[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q1 FY2024 financial statements show significant improvements in assets, revenue, and net income, with positive operating cash flow [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$167.4 million** by December 31, 2023, primarily due to higher receivables, boosting stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2023 (in thousands) | Sep 30, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $99,993 | $75,778 | | Trade accounts and note receivable, net | $41,969 | $21,373 | | Cash and cash equivalents | $18,907 | $18,803 | | **Total Assets** | **$167,383** | **$153,042** | | **Total Liabilities** | **$21,076** | **$20,326** | | **Total Stockholders' Equity** | **$146,307** | **$132,716** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenue surged to **$50.0 million** in Q1 FY2024, a **60.8% increase**, leading to a net income of **$12.7 million** from a prior-year net loss Statement of Operations Summary (in thousands, except per share data) | Metric | Q1 FY2024 (ended Dec 31, 2023) (in thousands) | Q1 FY2023 (ended Dec 31, 2022) (in thousands) | | :--- | :--- | :--- | | **Total Revenue** | **$50,032** | **$31,109** | | Gross Profit | $22,236 | $10,534 | | Income (loss) from operations | $12,837 | $(279) | | **Net Income (loss)** | **$12,679** | **$(97)** | | Diluted EPS | $0.94 | $(0.01) | - Product revenue more than doubled to **$43.7 million** from **$19.5 million** year-over-year, while rental revenue decreased to **$6.3 million** from **$11.6 million**[11](index=11&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$2.7 million** in Q1 FY2024, a significant improvement, with cash ending at **$18.9 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Dec 31, 2023 (in thousands) | Three Months Ended Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $2,652 | $(4,864) | | Net cash provided by (used in) investing activities | $(2,740) | $242 | | Net cash used in financing activities | $0 | $(175) | | **Increase (decrease) in cash** | **$104** | **$(4,754)** | | **Cash and cash equivalents, end of period** | **$18,907** | **$11,355** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, and risk factors, highlighting significant Oil and Gas Markets revenue and concentrated customer credit risk - The Oil and Gas Markets segment generated **$39.9 million** in revenue, while the Adjacent Markets segment contributed **$9.8 million** for the quarter ended December 31, 2023[64](index=64&type=chunk) - As of December 31, 2023, two customers represented a significant concentration of credit risk, with combined trade accounts and notes receivable of **$33.6 million** and **$2.4 million**, respectively[66](index=66&type=chunk) - The company's Russian subsidiary (GTE) had a net carrying value of **$5.7 million**, including **$1.8 million** in cash that may be difficult to repatriate due to government restrictions[72](index=72&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **60.8%** revenue increase to a **$30.0 million** Mariner™ node sale, while maintaining strong liquidity and addressing industry and geopolitical risks [Consolidated Results of Operations](index=16&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated revenue for Q1 FY2024 increased **60.8%** to **$50.0 million** due to a **$30.0 million** Mariner™ node sale, boosting gross profit and reducing operating expenses - Consolidated revenue for the three months ended December 31, 2023, increased by **$18.9 million** (**60.8%**) year-over-year, largely due to a **$30.0 million** sale of Mariner™ shallow water ocean bottom nodes[108](index=108&type=chunk) - The company does not expect the significant increase in revenue seen in Q1 to continue for the remaining three quarters of fiscal year 2024[108](index=108&type=chunk) - Consolidated operating expenses decreased by **$1.4 million** (**13.1%**) YoY, mainly due to lower personnel costs from a prior-year workforce reduction and reduced R&D expenditures[110](index=110&type=chunk) [Segment Results of Operations](index=16&type=section&id=Segment%20Results%20of%20Operations) Oil and Gas Markets revenue surged **98.1%** to **$39.9 million** due to a major product sale, while Adjacent Markets revenue declined, and Emerging Markets' loss narrowed Segment Revenue and Operating Income (in thousands) | Segment | Revenue Q1 FY24 (in thousands) | Revenue Q1 FY23 (in thousands) | Operating Income (Loss) Q1 FY24 (in thousands) | Operating Income (Loss) Q1 FY23 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Oil and Gas Markets | $39,909 | $20,148 | $14,563 | $2,406 | | Adjacent Markets | $9,815 | $10,822 | $2,034 | $1,747 | | Emerging Markets | $234 | $93 | $(625) | $(1,213) | - Oil and Gas Markets' wireless exploration product revenue increased by **120.9%** YoY, driven by a **$30.0 million** sale of Mariner™ nodes, which replaced a rental contract[113](index=113&type=chunk) - Adjacent Markets' industrial product revenue decreased by **18.8%** due to lower demand for water meter and industrial sensor products[116](index=116&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$34.0 million** in cash and investments, supported by positive operating cash flow and available credit - At December 31, 2023, the company had **$34.0 million** in cash and cash equivalents and short-term investments[119](index=119&type=chunk) - The company has a revolving credit facility with **$15 million** maximum availability, with no outstanding borrowings and **$14.9 million** of availability as of December 31, 2023[123](index=123&type=chunk)[124](index=124&type=chunk) - The company expects to receive payment on a **$28.7 million** receivable related to the Mariner™ sale in the second quarter of fiscal year 2024[126](index=126&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=19&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is exempt from detailed market risk disclosures under Regulation S-K - As a smaller reporting company, Geospace Technologies is exempt from providing the market risk disclosures typically required under this item[133](index=133&type=chunk) [Controls and Procedures](index=19&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2023, with no material changes to internal controls - Based on an evaluation as of December 31, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[135](index=135&type=chunk) - No changes in internal control over financial reporting occurred during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[136](index=136&type=chunk) [PART II. OTHER INFORMATION](index=20&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Exhibits](index=20&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial data in Inline XBRL format - The exhibits filed with the report include CEO and CFO certifications pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350[138](index=138&type=chunk)[140](index=140&type=chunk) - Financial statements and notes are provided in Inline Extensible Business Reporting Language (iXBRL) format[140](index=140&type=chunk)

Financial Performance - Consolidated revenue for fiscal year 2023 was $124.5 million, an increase of $35.3 million, or 39.5%, from fiscal year 2022[146] - Consolidated gross profit for fiscal year 2023 was $51.7 million, an increase of $33.6 million, or 186.5%, from fiscal year 2022[147] - Cash generated from operating activities for fiscal year 2023 was $15.6 million, with net income of $12.2 million[158] - Cash and cash equivalents increased by $17.0 million during fiscal year 2023, totaling approximately $33.7 million at year-end[165] Revenue Growth by Market - Revenue from Oil and Gas Markets products for fiscal year 2023 increased $24.9 million, or 50.6%, from fiscal year 2022[151] - Wireless exploration product revenue for fiscal year 2023 increased $20.2 million, or 49.6%, primarily due to increased rental revenue from the OBX rental fleet[151] - Revenue from Adjacent Markets products for fiscal year 2023 increased $9.9 million, or 25.2%, from the prior fiscal year[153] - Revenue from Emerging Markets products for fiscal year 2023 was $1.2 million, compared to $0.7 million from the prior fiscal year[154] - Industrial product revenue increased by $11.2 million, or 43.8%, primarily due to higher demand for water meter products[157] Operating Income and Loss - Operating income associated with Oil and Gas Markets products for fiscal year 2023 was $15.8 million, compared to an operating loss of $(7.5) million from the prior fiscal year[152] - Operating income from Adjacent Markets products for fiscal year 2023 was $11.5 million, an increase of $5.5 million, or 90.8% from the prior fiscal year[153] - Operating loss from Emerging Markets products for fiscal year 2023 was $4.0 million, compared to $9.1 million from the prior fiscal year[155] Future Expectations - The company expects fiscal year 2024 cash investments in the rental fleet to be approximately $9 million and in property, plant, and equipment to be approximately $4 million[159] - Revenue from oil and gas reservoir products is expected to increase slightly in fiscal year 2024 compared to fiscal year 2023[185] - Revenue from Adjacent Markets products is anticipated to increase in fiscal year 2024 due to the acquisition of Aquana and integration of its products[186] - The company expects fiscal year 2024 revenue from Emerging Markets products to increase due to optimism in obtaining new security-related contracts[187] Cost Management and Financial Position - The company implemented a plan to discontinue certain low margin products, expecting annual savings of more than $2 million[141] - The company has no outstanding borrowings under its credit agreement, with a borrowing base availability of $13.1 million[164] - The company is subject to contingent compensation costs related to the acquisition of Aquana, with no maximum limit on potential payments[168] Product Revenue Changes - Imaging product revenue decreased by $1.4 million, or 10.0%, due to lower demand for imaging equipment[157]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited consolidated financial statements and management's financial analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements show significant financial improvement, transitioning from net loss to net income [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$145.7 million** by June 30, 2023, driven by higher cash and equity growth Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | September 30, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $76,376 | $59,961 | | **Total Assets** | $145,683 | $135,056 | | **Total Current Liabilities** | $16,127 | $12,627 | | **Total Liabilities** | $16,726 | $13,409 | | **Total Stockholders' Equity** | $128,957 | $121,647 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The company achieved a significant turnaround, reporting net income for Q3 and nine months ended June 30, 2023 Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $32,715 | $20,691 | $95,194 | $63,382 | | **Gross Profit** | $13,979 | $3,651 | $37,462 | $12,163 | | **Income (Loss) from Operations** | $3,146 | $(6,534) | $7,244 | $(15,069) | | **Net Income (Loss)** | $3,228 | $(6,574) | $7,768 | $(14,816) | | **Diluted EPS** | $0.24 | $(0.51) | $0.59 | $(1.14) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations turned positive, increasing cash and equivalents by **$11.2 million** by June 30, 2023 Cash Flow Summary for Nine Months Ended June 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $3,128 | $(13,281) | | **Net Cash from Investing Activities** | $8,326 | $8,678 | | **Net Cash from Financing Activities** | $(175) | $(1,713) | | **Increase (Decrease) in Cash** | $11,155 | $(6,598) | | **Cash and Cash Equivalents, End of Period** | $27,264 | $7,468 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, debt, and risks including customer concentration and geopolitical events - As of June 30, 2023, the company held **$2.1 million** in cash in its Russian subsidiary, which may be difficult or costly to repatriate due to government-imposed restrictions[24](index=24&type=chunk) Segment Revenue (in thousands) - Nine Months Ended June 30 | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Oil and Gas Markets | $56,239 | $34,317 | | Adjacent Markets | $38,392 | $28,312 | | Emerging Markets | $393 | $571 | - The company has significant customer concentration risk, with two customers accounting for receivables of **$5.9 million** and **$4.7 million**, and revenues of **$25.9 million** and **$9.3 million**, respectively, for the nine months ended June 30, 2023[79](index=79&type=chunk) - The net carrying value of the company's Russian subsidiary (GTE) was **$6.2 million** as of June 30, 2023. The ongoing conflict in Ukraine and related sanctions pose a significant risk to these operations[86](index=86&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue and profit growth from increased demand in key segments, supported by strong liquidity [Consolidated Results of Operations](index=21&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated revenue increased by **50.2%** to **$95.2 million**, with gross profit surging **208.0%** Year-over-Year Financial Performance Comparison | Metric | Nine Months 2023 | Nine Months 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | $95.2M | $63.4M | +50.2% | | **Gross Profit** | $37.5M | $12.2M | +208.0% | - The increase in revenue was largely due to higher rental revenue from the Oil and Gas Markets segment (increased OBX fleet utilization) and higher demand for industrial products from the Adjacent Markets segment[121](index=121&type=chunk) [Segment Results of Operations](index=21&type=section&id=Segment%20Results%20of%20Operations) Oil and Gas Markets revenue grew **55.6%** due to OBX fleet utilization; Adjacent Markets revenue increased **35.6%** - Oil and Gas Markets revenue for the nine months ended June 30, 2023, increased by **$21.9 million (55.6%)**, primarily due to higher utilization of the OBX rental fleet[127](index=127&type=chunk) - Adjacent Markets revenue for the nine months ended June 30, 2023, increased by **$10.1 million (35.6%)**, driven by higher demand for water meter products[129](index=129&type=chunk)[133](index=133&type=chunk) - The Emerging Markets segment's operating loss decreased by **$0.3 million (9.5%)** for the nine-month period, mainly due to lower personnel costs from a workforce reduction[131](index=131&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity strengthened with **$27.3 million** in cash and a new **$15 million** revolving credit facility - The company had **$27.3 million** in cash and cash equivalents as of June 30, 2023, with no long-term debt outstanding[134](index=134&type=chunk)[140](index=140&type=chunk) - On July 26, 2023, the company entered into a new credit agreement for a revolving credit facility with a maximum availability of **$15 million**, expiring in July 2025[139](index=139&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, the company is exempt from providing quantitative and qualitative disclosures about market risk[148](index=148&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls - Based on an evaluation as of June 30, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[150](index=150&type=chunk) - No changes occurred during the fiscal quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[151](index=151&type=chunk) [PART II. OTHER INFORMATION](index=23&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section includes other required information, such as exhibits filed with the report [Item 6. Exhibits](index=23&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications from the CEO and CFO and financial data - The exhibits filed with this report include certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350[153](index=153&type=chunk)

Geospace Technologies Corporation (NASDAQ:GEOS) Q2 2023 Earnings Conference Call May 12, 2023 10:00 AM ET Company Participants Rick Wheeler - President and Chief Executive Officer Robert Curda - Chief Financial Officer Conference Call Participants Scott Bundy - Moors & Cabot Bill Dezellem - Tieton Capital. Dennis Scannell - Rutabaga Capital Operator Good day and welcome to the Geospace Technologies’ Second Quarter 2023 Earnings Conference Call. Hosting the call today from Geospace is Mr. Rick Wheeler, Presi ...

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, 2023 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 ...

Geospace Technologies Corporation (NASDAQ:GEOS) Q1 2023 Results Conference Call February 9, 2023 10:00 AM ET Company Participants Rick Wheeler - President and Chief Executive Officer Robert Curda - Chief Financial Officer Conference Call Participants William Dezellem - Tieton Capital. Jeffrey Feldman - Primary Succession Capital LLC Scott Bundy - Moors & Cabot Michael Melby - Gate City Capital Operator Welcome to the Geospace Technologies’ first quarter 2023 earnings conference call. Hosting the call today ...

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 December 31, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ____ to ____ GEOSPACE TECHNOLOGIES CORPORATION (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or orga ...

Geospace Technologies Corporation (NASDAQ:GEOS) Q4 2022 Earnings Conference Call November 18, 2022 10:00 AM ET Company Participants Rick Wheeler - President and CEO Robert Curda - CFO Mark Tinker - CEO, Quantum Technology Sciences Conference Call Participants Scott Bundy - Moors & Cabot William Dezellem - Tieton Capital Brent Miley - Rutabaga Capital Glenn Kukla - Kukla Capital Partners Michael Melby - Gate City Capital Management Operator Welcome to the Geospace Technologies Fourth Quarter 2022 Earnings Co ...

Geospace Technologies Corp (NASDAQ:GEOS) Q3 2022 Earnings Conference Call August 10, 2022 10:00 AM ET Company Participants Walter Wheeler - President, CEO & Director Robert Curda - VP, CFO & Secretary Mark Tinker - CEO, Quantum Technology Sciences Conference Call Participants Scott Bundy - Moors & Cabot William Dezellem - Tieton Capital Management Michael Cox - Private Investor Michael Melby - Gate City Capital Management Operator Welcome to the Geospace Technologies Third Quarter 2022 Earnings Conference C ...

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 June 30, 2022 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 ...