GeoSpace Technologies Q3 2024: Assets Rise to $20M

TL;DR

GEOS assets hit $20M in Q3'24, up from $14.2M last year. Fiscal year ends Sept 30.

AI Summary

GeoSpace Technologies Corp. reported its Q3 2024 results, showing total assets of $20 million as of June 30, 2024, a slight increase from $14.2 million in the prior year. The company's fiscal year ends on September 30th. This filing covers the period up to June 30, 2024.

Why It Matters

This filing provides a snapshot of GeoSpace Technologies' financial health and asset growth, which can influence investor confidence and strategic decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative financial events or disclosures.

Key Numbers

• $20,000,000 — Total Assets (As of June 30, 2024)
• $14,204,082 — Total Assets (As of June 30, 2023)
• 0930 — Fiscal Year End (Indicates the end of the company's financial year)

Key Players & Entities

• GEOSPACE TECHNOLOGIES CORP (company) — Filer
• 7007 PINEMONT DR. (location) — Business and Mail Address
• HOUSTON (location) — City
• TX (location) — State
• 77040 (location) — ZIP Code
• OYO GEOSPACE CORP (company) — Former Company Name
• 19950919 (date) — Date of Name Change
• 20240630 (date) — Report Period End Date
• 20240809 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — had 12,908,567 shares of common stock, $0.01 par value, per share outstanding. Tabl

Filing Documents

• geos20240630_10q.htm (10-Q) — 1224KB
• ex_684348.htm (EX-31.1) — 13KB
• ex_684349.htm (EX-31.2) — 13KB
• ex_684350.htm (EX-32.1) — 4KB
• ex_684351.htm (EX-32.2) — 6KB
• 0001437749-24-025790.txt ( ) — 5792KB
• geos-20240630.xsd (EX-101.SCH) — 48KB
• geos-20240630_cal.xml (EX-101.CAL) — 46KB
• geos-20240630_def.xml (EX-101.DEF) — 334KB
• geos-20240630_lab.xml (EX-101.LAB) — 280KB
• geos-20240630_pre.xml (EX-101.PRE) — 359KB
• geos20240630_10q_htm.xml (XML) — 947KB

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 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II. OTHER INFORMATION

Exhibits

Item 6. Exhibits 21 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) June 30, 2024 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 12,327 $ 18,803 Short-term investments 30,189 14,921 Trade accounts and note receivable, net 16,164 21,373 Inventories, net 24,557 18,430 Prepaid expenses and other current assets 2,771 2,251 Total current assets 86,008 75,778 Non-current inventories, net 17,362 24,888 Rental equipment, net 16,907 21,587 Property, plant and equipment, net 24,037 24,048 Non-current trade accounts receivable 1,510 — Operating right-of-use assets 527 714 Goodwill 736 736 Other intangible assets, net 4,505 4,805 Other non-current assets 361 486 Total assets $ 151,953 $ 153,042 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable trade $ 4,230 $ 6,659 Operating lease liabilities 215 257 Other current liabilities 9,693 12,882 Total current liabilities 14,138 19,798 Non-current operating lease liabilities 368 512 Deferred tax liabilities, net 26 16 Total liabilities 14,532 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 13,070,615 and 13,188,489 shares outstanding, respectively 142 140 Additional paid-in capital 97,067 96,040 Retained earnings 68,142 61,860 Accumulated other comprehensive loss ( 17,431 ) ( 17,824 ) Treasury stock, at cost, 1,133,467 and 841,992 shares, respectively ( 10,499 ) ( 7,500 ) Total stockholders' equity 137,421 132,716 Total liabilities and stockholders' equity $ 151,953 $ 153,042 The accompanying notes are an integral part of the consolidated financial statements. 3 GEOSPACE T

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 June 30, 2024 and the consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for the three and nine months ended June 30, 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 nine months ended June 30, 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 thes