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Mar 31, 2022
Geospace Q2 2022 Earnings Report
Geospace Technologies reported second quarter results, building diversification momentum and entering credit facility.
Key Takeaways
Geospace Technologies reported revenue of $24.7 million for the second quarter ended March 31, 2022, compared to $23.9 million for the same period last year. The net loss narrowed to $1.5 million, or $(0.11) per diluted share, from a net loss of $7.2 million, or ($0.53) per diluted share, in the prior year quarter.
Revenue reached $24.7 million, the second-highest quarterly result in the last two years.
First significant sale of deep-water OBX ocean bottom nodes was recorded.
Adjacent Markets segment revenue increased 21% year-over-year to $9.2 million.
New credit facility providing up to $10 million in additional liquidity was completed.
Geospace
Geospace
Forward Guidance
Statements regarding our expected operating results, the timing, adoption, results and success of our rollout of Aquana smart water valves and cloud based control platform, future demand for Quantum security solutions the adoption and sale of products in various geographic regions, potential tenders for PRM systems, future demand for OBX systems, the adoption of Quantum’s SADAR® product monitoring of subsurface reservoirs, the completion of new orders for channels of our GCL system, the fulfillment of customer payment obligations, the impact of and the recovery from the impact of the coronavirus (COVID-19) pandemic, our ability to manage changes and the continued health or availability of management personnel, the impact of the current armed conflict between Russia and Ukraine, 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.