DAWSON GEOPHYSICAL REPORTS FOURTH QUARTER AND YEAR END 2022 RESULTS.

MIDLAND, Texas: Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its fourth quarter and fiscal year ended December 31, 2022.

For the fourth quarter ended December 31, 2022, the Company reported revenues of $14,662,000, an increase of approximately 35% compared to $10,840,000 for the comparable quarter ended December 31, 2021. For the fourth quarter of 2022, the Company narrowed its net loss to $2,779,000 or $0.12 loss per common share compared to a net loss of $6,981,000 or $0.30 loss per common share for the fourth quarter of 2021. The Company narrowed its EBITDA loss to $500,000 for the quarter ended December 31, 2022 compared to negative EBITDA of $4,266,000 for the quarter ended December 31, 2021. Included in the fourth quarter income statement is $2,966,000 of other income related to an Employee Retention Credit refund dating back to 2021 and related to the COVID-19 pandemic.

For the year ended December 31, 2022, the Company reported revenues of $37,480,000, an increase of approximately 52% compared to $24,695,000 for the year ended December 31, 2021. For the year ended December 31, 2022, the Company narrowed its net loss to $20,451,000 or $0.86 loss per common share compared to a net loss of $29,091,000 or $1.23 loss per common share for the year ended December 31, 2021. The Company narrowed its EBITDA loss to $10,834,000 for the year ended December 31, 2022 compared to negative EBITDA of $16,453,000 for the year ended December 31, 2021. Included in the 2022 fiscal year end results are transaction charges of $2,872,000 in the first quarter related to the previously completed tender offer and proposed merger with a subsidiary of Wilks Brothers, LLC, which resulted in Wilks Brothers, LLC owning 74.6% of all outstanding shares of the company.

The Company began the fourth quarter with three small to mid-sized channel count crews operating in the lower 48 in October and dropped to one mid-size crew intermittently in November and a large channel count crew in late December. Project timing was, and continues to be, impacted by delays in securing necessary land access agreements on behalf of the Company's clients. Activity in Canada began earlier than in recent seasons with up to three small channel count crews operating in the back half of the fourth quarter and continuing to operate today.

For the full year, the Company experienced low utilization rates, particularly during the second...