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) has secured a significant 240-day rental contract for its OBX-750E shallow water seabed wireless seismic data acquisition nodes. The agreement, valued at a minimum of $11.9 million, is with a leading global geophysical solution provider. Delivery of the OBX nodes is scheduled for Geospace's fourth quarter of fiscal year 2024.
The OBX-750E nodes can operate at depths up to 750 meters and are suitable for offshore waters, transition zones, and freshwater environments. They can continuously collect seismic data for up to 60 days once deployed. This contract highlights the ongoing demand for Geospace's proven technology in the competitive ocean bottom node market, offering reliable and cost-effective solutions for high-quality seismic surveys.
Geospace Technologies (NASDAQ: GEOS) has announced the sale of OBX-750E seabed ocean bottom wireless seismic data acquisition nodes to SAExploration, valued at an estimated $10.5 million. SAExploration exercised a purchase option from an existing rental agreement, recognizing the long-term value of owning these robust shallow water nodes.
Geospace Technologies, a leading innovator in marine seismic systems, offers various ocean-bottom wireless seismic data acquisition node systems, including the Aquanaut™ for depths exceeding 3,048 meters and the Mariner™ for shallow depths up to 750 meters. These systems are designed to provide cost savings through improved logistics, operations, maintenance, and repair over their lifetime.
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) announced that it will release its third quarter fiscal year 2024 financial results on August 8, 2024 after market close.
The company has also scheduled a conference call on Friday, August 9, 2024 at 10:00 a.m. Eastern Time (9:00 a.m. Central) to discuss the results.
Participants can join the call via phone, with U.S. participants dialing toll-free (800) 225-9448 and international participants dialing (203) 518-9708, using the conference ID: GEOSQ324.
A replay will be available for 60 days on the company's Investor Relations page.
Geospace Technologies (NASDAQ: GEOS) announced its inclusion in the Russell 2000®, Russell 3000®, and Russell Micro-Cap® Indexes as part of the annual reconstitution effective July 1, 2024.
This inclusion is expected to enhance the company's visibility among investment professionals, expand its shareholder base, and increase liquidity in its stock. The Russell 2000® Index is a prominent benchmark for small-cap stocks, encompassing the 2,000 largest U.S.-traded stocks by market capitalization and style attributes.
Russell indexes are widely used by investment managers for index funds and as benchmarks for active investment strategies, with approximately US$10.5 trillion in assets benchmarked against them.
Membership in these indexes is updated annually and remains in place for one year.
Geospace Technologies reported a decrease in revenue for the second quarter of 2024 compared to the previous year, resulting in a net loss. However, the company achieved positive net income for the first six months of the fiscal year, indicating progress in profitability. The Oil and Gas Markets segment experienced a revenue decline due to low utilization of OBX and Mariner ocean bottom nodes, while the Adjacent Markets segment performed well. The Emerging Markets segment also contributed to revenue growth. The company appointed Richard Kelley as Chief Operating Officer and announced a $5 million stock repurchase program.
Geospace Technologies (NASDAQ: GEOS) will be releasing its second quarter fiscal year 2024 financial results on May 9, 2024, followed by a conference call on May 10, 2024. The conference call will be at 10:00 a.m. Eastern Time and can be accessed by dialing (800) 267-6316 for US participants and (203) 518-9814 for international participants. A replay will be available on the Investor Relations page of Geospace.com for 60 days.
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