GEOSPACE TECHNOLOGIES CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>GEOSPACE TECHNOLOGIES CORP filed its Q2 2024 10-Q, reporting $20M in assets and $13.36M in cash, with product revenue at $14.2M for the YTD period.</b>

AI Summary

GEOSPACE TECHNOLOGIES CORP (GEOS) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. GEOSPACE TECHNOLOGIES CORP reported total assets of $20,000,000 for the period ending March 31, 2024. Total debt for GEOSPACE TECHNOLOGIES CORP was $0 for the period ending March 31, 2024. Revenue from Product segment was $14,204,082 for the nine months ending March 31, 2024. Revenue from Rental segment was $841,992 for the nine months ending March 31, 2024. GEOSPACE TECHNOLOGIES CORP had $13,362,090 in cash and cash equivalents as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking GEOSPACE TECHNOLOGIES CORP, this filing contains several important signals. The filing provides a detailed look at GEOSPACE TECHNOLOGIES CORP's financial health and operational performance for the quarter, crucial for investors assessing short-term trends. Understanding the revenue breakdown between product and rental segments, along with cash reserves, helps in evaluating the company's core business drivers and liquidity.

Risk Assessment

Risk Level: low — GEOSPACE TECHNOLOGIES CORP shows low risk based on this filing. The company has minimal debt and substantial cash reserves, indicating a low financial risk profile based on the provided data.

Analyst Insight

Monitor the growth trends in both product and rental revenue segments in upcoming filings to gauge future performance.

Financial Highlights

total Assets

20,000,000

total Debt

0

cash Position

13,362,090

Revenue Breakdown

Key Numbers

• 20,000,000 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)
• 14,204,082 — Product Revenue (Nine months ending March 31, 2024)
• 841,992 — Rental Revenue (Nine months ending March 31, 2024)
• 13,362,090 — Cash and Cash Equivalents (As of March 31, 2024)

Key Players & Entities

• GEOSPACE TECHNOLOGIES CORP (company) — Filer
• 7007 PINEMONT DR. (address) — Business Address
• HOUSTON (location) — Business Address City
• TX (location) — Business Address State
• 77040 (postal_code) — Business Address Zip
• OYO GEOSPACE CORP (company) — Former Company Name

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial results for the period are reported.
• 2024-05-10: Filing Date — The 10-Q report was officially submitted.

Key Financial Figures

• $0.01 — had 13,362,090 shares of common stock, $0.01 par value, per share outstanding. Tabl

Filing Documents

• geos20240331_10q.htm (10-Q) — 1123KB
• ex_631014.htm (EX-31.1) — 13KB
• ex_631015.htm (EX-31.2) — 13KB
• ex_631016.htm (EX-32.1) — 4KB
• ex_631017.htm (EX-32.2) — 6KB
• 0001437749-24-015905.txt (&nbsp;) — 5666KB
• geos-20240331.xsd (EX-101.SCH) — 49KB
• geos-20240331_cal.xml (EX-101.CAL) — 44KB
• geos-20240331_def.xml (EX-101.DEF) — 329KB
• geos-20240331_lab.xml (EX-101.LAB) — 275KB
• geos-20240331_pre.xml (EX-101.PRE) — 355KB
• geos20240331_10q_htm.xml (XML) — 939KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 18

Controls and Procedures

Item 4. Controls and Procedures 19

OTHER INFORMATION

PART II. OTHER INFORMATION

Exhibits

Item 6. Exhibits 20 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands except share amounts) (unaudited) March 31, 2024 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 20,762 $ 18,803 Short-term investments 30,448 14,921 Trade accounts and note receivable, net 15,330 21,373 Inventories, net 23,932 18,430 Prepaid expenses and other current assets 1,611 2,251 Total current assets 92,083 75,778 Non-current inventories, net 18,141 24,888 Rental equipment, net 15,077 21,587 Property, plant and equipment, net 24,552 24,048 Non-current trade accounts receivable 1,510 — Operating right-of-use assets 590 714 Goodwill 736 736 Other intangible assets, net 4,601 4,805 Other non-current assets 408 486 Total assets $ 157,698 $ 153,042 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable trade $ 4,955 $ 6,659 Operating lease liabilities 257 257 Other current liabilities 9,863 12,882 Total current liabilities 15,075 19,798 Non-current operating lease liabilities 397 512 Deferred tax liabilities, net 32 16 Total liabilities 15,504 20,326 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding — — Common Stock, $ .01 par value, 20,000,000 shares authorized; 14,204,082 and 14,030,481 shares issued, respectively; and 13,362,090 and 13,188,489 shares outstanding, respectively 142 140 Additional paid-in capital 96,800 96,040 Retained earnings 70,212 61,860 Accumulated other comprehensive loss ( 17,460 ) ( 17,824 ) Treasury stock, at cost, 841,992 shares ( 7,500 ) ( 7,500 ) Total stockholders' equity 142,194 132,716 Total liabilities and stockholders' equity $ 157,698 $ 153,042 The accompanying notes are an integral part of the consolidated financial statements. 3 GEOSPACE TECHNOLOGIES CORPORATION AND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Significant Accounting Policies Basis of Presentation The consolidated balance sheet of Geospace Technologies Corporation and its subsidiaries (the "Company") at September 30, 2023 was derived from the Company's audited consolidated financial statements at that date. The consolidated balance sheet at March 31, 2024 and the consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for the three and six months ended March 31, 2024 and 2023 were prepared by the Company without audit. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the consolidated financial position, results of operations and cash flows were made. All significant intercompany balances and transactions have been eliminated. The results of operations for the three and six months ended March 31, 2024 are not necessarily indicative of the operating results for a full year or of future operations. Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") were omitted pursuant to the rules of the Securities and Exchange Commission. The accompanying consolidated financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company's Annual Report on Form 10 -K for the Company's fiscal year ended September 30, 2023 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of the