GEOSPACE TECHNOLOGIES CORP GEOS
Unless otherwise specified, the discussion in this Annual Report on Form 10-K refers to Geospace Technologies Corporation and its subsidiaries. We design and manufacture sophisticated technology solutions for applications in smart water management, energy exploration, as well as industrial and Internet of Things. Our seismic equipment and services are marketed to the energy industry and used to locate, characterize and monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including Hydroconn® connector cables, imaging equipment, remote shutoff water valves and Internet of Things ("IoT") platform. Additionally, we provide specialized contract manufacturing services, which leverage our capabilities and manufacturing resources. In recent years, the revenue contribution from our non-energy related products has grown to represent nearly half of our total revenue. Our business diversification strategy has centered largely on translating expertise in ruggedized engineering and technology manufacturing into expanded customer markets. We report and categorize our customers and products into three different segments: Smart Water, Energy Solutions and Intelligent Industrial. In recent years, the revenue contribution from our Smart Water segment has grown to represent nearly half of our total revenue. This revenue growth in this segment is largely attributable to the rise in water utility modernization which includes our waterproof meter connector cable series of products. Demand for our seismic products targeted at customers in our Energy Solutions segment has been, and will likely continue to be, vulnerable to downturns in the economy and the oil and gas industry in general. For more information, please refer to the risks discussed under the heading "Risk Factors".
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Asia
- Europe
- South America
- Canada
- Mexico
- Other
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $69.3M | $63.1M |
| Asia | $26.6M | $51.1M |
| Europe | $5.1M | $13.8M |
| South America | $3.1M | $2.8M |
| Canada | $2.9M | $2.0M |
| Mexico | $2.7M | $2.0M |
| Other | $1.1M | $845.0K |
As the company reported it, from the “Note 21 - Segment and Geographic Information - Summary of Revenue by Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $110.8M | $135.6M | $124.5M | $89.3M | $75.9M | $34.1M | $45.8M | $53.3M | $73.7M | $62.1M |
| Cost of revenue | $77.9M | $83.0M | $72.8M | $71.2M | $78.6M | $64.4M | $64.4M | $64.8M | $94.4M | $81.4M |
| Gross profit | $32.9M | $52.6M | $51.7M | $18.0M | $16.3M | $23.4M | $31.4M | $11.0M | -$20.7M | -$19.4M |
| R&D | $18.9M | $16.3M | $15.9M | $18.1M | $14.8M | $16.6M | $15.5M | $10.8M | $13.8M | $13.9M |
| SG&A | $29.8M | $26.6M | $26.0M | $23.5M | $21.9M | $23.1M | $23.6M | $19.9M | $20.2M | $21.5M |
| Total operating expenses | $48.8M | $45.5M | $41.7M | $41.2M | — | — | — | $31.7M | $33.6M | $36.1M |
| Operating income | -$11.3M | $7.1M | $11.3M | -$23.1M | -$16.9M | -$18.0M | $1.0M | -$20.7M | -$54.3M | -$55.5M |
| Interest expense | $169.0K | $187.0K | $134.0K | $65.0K | — | $38.0K | $99.0K | $336.0K | $39.0K | $26.0K |
| Pre-tax income | -$9.3M | -$6.5M | $12.6M | -$22.7M | -$13.5M | -$16.6M | $2.3M | -$19.8M | -$54.1M | -$55.3M |
| Income tax | $388.0K | $114.0K | $363.0K | $173.0K | $578.0K | $2.6M | $2.4M | $580.0K | $2.7M | $9.4M |
| Net income | -$9.7M | -$6.6M | $12.2M | -$22.9M | -$14.1M | -$19.2M | -$146.0K | -$19.2M | -$56.8M | -$46.0M |
| EPS, basic | -0.76 | -0.50 | 0.93 | -1.76 | -1.05 | -1.42 | -0.01 | -1.45 | -4.32 | -3.52 |
| EPS, diluted | -0.76 | -0.50 | 0.92 | -1.76 | -1.05 | -1.42 | -0.01 | -1.45 | -4.32 | -3.52 |
| Shares, diluted (wtd. avg.) | 12.8M | 13.2M | 13.2M | 13.0M | 13.4M | 13.5M | 13.4M | 13.3M | 13.1M | 13.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.3M | $6.9M | $18.8M | $16.1M | $14.1M | $32.7M | $18.9M | $11.9M | $15.1M | $10.3M |
| Short-term investments | $0 | $30.2M | $14.9M | $894.0K | $9.5M | $0 | $0 | $25.5M | $36.1M | $27.5M |
| Receivables | $12.7M | $14.6M | $20.2M | $12.7M | $12.2M | $13.6M | $24.2M | $14.3M | $9.4M | $15.4M |
| Inventory | $30.9M | $26.2M | $18.4M | $20.0M | $16.2M | $16.9M | $23.9M | $18.8M | $20.8M | $30.8M |
| Total current assets | $88.5M | $89.4M | $75.8M | $60.0M | $60.0M | $64.9M | $71.2M | $76.7M | $86.4M | $100.6M |
| Property, plant and equipment | $23.2M | $21.1M | $24.0M | $26.6M | $30.0M | $29.9M | $31.5M | $33.6M | $37.4M | $44.7M |
| Goodwill | $1.3M | $736.0K | $736.0K | $736.0K | $5.1M | $4.3M | $5.0M | $4.3M | — | — |
| Other intangibles | $5.2M | $1.6M | $4.8M | $5.6M | $7.2M | $8.3M | $10.1M | $8.0M | — | — |
| Total assets | $153.0M | $152.2M | $153.0M | $135.1M | $163.9M | $186.8M | $202.0M | $199.1M | $205.7M | $254.8M |
| Accounts payable | $10.4M | $8.0M | $6.7M | $5.6M | $6.4M | $1.6M | $4.1M | $4.1M | $2.6M | $2.1M |
| Total current liabilities | $24.4M | $17.2M | $19.8M | $12.6M | $15.2M | $10.3M | $13.2M | $14.7M | $10.5M | $10.3M |
| Long-term debt | $0 | $0 | $0 | $0 | — | — | — | — | — | — |
| Total liabilities | $27.5M | $17.6M | $20.3M | $13.4M | $21.5M | $25.9M | $23.2M | $22.5M | $10.5M | $10.3M |
| Retained earnings | $45.6M | $55.3M | $61.9M | $49.7M | $72.5M | $86.6M | $105.8M | $106.0M | $125.5M | $182.3M |
| Total equity | $125.5M | $134.6M | $132.7M | $121.6M | $142.5M | $161.0M | $178.8M | $176.6M | $194.8M | $244.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$22.2M | -$9.1M | $15.6M | -$10.0M | -$7.2M | $18.1M | $5.6M | -$10.4M | $10.1M | -$1.7M |
| Depreciation and amortisation | $3.8M | $3.5M | $3.7M | $4.1M | $4.0M | $4.0M | $4.0M | $4.0M | $5.2M | $5.4M |
| Stock-based compensation | $1.5M | $1.3M | $1.4M | $1.7M | $2.0M | $2.3M | $2.3M | $2.3M | $5.7M | $5.2M |
| Capital expenditure | $8.0M | $3.9M | $4.0M | $1.1M | $3.2M | $2.9M | $1.9M | $1.7M | $1.2M | $1.9M |
| Investing cash flow | $42.7M | $3.8M | -$11.9M | $14.1M | -$3.3M | -$4.0M | $1.6M | $7.8M | -$5.5M | -$10.2M |
| Financing cash flow | -$1.0M | -$6.4M | -$525.0K | -$1.7M | -$8.2M | -$78.0K | $215.0K | $63.0K | $50.0K | — |
| Buybacks | $615.0K | $6.4M | $0 | $695.0K | $6.8M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-25-036009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.1M | $73.7M | $53.3M | $45.8M | $34.1M | $75.9M | $89.3M | $124.5M | $135.6M | $110.8M |
| Gross profit | -$19.4M | -$20.7M | $11.0M | $31.4M | $23.4M | $16.3M | $18.0M | $51.7M | $52.6M | $32.9M |
| Net income | -$46.0M | -$56.8M | -$19.2M | -$146.0K | -$19.2M | -$14.1M | -$22.9M | $12.2M | -$6.6M | -$9.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Results announced Item 2.02
- Results announced Item 2.02
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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