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Dawson Geophysical cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$6.2M in Q2 2026 · −$4.5M over twelve months

Operating cash flow$6.5M
Capital spending−$219K
Free cash flow+$6.2M
Cash conversion cycle20 days

Analysis

In Q2 2026, Dawson Geophysical generated $6.5M of operating cash flow and spent $219K on capital projects, leaving free cash flow of $6.2M. That is $8.6M less than in Q2 2025 ($14.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was $3.3M; the largest uses were capital spending ($7.8M), net borrowing (+) / repaid (−) ($5.8M), other investing ($370K); besides operations, cash came from asset & business sales ($246K); the cash balance fell by $10.5M.

Operating cash flow was $6.5M against net income of −$3.4M. The largest differences: receivables +$12.2M, payables −$2.0M, depreciation & amortization +$2.0M.

Its cash conversion cycle was 20 days (receivables 68 + inventory 0 − payables 48).

Free cash flow

Dawson Geophysical: free cash flow by quarterDawson Geophysical: free cash flow by quarter−$4.3MQ3 2024−$5.7MQ4 2024$1.8MQ1 2025$14.9MQ2 2025−$10.2MQ3 2025$1.4MQ4 2025−$1.9MQ1 2026$6.2MQ2 2026
Operating cash flow less capital spending.
Dawson Geophysical: operating cash flow against capital spendingDawson Geophysical: operating cash flow against capital spendingOperating cash flowCapital spending−$4.2M$69KQ3 2024−$5.4M$308KQ4 2024$1.8M$0Q1 2025$14.9M$0Q2 2025−$4.7M$5.4MQ3 2025$2.1M$714KQ4 2025−$465K$1.4MQ1 2026$6.5M$219KQ2 2026
Latest (Q2 2026): Operating cash flow $6.5M, Capital spending $219K.

Capital allocation, year by year

Dawson Geophysical: where the cash came from (up) and went (down), by fiscal yearDawson Geophysical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow −$16.1MFY2021: Net borrowing $170KFY2021: Asset sales $451KFY2021: Capital spending −$505K$621KFY2021FY2022: Operating cash flow −$3.3MFY2022: Net borrowing −$1.3MFY2022: Shares issued $113KFY2022: Asset sales $340KFY2022: Capital spending −$1.4M$453KFY2022FY2023: Operating cash flow $814KFY2023: Net borrowing −$1.1MFY2023: Asset sales $217KFY2023: Capital spending −$3.7M$1.0MFY2023FY2024: Operating cash flow −$1.9MFY2024: Net borrowing −$1.6MFY2024: Asset sales $533KFY2024: Capital spending −$1.9MFY2024: Dividends −$9.9M$533KFY2024FY2025: Operating cash flow $14.0MFY2025: Net borrowing −$3.6MFY2025: Asset sales $468KFY2025: Capital spending −$6.8M$14.4MFY2025
Over these 5 years operating cash flow totalled −$6.4M; the largest uses were operating cash flow ($21.2M) and capital spending ($14.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.1M
Debt$17.4M
Net debt$11.3M
Due within a year$7.3M

Dawson Geophysical's operations bring cash in ($3.3M over twelve months), and it spends more than that on capital projects: a gap of $4.5M funded from its $6.1M of cash and investments and from borrowing ($17.4M of debt, $7.3M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Dawson Geophysical: sources (+) and uses (−) of cash, Q2 2026Dawson Geophysical: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$6.5MCash drawn (+) / kept (−)−$4.4MNet borrowing (+) / repaid (−)−$2.0MCapital spending−$219KAsset & business sales$63KExchange rates$32KOther financing−$7K
Dawson Geophysical: sources (+) and uses (−) of cash, TTM to Q2 2026Dawson Geophysical: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)$10.5MCapital spending−$7.8MNet borrowing (+) / repaid (−)−$5.8MOperating cash flow$3.3MOther investing−$370KAsset & business sales$246KExchange rates−$66KOther financing−$35KTaxes on employees’ shares−$10K

From profit to cash

Dawson Geophysical: net income to operating cash flow, Q2 2026Dawson Geophysical: net income to operating cash flow, Q2 2026Net income−$3.4MDepreciation & amortization$2.0MStock-based pay$69KGains on disposals−$28KOther non-cash−$37KReceivables$12.2MPayables−$2.0MAccrued liabilities−$727KDeferred revenue−$1.0MPrepaid and other assets−$508KOperating cash flow$6.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202668—4820
Q1 202635—36-0
Q4 202520—32-13
Q3 202511—20-8
Q2 202567—3631
Q1 202559—2831
Q4 202437—2512
Q3 202423—194

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$6.5M−$219K−$2.0M−$4.4M$6.2M
Q1 2026−$465K−$1.4M−$1.7M$3.5M−$1.9M
Q4 2025$2.1M−$714K−$1.2M$174K$1.4M
Q3 2025−$4.7M−$5.4M−$954K$11.1M−$10.2M
Q2 2025$14.9M—−$821K−$13.6M$14.9M
Q1 2025$1.8M—−$631K−$1.3M$1.8M
Q4 2024−$5.4M−$308K−$213K$5.6M−$5.7M
Q3 2024−$4.2M−$69K−$297K$4.2M−$4.3M

Dawson Geophysical: income statement and cash flow

Dawson Geophysical, Q2 2026: revenue $17.9M (+82% year over year), operating margin -16.9%. The chart follows the revenue to costs, profit and cash.

Dawson Geophysical: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.