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Geospace Technologies Corporation (GEOS-1.72%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports a total revenue of $135.6 million, an increase from $124.5 million in the previous year, driven by growth across all business segments.
Revenue from the Oil and Gas Markets segment increased to $77.5 million, primarily due to sales of Mariner™ shallow water nodes and OBX 750E nodes, despite a decrease in rental fleet utilization.
The Adjacent Markets segment saw revenue rise to $55.6 million, attributed to higher demand for water meter products and industrial products.
Emerging Markets revenue increased to $2.2 million, mainly from the completion of a government contract.
The company reported a gross profit of $52.6 million, slightly up from $51.7 million the previous year, with improvements in the Adjacent Markets segment offset by reduced rental fleet utilization in Oil and Gas.
Operating expenses rose to $45.5 million, including a $2.8 million impairment charge on Emerging Markets intangible assets.
A significant loss of $14.5 million was recorded due to the sale of the Russian Federation subsidiary, largely from foreign currency translation losses.
Net loss for the year was $6.6 million, compared to a net income of $12.2 million in the prior year.
The company maintains a strong balance sheet with no debt and cash, cash equivalents, and short-term investments totaling $37.1 million.
Geospace Technologies continues to focus on product development and market diversification, with expectations of increased revenue from the Adjacent Markets segment in the coming year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Geospace Technologies Corporation annual 10-K report dated November 22, 2024. To report an error, please email earnings@qz.com.