$DWSN

TGC INDUSTRIES INC

CIK:0000799165|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenues	$ 17,912		$ 9,851		$ 54,611	$ 25,929
Operating expenses:
Total operating expenses	15,304		8,717		38,925	20,496
General and administrative	3,652		2,331		6,593	4,325
Depreciation and amortization	1,985		1,174		3,982	2,445
Total operating costs	20,941		12,222		49,500	27,266
(Loss) income from operations	(3,029)		(2,371)		5,111	(1,337)
Other income (expense):
Interest income	32		35		41	39
Interest expense, including related party	(426)		(58)		(927)	(134)
Other (expense) income, net	(2)		38		21	71
(Loss) income before income tax	(3,425)		(2,356)		4,246	(1,361)
Income tax (expense) benefit	(15)		7		(25)	4
Net (loss) income	(3,440)	$ 7,661	(2,349)	$ 992	4,221	(1,357)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign currency translation	85		477		(101)	447
Comprehensive (loss) income	$ (3,355)		$ (1,872)		$ 4,120	$ (910)
Basic net (loss) income per share of common stock (in dollars per share)	$ (0.11)		$ (0.08)		$ 0.14	$ (0.04)
Diluted net (loss) income per share of common stock (in dollars per share)	$ (0.11)		$ (0.08)		$ 0.14	$ (0.04)
Weighted average equivalent common shares outstanding (in shares)	31,052,871		30,986,929		31,052,855	30,985,212
Weighted average equivalent common shares outstanding - assuming dilution (in shares)	31,052,871		30,986,929		31,137,963	30,985,212
Fee Revenue
Operating revenues	$ 14,006		$ 8,735		$ 46,514	$ 23,994
Operating expenses:
Total operating expenses	11,398		7,601		30,828	18,561
Reimbursable Revenue
Operating revenues	3,906		1,116		8,097	1,935
Operating expenses:
Total operating expenses	$ 3,906		$ 1,116		$ 8,097	$ 1,935

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 4,221,000	$ (1,357,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,982,000	2,445,000
Non-cash operating lease cost	386,000	504,000
Non-cash compensation	116,000	87,000
Bad debt expense	0	177,000
Gain on disposal of assets	(121,000)	(378,000)
Other	(50,000)	16,000
Change in operating assets and liabilities:
Decrease in accounts receivable	1,964,000	6,673,000
Decrease (increase) in contract assets	91,000	(7,063,000)
Decrease in prepaid expenses and other assets	132,000	322,000
Decrease in accounts payable	(2,451,000)	(439,000)
Increase (decrease) in accrued liabilities	394,000	(171,000)
Decrease in operating lease liabilities	(529,000)	(554,000)
(Decrease) increase in deferred revenue	(2,137,000)	16,365,000
Net cash provided by operating activities	5,998,000	16,627,000
Cash flows from investing activities:
Capital expenditures, net of non-cash capital expenditures summarized below	(1,652,000)	(683,000)
Proceeds from disposal of assets	156,000	378,000
Net cash used in investing activities	(1,496,000)	(305,000)
Cash flows from financing activities:
Principal payments on notes payable	(3,025,000)	(1,066,000)
Principal payments on finance leases	(613,000)	(386,000)
Borrowings on related-party line of credit	6,250,000
Repayments on related-party line of credit	(6,250,000)
Tax withholdings related to stock based compensation awards	(7,000)	(45,000)
Net cash used in financing activities	(3,645,000)	(1,497,000)
Effect of exchange rate changes on cash and cash equivalents	(9,000)	18,000
Net increase in cash and cash equivalents	848,000	14,843,000
Cash and cash equivalents at beginning of period	4,907,000	1,385,000
Cash and cash equivalents at end of period	5,755,000	16,228,000
Supplemental cash flow information:
Cash paid for interest, including related-party amounts of $101 and $0, respectively (see Note 11)	819,000	128,000
Non-cash operating, investing and financing activities:
Finance leases incurred	673,000
Increase in right-of-use assets and operating lease liabilities	106,000
Financed equipment purchases	2,698,000
Financed insurance premiums	$ 128,000	$ 1,746,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 5,755	$ 4,907
Short-term investments	370	370
Accounts receivable, net	7,317	9,389
Prepaid expenses and other current assets	7,077	7,169
Total current assets	20,519	21,835
Property and equipment	253,096	254,017
Less accumulated depreciation	(221,372)	(223,242)
Property and equipment, net	31,724	30,775
Operating lease right-of-use assets	2,729	3,036
Intangibles, net	352	364
Total assets	55,324	56,010
Current liabilities:
Accounts payable	7,040	9,578
Accrued liabilities:
Payroll costs and other taxes	1,660	1,474
Other	1,183	994
Deferred revenue	5,341	7,477
Current maturities of notes payable and finance leases	7,255	6,232
Current maturities of operating lease liabilities	981	1,082
Total current liabilities	23,460	26,837
Long-term liabilities:
Notes payable and finance leases, net of current maturities	10,135	11,324
Operating lease liabilities, net of current maturities	1,675	2,024
Deferred tax liabilities, net	17	17
Total liabilities	35,287	40,202
Commitments and contingencies (Note 8)
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, 31,055,618 and 31,052,840 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	311	311
Additional paid-in capital	157,263	157,154
Accumulated deficit	(135,339)	(139,560)
Accumulated other comprehensive loss, net	(2,198)	(2,097)
Total stockholders' equity	20,037	15,808
Total liabilities and stockholders' equity	$ 55,324	$ 56,010