Welcome to our dedicated page for Geospace Technologies Corporation news (Ticker: GEOS), a resource for investors and traders seeking the latest updates and insights on Geospace Technologies Corporation 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) announced two new rental contracts worth over $7 million for its OBX ocean bottom nodes, enhancing their presence in marine seismic surveys. This follows a $10 million sales contract with an international seismic provider. The first contract involves renting 7,500 OBX-750E nodes for shallow water studies, while the second contracts for 1,900 OBX2-90 and OBX2-125 nodes for a seismic survey in the North Sea, commencing in Q2 2022. These agreements highlight increased offshore oil market activity.
Geospace Technologies (NASDAQ: GEOS) has secured a $10M contract for over half of its OBX series deepwater ocean bottom nodes from an international seismic contractor. This sale stems from a rental agreement and occurred before the conclusion of its second quarter of fiscal year 2022. CEO Walter R. Wheeler expressed satisfaction with the customer's decision to convert rental to purchase, highlighting the company's strong marine seismic equipment design and delivery capabilities. The company markets these instruments primarily to the oil and gas sector.
Geospace Technologies (NASDAQ: GEOS) reported a net loss of $6.8 million or $(0.52) per diluted share for Q1 FY2022, on revenues of $18.0 million, down from $28.5 million in Q1 FY2021. The drop is attributed to an $8 million contract with the U.S. Border Patrol that inflated last year's figures. The Oil and Gas segment faced a 24% revenue decline, totaling $9.7 million, due to reduced investments from E&P companies despite rising oil prices. The Adjacent Markets segment saw an 18% revenue increase.
Geospace Technologies (NASDAQ: GEOS) will release its first-quarter financial results for 2022 on February 1, 2022, after market close. A conference call will be held on February 2, 2022, at 10:00 a.m. ET (9:00 a.m. CT) for investors and analysts to discuss the results. U.S. participants can join by calling toll-free at (877) 876-9176, while international callers can reach (785) 424-1670, using conference ID: GEOSQ122. Geospace specializes in designing and manufacturing seismic instruments primarily for the oil and gas industry, among other markets.
Geospace Technologies (NASDAQ: GEOS) has secured a $6.9 million contract with an international seismic contractor for specialized geophones tailored for vibration monitoring in challenging environments. Production of these geophones will take place at the company's manufacturing facilities, with deliveries set to commence in May 2022. Walter R. Wheeler, President and CEO, emphasized the company's long-standing role in providing innovative solutions within the oil and gas sector, reflecting their commitment to engineering excellence in seismic data acquisition.
Geospace Technologies (NASDAQ: GEOS) reported a net loss of $14.1 million, or $(1.05) per diluted share, on revenue of $94.9 million for the fiscal year ending September 30, 2021. This reflects an 8% revenue increase from the previous year. However, the Oil and Gas Markets segment saw a 15% revenue decline, primarily due to reduced OBX system rentals. In contrast, Adjacent Markets revenue rose 27%, driven by demand for industrial products. The Emerging Markets segment generated over $10 million, mainly from a contract with the U.S. Border Patrol. Management anticipates continued challenges in Oil and Gas markets.
Geospace Technologies (NASDAQ: GEOS) will release its fourth quarter and fiscal year 2021 financial results on November 18, 2021, after market close. A conference call is scheduled for November 19, 2021, at 10:00 a.m. ET for discussing the results. Participants can join via phone by calling 877-876-9176 for U.S. or 785-424-1670 for international access, referencing conference ID GEOSQ421. The company specializes in designing and manufacturing seismic instruments for the oil and gas industry and other applications.
Geospace Technologies (NASDAQ:GEOS) has entered a Joint Industry Partnership with Carbon Management Canada to develop innovative carbon storage monitoring technologies. This collaboration will utilize SADAR, a seismic monitoring technology, to enhance real-time monitoring of CO2 storage operations. The initiative aims to improve operational efficiency for gas storage companies by accurately monitoring underground containment. This partnership signifies Geospace's commitment to advancing technology in the carbon capture and storage sector.
Geospace Technologies (NASDAQ: GEOS) reported a net loss of $0.8 million, or $(0.06) per diluted share, on revenue of $23.1 million for Q3 2021, showing improvement over last year's net loss of $2.3 million on $22.7 million revenue. For the nine months ending June 30, 2021, revenue increased to $75.4 million from $66.3 million, with a net loss of $9.0 million compared to $15.4 million last year. The Adjacent Markets segment saw significant growth, while the Oil and Gas Markets segment faced declines. Total liquidity was $47.7 million with a strong balance sheet.
Geospace Technologies (NASDAQ: GEOS) will release its third quarter 2021 financial results on August 5, 2021, after market close. The company has scheduled a conference call for August 6, 2021, at 10:00 a.m. Eastern Time. Participants can join the call via phone, with toll-free access for U.S. participants at (877) 876-9176 and international participants at (785) 424-1670, using conference ID GEOSQ321. A replay will be available for 60 days on its website.
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