating lease liabilities, net of current maturities	2,125	2,363
Deferred tax liabilities, net	15	15
Total long-term liabilities	3,660	3,667
Commitments and contingencies
Stockholders' equity:
Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding
Common stock-par value $0.01 per share; 35,000,000 shares authorized, 30,812,329 shares issued, and 30,812,329 shares outstanding at March 31, 2024 and December 31, 2023	308	308
Additional paid-in capital	156,678	156,678
Accumulated deficit	(127,654)	(123,640)
Accumulated other comprehensive loss, net	(2,072)	(1,912)
Total stockholders' equity	27,260	31,434
Total liabilities and stockholders' equity	$ 57,780	$ 57,519

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	4,000,000	4,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	30,812,329	30,812,329
Common stock, shares outstanding	30,812,329	30,812,329

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues	$ 31,584	$ 29,408
Operating expenses
Operating expenses	22,342	23,782
General and administrative	1,911	3,499
Depreciation and amortization	1,589	2,700
Total operating costs	25,842	29,981
Income (loss) from operations	5,742	(573)
Other income (expense):
Interest income	113	108
Interest expense	(46)	(17)
Other income, net	239	52
Income (loss) before income tax	6,048	(430)
Income tax (expense) benefit	(202)	17
Net income (loss)	5,846	(413)
Other comprehensive loss:
Net unrealized loss on foreign exchange rate translation	(160)	(6)
Comprehensive income (loss)	$ 5,686	$ (419)
Basic income (loss) per share of common stock (in dollars per share)	$ 0.19	$ (0.02)
Diluted income (loss) per share of common stock (in dollars per share)	$ 0.19	$ (0.02)
Weighted average equivalent common shares outstanding	30,812,329	25,000,564
Weighted average equivalent common shares outstanding - assuming dilution	30,812,329	25,000,564
Fee revenue
Operating revenues	$ 26,738	$ 22,273
Operating expenses
Operating expenses	17,496	16,647
Reimbursable revenue
Operating revenues	4,846	7,135
Operating expenses
Operating expenses	$ 4,846	$ 7,135

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 5,846	$ (413)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,589	2,700
Operating lease cost	271	254
Deferred income tax (benefit) expense		(25)
Gain on disposal of assets	(42)	(11)
Remeasurement and other	5	0
Change in operating assets and liabilities:
Increase in accounts receivable	(2,208)	(7,467)
Decrease in employee retention credit receivable		3,035
Decrease (increase) in prepaid expenses and other assets	2,072	(2,833)
Increase in accounts payable	1,239	3,337
Decrease in accrued liabilities	(97)	(1,033)
Decrease in operating lease liabilities	(294)	(273)
(Decrease) increase in deferred revenue	(6,511)	909
Net cash provided by (used in) operating activities	1,870	(1,820)
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(684)	(1,606)
Proceeds from disposal of assets	162	11
Acquisition of short-term investments		(1,000)
Net cash used in investing activities	(522)	(2,595)
Cash flows from financing activities:
Principal payments on notes payable	(385)	(144)
Principal payments on finance leases	(197)	(25)
Breckenridge cash distributions prior to acquisition		(3,055)
Net cash used in financing activities	(582)	(3,224)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(76)	(20)
Net increase (decrease) in cash and cash equivalents and restricted cash	690	(7,659)
Cash and cash equivalents and restricted cash at beginning of period	15,772	23,603
Cash and cash equivalents and restricted cash at end of period	16,462	15,944
Supplemental cash flow information:
Cash paid for interest	42	14
Non-cash operating, investing and financing activities:
Increase (decrease) in accrued purchases of property and equipment	300	(605)
Finance leases incurred	556	116
Dividend accrual	$ 9,860	0
Increase in right-of-use assets and operating lease liabilities		283
Financed insurance premiums		440
Convertible note for asset purchase		9,880
Deemed distribution of Breckenridge net assets not acquired		2,329
Acquisition of Breckenridge net assets		$ (1,335)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Equity Attributable to Breckenridge Prior to Acquisition	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at beginning of period at Dec. 31, 2022	$ 7,695	$ 238	$ 155,413	$ (112,469)	$ (2,073)	$ 48,804
Balance at beginning of period (in shares) at Dec. 31, 2022		23,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	(976)			563		(413)
Unrealized loss on foreign exchange rate translation					(6)	(6)
Issuance of stock for Breckenridge acquisition	(1,335)	$ 12	2,008			685
Issuance of stock for Breckenridge acquisition (in shares)		1,188,235
Excess of purchase price over net assets acquired			(10,565)			(10,565)
Breckenridge cash distributions prior to acquisition	(3,055)					(3,055)
Deemed distributions of Breckenridge net assets not acquired	$ (2,329)					(2,329)
Balance at end of period at Mar. 31, 2023		$ 250	146,856	(111,906)	(2,079)	33,121
Balance at end of period (in shares) at Mar. 31, 2023		25,000,564
Balance at beginning of period at Dec. 31, 2023		$ 308	156,678	(123,640)	(1,912)	$ 31,434
Balance at beginning of period (in shares) at Dec. 31, 2023		30,812,329				30,812,329
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				5,846		$ 5,846
Dividends declared				(9,860)		(9,860)
Unrealized loss on foreign exchange rate translation					(160)	(160)
Balance at end of period at Mar. 31, 2024		$ 308	$ 156,678	$ (127,654)	$ (2,072)	$ 27,260
Balance at end of period (in shares) at Mar. 31, 2024		30,812,329				30,812,329

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2024
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS ​ Dawson Geophysical Company (the “Company”) is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Company acquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The December 31, 2023 balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Asset Purchase Agreement. The Purchase Agreement has been accounted for as a transfer of net assets between entities under common control in a manner similar to a pooling of interests. The Company’s historical consolidated financial statements include the effects on financial position, cash flows, and results of operations attributable to the activities of Breckenridge for all periods presented. The effects of transactions in Breckenridge’s equity prior to the Transaction have been presented as a separate component of stockholders’ equity on the Condensed Consolidated Balance Sheets and on the Condensed Consolidated Statements of Stockholders’ Equity to demonstrate the effects of those transactions on the Company’s historical consolidated financial statements. Significant Accounting Policies Principles of Consolidation. Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC, and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Allowance for Current Expected Credit Losses. Leases Property and Equipment. Impairment of Long-lived Assets . Use of Estimates in the Preparation of Financial Statements. Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. Risks and Uncertainties. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	3. FAIR VALUE OF FINANCIAL INSTRUMENTS At March 31, 2024 and December 31, 2023, the Company’s financial instruments included cash and cash equivalents, restricted cash, short-term investments in certificates of deposit, accounts receivable, other current assets, accounts payable, other current liabilities, notes payable, finance leases and operating lease liabilities. Due to the short-term maturities of cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and other current liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the notes payable, finance leases and operating lease liabilities approximate their fair value based on a comparison with the prevailing market interest rate. Due to the short-term maturities of the Company’s investments in certificates of deposit, the carrying amounts approximate fair value at the respective balance sheet dates. The fair values of the Company’s notes payable and investments in certificates of deposit are level 2 measurements in the fair value hierarchy.

OPERATING SEGMENTS

OPERATING SEGMENTS	3 Months Ended
	Mar. 31, 2024
OPERATING SEGMENTS
OPERATING SEGMENTS	4 . OPERATING SEGMENTS The Company’s chief operating decision maker (President and Chief Executive Officer) reviews the discrete segment financial information on a geographic basis for the U.S. operations and Canada Operations. The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel. The performance of our segments is evaluated primarily on Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual or non-recurring charges, such as severance expenses. As a result, the Company has two reportable segments, U.S. Operations and Canada Operations. The following tables present the Company’s income statements by operating segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 ​ USA Operations ​ Canada Operations ​ Consolidated Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ Fee revenue $ 18,287 ​ $ 8,451 ​ $ 26,738 Reimbursable revenue ​ 4,809 ​ ​ 37 ​ ​ 4,846 ​ ​ 23,096 ​ ​ 8,488 ​ ​ 31,584 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs: ​ ​ ​ ​ ​ ​ ​ ​ Fee operating expenses ​ 13,179 ​ ​ 4,317 ​ ​ 17,496 Reimbursable operating expenses ​ 4,809 ​ ​ 37 ​ ​ 4,846 Operating expenses ​ 17,988 ​ ​ 4,354 ​ ​ 22,342 General and administrative ​ 1,742 ​ ​ 169 ​ ​ 1,911 Depreciation and amortization ​ 1,305 ​ ​ 284 ​ ​ 1,589 ​ ​ 21,035 ​ ​ 4,807 ​ ​ 25,842 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations ​ 2,061 ​ ​ 3,681 ​ ​ 5,742 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ 99 ​ ​ 14 ​ ​ 113 Interest expense ​ (36) ​ ​ (10) ​ ​ (46) Other income (expense) ​ 245 ​ ​ (6) ​ ​ 239 Income before income tax ​ 2,369 ​ ​ 3,679 ​ ​ 6,048 Income tax expense ​ (202) ​ ​ — ​ ​ (202) Net income ​ 2,167 ​ ​ 3,679 ​ ​ 5,846 Other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized loss on foreign exchange rate translation ​ — ​ ​ (160) ​ ​ (160) ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income $ 2,167 ​ $ 3,519 ​ $ 5,686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ USA Operations ​ Canada Operations ​ Consolidated Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ Fee revenue $ 12,263 ​ $ 10,010 ​ $ 22,273 Reimbursable revenue ​ 6,533 ​ ​ 602 ​ ​ 7,135 ​ ​ 18,796 ​ ​ 10,612 ​ ​ 29,408 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs: ​ ​ ​ ​ ​ ​ ​ ​ Fee operating expenses ​ 9,644 ​ ​ 7,003 ​ ​ 16,647 Reimbursable operating expenses ​ 6,533 ​ ​ 602 ​ ​ 7,135 Operating expenses ​ 16,177 ​ ​ 7,605 ​ ​ 23,782 General and administrative ​ 3,102 ​ ​ 397 ​ ​ 3,499 Depreciation and amortization ​ 2,118 ​ ​ 582 ​ ​ 2,700 ​ ​ 21,397 ​ ​ 8,584 ​ ​ 29,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from operations ​ (2,601) ​ ​ 2,028 ​ ​ (573) ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ 87 ​ ​ 21 ​ ​ 108 Interest expense ​ (12) ​ ​ (5) ​ ​ (17) Other income, net ​ 49 ​ ​ 3 ​ ​ 52 (Loss) income before income tax ​ (2,477) ​ ​ 2,047 ​ ​ (430) Income tax benefit ​ 17 ​ ​ — ​ ​ 17 Net (loss) income ​ (2,460) ​ ​ 2,047 ​ ​ (413) Other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized loss on foreign exchange rate translation ​ — ​ ​ (6) ​ ​ (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive (loss) income $ (2,460) ​ $ 2,041 ​ $ (419) ​ The following table presents the Company’s total assets (unaudited and in thousands) disaggregated by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Total Assets ​ ​ ​ ​ ​ ​ United States ​ $ 42,518 ​ $ 48,495 Canada ​ ​ 15,262 ​ ​ 9,024 Total Assets ​ $ 57,780 ​ $ 57,519 ​ The reconciliation of the Company’s EBITDA to net income (loss) and to net cash provided by (used in) operating activities, which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 US ​ 2024 CA ​ 2024 Consol. ​ 2023 US ​ 2023 CA ​ 2023 Consol. Net income (loss) $ 2,167 ​ $ 3,679 ​ $ 5,846 ​ $ (2,460) ​ $ 2,047 ​ $ (413) Depreciation and amortization ​ 1,305 ​ ​ 284 ​ ​ 1,589 ​ ​ 2,118 ​ ​ 582 ​ ​ 2,700 Severance expense ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Interest (income) expense, net ​ (63) ​ ​ (4) ​ ​ (67) ​ ​ (75) ​ ​ (16) ​ ​ (91) Income tax expense (benefit) ​ 202 ​ ​ — ​ ​ 202 ​ ​ (17) ​ ​ — ​ ​ (17) EBITDA $ 3,611 ​ $ 3,959 ​ $ 7,570 ​ $ (434) ​ $ 2,613 ​ $ 2,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 US ​ 2024 CA ​ 2024 Consol. ​ 2023 US ​ 2023 CA ​ 2023 Consol. Net cash provided by (used in) operating activities $ 1,996 ​ $ (126) ​ $ 1,870 ​ $ 2,578 ​ $ (4,398) ​ $ (1,820) Changes in working capital and other items ​ 1,835 ​ ​ 4,136 ​ ​ 5,971 ​ ​ (2,794) ​ ​ 7,047 ​ ​ 4,253 Non-cash adjustments to net income (loss) ​ (220) ​ ​ (51) ​ ​ (271) ​ ​ (218) ​ ​ (36) ​ ​ (254) EBITDA $ 3,611 ​ $ 3,959 ​ $ 7,570 ​ $ (434) ​ $ 2,613 ​ $ 2,179 ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt
Debt	5 . DEBT Dominion Loan Agreement On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2023, the Company entered into a Fifth Loan Modification Agreement (the “Fifth Modification Agreement”) to the Loan and Security Agreement (as amended by (i) that certain Loan Modification Agreement dated as of September 30, 2020, (ii) that certain Second Loan Modification Agreement dated as of September 30, 2021, (iii) that certain Third Loan Modification Agreement dated as of September 30, 2022, (iv) that certain Fourth Modification Agreement dated as of March 21, 2023, and (v) the Fifth Modification Agreement, the “Loan Agreement”). The Loan Agreement now provides for a secured revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (I) an amount equal to the Borrowing Base or (II) $5 million. The Company’s obligations under the Loan Agreement are secured by a Certificate of Deposit with Dominion Bank for $5 million (the “Deposit”) in the Company’s collateral account. As of March 31, 2024, the Company had not borrowed any amounts under the Revolving Credit Facility and had approximately $5 million available for withdrawal. On May 2, 2024, the collateral deposit of $5 million was released and the Loan Agreement was terminated. Dominion Letters of Credit As of March 31, 2024, Dominion Bank has issued one letter of credit in the amount of $265,000 to support the Company’s workers compensation insurance. The letter of credit is secured by a certificate of deposit with Dominion Bank. Other Indebtedness As of March 31, 2024, the Company has one short-term note payable to a finance company for various insurance premiums totaling $526,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheet Maturities and Interest Rates of Debt The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 526 ​ $ 910 Interest rate 8.75% ​ ​ ​ ​ ​ ​ ​ The aggregate maturities of finance leases as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ April 2024 - March 2025 ​ $ 586 ​ ​ ​ April 2025 - March 2026 ​ ​ 671 ​ ​ ​ April 2026 - March 2027 ​ ​ 619 ​ ​ ​ April 2027 - March 2028 ​ ​ 229 ​ ​ ​ Obligations under finance leases ​ $ 2,105 ​ ​ ​ ​ Interest rates on these leases range from 4.86% to 8.74%.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
Leases
Leases	6. LEASES The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland, Plano, Houston and Calgary, Alberta. There have been no material changes to our leases since the Company’s most recent Annual Report on Form 10-K that was filed with the SEC on April 1, 2024. Maturities of lease liabilities as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases April 2024 - March 2025 ​ $ 1,278 ​ $ 706 April 2025 - March 2026 ​ ​ 1,075 ​ ​ 750 April 2026 - March 2027 ​ ​ 1,093 ​ ​ 653 April 2027 - March 2028 ​ ​ 78 ​ ​ 235 April 2028 - March 2029 ​ ​ 6 ​ ​ — Thereafter ​ ​ — ​ ​ — Total payments under lease agreements ​ ​ 3,530 ​ ​ 2,344 ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ (268) ​ ​ (239) ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ $ 3,262 ​ $ 2,105 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	7 . COMMITMENTS AND CONTINGENCIES From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured. We are also party to the following legal proceeding: On April 1, 2019, Weatherford International, LLC and Weatherford U.S., L.P. (collectively, “Weatherford”) filed a petition in state district court for Midland County, Texas, in which the Company and eighteen other parties were named as defendants, alleging the Company and/or the other named defendants contributed to or caused contamination of groundwater at and around property owned by Weatherford. Weatherford is seeking declaratory judgment, recovery and contribution for past and future costs incurred in responding to or correcting the contamination at and around the property from each defendant. The Company disputes Weatherford’s allegations with respect to the Company and intends to vigorously defend itself in this case. Subsequent to the filing of the petition, Weatherford filed for bankruptcy protection on July 1, 2019. While the outcome and impact of this legal proceeding on the Company cannot be predicted with certainty, based on currently available information, management believes that the resolution of this proceeding will not have a material adverse effect on our financial condition, results of operations or liquidity. Additionally, the Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has experienced in the past, and may experience in the future, disputes that could affect its revenues and results of operations in any period.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2024
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	8. NET INCOME (LOSS) PER SHARE Basic income (loss) per share is computed by dividing the net income (loss) by the weighted average shares outstanding. Diluted income (loss) per share is computed by dividing the net income (loss) by the weighted average diluted shares outstanding. The computation of basic and diluted income (loss) per share (in thousands, except share and per share data) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 Net income (loss) ​ $ 5,846 ​ $ (413) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ ​ ​ Basic ​ 30,812,329 ​ 25,000,564 ​ Diluted ​ ​ 30,812,329 ​ ​ 25,000,564 ​ Basic income (loss) per share of common stock ​ $ 0.19 ​ $ (0.02) ​ Diluted income (loss) per share of common stock ​ $ 0.19 ​ $ (0.02) ​ ​ The Company does not have any outstanding stock options, restricted stock unit awards, or restricted stock awards that would dilute our outstanding shares for the three months ended March 31, 2024, and 2023. Additionally, for the three months ended March 31, 2023, the 5,811,765 shares issuable upon conversion of the convertible note were excluded from the calculation of diluted loss per share of common stock, as their effect would have been anti-dilutive.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	9 . INCOME TAXES For the three months ended March 31, 2024 and 2023, the Company’s effective tax rates were 3.3% and 4.0%, respectively. The Company’s nominal effective tax rate for the periods above was due to the presence of net operating loss carryovers and adjustments to the valuation allowance on deferred tax assets. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over an extended amount of time. Such objective evidence limits the ability to consider other subjective evidence, such as projections for taxable earnings. The Company has recorded valuation allowances against the associated deferred tax assets for the amounts it deems are not more likely than not realizable. Based on management’s belief that not all the net operating losses are realizable, a federal valuation allowance and additional state valuation allowances were maintained during the three months ended March 31, 2024 and 2023. In addition, due to the Company’s recent operating losses and valuation allowances, the Company may recognize reduced or no tax benefits on future losses on the condensed consolidated financial statements. The amount of the valuation allowances considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth.

SUPPLEMENTAL CONSOLIDATED FINAN

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION
Supplemental Consolidated Financial Statement Information	10. SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION Deferred Costs (in thousands) Deferred costs were $4.3 million and $5.4 million at January 1, 2024 and 2023, respectively. The Company’s prepaid expenses and other current assets at March 31, 2024 and 2023 included deferred costs incurred to fulfill contracts with customers of $2.8 million and $8.6 million, respectively. Deferred costs at March 31, 2024 compared to January 1, 2024 decreased primarily as a result of the completion of several projects during that three month period that had deferred fulfillment costs at January 1, 2024. Deferred costs at March 31, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with significant deferred fulfillment costs at March 31, 2023. The amount of total deferred costs amortized for the three months ended March 31, 2024 and 2023 was $7.9 million and $7.4 million, respectively. There were no material impairment losses incurred during these periods. Deferred Revenue (in thousands) Deferred revenue was $11.8 million and $7.4 million at January 1, 2024 and 2023, respectively. The Company’s deferred revenue at March 31, 2024 and 2023 was $5.3 million and $8.3 million, respectively. Deferred revenue at March 31, 2024 compared to January 1, 2024 decreased primarily as a result of completing projects for clients with prepayments for third party reimbursables. Deferred revenue at March 31, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with large third party reimbursables where data had not yet been recorded. Revenue recognized for the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of 2024 and 2023 was $9.7 million and $3.0 million, respectively. Related Party Transactions For the three months ended March 31, 2024, the Company incurred related party expenses totaling approximately $106,000. These are charges by various commonly controlled companies of Wilks Brothers, LLC, the holder of approximately 80% of the Company’s outstanding stock. These transactions consisted of trucking charges of $97,000 and client hosting expenses of $9,000. For the three months ended March 31, 2024, the Company received related party revenue of $5,000 for partial use of leased office space. For the three months ended March 31, 2023, the Company did not have any related party transactions. As of March 31, 2024, the Company had approximately $48,000 of outstanding related party accounts payable and no outstanding related party accounts receivable. For the three months ended March 31, 2023, Breckenridge incurred related party expenses totaling approximately $110,000. These charges by various commonly controlled companies of Wilks Brothers, LLC consisted of trucking charges of $60,000, management charges of $44,000, and payroll administration charges of $6,000.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS On May 6, 2024, the $0.32 per share special cash dividend on the Company’s common stock declared on March 28, 2024 was paid to stockholders of record as of the close of business on April 22, 2024. The aggregate payment was approximately $9.9 million, which is recorded as accrued liabilities on our Condensed Consolidated Balance Sheets as of March 31, 2024.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements may have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the U.S. for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the U.S. have been omitted. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The December 31, 2023 balance sheet information was derived from our audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Asset Purchase Agreement. The Purchase Agreement has been accounted for as a transfer of net assets between entities under common control in a manner similar to a pooling of interests. The Company’s historical consolidated financial statements include the effects on financial position, cash flows, and results of operations attributable to the activities of Breckenridge for all periods presented. The effects of transactions in Breckenridge’s equity prior to the Transaction have been presented as a separate component of stockholders’ equity on the Condensed Consolidated Balance Sheets and on the Condensed Consolidated Statements of Stockholders’ Equity to demonstrate the effects of those transactions on the Company’s historical consolidated financial statements.
Principles of Consolidation	Principles of Consolidation. Seismic Services Holdings, Inc., Eagle Canada, Inc., Eagle Canada Seismic Services ULC, and Exploration Surveys, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.
Allowance for Current Expected Credit Losses	Allowance for Current Expected Credit Losses.
Leases	Leases
Property and Equipment	Property and Equipment.
Impairment of Long-lived Assets	Impairment of Long-lived Assets .
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements.
Revenue Recognition	Revenue Recognition The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. If billing occurs prior to the revenue recognition or billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the excess is considered an unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third-party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized in other current assets and generally amortized based on the total square miles of data recorded compared to total square miles anticipated to be recorded on the survey using the total estimated fulfillment costs for the service contract. Estimates for total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates.
Risks and uncertainties	Risks and Uncertainties.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures .

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
OPERATING SEGMENTS
Schedule of income statements by operating segment	The following tables present the Company’s income statements by operating segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 ​ USA Operations ​ Canada Operations ​ Consolidated Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ Fee revenue $ 18,287 ​ $ 8,451 ​ $ 26,738 Reimbursable revenue ​ 4,809 ​ ​ 37 ​ ​ 4,846 ​ ​ 23,096 ​ ​ 8,488 ​ ​ 31,584 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs: ​ ​ ​ ​ ​ ​ ​ ​ Fee operating expenses ​ 13,179 ​ ​ 4,317 ​ ​ 17,496 Reimbursable operating expenses ​ 4,809 ​ ​ 37 ​ ​ 4,846 Operating expenses ​ 17,988 ​ ​ 4,354 ​ ​ 22,342 General and administrative ​ 1,742 ​ ​ 169 ​ ​ 1,911 Depreciation and amortization ​ 1,305 ​ ​ 284 ​ ​ 1,589 ​ ​ 21,035 ​ ​ 4,807 ​ ​ 25,842 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations ​ 2,061 ​ ​ 3,681 ​ ​ 5,742 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ 99 ​ ​ 14 ​ ​ 113 Interest expense ​ (36) ​ ​ (10) ​ ​ (46) Other income (expense) ​ 245 ​ ​ (6) ​ ​ 239 Income before income tax ​ 2,369 ​ ​ 3,679 ​ ​ 6,048 Income tax expense ​ (202) ​ ​ — ​ ​ (202) Net income ​ 2,167 ​ ​ 3,679 ​ ​ 5,846 Other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized loss on foreign exchange rate translation ​ — ​ ​ (160) ​ ​ (160) ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income $ 2,167 ​ $ 3,519 ​ $ 5,686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ USA Operations ​ Canada Operations ​ Consolidated Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ Fee revenue $ 12,263 ​ $ 10,010 ​ $ 22,273 Reimbursable revenue ​ 6,533 ​ ​ 602 ​ ​ 7,135 ​ ​ 18,796 ​ ​ 10,612 ​ ​ 29,408 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs: ​ ​ ​ ​ ​ ​ ​ ​ Fee operating expenses ​ 9,644 ​ ​ 7,003 ​ ​ 16,647 Reimbursable operating expenses ​ 6,533 ​ ​ 602 ​ ​ 7,135 Operating expenses ​ 16,177 ​ ​ 7,605 ​ ​ 23,782 General and administrative ​ 3,102 ​ ​ 397 ​ ​ 3,499 Depreciation and amortization ​ 2,118 ​ ​ 582 ​ ​ 2,700 ​ ​ 21,397 ​ ​ 8,584 ​ ​ 29,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from operations ​ (2,601) ​ ​ 2,028 ​ ​ (573) ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ 87 ​ ​ 21 ​ ​ 108 Interest expense ​ (12) ​ ​ (5) ​ ​ (17) Other income, net ​ 49 ​ ​ 3 ​ ​ 52 (Loss) income before income tax ​ (2,477) ​ ​ 2,047 ​ ​ (430) Income tax benefit ​ 17 ​ ​ — ​ ​ 17 Net (loss) income ​ (2,460) ​ ​ 2,047 ​ ​ (413) Other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized loss on foreign exchange rate translation ​ — ​ ​ (6) ​ ​ (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive (loss) income $ (2,460) ​ $ 2,041 ​ $ (419)
Schedule of total assets disaggregated by operating segment	The following table presents the Company’s total assets (unaudited and in thousands) disaggregated by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Total Assets ​ ​ ​ ​ ​ ​ United States ​ $ 42,518 ​ $ 48,495 Canada ​ ​ 15,262 ​ ​ 9,024 Total Assets ​ $ 57,780 ​ $ 57,519
Schedule of reconciliation of EBITDA to net income (loss) and to net cash provided by (used in) operating activities	The reconciliation of the Company’s EBITDA to net income (loss) and to net cash provided by (used in) operating activities, which are the most directly comparable GAAP financial measures, are provided in the following tables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 US ​ 2024 CA ​ 2024 Consol. ​ 2023 US ​ 2023 CA ​ 2023 Consol. Net income (loss) $ 2,167 ​ $ 3,679 ​ $ 5,846 ​ $ (2,460) ​ $ 2,047 ​ $ (413) Depreciation and amortization ​ 1,305 ​ ​ 284 ​ ​ 1,589 ​ ​ 2,118 ​ ​ 582 ​ ​ 2,700 Severance expense ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Interest (income) expense, net ​ (63) ​ ​ (4) ​ ​ (67) ​ ​ (75) ​ ​ (16) ​ ​ (91) Income tax expense (benefit) ​ 202 ​ ​ — ​ ​ 202 ​ ​ (17) ​ ​ — ​ ​ (17) EBITDA $ 3,611 ​ $ 3,959 ​ $ 7,570 ​ $ (434) ​ $ 2,613 ​ $ 2,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 US ​ 2024 CA ​ 2024 Consol. ​ 2023 US ​ 2023 CA ​ 2023 Consol. Net cash provided by (used in) operating activities $ 1,996 ​ $ (126) ​ $ 1,870 ​ $ 2,578 ​ $ (4,398) ​ $ (1,820) Changes in working capital and other items ​ 1,835 ​ ​ 4,136 ​ ​ 5,971 ​ ​ (2,794) ​ ​ 7,047 ​ ​ 4,253 Non-cash adjustments to net income (loss) ​ (220) ​ ​ (51) ​ ​ (271) ​ ​ (218) ​ ​ (36) ​ ​ (254) EBITDA $ 3,611 ​ $ 3,959 ​ $ 7,570 ​ $ (434) ​ $ 2,613 ​ $ 2,179 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt
Schedule of aggregate principal amount of outstanding notes payable and the interest rates	The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Notes payable to finance company for insurance ​ ​ ​ ​ ​ ​ Aggregate principal amount outstanding ​ $ 526 ​ $ 910 Interest rate 8.75% ​ ​ ​ ​ ​ ​
Schedule of aggregate maturities of finance leases	The aggregate maturities of finance leases as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ April 2024 - March 2025 ​ $ 586 ​ ​ ​ April 2025 - March 2026 ​ ​ 671 ​ ​ ​ April 2026 - March 2027 ​ ​ 619 ​ ​ ​ April 2027 - March 2028 ​ ​ 229 ​ ​ ​ Obligations under finance leases ​ $ 2,105 ​ ​ ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Schedule of maturities of lease liabilities - Operating Leases	Maturities of lease liabilities as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases April 2024 - March 2025 ​ $ 1,278 ​ $ 706 April 2025 - March 2026 ​ ​ 1,075 ​ ​ 750 April 2026 - March 2027 ​ ​ 1,093 ​ ​ 653 April 2027 - March 2028 ​ ​ 78 ​ ​ 235 April 2028 - March 2029 ​ ​ 6 ​ ​ — Thereafter ​ ​ — ​ ​ — Total payments under lease agreements ​ ​ 3,530 ​ ​ 2,344 ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ (268) ​ ​ (239) ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ $ 3,262 ​ $ 2,105 ​
Schedule of maturities of lease liabilities - Finance Leases	Maturities of lease liabilities as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases April 2024 - March 2025 ​ $ 1,278 ​ $ 706 April 2025 - March 2026 ​ ​ 1,075 ​ ​ 750 April 2026 - March 2027 ​ ​ 1,093 ​ ​ 653 April 2027 - March 2028 ​ ​ 78 ​ ​ 235 April 2028 - March 2029 ​ ​ 6 ​ ​ — Thereafter ​ ​ — ​ ​ — Total payments under lease agreements ​ ​ 3,530 ​ ​ 2,344 ​ ​ ​ ​ ​ ​ ​ Less imputed interest ​ ​ (268) ​ ​ (239) ​ ​ ​ ​ ​ ​ ​ Total lease liabilities ​ $ 3,262 ​ $ 2,105 ​

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
NET INCOME (LOSS) PER SHARE
Schedule of computation of basic and diluted loss per share	The computation of basic and diluted income (loss) per share (in thousands, except share and per share data) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2023 Net income (loss) ​ $ 5,846 ​ $ (413) ​ Weighted average common shares outstanding ​ ​ ​ ​ ​ ​ ​ Basic ​ 30,812,329 ​ 25,000,564 ​ Diluted ​ ​ 30,812,329 ​ ​ 25,000,564 ​ Basic income (loss) per share of common stock ​ $ 0.19 ​ $ (0.02) ​ Diluted income (loss) per share of common stock ​ $ 0.19 ​ $ (0.02) ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)			3 Months Ended
	Sep. 13, 2023	Mar. 24, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Threshold period of past due (in days)			90 days
Allowance for doubtful accounts			$ 250,000		$ 250,000
Maximum original expected duration of cancelable service contracts (in years)			1 year
Net Income (Loss)			$ 5,846,000	$ (413,000)
Cash			16,462,000	$ 15,944,000	$ 15,772,000	$ 23,603,000
Working capital			$ 11,300,000
Purchase Agreement
Number of shares issued		1,188,235
Number of shares to be issued under convertible notes payable		5,800,000
Convertible note	$ 9,900,000
Convertible note converted into shares	5,811,765

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details)	3 Months Ended
	Mar. 31, 2024 segment
OPERATING SEGMENTS
Number of reportable segments	2

OPERATING SEGMENTS - Income sta

OPERATING SEGMENTS - Income statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues
Operating revenues	$ 31,584	$ 29,408
Operating costs:
Operating expenses	22,342	23,782
General and administrative	1,911	3,499
Depreciation and amortization	1,589	2,700
Total operating costs	25,842	29,981
Income (loss) from operations	5,742	(573)
Other income (expense):
Interest income	113	108
Interest expense	(46)	(17)
Other income, net	239	52
Income (loss) before income tax	6,048	(430)
Income tax (expense) benefit	(202)	17
Net income (loss)	5,846	(413)
Other comprehensive income (loss):
Net unrealized loss on foreign exchange rate translation	(160)	(6)
Comprehensive income (loss)	5,686	(419)
Fee revenue
Operating revenues
Operating revenues	26,738	22,273
Operating costs:
Operating expenses	17,496	16,647
Reimbursable revenue
Operating revenues
Operating revenues	4,846	7,135
Operating costs:
Operating expenses	4,846	7,135
Operating segment | USA Operations
Operating revenues
Operating revenues	23,096	18,796
Operating costs:
Operating expenses	17,988	16,177
General and administrative	1,742	3,102
Depreciation and amortization	1,305	2,118
Total operating costs	21,035	21,397
Income (loss) from operations	2,061	(2,601)
Other income (expense):
Interest income	99	87
Interest expense	(36)	(12)
Other income, net	245	49
Income (loss) before income tax	2,369	(2,477)
Income tax (expense) benefit	(202)	17
Net income (loss)	2,167	(2,460)
Other comprehensive income (loss):
Comprehensive income (loss)	2,167	(2,460)
Operating segment | USA Operations | Fee revenue
Operating revenues
Operating revenues	18,287	12,263
Operating costs:
Operating expenses	13,179	9,644
Operating segment | USA Operations | Reimbursable revenue
Operating revenues
Operating revenues	4,809	6,533
Operating costs:
Operating expenses	4,809	6,533
Operating segment | Canada Operations
Operating revenues
Operating revenues	8,488	10,612
Operating costs:
Operating expenses	4,354	7,605
General and administrative	169	397
Depreciation and amortization	284	582
Total operating costs	4,807	8,584
Income (loss) from operations	3,681	2,028
Other income (expense):
Interest income	14	21
Interest expense	(10)	(5)
Other income, net	(6)	3
Income (loss) before income tax	3,679	2,047
Net income (loss)	3,679	2,047
Other comprehensive income (loss):
Net unrealized loss on foreign exchange rate translation	(160)	(6)
Comprehensive income (loss)	3,519	2,041
Operating segment | Canada Operations | Fee revenue
Operating revenues
Operating revenues	8,451	10,010
Operating costs:
Operating expenses	4,317	7,003
Operating segment | Canada Operations | Reimbursable revenue
Operating revenues
Operating revenues	37	602
Operating costs:
Operating expenses	$ 37	$ 602

OPERATING SEGMENTS - Total asse

OPERATING SEGMENTS - Total assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Total assets by operating segment
Total Assets	$ 57,780	$ 57,519
Operating segment | United States
Total assets by operating segment
Total Assets	42,518	48,495
Operating segment | Canada
Total assets by operating segment
Total Assets	$ 15,262	$ 9,024

OPERATING SEGMENTS - Reconcilia

OPERATING SEGMENTS - Reconciliation of EBITDA to net income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation
Net Income (Loss)	$ 5,846	$ (413)
Depreciation and amortization	1,589	2,700
Interest (income) expense, net	(67)	(91)
Income tax expense (benefit)	202	(17)
EBITDA	7,570	2,179
Operating segment | United States
Reconciliation
Net Income (Loss)	2,167	(2,460)
Depreciation and amortization	1,305	2,118
Interest (income) expense, net	(63)	(75)
Income tax expense (benefit)	202	(17)
EBITDA	3,611	(434)
Operating segment | Canada
Reconciliation
Net Income (Loss)	3,679	2,047
Depreciation and amortization	284	582
Interest (income) expense, net	(4)	(16)
EBITDA	$ 3,959	$ 2,613

OPERATING SEGMENTS - Reconcil_2

OPERATING SEGMENTS - Reconciliation of EBITDA to net cash provided by (used in) operating activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation
Net cash used in operating activities	$ 1,870	$ (1,820)
Changes in working capital and other items	5,971	4,253
Non-cash adjustments to net income (loss)	(271)	(254)
EBITDA	7,570	2,179
Operating segment | United States
Reconciliation
Net cash used in operating activities	1,996	2,578
Changes in working capital and other items	1,835	(2,794)
Non-cash adjustments to net income (loss)	(220)	(218)
EBITDA	3,611	(434)
Operating segment | Canada
Reconciliation
Net cash used in operating activities	(126)	(4,398)
Changes in working capital and other items	4,136	7,047
Non-cash adjustments to net income (loss)	(51)	(36)
EBITDA	$ 3,959	$ 2,613

Debt (Details)

Debt (Details)	May 02, 2024 USD ($)	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
DEBT
Deposit		$ 5,000,000	$ 5,000,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Long-term Debt and Capital Lease Obligations, Long-term Debt and Capital Lease Obligations, Current
Finance lease		$ 2,105,000
Dominion Loan Agreement
DEBT
Maximum borrowing capacity				$ 5,000,000
Deposit				$ 5,000,000
Available for withdrawal		$ 5,000,000
Dominion Loan Agreement | Subsequent Events
DEBT
Collateral deposit released	$ 5,000,000
Dominion Letters of Credit
DEBT
Number of letters of credit | item		1
Amount of letter of credit		$ 265,000
Notes payable to finance companies for insurance
DEBT
Number of notes payable | item		1
Aggregate principal amount outstanding		$ 526,000	$ 910,000

Debt - Aggregate principal amou

Debt - Aggregate principal amount and interest rates (Details) - Notes payable to finance companies for insurance - USD ($)	Mar. 31, 2024	Dec. 31, 2023
DEBT
Aggregate principal amount outstanding	$ 526,000	$ 910,000
Debt Instrument, Interest Rate, Effective Percentage	8.75%	8.75%

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Aggregate maturities of finance leases
April 2024 - March 2025	$ 586
April 2025 - March 2026	671
April 2026 - March 2027	619
April 2027 - March 2028	229
Obligations under finance leases	$ 2,105
Minimum
Aggregate maturities of finance leases
Interest rate on leases	4.86%
Maximum
Aggregate maturities of finance leases
Interest rate on leases	8.74%

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases
April 2024 - March 2025	$ 1,278
April 2025 - March 2026	1,075
April 2026 - March 2027	1,093
April 2027 - March 2028	78
April 2028 - March 2029	6
Total payments under lease agreements	3,530
Less imputed interest	(268)
Total lease liabilities	3,262
Finance Leases
April 2024 - March 2025	706
April 2025 - March 2026	750
April 2026 - March 2027	653
April 2027 - March 2028	235
Total payments under lease agreements	2,344
Less imputed interest	(239)
Total lease liabilities	$ 2,105

Commitments and Contingencies (

Commitments and Contingencies (Details)	Apr. 01, 2019 defendant
Weatherford Litigation
Commitments and Contingencies
Number of other parties named as defendants	18

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NET INCOME (LOSS) PER SHARE
Net Income (Loss)	$ 5,846	$ (413)
Weighted average common shares outstanding
Basic (in shares)	30,812,329	25,000,564
Diluted (in shares)	30,812,329	25,000,564
Basic income (loss) per share of common stock (in dollars per share)	$ 0.19	$ (0.02)
Diluted income (loss) per share of common stock (in dollars per share)	$ 0.19	$ (0.02)

NET INCOME (LOSS) PER SHARE - A

NET INCOME (LOSS) PER SHARE - Anti-Dilutive Awards Excluded from Calculation (Details)	3 Months Ended
	Mar. 31, 2023 shares
NET INCOME (LOSS) PER SHARE
Number of securities excluded from calculation	5,811,765

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
Effective tax rate (as percent)	3.30%	4%

SUPPLEMENTAL CONSOLIDATED FIN_2

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Deferred Costs and Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Deferred costs			$ 4,300		$ 5,400
Total deferred costs amortized	$ 7,900	$ 7,400
Deferred costs impairment losses	0	0
Deferred revenue	5,318	8,300	$ 11,800	$ 11,829	$ 7,400
Revenue recognized	9,700	3,000
Prepaid expenses and other current assets
Deferred costs	$ 2,800	$ 8,600

SUPPLEMENTAL CONSOLIDATED FIN_3

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable	$ 5,415,000		$ 3,883,000
Accounts receivable, net	$ 14,888,000		$ 12,735,000
Wilks Brothers, LLC | Dawson Geophysical Company
Related Party Transaction [Line Items]
Percentage of common stock owned	80%
Breckenridge Geophysical, LLC
Related Party Transaction [Line Items]
Related party expenses		$ 110,000
Breckenridge Geophysical, LLC | Trucking charges
Related Party Transaction [Line Items]
Related party expenses		60,000
Breckenridge Geophysical, LLC | Management charges
Related Party Transaction [Line Items]
Related party expenses		44,000
Breckenridge Geophysical, LLC | Payroll administration charges
Related Party Transaction [Line Items]
Related party expenses		$ 6,000
Wilks Brothers, LLC
Related Party Transaction [Line Items]
Related party expenses	$ 106,000
Wilks Brothers, LLC | Trucking charges
Related Party Transaction [Line Items]
Related party expenses	97,000
Wilks Brothers, LLC | Client hosting expenses
Related Party Transaction [Line Items]
Related party expenses	9,000
Related party
Related Party Transaction [Line Items]
Revenue from use of leased office space	5,000
Accounts payable	48,000
Accounts receivable, net	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Events $ / shares in Units, $ in Millions	May 06, 2024 USD ($) $ / shares
Special cash dividend paid (in USD per share) | $ / shares	$ 0.32
Aggregate payment of special cash dividend | $	$ 9.9

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,846	$ (413)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false