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Geospace Technologies Corporation (GEOS-2.93%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in total revenue to $37.2 million from $50.0 million in the same quarter of the previous year, primarily due to lower revenue in the Energy Solutions segment.
Product revenue from the Smart Water segment increased to $7.3 million from $4.2 million, driven by higher demand for Hydroconn® cable and connector products.
Revenue from the Energy Solutions segment decreased to $24.3 million from $39.9 million, with product revenue declining due to a decrease in wireless product sales.
Rental revenue in the Energy Solutions segment also decreased to $4.5 million from $6.2 million, attributed to lower utilization of the OBX rental fleet.
The Intelligent Industrial segment saw a slight decrease in revenue to $5.6 million from $5.8 million, with a decrease in imaging product demand partially offset by increased demand for sensor products.
Consolidated gross profit was $20.1 million, a decrease from $22.2 million, primarily due to reduced wireless product revenue in the Energy Solutions segment.
Operating expenses increased to $12.3 million from $9.4 million, due to higher personnel costs, professional fees, and research and development expenditures.
Net income for the quarter was $8.4 million, down from $12.7 million in the previous year. Basic earnings per share were $0.66, compared to $0.96 in the prior year.
Geospace reported cash and cash equivalents of $1.4 million and short-term investments of $20.7 million as of December 31, 2024.
The company had no borrowings under its credit agreement with Woodforest National Bank, which provides a revolving credit facility with a maximum availability of $15 million.
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 quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.