Latest news with #Geospace
Business Insider
17-06-2025
- Business
- Business Insider
Geospace receives permanent reservoir monitoring contract from Petrobras
Geospace (GEOS) 'announces a Permanent Reservoir Monitoring contract award for Mero Fields 3 and 4 from Petrobras, operator of the Mero field Consortium. The contract encompasses the supply and installation of nearly 500km of the OptoSeis Permanent Reservoir Monitoring system covering 140 sq km of seabed area of Mero, located deep offshore in the Santos Basin, 180 kilometers off the coast of Rio de Janeiro, Brazil. This multi-year contract, which begins in June 2025, includes the engineering, procurement, construction, and operation of the OptoSeis PRM system. The contract also includes installation, which is to be completed by Blue Marine Telecom, a Brazilian subsea cable company. The OptoSeis system will be used to monitor and optimize oil production from the Mero field. The PRM system is based on the OptoSeis technology developed by PGS and acquired by Geospace in 2018. OptoSeis technology was previously deployed as the world's first deepwater PRM system on the Jubarte field more than a decade ago, providing excellent 4D results, a more accurate reservoir model and improved drilling decisions. OptoSeis multicomponent sensors recover more seismic energy by leveraging their high dynamic range, wide bandwidth, superior fidelity, low crosstalk, and pressure balanced design. With a system noise floor well below offshore environments, the OptoSeis system provides superior data quality as compared to other technologies. The operations of the unitized Mero field are conducted by the Consortium operated by Petrobras (PBR), in partnership with Shell Brasil, TotalEnergies, CNODC, CNOOC and Pre-Sal Petroleo S.A, as the Brazilian Government's representative in the non-contracted area.'
Business Wire
16-06-2025
- Business
- Business Wire
Geospace Technologies Corporation Receives Permanent Reservoir Monitoring Contract From Petrobras
HOUSTON--(BUSINESS WIRE)--Geospace Technologies Corporation (NASDAQ: GEOS) ('the 'Company") today announces a Permanent Reservoir Monitoring contract award for Mero Fields 3 and 4 from Petrobras, operator of the Mero field Consortium. The contract encompasses the supply and installation of nearly 500km of the OptoSeis® Permanent Reservoir Monitoring (PRM) system covering 140 sq km of seabed area of Mero, located deep offshore in the Santos Basin, 180 kilometers off the coast of Rio de Janeiro, Brazil. The contract encompasses the supply and installation of nearly 500km of the OptoSeis® Permanent Reservoir Monitoring (PRM) system covering 140 sq km of seabed area of Mero, located deep offshore in the Santos Basin. Share This multi-year contract, which begins in June 2025, includes the engineering, procurement, construction, and operation of the OptoSeis® PRM system. The contract also includes installation, which is to be completed by Blue Marine Telecom, a Brazilian subsea cable company. The OptoSeis® system will be used to monitor and optimize oil production from the Mero field. The PRM system is based on the OptoSeis® technology developed by PGS and acquired by Geospace in 2018. OptoSeis® technology was previously deployed as the world's first deepwater PRM system on the Jubarte field more than a decade ago, providing excellent 4D results, a more accurate reservoir model and improved drilling decisions. OptoSeis® multicomponent sensors recover more seismic energy by leveraging their high dynamic range, wide bandwidth, superior fidelity, low crosstalk, and pressure balanced design. With a system noise floor well below offshore environments, the OptoSeis® system provides superior data quality as compared to other technologies. The operations of the unitized Mero field are conducted by the Consortium operated by Petrobras, in partnership with Shell Brasil, TotalEnergies, CNODC, CNOOC and Pré-Sal Petróleo S.A (PPSA), as the Brazilian Government's representative in the non-contracted area. 'We are delighted to be selected by Petrobras and their partners as the technology of choice to deploy over 490 km of our OptoSeis® PRM system in deep waters off the coast of Brazil. We look forward to our collaboration over the coming years on this most important and valuable project to maximize and improve the efficiency of reservoir management,' said Rich Kelley, CEO and President of Geospace. 'I offer tremendous congratulations to the technical teams involved in this thorough process from the earliest conversations, through the tender response all the way to contract negotiations and closure. I also want to thank all of our partners that supported us during this process. We look forward to delivering a reliable, robust and permanent solution of value to Petrobras.' 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
Yahoo
16-06-2025
- Business
- Yahoo
Geospace Technologies Corporation Receives Permanent Reservoir Monitoring Contract From Petrobras
HOUSTON, June 16, 2025--(BUSINESS WIRE)--Geospace Technologies Corporation (NASDAQ: GEOS) ("the "Company") today announces a Permanent Reservoir Monitoring contract award for Mero Fields 3 and 4 from Petrobras, operator of the Mero field Consortium. The contract encompasses the supply and installation of nearly 500km of the OptoSeis® Permanent Reservoir Monitoring (PRM) system covering 140 sq km of seabed area of Mero, located deep offshore in the Santos Basin, 180 kilometers off the coast of Rio de Janeiro, Brazil. This multi-year contract, which begins in June 2025, includes the engineering, procurement, construction, and operation of the OptoSeis® PRM system. The contract also includes installation, which is to be completed by Blue Marine Telecom, a Brazilian subsea cable company. The OptoSeis® system will be used to monitor and optimize oil production from the Mero field. The PRM system is based on the OptoSeis® technology developed by PGS and acquired by Geospace in 2018. OptoSeis® technology was previously deployed as the world's first deepwater PRM system on the Jubarte field more than a decade ago, providing excellent 4D results, a more accurate reservoir model and improved drilling decisions. OptoSeis® multicomponent sensors recover more seismic energy by leveraging their high dynamic range, wide bandwidth, superior fidelity, low crosstalk, and pressure balanced design. With a system noise floor well below offshore environments, the OptoSeis® system provides superior data quality as compared to other technologies. The operations of the unitized Mero field are conducted by the Consortium operated by Petrobras, in partnership with Shell Brasil, TotalEnergies, CNODC, CNOOC and Pré-Sal Petróleo S.A (PPSA), as the Brazilian Government's representative in the non-contracted area. "We are delighted to be selected by Petrobras and their partners as the technology of choice to deploy over 490 km of our OptoSeis® PRM system in deep waters off the coast of Brazil. We look forward to our collaboration over the coming years on this most important and valuable project to maximize and improve the efficiency of reservoir management," said Rich Kelley, CEO and President of Geospace. "I offer tremendous congratulations to the technical teams involved in this thorough process from the earliest conversations, through the tender response all the way to contract negotiations and closure. I also want to thank all of our partners that supported us during this process. We look forward to delivering a reliable, robust and permanent solution of value to Petrobras." 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 View source version on Contacts Media Contact: Caroline Kempf, ckempf@ 713.986.8710 Sign in to access your portfolio
Business Wire
08-05-2025
- Business
- Business Wire
Geospace Technologies Corporation Reports Second Quarter and Six-Month 2025 Earnings
HOUSTON--(BUSINESS WIRE)--Geospace Technologies Corporation (NASDAQ: GEOS) ('the 'Company") today announced results for its second quarter ended March 31, 2025. For the three-months ended March 31, 2025, Geospace reported revenue of $18.0 million, compared to revenue of $24.3 million for the comparable year-ago quarter. Net loss for the three-months ended March 31, 2025, was ($9.8) million, or $(0.77) per diluted share, compared to a net loss of ($4.3) million, or $(0.32) per diluted share, for the quarter ended March 31, 2024. Points specifically fueling optimism for future periods include Hydroconn universal connectors achieving their highest first six-months revenue ever and continuing growth, a recently announced Mariner contract. Share For the six-months ended March 31, 2025, Geospace reported revenue of $55.2 million compared to revenue of $74.3 million for the comparable year-ago period. Net loss for the six-months ended March 31, 2025, was ($1.4) million, or $(0.11) per diluted share, compared to net income of $8.4 million, or $0.62 per diluted share, for the six-months ended March 31, 2024. Management's Comments Richard 'Rich' Kelley, President and CEO of the Company said, 'Like many companies, the second quarter provided volatility for our company. We had record performance in our Smart Water segment, with our Hydroconn® universal connectors continuing to outperform year over year. We are also experiencing increased interest in our Aquana product offerings. Offsetting that is the on-going uncertainty in the Energy Solutions segment. Global trade concerns, tariffs, and decreasing oil prices have impacted project decisions for our customers, resulting in delayed and canceled opportunities. Our Intelligent Industrial segment is negatively impacted by tariff concerns, especially for our EXILE products. Recognizing those external factors, we are working to optimize our supply chains to minimize the impact to our company and our customers. We are well-positioned to exploit the tremendous potential we have created with our innovative IoT technologies, our talented staff and our continuing diversification into new high-margin markets in the Smart Water and Intelligent Industrial markets. Points specifically fueling optimism for future periods include Hydroconn universal connectors achieving their highest first six-months revenue ever and continuing growth, a recently announced Mariner contract with interest in possible future requirements, and the on-going PRM studies, which reinforces the market's interest in our technology. Additionally, our current backlog places us in a strong position going into the second half of the year. Importantly, the longstanding strength of our balance sheet with no debt and $19.8 million in cash and short-term investments establishes our conservative approach to managing the business. Executive leadership continues to address workforce costs and development expenses on our path to sustained profitability. Beyond our traditional conservative fiscal management in our profitability plan, we continue to pursue growth through acquisition with immediately accretive additions to topline revenue. Overall, I have continued optimism that our company is well positioned to perform in our newer markets.' Smart Water Segment The Company's Smart Water segment generated revenue of $9.5 million for the three-month period ended March 31, 2025. Revenue for the three-month period ended March 31, 2024, was $6.4 million, an increase of 47.8%. Revenue for the six-month period was $16.8 million compared to $10.6 million from the same prior year period. This marks a record high level of second quarter revenue and first half revenue for our Smart Water Segment. Additionally this quarter, the Company surpassed 27 million Hydroconn® universal AMI connectors sold, driving confidence in the ability to grow Geospace's role in providing enablement technologies to the water management market. To further stimulate utility connector sales, the Company completed an internal audit to confirm Hydroconn connectors comply with the Build America, Buy America Act (BABA). BABA compliance is often mandated for application of federal funds from the Infrastructure Investment and Jobs Act. Energy Solutions Segment Second quarter revenue from the Company's Energy Solutions segment totaled $2.6 million for the three months ended March 31, 2025. This compares to $11.0 million in revenue for the same period a year ago representing a decrease of 76.5%. Revenue for the six-month period ended March 31, 2025, is $26.9 million, a decrease of 47.3% over the equivalent prior year period of $50.9 million. The decrease in revenue for the three-month period and six-month period was due to lower utilization for our marine ocean bottom node rental fleet and concerns of collectability of receivables from a rental customer. As a result of this determination, the rent receivable balance due from this customer of $2.2 million was reversed against rental revenue. Any future cash received from this customer will be recognized as rental revenue. The Company remains optimistic about the role the Pioneer product will play in the land seismic survey market. Sales engagements are active in both domestic and international markets for this ultralight weight connectorless product. The Company also continues to have discussions with potential clients for future PRM systems. The Company is currently performing engineering services for two Front-End Engineering and Design (FEED) studies for a major oil producer. Intelligent Industrial Segment Revenue from the Company's Intelligent Industrial segment totaled $5.9 million for the three-month period ended March 31, 2025. This compares with $6.7 million from the equivalent year ago period, representing a decrease of 12.8%. Revenue for the six-month period ending March 31, 2025, was $11.5 million. This compares to the same prior period revenue of $12.6 million, a decrease of 8.8%. The decrease in revenue for both periods was primarily due to revenue recognized for the three and six months ended March 31, 2024 on a government contract completed in the fourth quarter of fiscal year 2024 and lower demand for our imaging products. The decrease for both periods was partially offset by an increase in demand for our sensor products. Balance Sheet and Liquidity For the six-month period ended March 31, 2025, the Company used $13.4 million in cash and cash equivalents from operating activities. The Company generated $15.5 million of cash from investing activities that included $18.9 million in proceeds from the sale of short-term investments and $1.7 million in proceeds from the sale of rental equipment offset by $4.4 million for additions to property, plant and equipment as well as, $0.9 million in additions to the rental fleet. As of March 31, 2025, the Company had $19.8 million in cash and short-term investments and maintained an additional borrowing availability of $14.9 million under its bank credit agreement with no borrowings outstanding. For the six-month period ended March 31, 2025, the Company's working capital is $71.4 million which includes $36.3 million of trade accounts and financing receivables. Additionally, The Company owns unencumbered property and real estate in both domestic and international locations. The sale of excess land and facilities owned by Geospace positioned adjacent to our Houston facility will be completed in the third quarter. Conference Call Information The Company will host a conference call to review its second quarter fiscal year 2025 financial results on Friday, May 9, 2025, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). (800) 267-6316 (US) or (203) 518-9814 (International). Please reference the conference ID: GEOSQ225 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 the Company's website at 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 and has been added to the Russell 2000®, Russell 3000®, and Russell Micro-cap®. For more information, visit 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. 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, the failure of the Quantum or OptoSeis® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels, the continued adverse impact of COVID-19, which could reduce demand for our products, 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, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, 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 and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports 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, except as required by applicable securities laws and regulations. GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands except share amounts) (unaudited) March 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 8,294 $ 6,895 Short-term investments 11,531 30,227 Trade accounts and financing receivables, net 36,298 21,868 Inventories, net 27,268 26,222 Assets held for sale 1,841 1,841 Prepaid expenses and other current assets 1,781 2,313 Total current assets 87,013 89,366 Non-current inventories, net 18,996 18,031 Rental equipment, net 11,645 14,186 Property, plant and equipment, net 23,662 21,083 Non-current trade accounts and financing receivables 4,727 6,375 Operating right-of-use assets 361 464 Goodwill 736 736 Other intangible assets, net 1,574 1,649 Other non-current assets 250 304 Total assets $ 148,964 $ 152,194 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable trade $ 5,369 $ 8,003 Operating lease liabilities 117 173 Other current liabilities 10,084 9,021 Total current liabilities 15,570 17,197 Non-current operating lease liabilities 280 339 Deferred tax liabilities, net 22 34 Total liabilities 15,872 17,570 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; 14,360,212 and 14,206,082 shares issued, respectively; and 12,801,952 and 12,709,381 shares outstanding, respectively 144 142 Additional paid-in capital 98,236 97,342 Retained earnings 53,860 55,282 Accumulated other comprehensive loss (4,648 ) (4,257 ) Treasury stock, at cost, 1,558,260 and 1,496,701 shares, respectively (14,500 ) (13,885 ) Total stockholders' equity 133,092 134,624 Total liabilities and stockholders' equity $ 148,964 $ 152,194 Expand GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six Months Ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net income (loss) $ (1,422 ) $ 8,352 Adjustments to reconcile net income (loss) to net cash used in operating activities: Deferred income tax expense (benefit) (11 ) 15 Rental equipment depreciation 3,415 6,026 Property, plant and equipment depreciation 1,770 1,682 Amortization of intangible assets 74 204 Accretion of discounts on short-term investments (156 ) (234 ) Stock-based compensation expense 896 762 Provision for (recovery of) credit losses 19 (51 ) Inventory obsolescence expense 905 110 Gross profit from sale of rental equipment (15,820 ) (20,553 ) (Gain) loss on disposal of property, plant and equipment (93 ) 10 Realized gain on investments (10 ) — Effects of changes in operating assets and liabilities: Trade accounts and financing receivables 1,829 5,963 Inventories (3,518 ) (5,566 ) Other assets 688 873 Accounts payable trade (2,633 ) (684 ) Other liabilities 666 (3,180 ) Net cash used in operating activities (13,401 ) (6,271 ) Cash flows from investing activities: Purchase of property, plant and equipment (4,419 ) (3,166 ) Proceeds from the sale of property, plant and equipment 131 2 Investment in rental equipment (900 ) (3,949 ) Proceeds from the sale of rental equipment 1,704 30,502 Purchases of short-term investments — (19,293 ) Proceeds from the sale of short-term investments 18,862 4,000 Payments received on note receivable related to sale of subsidiary 76 — Net cash provided by investing activities 15,454 8,096 Cash flows from financing activities: Purchase of treasury stock (615 ) — Net cash used in financing activities (615 ) — Effect of exchange rate changes on cash (39 ) 134 Increase in cash and cash equivalents 1,399 1,959 Cash and cash equivalents, beginning of period 6,895 18,803 Cash and cash equivalents, end of period $ 8,294 $ 20,762 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes $ 113 $ — Accounts and financing receivables related to sale of rental equipment 14,701 — Inventory transferred to rental equipment 2,395 5,352 Expand GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS) (in thousands) (unaudited) Three Months Ended Six Months Ended March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024 Smart Water $ 9,472 $ 6,411 $ 16,760 $ 10,645 Energy Solutions 2,588 11,035 26,870 50,946 Intelligent Industrial 5,883 6,749 11,460 12,562 Corporate 80 75 156 149 Total $ 18,023 $ 24,270 $ 55,246 $ 74,302 Income (loss) from operations: Smart Water $ 1,420 $ 1,666 $ 1,790 $ 2,761 Energy Solutions (6,668 ) (1,948 ) 6,614 13,120 Intelligent Industrial (1,287 ) (708 ) (2,227 ) (899 ) Corporate (3,746 ) (3,516 ) (8,623 ) (6,651 ) Total $ (10,281 ) $ (4,506 ) $ (2,446 ) $ 8,331 Expand
