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 reports news on its technology and instrumentation business serving smart water, energy exploration, industrial, government and commercial customers. Recurring updates include quarterly and annual results, earnings-call schedules, customer contracts and product activity across advanced sensing, IoT and ruggedized equipment.
Company developments also cover Energy Solutions products such as Pioneer™ ultralight seismic land nodes, Smart Water systems, and Intelligent Industrial offerings that include industrial sensors, contract manufacturing, border and perimeter security solutions, Heartbeat Detector® technology and the Exile product portfolio.
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Geospace Technologies Corporation (NASDAQ: GEOS) announced that its subsidiary, Quantum Technology Sciences, Inc., secured a $1.5 million contract from the Defense Advanced Projects Research Agency (DARPA). This contract, under the Phase II Small Business Innovative Research program, aims to enhance SADAR® capabilities for monitoring energy sources using innovative seismic-acoustic technologies. The project seeks to improve surveillance in challenging land-water transition zones, utilizing passive technologies for persistent monitoring without detection. Geospace's extensive experience in seismic data acquisition will bolster this initiative.
Geospace Technologies Corporation (NASDAQ: GEOS) reported Q1 2023 revenue of $31.1 million, a significant increase from $18.0 million in Q1 2022. The net loss narrowed to $0.1 million or $(0.01) per diluted share, compared to a net loss of $6.8 million or $(0.52) per share a year ago. Notably, this marks the highest quarterly revenue since 2014, largely driven by the Oil and Gas segment, which contributed 65% of total revenue. Management anticipates continued growth with a focus on operational efficiency and capitalizing on market demand for their products.
Geospace Technologies (NASDAQ: GEOS) announced the release of its first quarter 2023 financial results on February 8, 2023, after market close. A conference call will follow on February 9, 2023, at 10:00 a.m. Eastern Time. Investors can join via phone; U.S. participants can call 800-274-8461, while international callers can reach 203-518-9843. The company specializes in vibration sensing and ruggedized products for energy, industrial, and governmental sectors, boasting over 500 employees globally. Access to a replay of the call will be available for 60 days on their Investor Relations page.
Geospace Technologies Corporation (NASDAQ: GEOS) has secured a rental contract valued at $9 million with an international marine geophysical services provider for its OBX shallow water ocean bottom wireless seismic data acquisition nodes. This contract highlights the company's strong position in the energy exploration sector, showcasing the demand for its ocean bottom node offerings and emphasizing the reliability and simplicity of the OBX series products, as stated by CEO Walter R. Wheeler.
Geospace Technologies (NASDAQ: GEOS) reported a net loss of $22.9 million, or $(1.76) per diluted share, on revenue of $89.3 million for fiscal year 2022, compared to a $14.1 million loss on $94.9 million revenue in the previous year.
Fourth-quarter revenue increased 33% to $25.9 million, despite a full-year decline of 6%. Operating losses included a $4.3 million goodwill impairment charge. Noteworthy growth was seen in the Adjacent Markets segment, which achieved record revenue of $39.2 million, up 21% year-over-year, driven by sales of smart water products and imaging services.
Geospace Technologies (NASDAQ: GEOS) will release its fourth quarter and fiscal year 2022 financial results on November 17, 2022, after market close. A conference call is scheduled for November 18, 2022, at 10:00 a.m. EST, where the company will discuss these results. U.S. participants can dial (800) 225-9448, while international participants should call (203) 518-9708, citing conference ID GEOSQ422. Geospace specializes in designing seismic instruments and equipment for the oil and gas sector.
Geospace Technologies Corporation (NASDAQ: GEOS) has secured a $7.3 million rental contract with a marine geophysical services provider for its OBX deep water seismic data acquisition nodes. This agreement highlights the company's ongoing success in securing rental contracts, driven by strong demand for high-resolution ocean bottom surveys. Additionally, Geospace launched a new affordable ocean bottom node for shallow water surveys called Mariner, aimed at enhancing operational efficiency and cost savings.