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 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.
Geospace Technologies (NASDAQ: GEOS) has acquired Aquana, LLC, a provider of wireless water monitoring systems, for an initial payment of $1.4 million, plus contingent payments over six years based on Aquana's revenue. Aquana will operate as a subsidiary, enhancing Geospace's capabilities in the water utility market. The deal aims to leverage Aquana's IoT platform, which features remote shut-off and leak detection systems, to capture a portion of the $1.4 billion remote shut-off valve market. This acquisition supports Geospace's diversification strategy and aims to improve service efficiency for water utilities.
Geospace Technologies (NASDAQ: GEOS) reported a net loss of $7.2 million, or $(0.53) per diluted share, on revenue of $23.9 million for Q2 2021, down from a net loss of $3.8 million on revenue of $25.9 million in Q2 2020. For the six months ending March 31, 2021, revenue increased to $52.4 million from $43.6 million, but the net loss narrowed to $8.2 million. Challenges from COVID-19 affected operations, particularly in the Oil and Gas Markets, but signs of recovery and increasing demand for future rentals are noted.
Geospace Technologies (NASDAQ: GEOS) will announce its second quarter 2021 financial results on May 6, 2021 after market close. A conference call is scheduled for May 7, 2021, at 10:00 a.m. Eastern Time. Participants can join by dialing (866) 342-8591 for U.S. calls or (203) 518-9822 for international calls, referencing conference ID: GEOSQ221.
Geospace designs and manufactures seismic instruments primarily for the oil and gas sector, also serving other industries with products for various applications.
Geospace Technologies (NASDAQ: GEOS) reported its highest first quarter earnings in seven years, narrowing its net loss to $1.1 million or $(0.08) per diluted share on revenue of $28.5 million for the first quarter ended December 31, 2020. This marks a significant improvement from a net loss of $9.3 million on revenue of $17.7 million in the previous year. Key highlights include a $9.9 million sale of an OBX nodal marine system and significant revenue growth in its Emerging Markets segment, totaling $8.8 million.
Geospace Technologies (NASDAQ: GEOS) will announce its first quarter 2021 financial results on February 3, 2021, after market close. A conference call is scheduled for February 4, 2021, at 10:00 a.m. ET. Participants can join via phone by calling (877) 876-9173 for U.S. callers or (785) 424-1667 for international participants, using the conference ID: GEOSQ121. The company focuses on designing and manufacturing seismic instruments for the oil and gas industry, as well as products for various geotechnical applications.
Geospace Technologies (NASDAQ: GEOS) reported a net loss of $19.2 million for the fiscal year ended September 30, 2020, compared to a net loss of $146,000 last year. Revenue dropped to $87.8 million from $95.8 million. The fourth quarter saw revenue of $21.5 million and a net loss of $3.9 million. The company noted a 32% decrease in revenue from its Oil and Gas segment, attributed largely to COVID-19 impacts. Despite challenges, Geospace generated $18 million in cash from operations, maintaining a total liquidity of $50.4 million.
Geospace Technologies (NASDAQ: GEOS) has appointed Kenneth Asbury and Sid Ashworth to its board of directors, effective December 1, 2020. Asbury, former CEO of CACI International, brings over 30 years of leadership experience, while Ashworth, ex-VP of Government Relations at Northrop Grumman, contributes 25 years in legislative affairs. Their expertise aims to enhance Geospace’s growth in security and surveillance technologies, particularly through its acquisitions of Quantum Technology Sciences and OptoSeis®.
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