Geospace Technologies Corporation reported a net loss of $9.8 million, or $0.77 per diluted share, for its second quarter ended March 31, 2025. This compares to a net loss of $4.3 million, or $0.32 per diluted share, in the prior-year quarter.
Consolidated revenue for the quarter was $18.0 million, a 25.7% decrease from $24.3 million in Q2 FY2024. For the six months ended March 31, 2025, consolidated revenue was $55.2 million, down 25.6% from $74.3 million in the comparable prior-year period, resulting in a net loss of $1.4 million.
The Energy Solutions segment's revenue plummeted 76.5% to $2.6 million in Q2, largely due to lower utilization of the marine ocean bottom node rental fleet and a $2.2 million rent receivable reversal from a customer. This significantly impacted overall profitability.
In contrast, the Smart Water segment continued its strong performance, with revenue surging 47.8% to $9.5 million in Q2 FY2025, marking record high levels for both the second quarter and first half revenue. The company also announced that its Hydroconn® universal AMI connectors surpassed 27 million units sold and are BABA compliant.
The Intelligent Industrial segment experienced a 12.8% revenue decrease to $5.9 million in Q2, primarily due to the absence of revenue from a government contract completed in the prior fiscal year. As of March 31, 2025, Geospace maintained $19.8 million in cash and short-term investments and had $14.9 million in available borrowing capacity with no outstanding debt.
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