Welcome to our dedicated page for Geospace Technologies news (Ticker: GEOS), a resource for investors and traders seeking the latest updates and insights on Geospace Technologies stock.
Geospace Technologies Corporation (symbol: GEOS) is a pioneering force in seismic and non-seismic technologies, focusing primarily on the oil and gas industry. Founded in 1980 and headquartered in Houston, Texas, the company has earned a global reputation for its innovative engineering and robust manufacturing processes. Geospace Technologies designs, manufactures, and deploys a wide array of seismic instrumentation, including land and marine cableless nodal seismic acquisition systems, real-time reservoir monitoring systems, and wellbore solutions. Their product portfolio also extends to marine seismic accessories, cable and umbilical systems, and advanced thermal imaging solutions.
The company operates through three main segments: oil and gas markets, adjacent markets, and emerging markets. The oil and gas markets segment, which generates the majority of the company's revenue, includes traditional and wireless exploration products, as well as reservoir characterization products and services. Adjacent markets, closely linked to the oil and gas sector, encompass imaging and industrial products. Emerging markets allow Geospace Technologies to expand its technological prowess into new territories, ensuring sustained growth and innovation.
With international offices in Canada, China, Russia, and the UK, and manufacturing facilities in Canada and Russia, Geospace Technologies maintains a significant global footprint. More than half of its revenue is generated within the United States, yet the company's influence spans Asia, Europe, South America, and beyond. Recent achievements include advancements in cableless nodal systems that enhance data accuracy and operational efficiency, solidifying the company's position as an industry leader.
Geospace Technologies (NASDAQ: GEOS) has secured a $7.6 million contract to provide Mariner™ ocean bottom wireless nodes to Caspian Engineering Company, a Kazakhstan-based geologic-geophysical survey firm. The delivery is scheduled for the company's third fiscal quarter.
The Mariner™ system is designed for extended-duration seabed ocean bottom seismic data acquisition, operating at depths up to 750 meters with continuous recording capability for up to 70 days. The company also offers Mariner Deep™, which can function at depths exceeding 3,048 meters and record continuously for up to 200 days.
This contract represents a significant partnership, with Caspian Engineering selecting Geospace's latest slim profile seabed data acquisition node technology for their operational and seismic data quality requirements.
Geospace Technologies (NASDAQ: GEOS) reported its Q1 FY2025 results with revenue of $37.2 million, down from $50.0 million in the year-ago quarter. Net income was $8.4 million ($0.65 per diluted share), compared to $12.7 million ($0.94 per diluted share) in Q1 FY2024.
The company introduced new business segments: Smart Water revenue increased 72% to $7.3 million, Energy Solutions revenue decreased 39% to $24.3 million including a $17 million OBX marine wireless product sale, and Intelligent Industrial revenue slightly decreased 4% to $5.6 million.
As of December 31, 2024, GEOS had $22.1 million in cash and equivalents, $40.6 million in receivables, and $12 million in available credit. The company completed its $7 million stock repurchase program, purchasing approximately 716,000 shares at an average price of $9.72 per share.
Geospace Technologies (NASDAQ: GEOS) has announced its upcoming first quarter 2025 financial results release, scheduled for Wednesday, February 5, 2025, after market close. The company will host a conference call to discuss the results on Thursday, February 6, 2025, at 10:00 a.m. Eastern Time (9:00 a.m. Central).
U.S. participants can join the call toll-free at 800-274-8461, while international participants can dial 203-518-9814. Participants should reference the conference ID: GEOSQ125. A replay of the call will be available for approximately 60 days through the Investor Relations page on Geospace.com.
Geospace Technologies (NASDAQ: GEOS) reported fiscal year 2024 results with revenue of $135.6 million, up from $124.5 million in the previous year. The company recorded a net loss of $6.6 million after $17.3 million in fourth quarter non-cash charges, compared to net income of $12.2 million in the prior year. Adjusted net income for fiscal 2024 was $10.7 million. The company's Oil and Gas Markets segment revenue increased 5% to $77.5 million, while Adjacent Markets segment grew 13% to $55.6 million, driven by record-setting performance of Hydroconn® smart water meter cables.
Geospace Technologies (NASDAQ: GEOS) has announced its upcoming fourth quarter and fiscal year 2024 financial results release, scheduled for Thursday, November 21, 2024, after market close. The company will host a conference call to discuss the results on Friday, November 22, 2024, at 10:00 a.m. Eastern Time. U.S. participants can join via toll-free number 800-267-6316, while international participants can dial 203-518-9783, using conference ID: GEOSQ424. A replay will be available for approximately 60 days through the Investor Relations page on Geospace.com.
Geospace Technologies (NASDAQ: GEOS) announces a strategic realignment of its business segments, effective fiscal year 2025. The company will operate under three new segments: Smart Water, Energy Solutions, and Intelligent Industrial, replacing the previous Oil and Gas Markets, Adjacent Markets, and Emerging Markets segments.
The Smart Water segment focuses on water management technology, including Hydroconn® smart water connectivity and Aquana products. The Energy Solutions segment encompasses traditional oil and gas exploration products, reservoir monitoring, and emerging energy solutions. The Intelligent Industrial segment includes industrial sensors, electronic pre-press solutions, and specialized contract manufacturing.
This realignment reflects Geospace's diversification efforts and strategic focus on technology-driven solutions. The company anticipates growth opportunities in water monitoring, energy solutions, and Industrial IoT markets.
Geospace Technologies (NASDAQ: GEOS) has secured a significant 240-day rental contract for its OBX-750E shallow water seabed wireless seismic data acquisition nodes. The agreement, valued at a minimum of $11.9 million, is with a leading global geophysical solution provider. Delivery of the OBX nodes is scheduled for Geospace's fourth quarter of fiscal year 2024.
The OBX-750E nodes can operate at depths up to 750 meters and are suitable for offshore waters, transition zones, and freshwater environments. They can continuously collect seismic data for up to 60 days once deployed. This contract highlights the ongoing demand for Geospace's proven technology in the competitive ocean bottom node market, offering reliable and cost-effective solutions for high-quality seismic surveys.
Geospace Technologies (NASDAQ: GEOS) has announced the sale of OBX-750E seabed ocean bottom wireless seismic data acquisition nodes to SAExploration, valued at an estimated $10.5 million. SAExploration exercised a purchase option from an existing rental agreement, recognizing the long-term value of owning these robust shallow water nodes.
Geospace Technologies, a leading innovator in marine seismic systems, offers various ocean-bottom wireless seismic data acquisition node systems, including the Aquanaut™ for depths exceeding 3,048 meters and the Mariner™ for shallow depths up to 750 meters. These systems are designed to provide cost savings through improved logistics, operations, maintenance, and repair over their lifetime.
Geospace Technologies (NASDAQ: GEOS) reported its Q3 and nine-month 2024 earnings. For Q3, revenue was $25.9 million with a net loss of $2.1 million ($0.16 per share). For the nine-month period, revenue was $100.2 million with a net income of $6.3 million ($0.47 per share). The company announced a leadership transition plan, with Richard J. Kelley set to become CEO on October 1, 2024.
The Oil & Gas Markets segment saw a 48% decrease in Q3 revenue, while the Adjacent Markets segment achieved record revenue of $16.0 million. The company maintains a strong balance sheet with $42.5 million in cash and short-term investments. A stock repurchase program is progressing, with approximately 512,000 shares repurchased as of August 7, 2024.
Geospace Technologies (NASDAQ: GEOS) announced that it will release its third quarter fiscal year 2024 financial results on August 8, 2024 after market close.
The company has also scheduled a conference call on Friday, August 9, 2024 at 10:00 a.m. Eastern Time (9:00 a.m. Central) to discuss the results.
Participants can join the call via phone, with U.S. participants dialing toll-free (800) 225-9448 and international participants dialing (203) 518-9708, using the conference ID: GEOSQ324.
A replay will be available for 60 days on the company's Investor Relations page.
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