Geospace Technologies Corp Stock Price, News & Analysis

Geospace Technologies (NASDAQ: GEOS) has secured a $6.9 million contract with an international seismic contractor for specialized geophones tailored for vibration monitoring in challenging environments. Production of these geophones will take place at the company's manufacturing facilities, with deliveries set to commence in May 2022. Walter R. Wheeler, President and CEO, emphasized the company's long-standing role in providing innovative solutions within the oil and gas sector, reflecting their commitment to engineering excellence in seismic data acquisition.

Geospace Technologies (NASDAQ: GEOS) reported a net loss of $14.1 million, or $(1.05) per diluted share, on revenue of $94.9 million for the fiscal year ending September 30, 2021. This reflects an 8% revenue increase from the previous year. However, the Oil and Gas Markets segment saw a 15% revenue decline, primarily due to reduced OBX system rentals. In contrast, Adjacent Markets revenue rose 27%, driven by demand for industrial products. The Emerging Markets segment generated over $10 million, mainly from a contract with the U.S. Border Patrol. Management anticipates continued challenges in Oil and Gas markets.

Geospace Technologies (NASDAQ: GEOS) will release its fourth quarter and fiscal year 2021 financial results on November 18, 2021, after market close. A conference call is scheduled for November 19, 2021, at 10:00 a.m. ET for discussing the results. Participants can join via phone by calling 877-876-9176 for U.S. or 785-424-1670 for international access, referencing conference ID GEOSQ421. The company specializes in designing and manufacturing seismic instruments for the oil and gas industry and other applications.

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.