GEOS News & Events

Reports Q1 revenue $25.6M vs. $37.2M last year. Richard Kelley, President and CEO of Geospace Technologies said, "The past year was not without its challenges many of which are reflected in our first quarter performance. We continue to operate in an environment shaped by economic uncertainty, inflation, tariffs and supply chain challenges. With that said, we remain focused on what we can control: serving our customers, running the business well, and making smart, long-term decisions. Overall, I am encouraged by how our organization performed in this difficult operating environment. We continue to invest in our future, advance our strategic initiatives, and leverage innovative technology to further diversify the business. These efforts position us well to drive sustainable growth and long-term value for our shareholders."

Reports Q4 revenue $30.7M vs. $35.4M last year. Richard Kelley, CEO, said, "The mixed fiscal year performance across the market segments continues to reinforce our vision of diversification and innovation for the company. Our Smart Water segment delivered another strong year, exceeding expectations with double digit revenue growth for the fourth sequential fiscal year. The Hydroconn(R) connector line continued to gain market share and drove significant revenue gains compared to last year. We are also seeing increased market acceptance of the Aquana products both domestically and in the Caribbean markets. We anticipate continued market demand for both the Hydroconn and Aquana solutions. For international markets, we will build upon the municipal water management model in the U.S. and address challenges of water scarcity, environmental changes and natural disaster mitigation. Continued market uncertainty and volatility in oil prices resulted in lower revenue from Energy Solutions. We experienced another year of reduced offshore exploration, increased competition and consolidation. These factors have led to decreased utilization of our ocean-bottom node rental fleet that has negatively impacted segment revenue. Despite lower revenue, we achieved strategic wins in the segment. As previously announced, we were awarded a major Permanent Reservoir Monitoring (PRM) contract with Petrobras as well as released and completed a major sale of our ultra lightweight land node, Pioneer(TM) to several customers, including Dawson Geophysical, a long-time valued partner. We have a strong backlog going into the next fiscal year and while there are encouraging signs, the short-term exploration market remains uncertain due to continued pressure from low oil prices. However, long-term demand forecasts should drive more favorable market conditions in future periods. Our Intelligent Industrial segment continues to provide steady, predictable revenue from our industrial sensors and contract manufacturing solutions. As previously announced, to increase revenue from this segment, we acquired Geovox Security, Inc., the exclusive licensee of a human heartbeat detection algorithm developed by Oak Ridge National Lab. The Heartbeat Detector(R) complements our border and perimeter security solutions. It further serves to advance our strategy toward adding more solutions with annual recurring revenue. We also restructured our Exile product portfolio to increase revenues and improve margins. Both Heartbeat Detector and Exile have seen increased interest in their respective markets. While Energy Solutions continues to play a key role in our overall strategy, we will continue to drive growth and profitability through diversification. We see incredible opportunities in our Smart Water and Intelligent Industrial segments to leverage our technology and manufacturing capabilities."

Geospace acquired Heartbeat Detector, a heartbeat detection security technology developed by the Department of Energy's Oak Ridge National Laboratory. Effective July 31, Geospace acquired 100% of the outstanding shares from GeoVox Security, the company who first licensed and commercialized the technology from ORNL. Heartbeat Detector uses a proprietary algorithm developed by ORNL researchers to reveal individuals attempting to hide in vehicles at security checkpoints by detecting a beating heart. The Heartbeat Detector is a small, portable device that uses proprietary sensors to rapidly identify people hidden in vehicles. Domestically, the Heartbeat Detector is used by departments of corrections and prison systems.

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."