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Geospace Technologies Corporation Reports Strong First Quarter 2023 Earnings
HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) (the “Company”) today announced results for its first quarter ended December
About this update from Geospace Technologies Corporation
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nGeospace Technologies Corporation (NASDAQ: GEOS) (the “Company”) today announced results for its first quarter ended December 2022. For the three-months ended December 31, 2022, Geospace reported revenue of $31.1 million compared to revenue of $18.0 million for the comparable year-ago quarter. Net loss for the three-months ended December 31, 2022 narrowed to $0.1 million, or $(0.01) per diluted share, compared to a net loss of $6.8 million, or ($0.52) per diluted share, for the quarter ended December 31, 2021.\n\nThe revenue reported for the first quarter marks the highest quarterly revenue the Company has recorded since 2014. This increase in revenue was driven largely by the Company’s Oil and Gas business segment which made up 65% of the quarter’s revenue.\n\nManagement’s Comments\n\nWalter R. (“Rick”) Wheeler, President and CEO of the Company said, “We’re pleased to see that revenue for our first quarter of fiscal year 2023 exceeded $31 million. This is an increase of 73% over last year’s same period and represents the Company’s highest amount of quarterly revenue in the last eight-and-half years, namely since June of 2014. In addition, gross profits for the quarter reached a three year high of $10.5 million, leading to a narrow loss of a penny per share. This first quarter result puts forth a strong beginning to the fiscal year and aligns well with our commitment to achieve future profitability through streamlining our operations, reducing operating costs, and increasing revenue in each of our business segments. The majority of first quarter revenue came from our Oil & Gas segment, led by wireless seismic products. Although a sale of GSX land equipment from our rental fleet was a contributing factor, our OBX ocean bottom nodes generated the largest portion of wireless seismic revenue. The majority of this revenue came from executed OBX rental contracts. However, it’s worth noting that a significant portion of that revenue was the result of a compensatory purchase of OBX equipment that was lost by a rental customer during a survey. We intend to build out additional OBX nodes to replenish this lost equipment in the rental fleet. Demand for both the deep-water and shallow-water OBX models continues to strengthen, and many of our existing customers have stated an intention to move their crews into fo...