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ION Geophysical Corporation (NYSE: IO) announced on February 4, 2022, that it received a notice from the NYSE regarding its common stock price falling below the required $1.00 average over a 30-day trading period. As of January 28, 2022, the average was reported at $0.94. The company has 10 business days to inform the NYSE of its intent to address this issue, and six months to meet compliance standards, during which time trading will continue. Importantly, this deficiency does not impact business operations or SEC reporting.
ION Geophysical Corporation (NYSE: IO) has entered into a Forbearance Agreement with PNC Bank regarding its Revolving Credit and Security Agreement after missing an interest payment due on December 15, 2021, on its 8.00% Senior Secured Notes due 2025. The agreement allows a waiver of cross defaults until February 15, 2022. ION reported preliminary fourth quarter 2021 revenues of approximately $40 million, a 45% year-over-year increase, despite a 10% sequential decline. ION is exploring strategic alternatives to bolster its financial position, including potential asset sales.
ION Geophysical (NYSE: IO) announced that it has received notice from the NYSE regarding non-compliance with listing standards, specifically due to an average market capitalization below $50 million over 30 trading days, alongside stockholders' equity also falling below $50 million. The company is planning to submit a compliance plan within six months, during which its shares will remain listed. ION's CEO, Chris Usher, stated that they are preparing this plan as the business seeks to improve from industry lows while exploring strategic alternatives.
ION Geophysical Corporation (NYSE: IO) has secured a contract with a Middle Eastern Exploration and Production company and a Letter of Intent from an East African government for its Marlin digital infrastructure. Both contracts are anticipated to generate over $10 million in revenue during the first year. The contract signifies ION's successful deployment of the Marlin platform in complex maritime environments, enhancing operational efficiencies and profitability for its clients.
ION Geophysical Corporation (NYSE: IO) reported a revenue of $44.4 million for Q3 2021, a 125% increase from Q2 2021 and 173% year-over-year. Despite a net loss of $0.5 million or $0.02 per share, this shows significant improvement from Q3 2020's loss of $16.6 million. Adjusted EBITDA rose to $22 million. Year-to-date revenues decreased by 18% to $78.1 million due to a prior data library sale. The backlog stands at $12 million, with expectations for revenue recognition in the next two quarters, while total liquidity increased to $35 million.
ION Geophysical Corporation (NYSE: IO) will release its third quarter 2021 financial results on November 3, 2021, after market close. A conference call is scheduled for November 4, 2021, at 10:00 a.m. ET, to discuss the results. Participants can join the call via phone or through a live webcast available on ION's website. A replay of the call will be accessible until November 18, 2021. ION specializes in innovative technologies for offshore energy and maritime operations, offering data-driven analytics to enhance client investment decisions.
ION Geophysical Corporation (NYSE: IO) anticipates third quarter 2021 revenues between $44 - $45 million, marking a 125% sequential increase and a 175% rise year-over-year. The expected Adjusted EBITDA ranges from $21 - $22 million. Total liquidity at quarter-end improved to approximately $35 million. The company attributes revenue growth primarily to its 3D strategy, increasing its market share by 50% through new asset acquisitions. ION is also pursuing significant maritime digitalization projects while targeting annual cost savings of $15-20 million.
ION Geophysical Corporation's Edinburgh-based Software group has received a grant to enhance port decarbonization through its Marlin SmartPort™ platform. This initiative is part of the UK's Ten Point Plan aimed at achieving net-zero emissions by 2050. The six-month Data-Led Emissions Management (D-LEMA) project will estimate vessel fuel usage and CO2 emissions around ports, aligning with the Clean Maritime Demonstration Competition funded by the UK Department for Transport. Approximately 90% of global goods are transported by sea, accounting for nearly 3% of CO2 emissions.
ION Geophysical Corporation (NYSE: IO) announced on September 15, 2021, that its Board of Directors has begun evaluating strategic alternatives to enhance its financial position and shareholder value. Potential options include business sales, asset divestitures, equity transactions, or debt financing. Tudor Pickering, Holt & Co. has been engaged to assist in this evaluation. No timeline is set for conclusions, and the company will not provide further updates until a specific course of action is approved.
