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Earnings Call Summary | Geospace Technologies(GEOS.US) Q2 2024 Earnings Conference

Futu News ·  May 11 07:44  · Conference Call

The following is a summary of the Geospace Technologies Corporation (GEOS) Q2 2024 Earnings Call Transcript:

Financial Performance:

  • Geospace Technologies reported a net income of $8.4 million in the first half of 2024, but posted a Q2 net loss of $4.3 million due to low utilization of their OBX and Mariner ocean-bottom nodes.

  • The company's Q2 2024 revenue was $24.3 million, a decrease from Q2 of the previous year's revenue of $31.4 million.

  • Despite the challenges faced, the company remains debt-free with over $51 million in cash and short-term investments.

Business Progress:

  • Geospace anticipates an improved performance of its oil and gas market segment due to expected better utilization of ocean-bottom nodes in the second half of 2024.

  • The adjacent markets segment and the emerging markets segment performed well in Q2, contributing significantly to overall revenue.

  • The company plans on investing in expanding capacity to meet demand, with planned investments in its rental fleet and plant/equipment.

  • The company also has multiple discussions underway for utilizing its Quantum array monitoring system and other analytics in various projects.

More details: Geospace Technologies IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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