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Dec 31, 2022
Geospace Q1 2023 Earnings Report
Geospace reported strong first quarter earnings, marked by highest quarterly revenue since 2014.
Key Takeaways
Geospace Technologies Corporation reported a significant increase in revenue for the first quarter ended December 31, 2022, reaching $31.1 million compared to $18.0 million in the same period last year. The net loss 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. The revenue reported for the first quarter marks the highest quarterly revenue the Company has recorded since 2014.
First quarter revenue increased by 73% year-over-year, reaching $31.1 million, the highest in eight-and-a-half years.
Gross profits reached a three-year high of $10.5 million, contributing to a narrow loss of a penny per share.
Oil & Gas segment, particularly wireless seismic products, drove the majority of first quarter revenue.
Adjacent Markets segment revenue approached its all-time record, supporting the company's diversification efforts.
Geospace
Geospace
Forward Guidance
Geospace anticipates completing the sale of its satellite Houston facility within the next quarter and has entered a new contract with an undisclosed federal government contractor.
Positive Outlook
- Demand for both deep-water and shallow-water OBX models continues to strengthen.
- Many existing customers have stated an intention to move their crews into follow-on client contracts after existing surveys are complete.
- Interest in using new Mariner nodal technology is growing significantly.
- The company works closely with trusted water meter companies to meet the “design-in” specifications of their domestic municipality customers.
- The contract holds strategic significance and future potential for an application unrelated to border security.