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Geospace Technologies Reports Profitable Fourth Quarter and Fiscal Year 2023 Results

Geospace Technologies Corporation (NASDAQ: GEOS) (“the “Company") today announced net income of $12.2 million, or $0.92 per diluted share, on revenue of $124.5 million for its fiscal year ended September 30, 2023. This compares with a net loss of $22.9 million, or ($1.76) per diluted share, on revenue of $89.3 million for the comparable year-ago period.

For the fourth quarter ended September 30, 2023, Geospace Technologies (the “Company”) reported revenue of $29.3 million and net income of $4.4 million, or $0.33 per diluted share. For the comparable period last year, the Company recorded revenue of $25.9 million and a net loss of $8.0 million, or ($0.62) per diluted share.

Management’s Comments

Walter R. (“Rick”) Wheeler, President and CEO of the Company said, “We’re incredibly pleased to announce yet another quarter of positive earnings to our shareholders. Combined with the successful quarters earlier in the year, fiscal year 2023 closed with an overall net income of $12.2 million. Moreover, revenue for the full year of $124.5 million represents the largest figure recorded since 2014. Our improved performance is the result of accelerated efforts by our dedicated employees in reducing costs and streamlining operations, as well as better market conditions for our products in both the Oil and Gas and Adjacent Markets segments. Increases in utilization and rentals of our OBX ocean bottom nodes were the largest revenue driver in fiscal year 2023. In fact, the company’s total revenue from rentals more than doubled from last year’s figure. Our conservative management and preservation of a strong balance sheet with zero debt has given us the essential tools necessary to maintain leadership in technology innovations, even in depressed markets. We believe this has strengthened our ability to take advantage of improving market conditions and will continue to do so in the future. This is strongly evidenced by recent developments in our Oil and Gas Markets segment. In the fourth quarter, we announced a $3 million rental agreement for our highly advanced Mariner™ product, a shallow water seabed seismic data acquisition node. In addition, we announced a $5.7 million contract with an international seismic company for specialized geophones designed for use in their proprietary system. Prior to both of these announcements was one in June of a $20 million rental contract for our Mariner ocean bottom nodes. The delivery of this system is expected to complete in the next few weeks with the rental term commencing thereafter. Although gaps are expected to occur in some of our OBX rental contracts, we anticipate the ocean bottom node market will remain strong over the coming fiscal year.

Results from our Adjacent Markets segment proved equally compelling as total revenue for the fourth quarter and full fiscal year ending September 30, 2023, came in at $10.6 and $49.0 million respectively. The full year amount for the segment sets yet another new record. Our efforts toward revenue diversification have seen some success in the Adjacent Markets segment where several new records were set over the course of fiscal year 2023. The outstanding industrial product performance this year stems largely from greater demand for our water meter cables and connectors, which were the largest factor in pushing overall revenue growth of the segment 25% over last year’s result.

The Company’s Emerging Markets segment generated $0.8 million in the fourth quarter and $1.2 million over the full 2023 fiscal year. During the second fiscal quarter, we announced a $1.5 million contract with the Defense Advanced Projects Research Agency, otherwise known as DARPA. The contract is a Phase II Small Business Innovative Research (SBIR) contract to explore a new SADAR capability designed to monitor energy sources of interest on nearby land, water and air environments. Revenue over the course of the fiscal year includes amounts derived from this contract as well as fulfillment of a separate unrelated contract with a major defense contractor. We continue to explore further opportunities for contracts with DARPA and other governmental agencies as well as new private sector applications for SADAR and Quantum’s analytics in the energy transition market.

Complementing our operational success in fiscal year 2023 were substantive gains on the Company’s balance sheet. In addition to increasing stockholder equity by more than $11 million, we ended fiscal 2023, with a total of $33.7 million in cash, cash equivalents and short-term investments. We further maintained an additional borrowing availability of $13.1 million under an unused bank credit agreement with no borrowings outstanding. As a result, our total liquidity, as of September 30, 2023, was $46.8 million. In addition, we wholly own unencumbered properties and real estate in both domestic and international locations.

As our new fiscal year begins, we’re enthusiastic about the plans we have in motion to continue our profitability. While the variability of our seismic industry contracts may result in uneven quarterly revenue in the coming year, we remain encouraged by the volume of planned exploration activity. Further, we intend to regularly evaluate each business segment where those efforts are focused on driving revenue opportunities while assessing additional areas where costs can be reduced. We believe our strong balance sheet and technological leadership will be pivotal to our success in fiscal year 2024.”

Oil and Gas Markets Segment

Revenue from the Company’s Oil and Gas Markets segment totaled $17.8 million for the three months ended September 30, 2023. This compares to $14.8 million in revenue, an increase of 20% for the same period a year ago. For the fiscal year, revenue from this segment totaled $74.0 million versus $49.1 million for the same prior year period. The increase for the three-month period is due to higher utilization of our ocean bottom node rental fleet, higher demand for our wireless seismic products and increased sales of our marine products. The twelve-month increase in revenue is due to higher utilization of our ocean bottom node rental fleet and sales of our seismic sensors and marine products.

Revenue from the Company’s traditional exploration products totaled $2.7 million and $12.2 million respectively for the three-month and twelve-month periods ended September 30, 2023. This compares to $3.2 million and $6.6 million, respectively to the same periods a year ago.

Revenue from the Company’s wireless seismic products totaled $14.9 million and $61.5 million respectively for the three- and twelve-month periods ended September 30, 2023. This equates to a 33% increase and a 50% increase compared to the corresponding respective year ago periods.

The Company’s reservoir seismic products generated $0.2 million and $1.0 million in total revenue for the three-month and full year periods ended September 30, 2023. This compares with $0.5 million and $1.9 million for the equivalent periods one year earlier.

Adjacent Markets Segment

Revenue from the Company’s Adjacent Markets segment totaled $10.6 million and $49.0 million for the three- and twelve-month periods ended September 30, 2023. This compares with $10.9 million and $39.2 million for the equivalent year ago periods. The slight decrease for the three-month period is due to essentially the same sales of the Company’s smart water meter cable and connector products partially attributable to decreased sales of seismic sensors to industrial customers, lower demand for the Company’s contract manufacturing services and imaging products. The increase in the 12-months period is the result of increased sales of the Company’s smart water meter cable and connector products, increased sales of seismic sensors to industrial customers, partially offset by lower demand for contract manufacturing services and imaging products.

Emerging Markets Segment

The Company’s Emerging Markets segment generated revenue of $0.8 million and $1.2 million for the three-month and full year periods ended September 30, 2023. This compares with $0.1 million and $0.7 million for the similar three- and twelve-month periods of the previous year. The Emerging Market segment has a backlog of approximately $2.0 million that will be recognized in fiscal year 2024.

Balance Sheet and Liquidity

For the fiscal year ended September 30, 2023, the Company generated $15.6 million in cash and cash equivalents from operating activities. The Company used $11.9 million of cash from investing activities with sources of cash that included $11.5 million in proceeds from the sale of rental equipment, and $4.4 million for net sales of property, plant and equipment. These sources of cash were partially offset by net disbursements of $13.9 million for purchases of short-term investments, $9.9 million for additions to our rental fleet and $4.0 million in the purchase of property, plant and equipment. As of September 30, 2023, the Company had $33.7 million in cash, cash equivalents and short-term investments, and maintained an additional borrowing availability of $13.1 million under its bank credit agreement with no borrowings outstanding. In fiscal year 2024, management anticipates a capital expenditure budget of $13 million including $9 million earmarked for additions to its rental equipment.

Conference Call Information

Geospace Technologies will host a conference call to review its fourth quarter and fiscal year 2023 financial results on November 17, 2023, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (800) 225-9448 (US) or (203) 518-9848 (International). Please reference the conference ID: GEOSQ423 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry 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 water meter products, imaging equipment, remote shutoff water values and Internet of Things (IoT) platform and provide contract manufacturing services.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward- looking statements include, statements regarding our expected operating results and expected demand for our products in various segments. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10- Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements.

Such examples include, but are not limited to, the failure of the Quantum or OptoSeis® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels, the continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, potential impact of the ongoing armed conflict between Russia and Ukraine, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward- looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws and regulations.

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 

Three Months Ended

 

 

 

Year Ended

September 30, 2023

 

 

 

September 30, 2022

 

 

 

September 30, 2023

 

 

 

September 30, 2022

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

16,357

 

 

$

16,049

 

 

$

73,333

 

 

$

64,109

 

Rental

 

 

12,958

 

 

 

9,822

 

 

 

51,176

 

 

 

25,144

 

Total revenue

 

 

29,315

 

 

 

25,871

 

 

 

124,509

 

 

 

89,253

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

12,053

 

 

 

14,339

 

 

 

55,136

 

 

 

51,649

 

Rental

 

 

3,047

 

 

 

5,652

 

 

 

17,683

 

 

 

19,561

 

Total cost of revenue

 

 

15,087

 

 

 

19,991

 

 

 

72,819

 

 

 

71,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

14,228

 

 

 

5,880

 

 

 

51,690

 

 

 

18,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

6,475

 

 

 

5,374

 

 

 

25,952

 

 

 

23,482

 

Research and development

 

 

3,766

 

 

 

4,054

 

 

 

15,863

 

 

 

18,104

 

Goodwill impairment

 

 

 

 

 

4,336

 

 

 

 

 

 

4,336

 

Change in estimated fair value of contingent consideration

 

 

 

 

 

7

 

 

 

 

 

 

(5,035

)

Bad debt expense (recovery)

 

 

(97

)

 

 

176

 

 

 

(138

)

 

 

292

 

Total operating expenses

 

 

10,144

 

 

 

13,947

 

 

 

41,677

 

 

 

41,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposal of property

 

 

 

 

 

 

 

 

1,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

4,084

 

 

 

(8,067

)

 

 

11,328

 

 

 

(23,136

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(34

)

 

 

(39

)

 

 

(134

)

 

 

(65)

 

Interest income

 

 

168

 

 

 

253

 

 

 

539

 

 

 

976

 

Foreign currency transaction gains (losses), net

 

 

401

 

 

 

(168

)

 

 

994

 

 

 

(22

)

Other, net

 

 

(86

)

 

 

(15

)

 

 

(158

)

 

 

(39

)

Total other income, net

 

 

449

 

 

 

30

 

 

 

1,241

 

 

 

453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

4,533

 

 

 

(8,037

)

 

 

12,569

 

 

 

(22,683

)

Income tax expense

 

 

95

 

 

 

3

 

 

 

363

 

 

 

173

 

Net income (loss)

 

$

4,438

 

 

$

(8,040

)

 

$

12,206

 

 

$

(22,856

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

(0.62

)

 

$

0.93

 

 

$

(1.76

)

Diluted

 

$

0.33

 

 

$

(0.62

)

 

$

0.92

 

 

$

(1.76

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

13,188,489

 

 

 

13,020,191

 

 

 

13,146,085

 

 

 

12,987,996

 

Diluted

 

 

13,399,442

 

 

 

13,020,191

 

 

 

13,215,066

 

 

 

12,987,996

 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

 

 

AS OF SEPTEMBER 30,

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

18,803

 

 

$

16,109

 

Short-term investments

 

 

14,921

 

 

 

894

 

Trade accounts and notes receivable, net

 

 

21,373

 

 

 

20,886

 

Inventories, net

 

 

18,430

 

 

 

19,995

 

Prepaid expenses and other current assets

 

 

2,251

 

 

 

2,077

 

Total current assets

 

 

75,778

 

 

 

59,961

 

 

 

 

 

 

 

 

 

 

Non-current inventories, net

 

 

24,888

 

 

 

12,526

 

Rental equipment, net

 

 

21,587

 

 

 

28,199

 

Property, plant and equipment, net

 

 

24,048

 

 

 

26,598

 

Operating right-of-use assets

 

 

714

 

 

 

957

 

Goodwill

 

 

736

 

 

 

736

 

Other intangible assets, net

 

 

4,805

 

 

 

5,573

 

Other non-current assets

 

 

486

 

 

 

506

 

Total assets

 

$

153,042

 

 

$

135,056

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable trade

 

$

6,659

 

 

$

5,595

 

Contingent consideration

 

 

 

 

 

175

 

Operating lease liabilities

 

 

257

 

 

 

241

 

Other current liabilities

 

 

12,882

 

 

 

6,616

 

Total current liabilities

 

 

19,798

 

 

 

12,627

 

 

 

 

 

 

 

 

 

 

Non-current operating lease liabilities

 

 

512

 

 

 

769

 

Deferred tax liabilities, net

 

 

16

 

 

 

13

 

Total liabilities

 

 

20,326

 

 

 

13,409

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding

 

 

 

 

 

 

Common stock, $.01 par value, 20,000,000 shares authorized, 14,030,481 and 13,863,233 shares issued, respectively; and 13,188,489 and 13,021,241 shares outstanding, respectively

 

 

140

 

 

 

139

 

Additional paid-in capital

 

 

96,040

 

 

 

94,667

 

Retained earnings

 

 

61,860

 

 

 

49,654

 

Accumulated other comprehensive loss

 

 

(17,824

)

 

 

(15,313

)

Treasury stock, at cost, 841,992 shares

 

 

(7,500

)

 

 

(7,500

)

Total stockholders’ equity

 

 

132,716

 

 

 

121,647

 

Total liabilities and stockholders’ equity

 

$

153,042

 

 

$

135,056

 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

YEAR ENDED SEPTEMBER 30,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

12,206

 

 

$

(22,856

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Deferred income tax expense (benefit)

 

 

3

 

 

 

(17

)

Rental equipment depreciation

 

 

11,766

 

 

 

13,740

 

Property, plant and equipment depreciation

 

 

3,704

 

 

 

4,143

 

Amortization of intangible assets

 

 

768

 

 

 

1,677

 

Goodwill impairment expense

 

 

 

 

 

4,336

 

Property, plant and equipment impairment expense

 

 

 

 

 

401

 

Amortization of premiums (accretion of discounts) on short-term investments

 

 

(144

)

 

 

96

 

Stock-based compensation expense

 

 

1,374

 

 

 

1,734

 

Bad debt expense (recovery)

 

 

(138

)

 

 

292

 

Inventory obsolescence expense

 

 

2,229

 

 

 

3,222

 

Change in estimated fair value of contingent consideration

 

 

 

 

 

(5,035

)

Gross profit from sale of used rental equipment

 

 

(4,424

)

 

 

(11,061

)

Loss (gain) on disposal of equipment

 

 

244

 

 

 

(54

)

Gain on disposal of property

 

 

(1,315

)

 

 

 

Realized loss on short-term investments

 

 

 

 

 

 

Realized foreign currency translation loss from dissolution of foreign subsidiary

 

 

38

 

 

 

22

 

Effects of changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Trade accounts and notes receivable

 

 

(5,561

)

 

 

1,751

 

Unbilled receivables

 

 

 

 

 

1,051

 

Inventories

 

 

(11,026

)

 

 

(2,357

)

Other assets

 

 

442

 

 

 

349

 

Accounts payable trade

 

 

41

 

 

 

(786

)

Other liabilities

 

 

5,351

 

 

 

(683

)

Net cash used provided by (used in) operating activities

 

 

15,558

 

 

 

(10,035

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(3,964

)

 

 

(1,130

)

Investment in rental equipment

 

 

(9,920

)

 

 

(4,832

)

Proceeds from the sale of equipment

 

 

724

 

 

 

54

 

Proceeds from the sale of property

 

 

3,682

 

 

 

 

Proceeds from the sale of used rental equipment

 

 

11,478

 

 

 

11,583

 

Purchase of short-term investments

 

 

(24,782

)

 

 

(450

)

Proceeds from the sale of short-term investments

 

 

10,900

 

 

 

8,924

 

Net cash provided by (used in) investing activities

 

 

(11,882

)

 

 

14,149

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments of contingent consideration

 

 

(175

)

 

 

(807

)

Debt issuance costs

 

 

(350

)

 

 

(211

)

Purchase of treasury stock

 

 

 

 

 

(695

)

Net cash used in financing activities

 

 

(525

)

 

 

(1,713

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(457

)

 

 

(358

)

Increase in cash and cash equivalents

 

 

2,694

 

 

 

2,043

 

Cash and cash equivalents, beginning of fiscal year

 

 

16,109

 

 

 

14,066

 

Cash and cash equivalents, end of fiscal year

 

$

18,803

 

 

$

16,109

 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS)

(in thousands)

(unaudited)

 

 

Three Months Ended

Year Ended

 

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Oil and Gas Markets

 

 

 

 

Traditional seismic exploration product revenue

$

2,674

$

3,169

$

12,183

$

6,597

Wireless seismic exploration product revenue

 

14,928

 

11,200

 

60,848

 

40,667

Reservoir product revenue

 

152

 

455

 

962

 

1,877

 

 

17,754

 

14,824

 

73,993

 

49,141

 

 

 

 

 

Adjacent Markets segment revenue:

 

 

 

 

Industrial product revenue

 

7,609

 

7,169

 

36,859

 

25,640

Imaging product revenue

 

3,038

 

3,690

 

12,180

 

13,531

 

 

10,647

 

10,859

 

49,039

 

39,171

Emerging Markets segment revenue:

 

 

 

 

Border and perimeter security product revenue

 

841

 

140

 

1,234

 

711

 

 

 

 

 

Corporate

 

73

 

48

 

243

 

230

Total revenue

$

29,315

$

25,871

$

124,509

$

89,253

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Operating income (loss):

 

 

 

 

 

 

 

 

Oil and Gas Markets segment

 

$

5,939

 

 

$

(1,330

)

 

$

15,759

 

 

$

(7,539

)

Adjacent Markets segment

 

 

2,342

 

 

 

1,680

 

 

 

11,490

 

 

 

6,021

 

Emerging Markets segment

 

 

(736

)

 

 

(5,519

)

 

 

(4,003

)

 

 

(9,128

)

Corporate

 

 

(3,461

)

 

 

(2,898

)

 

 

(11,918

)

 

 

(12,490

)

Total operating income (loss)

 

$

4,084

 

 

$

(8,067

)

 

$

11,328

 

 

$

(23,136

)

 

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