Geospace Technologies Corp Stock Price, News & Analysis

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.

Geospace Technologies (NASDAQ: GEOS) has introduced Mariner, an autonomous, cable-free, four-channel ocean bottom recorder for shallow water seismology. This innovative node enables continuous data acquisition for up to 70 days at depths of 750 meters, featuring rapid recharging and increased capacity on survey vessels. The product enhances operational efficiency and is compatible with Geospace's GEM 4.0 Unified Interface. Positioned as an affordable solution, Mariner promises significant savings in logistics and maintenance over its lifecycle.

Geospace Technologies (NASDAQ: GEOS) reported its third quarter results for the period ending June 30, 2022, revealing a revenue of $20.7 million, down from $23.1 million a year ago. The net loss was $6.6 million or $(0.51) per share, compared to a loss of $0.8 million in Q3 2021. Over nine months, revenue dropped to $63.4 million from $75.4 million, with a net loss of $14.8 million. Notably, the Adjacent Markets segment achieved record revenue of $10.9 million, signaling growth driven by infrastructure spending on smart city projects and increased demand for water meter products.

Geospace Technologies (NASDAQ: GEOS) will release its third-quarter 2022 financial results on August 9, 2022, after market close. A conference call to discuss the results is scheduled for August 10, 2022, at 10:00 a.m. Eastern Time. U.S. participants can join by dialing (866) 342-8591 and international participants can call (203) 518-9713 with conference ID: GEOSQ322. Geospace designs and manufactures seismic instruments for various applications, primarily within the oil and gas sector.

Geospace Technologies (NASDAQ: GEOS) reported significant growth in its OBX product line, surpassing $25M in bookings for fiscal year 2022. The company secured a new long-term rental contract with SAExploration valued at approximately $12M. This follows another contract worth $4M. President Walter R. Wheeler emphasized the effectiveness of their investment in a robust fleet of seabed seismic nodes, leading to increased utilization rates approaching pre-pandemic levels.

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.