Geospace Technologies Corporation Reports Third Quarter and Nine-month 2024 Earnings
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) ha riportato i risultati finanziari per il terzo trimestre e per i nove mesi del 2024. Per il terzo trimestre, i ricavi sono stati 25,9 milioni di dollari con una perdita netta di 2,1 milioni di dollari (0,16 dollari per azione). Nel periodo di nove mesi, i ricavi sono stati 100,2 milioni di dollari con un utile netto di 6,3 milioni di dollari (0,47 dollari per azione). L'azienda ha annunciato un piano di transizione della leadership, con Richard J. Kelley che diventerà CEO il 1 ottobre 2024.
Il segmento dei mercati Oil & Gas ha registrato una diminuzione del 48% dei ricavi nel terzo trimestre, mentre il segmento dei mercati adiacenti ha raggiunto ricavi record di 16,0 milioni di dollari. L'azienda mantiene un solido bilancio con 42,5 milioni di dollari in contante e investimenti a breve termine. Un programma di riacquisto di azioni è in corso, con circa 512.000 azioni riacquisite a partire dal 7 agosto 2024.
Geospace Technologies (NASDAQ: GEOS) reportó sus ganancias del tercer trimestre y de los nueve meses de 2024. Para el tercer trimestre, los ingresos fueron de 25.9 millones de dólares con una pérdida neta de 2.1 millones de dólares (0.16 dólares por acción). En el período de nueve meses, los ingresos fueron de 100.2 millones de dólares con una ganancia neta de 6.3 millones de dólares (0.47 dólares por acción). La compañía anunció un plan de transición de liderazgo, con Richard J. Kelley establecido para convertirse en CEO el 1 de octubre de 2024.
El segmento de Mercados de Petróleo y Gas vio una disminución del 48% en los ingresos del tercer trimestre, mientras que el segmento de Mercados Adyacentes logró ingresos récord de 16.0 millones de dólares. La compañía mantiene un sólido balance con 42.5 millones de dólares en efectivo e inversiones a corto plazo. Un programa de recompra de acciones está en curso, con aproximadamente 512,000 acciones recompensadas hasta el 7 de agosto de 2024.
Geospace Technologies (NASDAQ: GEOS)가 2024년 3분기 및 9개월 실적을 발표했습니다. 3분기 매출은 2,590만 달러였으며, 순손실은 210만 달러 (주당 0.16 달러)였습니다. 9개월 동안의 매출은 1억 2백만 달러였으며, 순이익은 630만 달러 (주당 0.47 달러)였습니다. 회사는 Richard J. Kelley가 2024년 10월 1일 CEO가 될 계획을 발표했습니다.
석유 및 가스 시장 부문은 3분기 매출이 48% 감소했으며, 인접 시장 부문은 1,600만 달러의 기록적인 매출을 달성했습니다. 회사는 4,250만 달러의 현금 및 단기 투자로 강력한 재무 구조를 유지하고 있습니다. 2024년 8월 7일 기준으로 약 512,000주가 재매입된 주식 매입 프로그램이 진행 중입니다.
Geospace Technologies (NASDAQ: GEOS) a annoncé ses résultats du troisième trimestre et des neuf mois de 2024. Pour le troisième trimestre, le chiffre d'affaires s'est élevé à 25,9 millions de dollars avec une perte nette de 2,1 millions de dollars (0,16 dollar par action). Pour la période de neuf mois, le chiffre d'affaires était de 100,2 millions de dollars avec un bénéfice net de 6,3 millions de dollars (0,47 dollar par action). L'entreprise a annoncé un plan de transition de leadership, Richard J. Kelley devant devenir PDG le 1er octobre 2024.
Le segment des marchés pétroliers et gaziers a connu une baisse de 48 % des revenus au troisième trimestre, tandis que le segment des marchés adjacents a atteint un chiffre d'affaires record de 16,0 millions de dollars. L'entreprise maintient un solide bilan avec 42,5 millions de dollars en liquidités et investissements à court terme. Un programme de rachat d'actions est en cours, avec environ 512 000 actions rachetées au 7 août 2024.
Geospace Technologies (NASDAQ: GEOS) berichtete über die Ergebnisse für das 3. Quartal und die neun Monate 2024. Für das 3. Quartal betrugen die Einnahmen 25,9 Millionen US-Dollar bei einem Nettoverlust von 2,1 Millionen US-Dollar (0,16 US-Dollar pro Aktie). Im Neunmonatszeitraum betrugen die Einnahmen 100,2 Millionen US-Dollar bei einem Nettogewinn von 6,3 Millionen US-Dollar (0,47 US-Dollar pro Aktie). Das Unternehmen gab einen Führungsübergangsplan bekannt, und Richard J. Kelley wird am 1. Oktober 2024 CEO werden.
Im Segment Öl- und Gasmärkte verzeichnete der Umsatz im 3. Quartal einen Rückgang um 48 %, während das Segment angrenzender Märkte einen Rekordumsatz von 16,0 Millionen US-Dollar erzielte. Das Unternehmen weist eine starke Bilanz mit 42,5 Millionen US-Dollar in bar und kurzfristigen Investitionen auf. Ein Aktienrückkauffprogramm ist im Gange, mit etwa 512.000 bis zum 7. August 2024 zurückgekauften Aktien.
- Adjacent Markets segment achieved record Q3 revenue of $16.0 million
- Strong balance sheet with $42.5 million in cash and short-term investments
- Nine-month net income of $6.3 million ($0.47 per share)
- Stock repurchase program progressing with 512,000 shares repurchased
- Aquana subsidiary has a first-time order backlog of $900,000
- Q3 net loss of $2.1 million ($0.16 per share)
- 48% decrease in Oil & Gas Markets segment Q3 revenue
- Delays in OBX rental contracts due to weather and customer issues
- Nine-month cash usage of $7.5 million from operating activities
Insights
Geospace Technologies' Q3 2024 results paint a mixed picture. The company reported a
The Oil & Gas segment faced challenges, with revenue dropping
With
Geospace's Q3 results reflect the cyclical nature of the oil and gas industry. The company's strategic focus on diversification through its Adjacent Markets segment is yielding positive results, evidenced by the record
The Emerging Markets segment, while small, shows potential with a
Investors should note the upcoming leadership transition. Rich Kelley's promotion to CEO could bring fresh perspectives to Geospace's strategy. The planned transition period with the current CEO serving as an advisor should help maintain continuity. Keep an eye on how this change might influence the company's approach to market diversification and technology development.
Geospace's technological diversification is evident in its Q3 results. The success of the Adjacent Markets segment, particularly in water meter cables and connectors, demonstrates the company's ability to leverage its expertise in new sectors. The growing backlog for Aquana smart water valve and IoT technology products indicates increasing market acceptance of these innovations.
The Emerging Markets segment's performance, driven by a DARPA contract, showcases Geospace's capacity to apply its technology to high-value government projects. The potential applications in security and advanced energy monitoring suggest promising avenues for future tech development.
Investors should monitor how the new leadership might steer Geospace's R&D focus. With the oil and gas sector facing volatility, the company's ability to continue innovating in adjacent and emerging markets will be important for long-term growth. The balance between maintaining core competencies and exploring new technological frontiers will be key to Geospace's future success.
Company Announces Leadership Transition Plan
For the nine-months ended June 30, 2024, Geospace reported revenue of
Aligned with its succession plan, the Company’s Board of Directors elected Richard J. (“Rich”) Kelley, currently serving as Executive Vice President and Chief Operating Officer, to the role of President and Chief Executive Officer. The change will occur at the beginning of the Company’s 2025 fiscal year on October 1, 2024. In order to ensure a smooth executive leadership transition, the plan calls for current President and Chief Executive Officer Walter R. (“Rick”) Wheeler to remain with the Company as Principal Executive Officer for the purposes of fiscal year 2024 financial filings. Additionally, he will serve as Senior Strategic Advisor to the CEO through and until his retirement on December 31, 2024.
Management’s Comments
Walter R. (“Rick”) Wheeler, President and CEO of the Company said, “As we close the third quarter with three months of fiscal year 2024 remaining, we continue to maintain a profitable year, reporting positive net income of
“In profound contrast, our Adjacent Markets segment put forth all-time record revenue for the third quarter generating
“Our Emerging Markets segment generated
“In other news, our stock repurchase program, authorized by the Board of Directors in May 2024, is progressing well. As of August 7, 2024, the company has repurchased approximately 512,000 of its common shares on the open market. In addition, our Board of Directors has approved an extension of the program, allowing up to an additional
Oil and Gas Markets Segment
Third quarter revenue from the Company’s Oil and Gas Markets segment totaled
Adjacent Markets Segment
Revenue from the Company’s Adjacent Markets segment totaled
Emerging Markets Segment
The Company’s Emerging Markets segment generated revenue of
Balance Sheet and Liquidity
For the nine-month period ended June 30, 2024, the Company used
As of June 30, 2024, the Company held
Conference Call Information
The Company will host a conference call to review its third quarter fiscal year 2024 financial results on Friday, August 9, 2024, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Participants can access the call at (800) 225-9448 (US) or (203) 518-9708 (International) and reference the conference ID: GEOSQ324 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of the Company’s website at www.geospace.com.
About Geospace Technologies
Geospace Technologies is a global technology and instrumentation manufacturer specializing in vibration sensing and highly ruggedized products which serve energy, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company’s more than 600 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “intend,” “expect,” “plan,” “budget,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward- looking statements include, statements regarding our expected operating results and expected demand for our products in various segments. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10- Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels, the continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward- looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws and regulations.
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products |
|
$ |
20,223 |
|
|
$ |
19,727 |
|
|
$ |
83,434 |
|
|
$ |
56,976 |
|
Rental |
|
|
5,635 |
|
|
|
12,988 |
|
|
|
16,726 |
|
|
|
38,218 |
|
Total revenue |
|
|
25,858 |
|
|
|
32,715 |
|
|
|
100,160 |
|
|
|
95,194 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products |
|
|
14,179 |
|
|
|
14,522 |
|
|
|
53,016 |
|
|
|
43,083 |
|
Rental |
|
|
3,153 |
|
|
|
4,214 |
|
|
|
10,501 |
|
|
|
14,649 |
|
Total cost of revenue |
|
|
17,332 |
|
|
|
18,736 |
|
|
|
63,517 |
|
|
|
57,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
|
8,526 |
|
|
|
13,979 |
|
|
|
36,643 |
|
|
|
37,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
6,941 |
|
|
|
6,655 |
|
|
|
19,313 |
|
|
|
19,477 |
|
Research and development |
|
|
4,011 |
|
|
|
4,356 |
|
|
|
11,476 |
|
|
|
12,097 |
|
Provision for (recovery of) credit losses |
|
|
(33 |
) |
|
|
(178 |
) |
|
|
(84 |
) |
|
|
(41 |
) |
Total operating expenses |
|
|
10,919 |
|
|
|
10,833 |
|
|
|
30,705 |
|
|
|
31,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain on disposal of property |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
|
|
(2,393 |
) |
|
|
3,146 |
|
|
|
5,938 |
|
|
|
7,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(44 |
) |
|
|
(22 |
) |
|
|
(144 |
) |
|
|
(100 |
) |
Interest income |
|
|
472 |
|
|
|
88 |
|
|
|
954 |
|
|
|
371 |
|
Foreign currency transaction gains (losses), net |
|
|
(70 |
) |
|
|
301 |
|
|
|
(253 |
) |
|
|
593 |
|
Other, net |
|
|
(37 |
) |
|
|
(66 |
) |
|
|
(104 |
) |
|
|
(72 |
) |
Total other income, net |
|
|
321 |
|
|
|
301 |
|
|
|
453 |
|
|
|
792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) before income taxes |
|
|
(2,072 |
) |
|
|
3,447 |
|
|
|
6,391 |
|
|
|
8,036 |
|
Income tax expense (benefit) |
|
|
(2 |
) |
|
|
219 |
|
|
|
109 |
|
|
|
268 |
|
Net income (loss) |
|
$ |
(2,070 |
) |
|
$ |
3,228 |
|
|
$ |
6,282 |
|
|
$ |
7,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.16 |
) |
|
$ |
0.25 |
|
|
$ |
0.47 |
|
|
$ |
0.59 |
|
Diluted |
|
$ |
(0.16 |
) |
|
$ |
0.24 |
|
|
$ |
0.47 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
13,216,386 |
|
|
|
13,171,654 |
|
|
|
13,270,444 |
|
|
|
13,131,795 |
|
Diluted |
|
|
13,216,386 |
|
|
|
13,320,881 |
|
|
|
13,431,714 |
|
|
|
13,157,919 |
|
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
||||||||
|
|
June 30, 2024 |
|
September 30, 2023 |
||||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
12,327 |
|
|
$ |
18,803 |
|
Short-term investments |
|
|
30,189 |
|
|
|
14,921 |
|
Trade accounts and note receivable, net |
|
|
16,164 |
|
|
|
21,373 |
|
Inventories, net |
|
|
24,557 |
|
|
|
18,430 |
|
Prepaid expenses and other current assets |
|
|
2,771 |
|
|
|
2,251 |
|
Total current assets |
|
|
86,008 |
|
|
|
75,778 |
|
|
|
|
|
|
|
|
||
Non-current inventories, net |
|
|
17,362 |
|
|
|
24,888 |
|
Rental equipment, net |
|
|
16,907 |
|
|
|
21,587 |
|
Property, plant and equipment, net |
|
|
24,037 |
|
|
|
24,048 |
|
Non-current trade accounts receivable |
|
|
1,510 |
|
|
|
— |
|
Operating right-of-use assets |
|
|
527 |
|
|
|
714 |
|
Goodwill |
|
|
736 |
|
|
|
736 |
|
Other intangible assets, net |
|
|
4,505 |
|
|
|
4,805 |
|
Other non-current assets |
|
|
361 |
|
|
|
486 |
|
Total assets |
|
$ |
151,953 |
|
|
$ |
153,042 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable trade |
|
$ |
4,230 |
|
|
$ |
6,659 |
|
Operating lease liabilities |
|
|
215 |
|
|
|
257 |
|
Other current liabilities |
|
|
9,693 |
|
|
|
12,882 |
|
Total current liabilities |
|
|
14,138 |
|
|
|
19,798 |
|
|
|
|
|
|
|
|
||
Non-current operating lease liabilities |
|
|
368 |
|
|
|
512 |
|
Deferred tax liabilities, net |
|
|
26 |
|
|
|
16 |
|
Total liabilities |
|
|
14,532 |
|
|
|
20,326 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common Stock, |
|
|
142 |
|
|
|
140 |
|
Additional paid-in capital |
|
|
97,067 |
|
|
|
96,040 |
|
Retained earnings |
|
|
68,142 |
|
|
|
61,860 |
|
Accumulated other comprehensive loss |
|
|
(17,431 |
) |
|
|
(17,824 |
) |
Treasury stock, at cost, 1,133,467 and 841,992 shares, respectively |
|
|
(10,499 |
) |
|
|
(7,500 |
) |
Total stockholders’ equity |
|
|
137,421 |
|
|
|
132,716 |
|
Total liabilities and stockholders’ equity |
|
$ |
151,953 |
|
|
$ |
153,042 |
|
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
||||||||
|
|
Nine Months Ended |
||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
6,282 |
|
|
$ |
7,768 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Deferred income tax expense |
|
|
10 |
|
|
|
1 |
|
Rental equipment depreciation |
|
|
8,534 |
|
|
|
9,204 |
|
Property, plant and equipment depreciation |
|
|
2,595 |
|
|
|
2,785 |
|
Amortization of intangible assets |
|
|
300 |
|
|
|
622 |
|
Accretion of discounts on short-term investments |
|
|
(415 |
) |
|
|
(50 |
) |
Stock-based compensation expense |
|
|
1,029 |
|
|
|
1,074 |
|
Recovery of credit losses |
|
|
(84 |
) |
|
|
(41 |
) |
Inventory obsolescence expense |
|
|
144 |
|
|
|
2,131 |
|
Gross profit from sale of rental equipment |
|
|
(20,751 |
) |
|
|
(4,318 |
) |
Gain on disposal of property |
|
|
— |
|
|
|
(1,315 |
) |
Loss (gain) on disposal of equipment |
|
|
11 |
|
|
|
(432 |
) |
Realized foreign currency translation loss from dissolution of foreign subsidiary |
|
|
— |
|
|
|
38 |
|
Effects of changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Trade accounts and note receivable |
|
|
5,162 |
|
|
|
(10,561 |
) |
Inventories |
|
|
(5,787 |
) |
|
|
(7,175 |
) |
Other assets |
|
|
(176 |
) |
|
|
453 |
|
Accounts payable trade |
|
|
(1,408 |
) |
|
|
1,290 |
|
Other liabilities |
|
|
(2,973 |
) |
|
|
1,654 |
|
Net cash provided by (used in) operating activities |
|
|
(7,527 |
) |
|
|
3,128 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchase of property, plant and equipment |
|
|
(3,577 |
) |
|
|
(1,862 |
) |
Proceeds from the sale of property, plant and equipment |
|
|
2 |
|
|
|
4,406 |
|
Investment in rental equipment |
|
|
(8,181 |
) |
|
|
(6,213 |
) |
Proceeds from the sale of rental equipment |
|
|
30,948 |
|
|
|
11,095 |
|
Purchases of short-term investments |
|
|
(24,033 |
) |
|
|
— |
|
Proceeds from the sale of short-term investments |
|
|
8,750 |
|
|
|
900 |
|
Net cash provided by investing activities |
|
|
3,909 |
|
|
|
8,326 |
|
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
||
Purchase of treasury stock |
|
|
(2,999 |
) |
|
|
— |
|
Payments on contingent consideration |
|
|
— |
|
|
|
(175 |
) |
Net cash used in financing activities |
|
|
(2,999 |
) |
|
|
(175 |
) |
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash |
|
|
141 |
|
|
|
(124 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
(6,476 |
) |
|
|
11,155 |
|
Cash and cash equivalents, beginning of period |
|
|
18,803 |
|
|
|
16,109 |
|
Cash and cash equivalents, end of period |
|
$ |
12,327 |
|
|
$ |
27,264 |
|
|
|
|
|
|
|
|
||
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
||
Cash paid for income taxes |
|
$ |
185 |
|
|
$ |
111 |
|
Inventory transferred to rental equipment |
|
|
5,765 |
|
|
|
117 |
|
GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES
|
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Oil and Gas Markets segment revenue: |
|
|
|
|
|
|
|
|
||||||||
Traditional seismic exploration product revenue |
|
$ |
2,005 |
|
$ |
3,363 |
|
$ |
7,316 |
|
$ |
9,509 |
||||
Wireless seismic exploration product revenue |
|
|
6,978 |
|
|
13,786 |
|
|
52,291 |
|
|
45,920 |
||||
Reservoir product revenue |
|
|
191 |
|
|
523 |
|
|
323 |
|
|
810 |
||||
|
|
|
9,174 |
|
|
17,672 |
|
|
59,930 |
|
|
56,239 |
||||
|
|
|
|
|
|
|
|
|
||||||||
Adjacent Markets segment revenue: |
|
|
|
|
|
|
|
|
||||||||
Industrial product revenue |
|
|
13,025 |
|
|
11,678 |
|
|
28,492 |
|
|
29,250 |
||||
Imaging product revenue |
|
|
2,945 |
|
|
3,184 |
|
|
9,528 |
|
|
9,142 |
||||
|
|
|
15,970 |
|
|
14,862 |
|
|
38,020 |
|
|
38,392 |
||||
Emerging Markets segment revenue: |
|
|
|
|
|
|
|
|
||||||||
Border and perimeter security product revenue |
|
|
640 |
|
|
109 |
|
|
1,987 |
|
|
393 |
||||
|
|
|
|
|
|
|
|
|
||||||||
Corporate |
|
|
74 |
|
|
72 |
|
|
223 |
|
|
170 |
||||
Total revenue |
|
$ |
25,858 |
|
$ |
32,715 |
|
$ |
100,160 |
|
$ |
95,194 |
||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
||||||||
Oil and Gas Markets segment |
|
$ |
(2,302 |
) |
|
$ |
3,238 |
|
|
$ |
9,126 |
|
|
$ |
9,820 |
|
Adjacent Markets segment |
|
|
4,661 |
|
|
|
4,346 |
|
|
|
9,491 |
|
|
|
9,148 |
|
Emerging Markets segment |
|
|
(1,148 |
) |
|
|
(1,047 |
) |
|
|
(2,424 |
) |
|
|
(3,267 |
) |
Corporate |
|
|
(3,604 |
) |
|
|
(3,391 |
) |
|
|
(10,255 |
) |
|
|
(8,457 |
) |
Total operating income (loss) |
|
$ |
(2,393 |
) |
|
$ |
3,146 |
|
|
$ |
5,938 |
|
|
$ |
7,244 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808184594/en/
Media Contact:
Caroline Kempf
ckempf@geospace.com
321.341.9305
Source: Geospace Technologies Corporation
FAQ
What was Geospace Technologies' (GEOS) revenue for Q3 2024?
How did GEOS perform in the nine-month period ended June 30, 2024?
Who will be the new CEO of Geospace Technologies (GEOS) and when?
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