Latest news with #Pioneer™
Business Wire
11-08-2025
- Business
- Business Wire
Dawson Geophysical Company Purchases Ultralight Seismic Land Nodes from Geospace Technologies
HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) ('Geospace') and Dawson Geophysical Company (NASDAQ: DWSN) ('Dawson') today jointly announced the first major sale of the Geospace Pioneer ™, ultralight seismic land node, to Dawson a geophysical services provider. Based on current contract terms the estimated value of the agreement is expected to reach approximately $24 million. The delivery of Pioneer will begin in the third quarter of the calendar year 2025. This investment will allow Dawson to be a leader in the industry, giving us a competitive advantage for large integrated high-resolution, high channel count surveys currently demanded by the exploration & production efforts of our industry leaders. Share 'In our industry, Geospace set the standard for wireless data acquisition land nodes. With Pioneer, we have maintained the data quality output our customers require, while reducing the size and weight of our nodes,' said Rich Kelley, President and CEO, Geospace Technologies. 'We are pleased that an industry leader such as Dawson recognized that you do not need to sacrifice quality to achieve the operational efficiency gains associated with Pioneer's lower power consumption, smaller size, and less weight.' Tony Clark, Dawson's President and CEO, commented, 'After significant field testing, we decided to make an investment to increase our channel count with Geospace's Pioneer product based on the high quality of data offered in a lightweight package. We believe this investment will allow Dawson to be a leader in the industry, giving us a competitive advantage for large integrated high-resolution, high channel count surveys currently demanded by the exploration & production efforts of our industry leaders. We anticipate improved efficiencies in our operations with lighter weight equipment. Additionally, we expect improved calendar efficiency by allowing us to be more competitive for small surveys.' Weighing less than 0.5kg, Pioneer™ is a small, lightweight, single-component, autonomous land wireless seismic data acquisition solution delivering precise, high resolution, accurate survey data. The USA designed and manufactured node continuously records for up to 50 days and offers accelerated deployment with an exclusive QuickDeploy feature. The device was engineered with a proprietary 5Hz geophone for better image quality. For more information on the Pioneer, visit About Dawson Dawson Geophysical Company is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States and Canada. Dawson acquires and processes 2-D, 3-D and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries. Carbon Capture Utilization and Storage ("CCUS") seismic monitoring continues to grow and be an intricate part of our business. Dawson has acquired several CCUS base surveys and plan to acquire more in the future. About Geospace Technologies Geospace Technologies is a global technology and instrumentation manufacturer specializing in vibration sensing and highly ruggedized products which serve energy, 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 operational excellence, the Company's more than 600 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 Cautionary Statement Regarding Forward-Looking Statements Certain statements in this press release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. In some cases, the reader can identify forward-looking statements by words such as "may," "should," "would," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. Forward-looking statements relate to future events or future financial or operating performance of Dawson or Geospace. These forward-looking statements include, among other things, statements regarding the anticipated benefits of the of the transactions described herein, including statements related to potential competitive advantages and improved efficiencies resulting from such transactions, and the benefits Pioneer is expected to deliver. Such forward-looking statements are based upon assumptions made as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, risks relating to the efficacy of Pioneer; the risk that the delivery of the equipment may not be delivered in a timely manner or at all; Dawson's and Geospace's ability to execute their respective business strategies and plans for growth; the failure to operationalize the acquired equipment in a timely manner or at all; risks associated with Dawson's ability to finance the transaction; industry conditions, including fluctuations in supply, demand and prices; global and regional economic and financial conditions; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Dawson's and Geospace's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at There may be additional risks about which the parties are presently unaware or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Dawson and Geospace anticipate that subsequent events and developments may cause their assessments to change. However, while the companies may elect to update these forward-looking statements at some point in the future, they expressly disclaim any duty to update these forward-looking statements, except as otherwise required by law.
Business Wire
07-08-2025
- Business
- Business Wire
Geospace Technologies Corporation Reports Profitable Third Quarter and Nine-Month 2025 Earnings
HOUSTON--(BUSINESS WIRE)--Geospace Technologies Corporation (NASDAQ: GEOS) ('the 'Company") today announced results for its third quarter ended June 30, 2025. For the three-months ended June 30, 2025, Geospace reported revenue of $24.8 million, compared to revenue of $25.8 million for the comparable year-ago quarter. Net income for the three-months ended June 30, 2025, was $0.8 million, or $0.06 per diluted share, compared to a net loss of ($2.1) million, or $(0.16) per diluted share, for the quarter ended June 30, 2024. For the nine-months ended June 30, 2025, Geospace reported revenue of $80.1 million compared to revenue of $100.2 million for the comparable year-ago period. Net loss for the nine-months ended June 30, 2025, was ($0.7) million, or $(0.05) per diluted share, compared to net income of $6.3 million, or $0.47 per diluted share, for the nine-months ended June 30, 2024. Management's Comments Richard 'Rich' Kelley, Chief Executive Officer and President of Geospace Technologies, said, 'Strategic accomplishments defined our third quarter laying the foundation to further our revenue and profitability goals. Our Energy Solutions team won a sizeable contract to supply nearly 500km of the OptoSeis® Permanent Reservoir Monitoring (PRM) system covering 140 sq km of seabed area of Mero, located off the coast of Rio de Janeiro, Brazil. Additionally, Energy Solutions achieved its first sale of the newly released Pioneer™, an ultralight land node for seismic surveys, to a global engineering and professional services firm based in Canada. The delivery of the Pioneer system will occur before the end of the fiscal year. Additionally, we recorded the sale of assets associated with our streamer recovery device product line to Seis Gear, Inc. in June. Building off this success, we invested in the growth of our Intelligent Industrial segment this quarter with the recently announced acquisition of Heartbeat Detector®, a security technology developed by the United States Department of Energy's Oak Ridge National Laboratory (ORNL). This advanced system is designed to detect the presence of concealed humans in vehicles of any size. We intend to offer the Heartbeat Detector® on a subscription basis, aligning with our strategy to grow recurring revenue streams. As we increase the emphasis on our security and defense product portfolio, we have engaged former U.S. Border Patrol Chief Carla Provost to educate fellow national and homeland security professionals and accelerate end-user adoption of our advanced analytics and sensing solutions for border and perimeter security applications. We continue to generate strong organic growth in our Smart Water segment where our Hydroconn® universal AMI connectors remain a reliable revenue and profit center. This quarter, we received an enthusiastic response to our new corporate branding and integrated smart water management portfolio at the American Water Works Association international annual conference and exhibition. Lastly, we completed the sale of idle property adjacent to our facility for $9.2 million in gross proceeds.' Smart Water Segment Third quarter revenue from the Company's Smart Water segment totaled $10.5 million for the three months ended June 30, 2025. This compares to $9.9 million in revenue for the same period a year ago representing an increase of 6.1%. Revenue for the nine-month period ended June 30, 2025, is $27.3 million, an increase of 32.7% over the equivalent prior year period. This marks a record high level of nine-months of revenue for our Smart Water Segment. Energy Solutions Segment Revenue from the Company's Energy Solutions segment totaled $8.1 million for the three-month period ended June 30, 2025. This compares to $9.4 million in revenue for the same period a year ago representing a decrease of 13.6%. Revenue for the nine-month period ended June 30, 2025, is $35.0 million, a decrease of 42.0% over the equivalent prior year period. The decrease in revenue for the three-month period and nine-month period was due to lower utilization and sales for our marine ocean bottom node rental fleet. The Company is encouraged by the first sale of the newly released ultralight land node known as Pioneer. This indicates the need for increased operational efficiency among geophysical survey companies, who benefit from the lighter weight for faster deployments with smaller crews. Intelligent Industrial Segment Revenue from the Company's Intelligent Industrial segment totaled $6.1 million for the three-month period ended June 30, 2025. This compares with $6.5 million from the equivalent year ago period, representing a decrease of 5.4%. Revenue for the nine-month period ending June 30, 2025, was $17.6 million. This compares to the prior year-ago period of $19.1 million, a decrease of 7.6%. The decrease in revenue for both periods was primarily due to revenue recognized for the three and nine months ended June 30, 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 contract manufacturing services. Balance Sheet and Liquidity For the nine-month period ended June 30, 2025, the Company used $18.1 million in cash and cash equivalents from operating activities. The Company generated $35.4 million of cash from investing activities that included $28.4 million in proceeds from the sale of short-term investments and $8.7 million in proceeds from the sale of property, plant and equipment, and $5.1 million of proceeds from the sale of rental equipment, offset by $5.8 million for additions to property, plant and equipment as well as, $1.1 million in additions to the rental fleet. As of June 30, 2025, the Company had $25.6 million in cash and short-term investments and maintained an additional borrowing availability of $15.0 million under its bank credit agreement with no borrowings outstanding. For the nine-month period ended June 30, 2025, the Company's working capital is $74.5 million which includes $32.3 million of trade accounts and financing receivables. Additionally, the Company owns unencumbered property and real estate in both domestic and international locations. Conference Call Information Geospace Technologies will host a conference call to review its first quarter fiscal year 2025 financial results on August 8, 2025, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (800)274-8461 (US) or (203)518-9814 (International). Please reference the conference ID: GEOSQ325 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 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 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 (the 'Exchange Act'). 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 our 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, 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, future demand for ocean bottom node rental equipment, sales or rentals for our Mariner™ or Mariner Deep® 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 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 other period 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 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 nodes 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 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) September 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 23,559 $ 6,895 Short-term investments 1,997 30,227 Trade accounts and financing receivables, net 32,308 21,868 Inventories, net 29,232 26,222 Assets held for sale — 1,841 Prepaid expenses and other current assets 3,031 2,313 Total current assets 90,127 89,366 Non-current inventories, net 18,860 18,031 Rental equipment, net 10,321 14,186 Property, plant and equipment, net 22,189 21,083 Non-current trade accounts and financing receivables 5,570 6,375 Operating right-of-use assets 334 464 Goodwill 736 736 Other intangible assets, net 1,537 1,649 Other non-current assets 158 304 Total assets $ 149,832 $ 152,194 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable trade $ 3,771 $ 8,003 Operating lease liabilities 119 173 Other current liabilities 11,383 9,021 Total current liabilities 15,273 17,197 Non-current operating lease liabilities 249 339 Deferred tax liabilities, net 19 34 Total liabilities 15,541 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; 14,365,212 and 14,206,082 shares issued, respectively; and 12,806,952 and 12,709,381 shares outstanding, respectively 144 142 Additional paid-in capital 98,540 97,342 Retained earnings 54,620 55,282 Accumulated other comprehensive loss (4,513 ) (4,257 ) Treasury stock, at cost, 1,558,260 and 1,496,701 shares, respectively (14,500 ) (13,885 ) Total stockholders' equity 134,291 134,624 Total liabilities and stockholders' equity $ 149,832 $ 152,194 Expand GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended June 30, 2025 June 30, 2024 Cash flows from operating activities: Net income (loss) $ (662 ) $ 6,282 Adjustments to reconcile net income (loss) to net cash used in operating activities: Deferred income tax expense (benefit) (16 ) 10 Rental equipment depreciation 4,830 8,534 Property, plant and equipment depreciation 2,716 2,595 Amortization of intangible assets 112 300 Accretion of discounts on short-term investments (169 ) (415 ) Stock-based compensation expense 1,200 1,029 Provision for (recovery of) credit losses 21 (84 ) Inventory obsolescence expense 1,100 144 Gross profit from sale of rental equipment (16,297 ) (20,751 ) (Gain) loss on disposal of property, plant and equipment (4,708 ) 11 Realized gain on investments (9 ) — Effects of changes in operating assets and liabilities: Trade accounts and financing receivables 2,229 5,162 Inventories (5,617 ) (5,787 ) Other assets (591 ) (176 ) Accounts payable trade (4,232 ) (1,408 ) Other liabilities 1,968 (2,973 ) Net cash used in operating activities (18,125 ) (7,527 ) Cash flows from investing activities: Purchase of property, plant and equipment (5,841 ) (3,577 ) Proceeds from the sale of property, plant and equipment 8,663 2 Investment in rental equipment (1,083 ) (8,181 ) Proceeds from the sale of rental equipment 5,122 30,948 Purchases of short-term investments — (24,033 ) Proceeds from the sale of short-term investments 28,408 8,750 Payments received on note receivable related to sale of subsidiary 137 — Net cash provided by investing activities 35,406 3,909 Cash flows from financing activities: Purchase of treasury stock (615 ) (2,999 ) Net cash used in financing activities (615 ) (2,999 ) Effect of exchange rate changes on cash (2 ) 141 Increase (decrease) in cash and cash equivalents 16,664 (6,476 ) Cash and cash equivalents, beginning of period 6,895 18,803 Cash and cash equivalents, end of period $ 23,559 $ 12,327 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes $ 122 $ 185 Accounts and financing receivables related to sale of rental equipment 11,975 — Inventory transferred to rental equipment 2,498 5,765 Expand GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS) (in thousands) (unaudited) Three Months Ended Nine Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenue: Smart Water $ 10,518 $ 9,913 $ 27,278 $ 20,558 Energy Solutions 8,107 9,382 34,977 60,328 Intelligent Industrial 6,136 6,489 17,596 19,051 Corporate 82 74 238 223 Total $ 24,843 $ 25,858 $ 80,089 $ 100,160 Income (loss) from operations: Smart Water $ 2,233 $ 2,611 $ 4,023 $ 5,372 Energy Solutions (1,234 ) (117 ) 5,380 13,003 Intelligent Industrial (1,041 ) (1,282 ) (3,268 ) (2,181 ) Corporate 411 (3,605 ) (8,212 ) (10,256 ) Total $ 369 $ (2,393 ) $ (2,077 ) $ 5,938 Expand
