Dawson Geophysical provides onshore seismic data acquisition services in North America, primarily across the continental U.S. and Canada. Dawson deploys field crews that use vibration equipment or dynamite to send acoustic energy into the ground, capture reflected waves via geophones, and deliver the resulting data to clients. Clients — primarily multi-client data library providers, major oil and gas companies, and independent E&P operators — use the data to map subsurface geology, identify hydrocarbon accumulations, and reduce drilling risk. Most activity is in unconventional (shale) reservoirs. Dawson also serves Canada through its Eagle Canada subsidiary, which adds potash mining clients and heliportable capabilities for remote terrain. Dawson contracts on a project-by-project basis, primarily through turnkey agreements where Dawson earns a fixed fee per unit of data acquired, bearing the risk of weather delays or downtime. Revenue scales with the number of crews deployed and recording channels operated per project. Demand is tightly tied to E&P spending, which moves with oil and gas prices — and customer concentration is significant, with one client representing 51% of FY2025 revenues. The business is both capital- and labor-intensive, with field crews of 40-100 technicians per project. Dawson recently committed roughly $24M to upgrade to lightweight single-point node recording channels, financed through 36-month promissory notes at 8.75%, aimed at improving crew efficiency and enabling larger, higher-resolution surveys.