Financial Data and Key Metrics Changes - For the first quarter of fiscal year 2025, the company reported revenue of $37.2 million, a decrease from $50 million in the same period last year, representing a decline of 26% [5][9] - Net income for the quarter was $8.4 million, or $0.65 per diluted share, down from $12.7 million, or $0.94 per diluted share, in the prior year, indicating a decrease of 34% in net income [5][9] Business Line Data and Key Metrics Changes - The Smart Water segment reported revenue of $7.3 million, an increase of 72% compared to $4.2 million in the same period last year, driven by higher demand for Hydrakon cable and connector products [6][9] - The Energy Solutions segment revenue was $24.3 million, down 39% from $39.9 million in the first quarter of fiscal year 2024, influenced by a significant sale of $30 million in the prior year [7][10] - The Intelligent Industrial segment revenue totaled $5.6 million, a decrease of 4% from $5.8 million in the same period last year, attributed to lower demand for imaging products [8][11] Market Data and Key Metrics Changes - The company sees significant potential in the municipal and multifamily marketplace for its water management solutions, indicating a focus on organic growth and potential acquisitions [6] - The company is monitoring the new administration's focus on border security and immigration, which may present opportunities for its products [18][33] Company Strategy and Development Direction - The company has realigned its business segments into Smart Water, Energy Solutions, and Intelligent Industrial to better reflect its technology-driven solutions [6] - The company completed a $7 million stock repurchase program, purchasing approximately 716,000 shares at an average price of $9.72 per share, indicating a commitment to returning value to shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding future opportunities in the Smart Water segment, particularly with products like Hydrocon and Aquana, which have seen increased market uptake [27][29] - The company is actively engaging with partners regarding carbon capture technologies, although no immediate revenue opportunities have been identified [19] Other Important Information - Operating expenses for the first quarter were $12.3 million, an increase of 31% compared to $9.4 million in the same period last year, primarily due to higher personnel costs and increased R&D expenditures [12] - The company maintains a strong balance sheet with $22 million in cash and short-term investments, and total liquidity of $34 million [12] Q&A Session Summary Question: Any updates on Homeland Security activities? - Management is monitoring the new administration's direction, particularly regarding immigration and border protection, and is hopeful for opportunities [18] Question: Any developments in carbon capture? - Management continues discussions with partners but has not yet identified revenue-generating opportunities in carbon capture [19] Question: Insights on R&D projects? - Management indicated that some projects are capital intensive with long lead times, and additional R&D investments have been made recently [22][24] Question: Future expectations for Smart Water products? - Management noted strong market interest in Hydrocon and Aquana, with expectations for continued growth in both domestic and international markets [27][29] Question: Optimism regarding Quantum technology and border security? - Management sees potential opportunities but is awaiting clarity on funding allocations from the federal government [33] Question: Developments with PRM technology? - Management mentioned ongoing discussions but noted no pressing opportunities for PRM at this time [37][39]

Exhibit 99.1 NEWS RELEASE GEOSPACE TECHNOLOGIES REPORTS PROFITABLE FIRST QUARTER FOR FISCAL YEAR 2025 Houston, Texas – February 5, 2025 – Geospace Technologies Corporation (NASDAQ: GEOS) ("the "Company") today announced results for its first quarter ended December 31, 2024. For the three-months ended December 31, 2024, Geospace reported revenue of $37.2 million compared to revenue of $50.0 million for the comparable year-ago quarter. Net income for the three-months ended December 31, 2024, was $8.4 million, ...

Shares of Geospace Technologies Corporation (GEOS) have lost 9.3% since the company reported its earnings for the quarter ended Sept. 30, 2024, against the S&P 500 index’s 2.6% increase during the same period. Over the past month, the stock has moved down 1.6%, again lagging the S&P 500’s gain of 7.1%.Revenue and Profitability OverviewGeospace reported fiscal 2024 revenues of $135.6 million, up 8.9% from $124.5 million in the prior year. The uptick in revenues was driven by increases in demand across all th ...

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Core Viewpoint - Geospace Technologies Corporation reported a net loss of $2.1 million in Q3 fiscal 2024, a significant decline from a net income of $3.2 million in the same period last year, primarily driven by lower revenues in the Oil and Gas Markets segment [10][12]. Revenue Summary - Total revenues for Geospace Technologies in Q3 fiscal 2024 were $25.9 million, reflecting a decrease of 20.9% year over year [2]. - The Oil and Gas Markets segment generated revenues of $9.2 million, down 48.1% from the previous year, attributed to lower utilization of the wireless seismic rental fleet due to weather-related delays, competition, and product availability [3]. - Adjacent Markets segment revenues increased by 7.5% year over year to $15.9 million, driven by growth in water meter and industrial sensor products, despite lower demand for contract manufacturing services and thermal film products [5]. - Emerging Markets segment revenues from border and perimeter security products surged by 487.2% year over year to $0.6 million [6]. Segment Performance - Within the Oil and Gas Markets segment, traditional seismic exploration revenues were $2 million (down 40.4%), wireless seismic exploration revenues were $6.9 million (down 49.4%), and reservoir product revenues were $0.2 million (down 63.5%) [4]. - In the Adjacent Markets segment, industrial product revenues were $13 million (up 11.5%), while imaging product revenues were $2.9 million (down 7.5%) [6]. Profitability Analysis - Gross profit for the quarter declined by 39% to $8.5 million, with the gross margin contracting by 976 basis points to 32.9% [8]. - Adjusted operating loss totaled $2.4 million, contrasting with an adjusted operating profit of $2.9 million in the prior year [9]. Liquidity and Debt Management - At the end of Q3 fiscal 2024, Geospace Technologies had cash and cash equivalents of $42.5 million, down from $51.2 million at the end of the previous quarter, and ended the quarter with no debt [11]. - Cumulative net cash used in operating activities was $7.5 million, compared to a net cash provided of $3.1 million a year ago [11]. Outlook - Despite the disappointing overall results, the growth in Adjacent Markets and Emerging Markets segments is viewed positively, with expectations for substantial revenue contributions from new products in the Adjacent Markets segment [12][13].

Microcap companies can be prone to lumpy revenue performance, following a less linear growth trajectory which rivals an EKG chart. This is especially true if their end-markets have very strong sensitivity to customer cap-ex spending or if they have exposure to government-financed large-scale projects, which come and go. Larger companies can better absorb pockets of market softness and "smooth-out" results via market and product diversification. So how to follow the bouncing ball and pick a good entry point ...

Zacks Investment Research has recently initiated coverage of Geospace Technologies Corporation (GEOS) , assigning a "Neutral" recommendation to the company's shares. This assessment comes amid a mixed outlook for the company, which has been making notable strides in the seismic instruments and equipment space despite industry challenges. Geospace Technologies, headquartered in Houston, TX, is known for designing and manufacturing seismic instruments and equipment primarily for the oil and gas industry. The ...

Financial Data and Key Metrics Changes - For the second quarter of fiscal year 2024, the company reported revenue of $24.3 million, a decrease from $31.4 million in the same period last year, resulting in a net loss of $4.3 million or $0.32 per diluted share compared to a net income of $4.6 million or $0.35 per diluted share in the prior year [40][38][18] - For the six-month period ended March 31, 2024, revenue increased to $74.3 million from $62.5 million last year, with net income of $8.4 million or $0.62 per diluted share compared to $4.5 million or $0.35 per diluted share in the previous year [63][18] Business Line Data and Key Metrics Changes - The oil and gas market segment generated revenue of $10.8 million for the second quarter, down 41% from $18.4 million in the same period last year [6] - The adjacent markets segment reported revenue of $12.2 million, marking the third highest quarterly revenue in the company's history, nearly matching last year's record [4] - Industrial product revenue for the second quarter was $9 million, down from $9.6 million in the prior year, with a six-month revenue of $15.5 million, a 12% decrease compared to the same period in 2023 [21] Market Data and Key Metrics Changes - The emerging markets segment contributed $1.1 million in revenue for the second quarter, significantly up from $191,000 in the same period last year, with six-month revenue of $1.3 million compared to $284,000 in the previous year [46] Company Strategy and Development Direction - The company is focusing on creating a stable revenue source from adjacent markets through expanded product lines, which is seen as less volatile compared to the oil and gas market segment [43] - A stock repurchase program has been authorized for up to $5 million, indicating confidence in the company's valuation and future prospects [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the fiscal year, anticipating better utilization of ocean-bottom nodes, which should enhance performance in the oil and gas market segment [4] - The company acknowledged challenges in the rental business due to timing issues and industry-wide capacity constraints, with expectations for improved conditions in the latter half of the year [27][28] Other Important Information - The company maintains a strong balance sheet with no debt and over $51 million in cash and short-term investments [38] - Operating expenses increased by 5% in the second quarter due to higher research and development costs, while decreasing by 4% for the six-month period due to lower personnel costs from workforce reductions [22] Q&A Session Summary Question: Insights on rental business and project timing - Management indicated that while there are projects in the pipeline, significant rental revenue is not expected until the fourth quarter of the fiscal year due to timing and capacity issues [15][25] Question: Future revenue opportunities from Quantum technology - Discussions regarding Quantum technology are ongoing, with potential applications in both energy revenue generation and carbon capture, though specific details remain confidential due to intellectual property concerns [34][39] Question: Timing for contracts to turn into revenue - Management noted that some contracts may take time to convert into revenue, with ongoing discussions in the energy sector expected to yield results in the next fiscal year [55][31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ____ to ____ Commission file number 001-13601 GEOSPACE TECHNOLOGIES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Texas 76-0447780 (State ...

[Financial Highlights & Management Commentary](index=1&type=section&id=Financial%20Highlights%20%26%20Management%20Commentary) [Second Quarter & Six-Month Fiscal 2024 Results](index=1&type=section&id=Second%20Quarter%20%26%20Six-Month%20Fiscal%202024%20Results) Geospace Technologies reported a net loss in Q2 FY2024 with revenue declining to $24.3 million, yet the six-month period showed strong growth to $74.3 million revenue and $8.4 million net income, driven by a significant Q1 equipment sale Q2 FY2024 Financial Performance (Three Months Ended Mar 31, 2024) | Metric | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Revenue | $24.3 million | $31.4 million | | Net Income (Loss) | ($4.3 million) | $4.6 million | | Diluted EPS | ($0.32) | $0.35 | Six-Month FY2024 Financial Performance (Ended Mar 31, 2024) | Metric | Six Months FY2024 | Six Months FY2023 | | :--- | :--- | :--- | | Revenue | $74.3 million | $62.5 million | | Net Income | $8.4 million | $4.5 million | | Diluted EPS | $0.62 | $0.35 | [Management's Comments](index=1&type=section&id=Management%27s%20Comments) Management highlighted that despite a second-quarter net loss due to low utilization of its OBX and Mariner ocean bottom nodes, the company remains on track for full-year profitability, supported by a strong first six months - The Q2 net loss of **$4.3 million** was primarily caused by low utilization of OBX and Mariner ocean bottom nodes, partly because a rental contract was converted into a **$30 million** sale in Q1[5](index=5&type=chunk) - The company maintains a strong balance sheet with no debt and **$51.2 million** in cash and short-term investments as of March 31, 2024[5](index=5&type=chunk) - The Adjacent Markets segment had its third-best quarterly performance, generating **$12.2 million** in revenue, reinforcing the strategy to create a stable revenue source[6](index=6&type=chunk) - The Emerging Markets segment contributed **$1.1 million** in Q2 revenue, largely from a DARPA contract, with ongoing discussions for security and energy monitoring projects[7](index=7&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) [Oil and Gas Markets Segment](index=2&type=section&id=Oil%20and%20Gas%20Markets%20Segment) The Oil and Gas Markets segment revenue decreased by 41% year-over-year for the second quarter to $10.8 million, due to lower utilization of the marine OBX rental fleet Oil and Gas Markets Segment Revenue | Period | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Three Months | $10.8M | $18.4M | -41% | | Six Months | $50.8M | $38.6M (recalculated) | +32% | - The six-month revenue increase was primarily due to a **$30 million** sale of Mariner™ shallow water ocean bottom nodes in Q1 FY2024[8](index=8&type=chunk) - Management anticipates strong demand and increased utilization of the ocean bottom nodal rental fleet in the second half of fiscal year 2024[8](index=8&type=chunk) [Adjacent Markets Segment](index=2&type=section&id=Adjacent%20Markets%20Segment) The Adjacent Markets segment reported a slight revenue decrease of 4% to $12.2 million for the second quarter and a 6% decrease to $22.1 million for the six-month period Adjacent Markets Segment Revenue | Period | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Three Months | $12.2M | $12.7M | -4% | | Six Months | $22.1M | $23.5M | -6% | - The revenue decrease was caused by lower demand for water meter and industrial sensor products[9](index=9&type=chunk) - The decline was partly offset by higher demand for contract manufacturing services and thermal film products[9](index=9&type=chunk) [Emerging Markets Segment](index=2&type=section&id=Emerging%20Markets%20Segment) The Emerging Markets segment generated revenue of $1.1 million in the second quarter and $1.3 million for the six-month period, a significant increase from the prior year Emerging Markets Segment Revenue | Period | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Three Months | $1.1M | $0.2M (recalculated) | +483% | | Six Months | $1.3M | $0.3M | +333% | - The revenue increase in both periods is attributed to work performed on a **$1.5 million** government contract[10](index=10&type=chunk) [Financial Position and Corporate Developments](index=2&type=section&id=Financial%20Position%20and%20Corporate%20Developments) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) As of March 31, 2024, Geospace maintained a strong liquidity position with $51.2 million in cash and short-term investments, no outstanding borrowings, and an available credit line of $11.3 million - The company holds **$51.2 million** in cash and short-term investments with an additional **$11.3 million** available under its credit agreement and no outstanding debt[12](index=12&type=chunk) - For the six months ended March 31, 2024, net cash used in operating activities was **$6.3 million**, while net cash provided by investing activities was **$8.1 million**[11](index=11&type=chunk) - Management anticipates a capital expenditure budget of **$12 million** for fiscal year 2024, including **$7 million** for additions to its rental equipment[12](index=12&type=chunk) [Corporate Announcements](index=2&type=section&id=Corporate%20Announcements) Geospace announced two significant corporate actions: the appointment of Richard Kelley as Executive Vice President and Chief Operating Officer, and the authorization of a stock repurchase program - On April 29, 2024, Richard Kelley was appointed as Executive Vice President and Chief Operating Officer[13](index=13&type=chunk) - The Board of Directors authorized a new stock repurchase program, allowing the company to buy back up to **$5 million** of its common stock[15](index=15&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the six months ended March 31, 2024, total revenues were $74.3 million, a significant increase from $62.5 million in the prior-year period Statement of Operations Highlights (Six Months Ended March 31) | Metric (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenue | $74,302 | $62,479 | | Gross Profit | $28,117 | $23,483 | | Income from Operations | $8,331 | $4,098 | | Net Income | $8,352 | $4,540 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, the company's total assets were $157.7 million, up from $153.0 million at September 30, 2023, while total liabilities decreased and stockholders' equity increased Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $20,762 | $18,803 | | Total Current Assets | $92,083 | $75,778 | | Total Assets | $157,698 | $153,042 | | Total Liabilities | $15,504 | $20,326 | | Total Stockholders' Equity | $142,194 | $132,716 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended March 31, 2024, net cash used in operating activities was $6.3 million, while investing activities provided $8.1 million, primarily from the sale of rental equipment Cash Flow Highlights (Six Months Ended March 31, in thousands) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,271) | $(5,078) | | Net cash provided by investing activities | $8,096 | $12,154 | | Net cash from financing activities | $0 | $(175) | | Increase in cash and cash equivalents | $1,959 | $6,696 | [Summary of Segment Revenue and Operating Income](index=8&type=section&id=Summary%20of%20Segment%20Revenue%20and%20Operating%20Income) For the six months ended March 31, 2024, the Oil and Gas Markets segment was the primary driver of operating income, contributing $11.4 million, with Adjacent Markets also contributing positively Operating Income (Loss) by Segment (Six Months Ended March 31, in thousands) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | Oil and Gas Markets | $11,428 | $6,582 | | Adjacent Markets | $4,830 | $4,802 | | Emerging Markets | $(1,276) | $(2,220) | | Corporate | $(6,651) | $(5,066) | | **Total Operating Income** | **$8,331** | **$4,098** |