Geospace Technologies Corporation reported a net loss of $6.6 million for its fiscal year ended September 30, 2024, on revenue of $135.6 million. This compares to a net income of $12.2 million on revenue of $124.5 million in the prior fiscal year. The net loss was primarily due to $17.3 million in non-cash charges.
Excluding these non-cash charges, the company's adjusted net income for fiscal year 2024 was $10.7 million, compared to $12.2 million in the previous year. The non-cash charges included a $14.5 million loss from the divestiture of its Russian legal entity and a $2.8 million impairment of intangible assets related to Quantum Technology Sciences.
For the fourth quarter ended September 30, 2024, Geospace reported a net loss of $12.9 million on revenue of $35.4 million, compared to a net income of $4.4 million on revenue of $29.3 million in the prior-year quarter. The Adjacent Markets segment saw a 65% revenue increase to $17.6 million in Q4, driven by record sales for its Hydroconn® smart water meter cables and initial sales from the Aquana product line.
The Oil and Gas Markets segment generated $77.5 million in revenue for the fiscal year, a 5% increase from the prior year, primarily due to increased sales of ocean bottom nodal products like the Mariner. Richard J. Kelley was named President and CEO, succeeding Rick Wheeler, who will remain on the board of directors.
The company also announced that it would begin reporting financial information under three new business segments—Smart Water, Energy Solutions, and Intelligent Industrial—starting with its next earnings release. Geospace Technologies was added to the Russell 2000®, Russell 3000®, and Russell Micro-Cap® Indexes during the fiscal year.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.