Dawson Geophysical

1 serious warning sign in Dawson Geophysical’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 2 later 8-Ks.

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.

  “Based on this evaluation, we have concluded that, as of December 31, 2025, our internal control over financial reporting was not effective due to the material weakness in our internal control over financial reporting described below.”

  Show the full paragraph

  Management’s Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including our President and Chief Executive Officer, and our Chief Financial Officer, we evaluated the effectiveness of our internal controls over financial reporting as of December 31, 2025 using the criteria set forth in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on this evaluation, we have concluded that, as of December 31, 2025, our internal control over financial reporting was not effective due to the material weakness in our internal control over financial reporting described below. As a non-accelerated filer, as defined in Rule 12b-2 under the Exchange Act, our independent registered public accounting firm is not required under Section 404(b) of the Sarbanes-Oxley Act to issue an attestation report on our internal control over financial reporting.

  From the 10-K filed 31 March 2026, Item 9A. Controls and Procedures. Read it in the filing

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 51% last year. Losing that customer would hurt.

  “During the twelve months ended December 31, 2025, sales to one client represented approximately 51% of our revenues, during the same period of 2024 this client represented 29% of our revenues.”

  From the 10-K filed 31 March 2026, Item 1. Business. Read it in the filing