Geospace Technologies Corporation (GEOS)

Geospace Technologies Reports Second Quarter and Six-Months 2026 ResultsMay 7, 2026 4:45 PM
Business Wire Geospace Technologies Corporation (NASDAQ: GEOS) (“the “Company") today announced results for its second quarter ended March 31, 2026. For the three-months ended March 31, 2026, Geospace reported revenue of $19.7 million compared to revenue of $18.0 million for the comparable year-ago quarter. Net loss for the three-months ended March 31, 2026, was $11.1 million, or $(0.86) per diluted share, compared to net loss of $9.8 million, or $(0.77) per diluted share, for the quarter ended March 31, 2025. For the six-months ended March 31, 2026, Geospace reported revenue of $45.3 million compared to revenue of $55.2 million for the comparable year-ago period. Net loss for the six-months ended March 31, 2026 was $20.8 million, or $(1.62) per diluted share, compared to net loss of $1.4 million, or $(0.11) per diluted share, for the six-months ended March 31, 2025. Management Comments Richard “Rich” Kelley, President and CEO of the Company said, “Our transformation into a more diversified, technology-driven solutions company is a deliberate long-term strategy, and like any meaningful evolution, it comes with both progress and challenges. While our recent results reflect some near-term pressures, they do not change our longer-term plan for diversification and growth. We have already seen encouraging signs through new contract wins and expanding opportunities beyond our traditional oil and gas markets leveraging our manufacturing expertise including early revenue with the Heartbeat Detector® subscription model. Additionally, we are taking advantage of our contract manufacturing expertise, where we have opportunities for white label product development and manufacturing in smart water technologies. Despite lower utilization of our ocean bottom node fleet, we are seeing increased interest for the summer survey season. Additionally, we recognized our first revenue from the previously announced Permanent Reservoir Monitoring project as initial manufacturing activities began in Houston, representing an important milestone in the project’s execution. While the conflict in the Middle East has impacted potential future business due to travel restrictions and the unknowns associated with the conflict, we have maintained positive North American interest in our ultralight land node, Pioneer™. Currently, we are providing proposals to new and existing customers for the Pioneer. To date, Pioneer is deployed in numerous basins across North America. As part of ongoing efforts to align our cost structure with current market conditions and long-term strategic priorities, we implemented a voluntary early retirement program and a workforce reduction initiative of approximately 20%. Combined with other cost reduction efforts, we expect to generate annualized cost savings of roughly $12 million. The reductions primarily reflect actions to streamline operations, optimize resource allocation, and enhance organizational efficiency across key business segments. We anticipate recording approximately $1.3 million in total restructuring charges related to these actions during the second and third quarters of fiscal year 2026. These steps are intended to strengthen operating leverage, support disciplined capital management, and position our company to respond more effectively to evolving customer demand while maintaining focus on its core growth initiatives. We remain focused on disciplined execution, continued innovation, and delivering value to our customers and shareholders. This is not a short-term pivot. We are engaged in a sustained commitment to building a stronger, more resilient company for the future, and we are confident in our ability to navigate the road ahead.” Smart Water Segment The Company’s Smart Water segment generated revenue of $3.7 million for the three-month period ended March 31, 2026. Revenue for the three-month period ended March 31, 2025, was $9.5 million, a decrease of 60.6%. Revenue for the six-month period was $9.5 million compared to $16.8 million from the same prior year period. The decline in revenue for the three-month period and six-month period reflects lower demand for the Company’s Hydroconn connector product line. During the prior fiscal year, customers placed orders aligned with anticipated performance resulting in elevated inventory levels into the current year. As a result, recent demand reflects inventory normalization rather than reduced long-term requirements. Based on ongoing discussions with customers, management anticipates a moderate uptick in orders in the coming quarters with new and replacement smart meter implementations. Management continues to believe the increased focus on water scarcity, persistent labor force challenges, and infrastructure modernization supports long-term demand for Advanced Metering Infrastructure solutions and represents continued growth. Energy Solutions Segment Second quarter revenue from the Company’s Energy Solutions segment totaled $9.6 million for the three months ended March 31, 2026. This compares to $2.6 million in revenue for the same period a year ago representing an increase of 272.1%. Revenue for the six-month period ended March 31, 2026, is $24.3 million, a decrease of 9.7% over the equivalent prior year period of $26.9 million. The increase in revenue for the three months was due to revenue recognized related to the PRM contract, the final deliveries of our Pioneer land wireless product to Dawson Geophysical, partially offset by lower demand for our traditional seismic products. Additionally, the prior year revenue included an adjustment reducing rental revenue resulting from concerns about the collectability of receivables from a rental customer. The decrease in revenue for the six-month period is attributed to lower utilization of our ocean bottom nodal rental fleet, offset by higher land wireless product demand and the above-mentioned revenue recognized for the PRM contract. Intelligent Industrial Segment Revenue from the Company’s Intelligent Industrial segment totaled $6.3 million for the three-month period ended March 31, 2026. This compares with $5.9 million from the equivalent year ago period, representing an increase of 7.1%. Revenue for the six-month period ending March 31, 2026, was $11.4 million, compared to revenue of $11.5 million for the comparable year-ago period, reflecting relatively stable performance year over year. The increase in revenue for the three-month period was driven by higher demand for our industrial sensors and contract manufacturing services. This quarter also included the first revenue contribution from the Company’s Heartbeat Detector® product. While revenue for this product was modest during the quarter interest levels and quoting activity are active internationally and domestically. Balance Sheet and Liquidity For the six-month period ended March 31, 2026, the Company used $16.7 million in cash and cash equivalents from operating activities. The Company generated $4.0 million of cash from investing activities including $6.9 million in proceeds from the sale of rental equipment, partially offset by $3.0 million for additions to property, plant and equipment. As of March 31, 2026, the Company had $13.4 million in cash and maintained an additional borrowing availability of $25.0 million under its bank credit agreement with no borrowings outstanding. For the six-month period ended March 31, 2026, the Company reported working capital is $45.4 million which included $19.3 million of trade accounts and financing receivables. Conference Call Information Geospace Technologies will host a conference call to review its second quarter fiscal year 2026 financial results on Friday, May 8, 2026, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at 833-316-1983 (US) or 785-838-9310 (International). Please reference the conference ID: GEOSQ226 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com. About Geospace Technologies Geospace Technologies is a global technology and instrumentation manufacturer specializing in advanced sensing, IOT and highly ruggedized products, which serve smart water, energy exploration, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company’s more than 400 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange under the ticker symbol GEOS. For more information, visit www.geospace.com. Forward Looking Statements This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward- looking statements include, statements regarding our expected operating results and expected demand for our products in various segments and our expected capital expenditures. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10- Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, among others, statements that we make regarding our expected operating results, the timing, adoption, results and success of our rollout of our Aquana smart water valves and cloud-based control platform, future demand for our Quantum security solutions, the adoption and sale of our products in various geographic regions, potential tenders for permanent reservoir monitoring systems, sales or rentals for our ocean bottom nodes, the adoption of Quantum's SADAR® product monitoring of subsurface reservoirs, the completion of new orders for channels of our Pioneer™ system, the fulfillment of customer payment obligations, the impact of the current armed conflict between Russia and Ukraine, impact of the ongoing U.S. and Israeli military conflict with Iran, our ability to manage changes and the continued health or availability of management personnel, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as well as other cautionary language in such Annual Report and our Quarterly Reports on Form 10-Q, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum and OptoSeis® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, credit losses associated with customer accounts, inability to collect on financing receivables, lack of further orders for our ocean bottom rental equipment, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.   GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)       March 31, 2026     September 30, 2025   ASSETS                 Current assets:                 Cash and cash equivalents   $ 13,358     $ 26,338   Trade accounts and financing receivables, net     19,344       28,009   Inventories, net     36,961       30,901   Prepaid expenses and other current assets     6,076       3,252   Total current assets     75,739       88,500                     Non-current inventories, net     11,758       17,113   Rental equipment, net     5,856       8,120   Property, plant and equipment, net     23,706       23,244   Non-current financing receivables     12,329       8,190   Operating right-of-use assets     716       915   Goodwill     1,258       1,258   Other intangible assets, net     4,872       5,155   Other non-current assets     482       542   Total assets   $ 136,716     $ 153,037                     LIABILITIES AND STOCKHOLDERS’ EQUITY                 Current liabilities:                 Accounts payable trade   $ 5,141     $ 10,369   Operating lease liabilities     443       420   Contingent consideration     1,727       —   Deferred contract liabilities     12,999       —   Other current liabilities     9,986       13,641   Total current liabilities     30,296       24,430                     Non-current contingent consideration     961       2,540   Non-current operating lease liabilities     326       554   Deferred tax liabilities, net     —       4   Total liabilities     31,583       27,528                     Commitments and contingencies                                   Stockholders’ equity:                 Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding     —       —   Common Stock, $.01 par value, 20,000,000 shares authorized; 14,489,378 and 14,378,962 shares issued, respectively; and 12,931,118 and 12,820,702 shares outstanding, respectively     145       144   Additional paid-in capital     99,283       98,845   Retained earnings     24,745       45,558   Accumulated other comprehensive loss     (4,540 )     (4,538 ) Treasury stock, at cost, 1,558,260 shares     (14,500 )     (14,500 ) Total stockholders’ equity     105,133       125,509   Total liabilities and stockholders’ equity   $ 136,716     $ 153,037     GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)       Three Months Ended     Six Months Ended       March 31, 2026     March 31, 2025     March 31, 2026     March 31, 2025   Revenue:                                 Products   $ 18,964     $ 18,708     $ 43,353     $ 51,353   Rental     778       (685 )     1,975       3,893   Total revenue     19,742       18,023       45,328       55,246   Cost of revenue:                                 Products     17,072       13,747       37,903       28,016   Rental     1,976       2,528       4,035       5,333   Total cost of revenue     19,048       16,275       41,938       33,349                                     Gross profit     694       1,748       3,390       21,897                                     Operating expenses:                                 Selling, general and administrative     7,358       6,775       15,637       14,195   Research and development     4,774       5,235       9,263       10,129   Change in fair value of contingent consideration     (48 )     —       148       —   Provision for credit losses     29       19       8       19   Total operating expenses     12,113       12,029       25,056       24,343                                     Loss from operations     (11,419 )     (10,281 )     (21,666 )     (2,446 )                                   Other income (expense):                                 Interest expense     (35 )     (43 )     (72 )     (87 ) Interest income     616       693       1,250       1,438   Foreign currency transaction gains (losses), net     (197 )     (255 )     (194 )     (269 ) Other, net     (25 )     (38 )     (62 )     (71 ) Total other income, net     359       357       922       1,011                                     Loss before income taxes     (11,060 )     (9,924 )     (20,744 )     (1,435 ) Income tax expense (benefit)     (12 )     (126 )     69       (13 ) Net loss   $ (11,048 )   $ (9,798 )   $ (20,813 )   $ (1,422 )                                   Loss per common share:                                 Basic   $ (0.86 )   $ (0.77 )   $ (1.62 )   $ (0.11 ) Diluted   $ (0.86 )   $ (0.77 )   $ (1.62 )   $ (0.11 )                                   Weighted average common shares outstanding:                                 Basic     12,914,318       12,792,803       12,881,604       12,772,981   Diluted     12,914,318       12,792,803       12,881,604       12,772,981     GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)   Six Months Ended   March 31, 2026   March 31, 2025   Cash flows from operating activities:             Net loss $ (20,813 ) $ (1,422 ) Adjustments to reconcile net loss to net cash used in operating activities:             Deferred income benefit   (12 )   (11 ) Rental equipment depreciation   2,510     3,415   Property, plant and equipment depreciation   2,477     1,770   Amortization of intangible assets   283     74   Amortization of discount on note receivable   (37 )   (36 ) Accretion of discounts on short-term investments   —     (156 ) Stock-based compensation expense   744     896   Provision for credit losses   8     19   Inventory obsolescence expense   1,774     905   Gross loss (profit) from sale of rental equipment   84     (15,820 ) (Gain) loss on disposal of property, plant and equipment   101     (93 ) Realized gain on investments   —     (10 ) Effects of changes in operating assets and liabilities:             Trade accounts and notes receivable   (2,432 )   1,829   Inventories   (2,810 )   (3,518 ) Other assets   (2,554 )   688   Accounts payable trade   (5,228 )   (2,633 ) Other liabilities   9,097     702   Fair value of contingent consideration   148     —   Net cash used in operating activities   (16,660 )   (13,401 )               Cash flows from investing activities:             Purchase of property, plant and equipment   (3,015 )   (4,419 ) Proceeds from the sale of property, plant and equipment   —     131   Investment in rental equipment   (67 )   (900 ) Proceeds from the sale of rental equipment   6,914     1,704   Proceeds from the sale of short-term investments   —     18,862   Payments received on note receivable related to sale of subsidiary   143     76   Net cash provided by investing activities   3,975     15,454                 Cash flows from financing activities:             Taxes payments on stock-based compensation for exchange of common stock   (305 )   —   Purchase of treasury stock   —     (615 ) Net cash used in financing activities   (305 )   (615 )               Effect of exchange rate changes on cash   10     (39 ) (Decrease) increase in cash and cash equivalents   (12,980 )   1,399   Cash and cash equivalents, beginning of period   26,338     6,895   Cash and cash equivalents, end of period $ 13,358   $ 8,294                 SUPPLEMENTAL CASH FLOW INFORMATION:             Cash paid for income taxes $ 107   $ 113   Financing receivables related to sale of rental equipment   6,847     14,701   Inventory transferred to rental equipment   334     2,395     GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS) (in thousands) (unaudited)       Three Months Ended     Six Months Ended       March 31, 2026     March 31, 2025     March 31, 2026     March 31, 2025   Revenue:                                 Smart Water   $ 3,728     $ 9,472     $ 9,484     $ 16,760   Energy Solutions     9,629       2,588       24,265       26,870   Intelligent Industrial     6,299       5,883       11,410       11,460   Corporate     86       80       169       156   Total   $ 19,742     $ 18,023     $ 45,328     $ 55,246                                     Income (loss) from operations:                                 Smart Water   $ (1,622 )   $ 1,420     $ (2,423 )   $ 1,790   Energy Solutions     (4,782 )     (6,668 )     (8,216 )     6,614   Intelligent Industrial     (587 )     (1,287 )     (1,400 )     (2,227 ) Corporate     (4,428 )     (3,746 )     (9,627 )     (8,623 ) Total   $ (11,419 )   $ (10,281 )   $ (21,666 )   $ (2,446 )   View source version on businesswire.com: https://www.businesswire.com/news/home/20260507042127/en/ MEDIA CONTACT: Caroline Kempf, ckempf@geospace.com, 713.986.8710 Original: Geospace Technologies Reports Second Quarter and Six-Months 2026 Results

Geospace Technologies Schedules Second Quarter 2026 Earnings CallApril 28, 2026 4:30 PM
Business Wire
Geospace Technologies (NASDAQ: GEOS) today announced that it will release second quarter 2026 financial results on Thursday, May 7, 2026 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Friday, May 8, 2026 at 10:00 a.m. Eastern Time (9:00 a.m. Central).


WHAT:

Geospace Technologies Second Quarter 2026 Results Conference Call


WHEN:

Friday, May 8, 2026 at 10:00 a.m. Eastern Time (9:00 a.m. Central)


HOW:

Live via phone – U.S. participants can dial toll-free 833-316-1983. International participants can dial 785-838-9310. Please reference the Geospace Technologies conference ID: GEOSQ226 prior to the start of the conference call. For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations page on the Geospace.com website.


About Geospace Technologies


Geospace Technologies is a global technology and instrumentation manufacturer specializing in advanced sensing, IOT and highly ruggedized products, which serve smart water, energy exploration, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company’s more than 400 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange under the ticker symbol GEOS. For more information, visit www.geospace.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428396127/en/
MEDIA CONTACT: Caroline Kempf, ckempf@geospace.com, 713.986.8710


Original: Geospace Technologies Schedules Second Quarter 2026 Earnings Call

Anyone following GEOS?

Geospace Technologies Reports First Quarter Fiscal Year 2026 ResultsFebruary 4, 2026 4:45 PM
Business Wire
Geospace Technologies Corporation (NASDAQ: GEOS) (“the “Company") today announced results for its first quarter ended December 31, 2025. For the three-months ended December 31, 2025, Geospace reported revenue of $25.6 million compared to revenue of $37.2 million for the comparable year-ago quarter. Net loss for the three-months ended December 31, 2025, was $9.8 million, or $(0.76) per diluted share, compared to net income of $8.4 million, or $0.65 per diluted share, for the quarter ended December 31, 2024.


Management’s Comments


Richard J. (“Rich”) Kelley, President and CEO of Geospace Technologies said, “The past year was not without its challenges many of which are reflected in our first quarter performance. We continue to operate in an environment shaped by economic uncertainty, inflation, tariffs and supply chain challenges. With that said, we remain focused on what we can control: serving our customers, running the business well, and making smart, long-term decisions. Overall, I am encouraged by how our organization performed in this difficult operating environment. We continue to invest in our future, advance our strategic initiatives, and leverage innovative technology to further diversify the business. These efforts position us well to drive sustainable growth and long-term value for our shareholders.


The Smart Water segment continues to operate in a stable yet increasingly demanding environment. As is typical in the first quarter, revenue is reduced due to seasonal deployment schedules and the timing of municipal government budget cycles. However, long-term demand for water infrastructure, treatment, and management services remains strong, driven by population growth, urbanization, aging infrastructure, and heightened regulatory and environmental standards. We are expanding the geographic reach of our sales and marketing operations to enter markets where these demand criteria exist, and our technology offers significant added value.


At the same time, the industry faces challenges including rising operating costs, climate-related variability, evolving compliance requirements, and the need for sustained capital investment. These dynamics reinforce the importance of prudent planning, operational discipline, and long-term asset stewardship.


The environment surrounding our Energy Solutions segment is defined by uncertainty and change. The global energy demand remains resilient, reflecting the essential role that oil and natural gas play in supporting economic activity, industrial production, and energy security. We were encouraged by the award of the large Permanent Reservoir Monitoring contract in fiscal year 2025, which reinforces the strength of our capabilities and market positioning. At the same time, the sector faces ongoing volatility driven by geopolitical events, inflationary pressures, regulatory developments, and evolving expectations from investors and policymakers.


Our Intelligent Industrial segment continues to generate steady, predictable revenue from our industrial sensors, imaging products and contract manufacturing solutions. As previously announced, we strengthened our security portfolio with the acquisition of GeoVox Security, the exclusive licensee of a human heartbeat detection algorithm developed by Oak Ridge National Labs. Since the acquisition, customer interest and engagement has exceeded GeoVox’s historical levels, driven largely by the reduced product form factor and the introduction of a monthly subscription model, which simplifies procurement by enabling purchase orders under operating budgets rather than capital expenditures. Combined with the consistent revenue from our long-established industrial product lines, this recurring revenue model positions the Intelligent Industrial segment for growth in 2026 and beyond.


Looking ahead, we expect continued uncertainty in global markets. While challenges remain, we believe the company is well positioned due to the quality of our portfolio, the experience and professionalism of our workforce, and our conservative financial framework. We will continue to evaluate opportunities carefully, avoid speculative investments, and remain guided by returns, risk management, and long-term shareholder value.”


Smart Water Segment


First quarter revenue from the Company’s Smart Water segment totaled $5.8 million for the three months ended December 31, 2025. This compares to $7.3 million in revenue for the same period a year ago, a decrease of 21%. This quarter’s revenue is higher than the average of the last several years’ revenue for the first quarter of the fiscal year. This decrease in revenue is due to lower demand for the Company’s Hydroconn® cable and connector products, caused by a normal seasonal decrease in demand.


Energy Solutions Segment


The Energy Solutions segment revenue totaled $14.6 million for the three months ended December 31, 2025. This compares to $24.3 million in revenue for the same period a year ago, a decrease of 40%. Revenue for the three months ended December 31, 2025 included $10.6 million of Pioneer and related equipment for an order to Dawson Geophysical announced in August 2025. However, in comparison, revenue for the first quarter of the prior year included a $17 million OBX marine wireless product sale. Additionally, the reduction in revenue for the first quarter of fiscal year 2026 was due to lower utilization of the OBX rental fleet.


Intelligent Industrial Segment


Revenue from the Company’s Intelligent Industrial segment totaled $5.1 million for the three-month period ended December 31, 2025. This is compared with $5.6 million from the same year ago period, a decrease of 8%. The decrease in revenue for the three months ended December 31, 2025, was primarily due to lower demand for industrial sensor products. The decrease was partially offset by an increase in demand for our contract manufacturing services.


Balance Sheet and Liquidity


As of December 31, 2025, the Company had $10.6 million in cash and cash equivalents. Additionally, Company’s working capital is $52.2 million which includes $25.4 million of trade accounts and financing receivables as of December 31, 2025. The Company continues to own unencumbered property and real estate in both domestic and international locations. In fiscal year 2026, management anticipates a capital expenditure budget of $5 million and does not anticipate significant increases to the rental fleet given current market conditions.


Conference Call Information


Geospace Technologies will host a conference call to review its first quarter fiscal year 2026 financial results on Thursday, February 5, 2026, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at 833-316-1983 (US) or 785-838-9310 (International). Please reference the conference ID: GEOSQ126 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com.


About Geospace Technologies


Geospace Technologies is a global technology and instrumentation manufacturer specializing in advanced sensing, IOT and highly ruggedized products, which serve smart water, energy exploration, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company’s more than 450 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange under the ticker symbol GEOS. For more information, visit www.geospace.com.


Forward Looking Statements


This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward- looking statements include, statements regarding our expected operating results and expected demand for our products in various segments and our expected capital expenditures. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10- Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements.


Such examples include, but are not limited to, among others, statements that we make regarding our expected operating results, the timing, adoption, results and success of our rollout of our Aquana smart water valves and cloud-based control platform, future demand for our Quantum security solutions, the adoption and sale of our products in various geographic regions, potential tenders for permanent reservoir monitoring systems, sales or rentals for our ocean bottom nodes, the adoption of Quantum's SADAR® product monitoring of subsurface reservoirs, the completion of new orders for channels of our Pioneer™ system, the fulfillment of customer payment obligations, the impact of the current armed conflict between Russia and Ukraine, our ability to manage changes and the continued health or availability of management personnel, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as well as other cautionary language in such Annual Report and our Quarterly Reports on Form 10-Q, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum and OptoSeis® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, credit losses associated with customer accounts, inability to collect on financing receivables, lack of further orders for our ocean bottom rental equipment, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.




GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES




CONSOLIDATED STATEMENTS OF OPERATIONS




(in thousands, except share and per share amounts)




(unaudited)










 



 






 






Three Months Ended






 








 






 






December 31, 2025






 






 






December 31, 2024






 








Revenue:






 






 






 






 






 






 






 






 








Products






 






$






24,389






 






 






$






32,645






 








Rental






 






 






1,197






 






 






 






4,578






 








Total revenue






 






 






25,586






 






 






 






37,223






 








Cost of revenue:






 






 






 






 






 






 






 






 








Products






 






 






20,831






 






 






 






14,269






 








Rental






 






 






2,059






 






 






 






2,805






 








Total cost of revenue






 






 






22,890






 






 






 






17,074






 








 






 






 






 






 






 






 






 






 








Gross profit






 






 






2,696






 






 






 






20,149






 








 






 






 






 






 






 






 






 






 








Operating expenses:






 






 






 






 






 






 






 






 








Selling, general and administrative






 






 






8,279






 






 






 






7,420






 








Research and development






 






 






4,489






 






 






 






4,894






 








Change in fair value of contingent consideration






 






 






196







 






 






—






 








Recovery of credit losses






 






 






(21






)






 






 






—






 








Total operating expenses






 






 






12,943






 






 






 






12,314






 








 






 






 






 






 






 






 






 






 








Income (loss) from operations






 






 






(10,247






)






 






 






7,835






 








 






 






 






 






 






 






 






 






 








Other income (expense):






 






 






 






 






 






 






 






 








Interest expense






 






 






(37






)






 






 






(44






)








Interest income






 






 






634






 






 






 






745






 








Foreign currency transaction gains (losses), net






 






 






3






 






 






 






(14






)








Other, net






 






 






(37






)






 






 






(33






)








Total other income, net






 






 






563






 






 






 






654






 








 






 






 






 






 






 






 






 






 








Income (loss) before income taxes






 






 






(9,684






)






 






 






8,489






 








Income tax expense






 






 






81






 






 






 






113






 








Net income (loss)






 






$






(9,765






)






 






$






8,376






 








 






 






 






 






 






 






 






 






 








Income (loss) per common share:






 






 






 






 






 






 






 






 








Basic






 






$






(0.76






)






 






$






0.66






 








Diluted






 






$






(0.76






)






 






$






0.65






 








 






 






 






 






 






 






 






 






 








Weighted average common shares outstanding:






 






 






 






 






 






 






 






 








Basic






 






 






12,849,600






 






 






 






12,753,378






 








Diluted






 






 






12,849,600






 






 






 






12,877,387






 









GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES




CONSOLIDATED BALANCE SHEETS




(in thousands except share amounts)




(unaudited)













 




 






December 31, 2025






 






 






September 30, 2025






 








ASSETS






 






 






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 






 






 








Cash and cash equivalents






 






$






10,579






 






 






$






26,338






 








Trade accounts and financing receivables, net






 






 






25,356






 






 






 






28,009






 








Inventories, net






 






 






35,367






 






 






 






30,901






 








Prepaid expenses and other current assets






 






 






6,429






 






 






 






3,252






 








Total current assets






 






 






77,731






 






 






 






88,500






 








 






 






 






 






 






 






 






 






 








Non-current inventories, net






 






 






15,779






 






 






 






17,113






 








Rental equipment, net






 






 






7,018






 






 






 






8,120






 








Property, plant and equipment, net






 






 






24,577






 






 






 






23,244






 








Non-current financing receivables






 






 






11,917






 






 






 






8,190






 








Operating right-of-use assets






 






 






816






 






 






 






915






 








Goodwill






 






 






1,258






 






 






 






1,258






 








Other intangible assets, net






 






 






5,013






 






 






 






5,155






 








Other non-current assets






 






 






509






 






 






 






542






 








Total assets






 






$






144,618






 






 






$






153,037






 








 






 






 






 






 






 






 






 






 








LIABILITIES AND STOCKHOLDERS’ EQUITY






 






 






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 






 






 








Accounts payable trade






 






$






15,440






 






 






$






10,369






 








Operating lease liabilities






 






 






432






 






 






 






420






 








Other current liabilities






 






 






9,690






 






 






 






13,641






 








Total current liabilities






 






 






25,562






 






 






 






24,430






 








 






 






 






 






 






 






 






 






 








Contingent consideration






 






 






2,736






 






 






 






2,540






 








Non-current operating lease liabilities






 






 






441






 






 






 






554






 








Deferred tax liabilities, net






 






 






1






 






 






 






4






 








Total liabilities






 






 






28,740






 






 






 






27,528






 








 






 






 






 






 






 






 






 






 








Commitments and contingencies






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Stockholders’ equity:






 






 






 






 






 






 






 






 








Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding






 






 






—






 






 






 






—






 








Common Stock, $.01 par value, 20,000,000 shares authorized; 14,446,178 and 14,378,962 shares issued, respectively; and 12,887,918 and 12,820,702 shares outstanding, respectively






 






 






144






 






 






 






144






 








Additional paid-in capital






 






 






98,959






 






 






 






98,845






 








Retained earnings






 






 






35,793






 






 






 






45,558






 








Accumulated other comprehensive loss






 






 






(4,518






)






 






 






(4,538






)








Treasury stock, at cost, 1,558,260 shares






 






 






(14,500






)






 






 






(14,500






)








Total stockholders’ equity






 






 






115,878






 






 






 






125,509






 








Total liabilities and stockholders’ equity






 






$






144,618






 






 






$






153,037






 









GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES




CONSOLIDATED STATEMENTS OF CASH FLOWS




(in thousands)




(unaudited)










 



 




 






 






Three Months Ended






 








 






 






December 31, 2025






 






 






December 31, 2024






 








Cash flows from operating activities:






 






 






 






 






 






 






 






 








Net income (loss)






 






$






(9,765






)






 






$






8,376






 








Adjustments to reconcile net income (loss) to net cash used in operating activities:






 






 






 






 






 






 






 






 








Deferred income tax benefit






 






 






(3






)






 






 






—






 








Rental equipment depreciation






 






 






1,259






 






 






 






1,884






 








Property, plant and equipment depreciation






 






 






1,155






 






 






 






867






 








Amortization of intangible assets






 






 






141






 






 






 






37






 








Amortization of discount on note receivable






 






 






(18






)






 






 






(12






)








Accretion of discounts on short-term investments






 






 






—






 






 






 






(104






)








Stock-based compensation expense






 






 






419






 






 






 






349






 








Recovery of credit losses






 






 






(21






)






 






 






—






 








Inventory obsolescence expense






 






 






627






 






 






 






506






 








Gross (profit) loss from sale of rental equipment






 






 






78






 






 






 






(15,978






)








(Gain) loss on disposal of property, plant and equipment






 






 






16






 






 






 






(86






)








Realized gain on investments






 






 






—






 






 






 






(10






)








Effects of changes in operating assets and liabilities:






 






 






 






 






 






 






 






 








Trade accounts and financing receivables






 






 






(3,155






)






 






 






(3,622






)








Inventories






 






 






(3,962






)






 






 






(2,988






)








Other assets






 






 






(3,043






)






 






 






(196






)








Accounts payable trade






 






 






5,071






 






 






 






(690






)








Other liabilities






 






 






(4,066






)






 






 






158






 








Fair value of contingent consideration






 






 






196







 






 






—






 








Net cash used in operating activities






 






 






(15,071






)






 






 






(11,509






)








 






 






 






 






 






 






 






 






 








Cash flows from investing activities:






 






 






 






 






 






 






 






 








Purchase of property, plant and equipment






 






 






(2,480






)






 






 






(3,199






)








Proceeds from the sale of property, plant and equipment






 






 






—






 






 






 






89






 








Investment in rental equipment






 






 






(30






)






 






 






(373






)








Proceeds from the sale of rental equipment






 






 






2,050






 






 






 






65






 








Proceeds from the sale of short-term investments






 






 






—






 






 






 






9,660






 








Payments received on note receivable related to sale of subsidiary






 






 






71






 






 






 






45






 








Net cash (used in) provided by investing activities






 






 






(389






)






 






 






6,287






 








 






 






 






 






 






 






 






 






 








Cash flows from financing activities:






 






 






 






 






 






 






 






 








Taxes payments on stock-based compensation for exchange of common stock






 






 






(305






)






 






 






—






 








Purchase of treasury stock






 






 






—






 






 






 






(197






)








Net cash used in financing activities






 






 






(305






)






 






 






(197






)








 






 






 






 






 






 






 






 






 








Effect of exchange rate changes on cash






 






 






6






 






 






 






(66






)








(Decrease) in cash and cash equivalents






 






 






(15,759






)






 






 






(5,485






)








Cash and cash equivalents, beginning of period






 






 






26,338






 






 






 






6,895






 








Cash and cash equivalents, end of period






 






$






10,579






 






 






$






1,410






 








 






 






 






 






 






 






 






 






 








SUPPLEMENTAL CASH FLOW INFORMATION:






 






 






 






 






 






 






 






 








Cash paid for income taxes






 






$






45






 






 






$






113






 








Financing receivables related to sale of rental equipment






 






 






—






 






 






 






16,112






 








Inventory transferred to rental equipment






 






 






205






 






 






 






36






 









GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES




SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS)




(in thousands)




(unaudited)










 




 






Three Months Ended






 








 






 






December 31,

2025






 






 






December 31,

2024






 








Revenue:






 






 






 






 






 






 






 






 








Smart Water






 






$






5,756






 






 






$






7,288






 








Energy Solutions






 






 






14,636






 






 






 






24,282






 








Intelligent Industrial






 






 






5,111






 






 






 






5,577






 








Corporate






 






 






83






 






 






 






76






 








Total






 






$






25,586






 






 






$






37,223






 








 






 






 






 






 






 






 






 






 








Income (loss) from operations:






 






 






 






 






 






 






 






 








Smart Water






 






$






(801






)






 






$






370






 








Energy Solutions






 






 






(3,434






)






 






 






13,282






 








Intelligent Industrial






 






 






(813






)






 






 






(940






)








Corporate






 






 






(5,199






)






 






 






(4,877






)








Total






 






$






(10,247






)






 






$






7,835






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204493489/en/
MEDIA CONTACT: Caroline Kempf, ckempf@geospace.com, 713.986.8710




Original: Geospace Technologies Reports First Quarter Fiscal Year 2026 Results