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) secured a $4M rental contract with an international marine geophysical provider for its OBX-750E seabed ocean bottom wireless seismic nodes. This follows a previous $10M sale and $7M in rental contracts, indicating increasing demand in offshore markets. Walter R. Wheeler, CEO, noted heightened interest in their wireless products during a recent exhibition in Madrid. The company's offerings cater not only to oil and gas but also to other industries including geotechnical applications.
Geospace Technologies (NASDAQ: GEOS) reported Q2 revenue of $24.7 million, up from $23.9 million year-over-year. The net loss narrowed to $1.5 million ($0.11/share) compared to a $7.2 million loss in Q2 2021. However, six-month revenue dropped to $42.7 million from $52.4 million the previous year, with a consistent net loss of $8.2 million. The Adjacent Markets segment saw a 21% revenue increase, driven by demand for water meter connectors and industrial sensors. A new credit facility provides up to $10 million for liquidity. Despite challenges in oil and gas markets, Geospace's diversification strategies show promise.
Geospace Technologies (NASDAQ: GEOS) will announce its second-quarter 2022 financial results on May 11, 2022, after market close. A conference call is scheduled for May 12, 2022, at 10:00 a.m. Eastern Time. Participants can join via phone, with U.S. dial-in at 800-894-5910 and international at 785-424-1052. Geospace designs and manufactures seismic instruments for the oil and gas industry and other sectors, focusing on monitoring hydrocarbon reservoirs and various applications.
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.
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